10-15-2013

Pre-Trading Notes:

1.  Continue to adjust your trend lines and S/R areas until you get them correct during the trading session.
2.  Look for failed 2nd entries as legitimate entries but to also confirm 2nd entries.
3.  Use Mack's rules first and then use the volume profiling on the Jigsaw tool to see about entry levels.
4.  Focus on 2 legged moves back to the trend line areas.  These are not 2nd entries but are valid trades.

Post-Trading Notes:

Today was pretty nuts.  Recognized it was a trading range but just seemed hard to get a good feel for the day.  Took some good trades and some bad trades.  Good learning day.  In one losing trade I got impatient and didn't wait for price to hit the support area, got greedy and was afraid in missing out (trade #7).  Trade 2 was bad b/c price had gone too far above the channel to be considered a good short to look for a retest of the lows.  Price had also demolished the EMA so I should have recognized it was going up higher.

After reviewing Mack's video I was looking to go long in a downtrend a bunch today.  I have a bad habit of trying to find bottoms and it was obvious by the trades I took today.  HAVE TO FOCUS TO BREAK THIS HABIT!!!!!!!  Make this a priority!!!!!!!!!!!

Mack's Notes:

You have to know the rules when you trade or you will be a losing trader.
You have to find your signal bar and have a good bar, no dojis.

Trades:

1.  8:30 - 2nd entry short.  This was interesting.  The 2nd entry short signaled but the entry bar went low enough for a scalp.  I got in at a price cluster area when price came back.  There was also the EMA and the upper trend channel.  Price went against me but eventually came back for a nice win.  I am not sure if this is a good trade since the scalp was already successful on the initial 2nd entry???????  It was a two legged measured move back to the upper trend line and EMA.  On second look this was a very good trade and I could have gotten in at an even better price if I had waited for price to go below the next bar at 1701.00.

2.  8:54 - 2nd entry short.  Not a good entry b/c it was not on a clear trend channel or resistance area.  Price had just shot through the EMA with strength going up.

3.  8:58 - Failed 2nd entry short off of the EMA.  After my loss I looked at the Jigsaw and saw there wasn't any resistance up until 1703.00.  I could have gotten in a piont better if I had waited a 2nd and bought in at 1699.50 where the super heavy support was located for this section off the EMA.  Had my stop right before the next big order trading cluster at 1702.75.  Good exit, bad entry.

4.  9:33 - 2nd entry long formed 2 bars to the right but it was too far from the EMA or the lower trend line.  Price never got 1 point so I had my order at a heavy price cluster at 1702.75.  There wasn't anything to stop it if price broke over 1704.25 but it came back and took out my runner.

5.  9:45 - 2nd entry long but I didn't have a trend line or support area line in place.  Just a blind trade so I got out at BE.  Took the 2nd contract when price started struggling to push through the big cluster area at 1699.50.  Had a measured move down to the low but just took the sure profits.

6.  9:50 - Failed 2nd entry long off of the EMA.

7.  10:08 - 2nd entry long.  Thought it was off of support and a cluster area would hold it up.  Thought we were in a range and heading back to the top.  Obviously we are in a trend down.

8.  10:46 - Failed 2nd entry long off of the EMA and was looking for price to go to the lower end of the range.

9.  11:31 - 2nd entry long where I waited and got a better entry at the pink line that I thought was the bottom of a big trend up.

10.  12:37 - 2nd entry long off of a cluster support area and bottom of the range.  Should have gotten in 2-3 ticks better.

Missed Trades:

1.  8:39 - 2nd entry short off of the upper trend line and the EMA.  Was also the first major break of the original trend line.
2.  8:51 - 2nd entry long
3.  9:41 - 2nd entry short off of resistance area.
4.  10:11 - Short trap off of support area and a failed 2nd entry short if counting from the previous high.
5.  11:16 - 2nd entry short off of the upper trend line and the EMA.
6.  11:43 - 2nd entry short off of the upper trend line and the EMA.