7-18-2013

Pre Trading Notes:

1.  Continue to look for 2nd entries and failed 2nd entries complimenting each other.
2.  Keep drawing all of your trend lines and S/R lines.
3.  If it is a good setup bouncing off of the trend lines, S/R lines or the EMA then take the trade.  Do not hesitate if you recognize and know it is a good trade.
4.  Plan in advance what setup you are looking for depending on what price is doing.  Always try to be prepared and have the setup in your mind for what you are looking for.

Post Trading Notes:

I made the mistake again of trying to force a trend into a range and trade off the trend when price is bouncing off of one of the ends of the support or resistance.  You can have a trend in a range but when price bounces off of the S/R area then trade off of that and not the range.  Only until price breaks out of the range and shows it is in a trend, then that is when you switch over and trade the trend lanes.

Mack's Notes:

An overshoot of a channel that is the end of a 2 legged move will usually mean it will go to the other side and there will be an overshoot on the other side as well.
You want to get in cheap and use a real small stop when you can.  You do not want to get stopped out for your max 2 point stop every time.  When there is congestion wait for the setup to signal an entry then drop a limit order back in congestion.

Your stop always have to go above the signal bar at minimum.
Always make sure you have room to at least scalp out of a trade.
Make sure you draw the short term trend lines b/c they really do help.

Mack's lines are in black.

Trades:

1.  8:38 - 2nd entry long off of the EMA and what would be the lower trend line.  It also was a failed 2nd entry short that triggered a couple of bars before.  I didn't have the green lines drawn correctly at first, other wise I would have gotten out at 1682 rather than 1681.50.

2.  9:07 - 2nd entry long and a failed 2nd entry short off of the lower trend line.  Had the 2nd lot close to the top of the upper trend line.

3.  11:34 - 2nd entry short and a failed 2nd entry long off of the EMA.  My 2nd lot was a tick up from the end of the measured range move.

4.  12:52 - Tried to force a trend into a range.  This is a problem I have at the moment.  I knew it was a range and had it labeled correctly but I stuck some trend lines on there and tried to trade off of them.  You can have trends in ranges but when it hits one end of the range then that trend is more than likely over.

5.  1:35 - Failed 2nd entry short off of the EMA.  Was looking for price to go up and retest the highs for the 2nd lot.

6.  2:45 - 2nd entry long off of the support.


Missed Trades:

1.  11:06 - 2nd entry long which is also a 2 legged move back to the support area.
2.  12:19 - 2nd entry short off of the EMA and also was a failed 2nd entry long that never went 4 ticks.