7-16-2013

Pre Trade Notes:

1.  Focus on looking for failed 2nd entries.  These help confirm 2nd entries.
2.  Keep drawing all of your lines and re-drawing them if they do not match up.
3.  Identify if price is in a range or a trend.  A trend can be in a range and a range can be in a trend.
4.  Know your exit for your 2nd lot before you enter the trade.

Post Trade Notes:

Interesting day today.  I was running the replayer too fast at 9:57 because I had a limit sell order at 1675.00 but price didn't come back a 2nd time.  Even thought he long I took at 12:30 worked it is a horrible trade I should never take.  Going against the overall trend is a way to my account so don't start doing this.  I think I did it b/c I felt frustrated b/c I got of a trade early that would have been a winner, then I had a losing trade and lastly I couldn't get in on the big move of the day.  I could feel the frustration building inside of me. 

I think that when price creates a 1st entry against the SH or SL then I am not going to count it as a 1st entry when it is only for 1 tick b/c in looking at Mack's charts he doesn't have a 1st entry there.  Just a double top or a double bottom.  In my first missed trade you can see what I am talking about.  I have a 1st entry while Mack just has a double top on his charts.

Mack's Notes:

Not too many trades today. 
The market moves in 2's and moves in measured moves.

Trades:

1.  8:45 - 2nd entry long off of the support area.  I got out at BE when higher highs started forming against the EMA.  I got out right before price skyrocketed up.

2.  9:27 - 2nd entry long and what at that point was a failed 2nd entry short.  Was looking for the 2nd leg up to the resistance area.  Obviously this was not a good trade.


Missed Trades:

1.  7:52 - 2nd entry long.  Mack had it off a support level but my bars formed differently than his so that same supoprt level wasn't fairly obvious.

2.  8:35 - 2nd entry short off of resistance level.

3.  9:31 - Failed 2nd entry long off of the upper trend line and the EMA.  This is where I took the wrong side of the trade.  This was a really bad trade to go long since price had just made a very strong move down and was struggling to go up.  That is one thing to keep in mind.....How fast does price move into a certain area?  Is it going faster in a downtrend or in an uptrend?

4.  9:55 - 2nd entry short and a failed 2nd entry long with a 2 legged measured move completed.  It was also against the upper trend line and the EMA.  This is where I tried to get in but I was running the replayer too fast and price did not come back up again.  Good job in trying to get in this trade but bad job in running the replayer too fast.

5.  10:41 - Failed 2nd entry long.

6.  11:47 - 2nd entry short.

7.  1:00 - Failed 2nd entry short off of the EMA and am expecting price to go up to the upper trend channel.