10-17-2013

Pre-Trading Notes:

1.  Focus on not counter trend trading.
2.  Keep redrawing your trend lines until you get them correct.
3.  Draw the smaller trends within the bigger trends and within the ranges.
4.  After price breaks out of a trend the opposite way it will go back to the previous high/low and might even create a new one before it goes into a range for at least an hour and then decides to either continue the trend or go the other way.
5.  Focus on getting your initial trend lines from the first 2 swings from the overnight session.

Post Trading Notes:

Another day with it being a great trend day!  These are very nice to have.  Not much to say.  Keep on improving.  Read his ebook over the weekend.  Still some foggy confusion at times but the mroe you do these the clearer the setups will become.  Missed the move up at the end of the day even though I got in at the low, got BE stop cut out.  Thought about getting in again b/c I felt price was going to at least reach a double top since it was the 1st major break of the trend line.  It followed the rule b/c it went up wayyy past the double top after it broke the trend channel before continuing up.  I didn't want to look for any trades since it was past 2pm.  The trade I got out of was fine even though it ended up getting a scalp.  Good reasoning both ways.
Seemed to be a very strong trend today b/c of the smaller candles that continued to go up almost all the day.
Mack's lines that I should have drawn are in black.

Mack's Notes:

1.  Don't worry about using the previous day's levels.
2.  TOOLS --->OPTIONS----> DATA (Uncheck "Filter Bad Ticks")  Mack said this will make your charts look like his and I shouldn't have those problems anymore where 2nd entries signal on his charts but not mine which happens every single day.  Hopefully this will cure the problem!
3.  If you are about to take a trade ask yourself, "Which way would you trade if you could move the market?"
4.  The market is always trying to trick you and trap you.
5.  When dojis form at extremes (highs/lows) it generally signals a trend in the other direction.
6.  YOU HAVE TO GET YOUR CHANNEL'S CORRECT
7.  You are better off to miss a good trade than to enter at a bad spot.

Trades:

1.  8:31 - 2nd entry long off of the EMA looking for price to head back up to resistance area.  The 2nd entry long signaled one bar over but I was able to get back in before it hit the scalp on a retrace to the EMA.  (Mack did not like this trade, he said it was too risky)
2.  8:45 - 2nd entry short off of resistance area.  Once 4 overlapping bars and a doji formed I got out for a slight loss.  It looks  like people are building positions here getting ready to go higher.  Price should have hit resistance and gone back down if it was going to go back to the support area already.  (LOL....soon after price breaks through for a short)
3.  9:03 - 2nd entry long off of the EMA.  Still had room for a scalp before price would have hit a double top.  Probably should have locked in 2 points on 2nd contract.  Had the exit w/the 2 legged measured move.
4.  10:01 - 2nd entry long off of the EMA and lower trend line.  1715.75 is a very big cluster area.  Kept moving my 2nd contract up to the top of the range line and had the trailing stop below the swing lows.  This movement the past 2 days has been amazing.  3 months ago I felt like my 2nd contract was getting stopped out almost every time.  The past 2 days I have had some really nice runners.
5.  1:12 - 2nd entry long off of support and cluster area.

Missed Trades:

1.  8:01 - 2nd entry short
2.  8:26 - 2 legged move down to make a double bottom
3.  9:26 - 2nd entry long
4.  11:17 - 2nd entry long off of the EMA.  I got cute here and tried to drop an order in 3-4 ticks lower but obviously did not get filled.