7-8-2013

Pre Trading Notes:

1.  If the trade does not come easily to you then do not take it.  What I mean is if I have a hard time recognizing the trade setup then I am confused and confusion leads to guessing which leads to losing trades.
2.  You should be able to recognize the setups you take and be able to describe why you took each setup and where your profit target is located for your 2nd lot before entering the trade.
3.  Don't stray from the 2nd entries, those keep you out of trouble.
4.  Don't stray from trading off the trend lines and the EMA.
5.  Make sure you have the trend lines drawn correctly before taking a trade.  If you have a losing trade it is probably b/c you drew the trend lines incorrectly.

Post Trading Notes:

One key for me is to just keep drawing the trend lines and support/resistance lines until price keeps on bouncing off of them.  If price keeps on breaking them then zoom out and look for a bigger trend line or S/R level b/c price doesn't always fit into smaller trend channels for very long.  Once I get the larger trend channels or S/R levels established then my trading win % goes wayyyy up.  Most of my losing trades have been b/c I did not have the correct trend line or S/R level drawn correctly.


Mack's Notes:

Today was a slow day that you just grind out. Just a big trading range day.  Digesting the big move from Friday.  The safest bet today was buying the lows and selling the highs.  Your best bet today was to use range rules.

Trades:

1.  @8:39 - 2nd entry short off of the upper trend line and was a failed 2nd entry long.
2.  @8:56 - Failed 2nd entry short off of the EMA.  Was looking for the 2nd leg to the 2 legged measured move.  Price was also coming off of a triple bottom.
3. @9:17 - 2nd entry long off of the lower major trend line.  Was also the end of a 2 legged measured move.
4.   @9:25 - Failed 2nd entry short off of the lower trend channel.  Also had a 2nd entry long earlier.
5.   @10:35 - 2nd entry short off of the EMA.  I got in a full point better b/c if I was wrong I didn't want to give up more than a point.  My 2nd lot was one tick above the support level.
6.  @11:30 - 2nd entry long off of support level..  I got in better b/c I didn't want to take the original entry price so I wouldn't give back too much if I was wrong. 
7.   @12:11 - Thought it was a failed 2nd entry short off of the support level.


Missed Trades:

1.  2nd entry long off of the support level.  It was also a double bottom.  I saw this trade but was too late to get in b/c I had just gotten out of the short and did not have the correct view.
2. 2nd entry short.
3.  2nd entry short