7-19-2013

Pre Trading Notes:

1.  Draw the smaller trend lines and look for the break of the small trend, then the 2 legs up to a new high or down to a new low which signals a change in direction.
2.  When price overshoots a trend channel or S/R area look for it to overshoot it the other way.
3.  Keep looking for failed 2nd entries to confirm 2nd entry trades.

Post Trading Notes:

Good trading today.  Once I found the trend line then I knew to only go long.  Today I did well of having a trend within a range but only trading on the support areas.  I just felt like I did a good job of finding the range and measuring it up for the 2nd move.  Then finding the trend within the range but still making sure to only trade going long once I found it.

I am still thinking about just scalping everything.  Even today I would have been up if I had scalped every trade rather than try to have runners.  I think having runners is good for now but it looks like when I go live that I can make more money by scalping every contract rather than worrying about having runners.

Draw your short term trend lines.  You are not doing this and you need to.

Mack's Notes:

Slow day where you had to be patient.  Even he made some mistakes today and got shook out of some trades.

At 16:00 in the review video he goes over how to enter into the trades.  Good review on signal bars and how to enter.
At 18:00 in the review video he goes over traps and what they look like.

Trades:

1.  8:27 - 2nd entry long off of the support level.  I knew price wasn't in a down ward trend b/c none of the lines matched up so I figured price was probably in a range and was looking for a 2nd entry long b/c wherever it triggered was probably a support level.

2.  8:33 - 2nd entry short off of resistance level.  Was also a failed 2nd entry long if counting from the SL.

3.  9:08 - 2nd entry long and a failed 2nd entry short off of the EMA.  Price had made a couple of dojis and was up against resistance so I dropped a limit order in off the EMA which made for an easy scalp.  Was looking for a measured range move up which was where my 2nd lot was located.

4.  9:53 - 2nd entry long off of the EMA.  Should have waited for the failed 2nd entry short to confirm the entry and could have gotten in 2-3 ticks better.  Should have gotten in better since there were dojis and congestion.

5.  11:05 - 2nd entry long off of the lower trend line.  There were two dojis so I got in 2 ticks better which made for an easy scalp.

6.  12:01 - Failed 2nd entry short and a 2nd entry long off of the lower trend line and the resistance turned support area.  My 2nd lot was near the upper trend line and it hit.

Missed Trades:

1.  8:41 - 2nd entry long and a 2 legged move at the bottom of the trend line.
2.  9:31 - 2nd entry long off of the lower trend line.  There was also a short trap.
3.  2:33 - 2nd entry long and a failed 2nd entry short off of the EMA.