7-12-2013

Pre Trading Notes:

1.  Be watchful of when price is making higher highs or higher lows.
2.  Keep looking for 2nd entries.
3.  Keep drawing all of the trend lines.  Better to draw too many than not enough.  Be on the constant lookout for new trend lines.
4.  You exit your 2nd lot by either scalping it in a choppy day, a set target based on the chart or you use the yellow line and when price breaks and retests it you then get out.

Post Trading Notes:

Started confusing range rules with trend rules.  Tried to fit a trend into a range when I should have just traded the range.  You can have trends within ranges but you have to make sure you are on the right side of the trend.  My bad trade I was not on the right side of the trade.  The trend channel was correct but you have to realize when you are in a range that price goes from one side to the other.  You do not have a true trend that will keep going since price gravitates to the opposite side after it has hit one side.

Overall I think I did well in another range day.  I am understanding them better but it is a process. 
Mack's lines from his review video are in black.
Mack's Notes:

This stuff works.  This is basic price action.
Another range day, follow the range rules.
You don't learn this stuff overnight.  It's like learning to be a doctor who goes to school for years and learns under other doctors before they become successful.  It is the same way with trading.  It can take years to learn and it is hard work but when you reach the point of being successful it is worth it.
If you think this is get rich quick you will be dissapointed.


Trades:

1.  8:25 - 2nd entry long off of the support level.  2nd contract exited when price broke the yellow line and retested the high.
2.   8:42 - Failed 2nd entry long off of a triple top.  Had my 2nd contract way down at where I thought the lower trend line was but price bounced up off of the support level.
3.  10:14 - Thought it was a 2nd entry long off of the lower trend line.  Should have just used the range rules but I was convinced it was in a trend within the range.
4.  10:29 - Failed 2nd entry long off of the EMA.  After I saw I was on the wrong side and the failed 2nd entry long formed I went short for a scalp. 
5.  11:54 - 2nd entry long and a failed 2nd entry short off of the support area.  I missed the original entry but it came back and got my limit order for a scalp.
6.  1:47 - 2nd entry long and a failed 2nd entry short off of the EMA and the trend line where I was expecting price to continue its upward move to the top.  I should have had my 2nd lot near the high of the day, could of at least made another point.

Missed Trades:

1.  8:14 - Failed 2nd entry long off of the EMA.
2.  9:13 - 2nd entry long and a double bottom off of the lower trend channel.  I saw this trade and should have pulled the trigger but hesitated and missed out. 
3.  11:42 - 2nd entry long and failed 2nd entry short with a double bottom off of the support level.  I got in when price came back and touched my limit order.
4.  12:18 - This isn't a 2nd entry but is a triple bottom off of the support level and price had made a higher high.