10-10-2013

10-10-2013

Pre-Trading Notes:

Finally back after a long layoff.  Will do Mon-Thur most weeks if I am in town.  Back to the basics for a month or so until I can get myself back up to speed.

Will eventually spend the time learning the Jigsaw indicator and how to read it properly but right now it is back to the basics of Mack's style.

1.  Focus on identifying if we are in a trend or a range and which way the trend is going.

Post Trading Notes:

Real rusty but that is to be expected.  Still felt I recognized some good setups.  Missed a couple of trades.  Today had a good trending market so it wasn't too tough to recognize early that we were in a strong trend up.  Time to start doing these at least Mon - Thur.

My trend lines were a little off compared to Mack's correct lines.
Mack's lines are in black.

Mack's Notes:

1.  When you have small bars that keeping going in one direction then that is A STRONG TREND!
2.  RULE:  When you have a break in a channel and a new high the rule is we will get at least a correction that lasts an hour or more.  After that you can start a new trend either direction.
3.  You have to find the trend line that gets the most touches.  If you have a trend line that is not hit much then that is probably not a correct trend line.
4.  Your best setups will be around your trend lines and the EMA.

Trades:

1.  9:22 - 2nd entry long off of the lower trend line.  Had 2nd stop up around the upper trend line.
2.  10:25 - Failed 2nd entry short off of support area.
3.  11:17 - 2nd entry long off of the EMA.  Got out when it didn't go up right away.  Will get back in if a failed 2nd entry forms.
4.  11:57 - Turned out to be a good 2nd entry short signal where I went long.  I was looking for a failed 2nd entry short to go with the 2nd entry long.
5.  12:18 - Failed 2nd entry short off of the EMA.  Looking for price to go down to the lower trend channel.
6.  1:31 - 2nd entry long off of the bottom trend line.

Missed Trades:

1. 7:57 - Failed 2nd entry short.
2.  8:29 - 2nd entry long.  Breakout pullback long.
3.  8:53 - 2nd entry long off of the EMA.  Saw this in real time but missed getting in.
4.  10:01 - Failed 2nd entry long off of the EMA.