10-18-2013

Pre-Trading Notes:

1.  Focus on not counter trend trading.
2.  Keep redrawing trend lines until I get them correct.
3.  Draw the smaller trends within the trends and 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.

Post Trading Notes:

Today is a learning day....haha.  I highlighted the overall trend in bold b/c I didn't really see that was the correct trend until 1:30.  I thought we were in a range which totally messed me up.  B/c of that I made some horrendous trades.  Oh well, this is a very good reminder that I am still a long way off from going live.

At 9:35 when price broke out of the trend line then that messed me up and made me think we were in a trend.  I should have kept the trend line from the top and just moved it down b/c that was the correct one.  Price had just over shot it and then went up and made a new high.

Mack's Notes:

1.  An overshoot of a trend channel usually leads to a reversal.
2.  You have to learn how to trade with what the day is giving you.
3.  You have to trade long enough to be able to see everything the market can throw at you.
4.  This is a more normal type of trading day for the market.

Trades:

1.  8:34 - 2nd entry long off of what I thought was the lower trend line.
2.  9:35 - 2nd entry long off of support area and was first major break out of the trend channel.
3.  10:07 - Failed 2nd entry short off of the EMA.  Am looking for price to at least go make a double top if not a new high.
4.  11:08 - 2nd entry short off of the EMA.  Obviously it was a short trap.
5.  11:49 - 2nd entry short.  Not sure what I was thinking here.  Horrible trade.  Guess I was thinking that price would hit that double top and turn down again.  Also thought that since it had broken it's small trend line and created a new high that it would turn down again since it was at a double top.
6.  1:51 - 2nd entry short off of the upper trend line after price had broken out of the smaller trend and made a new high.  Was looking for price to go down to the bottom trend line but it didn't make it there for my 2nd contract before I was stopped out.

Missed Trades:

1.  8:30 - 2nd entry short off of a failed break higher.
2.  8:35 - Failed 2nd entry long.  This is where I went long....haha.  Whoops.
3.  8:41 - Entry off of the lower trend line.  Not a 2nd entry on my chart, a 3rd entry.
4.  8:50 - 2nd entry long off of the EMA.  I saw this but didn't take it.
4.  9:23 - 2nd entry short off of the EMA.  I saw this one as well but did not take it.
5.  11:04 - 2nd entry long on a short time frame chart.  Price was holding on the lower trend line so it was a legit entry.