Pre-Trading Notes:
1. Focus on drawing the correct trend lines by drawing all of the smaller trend lines within the move whether it is a range or trend.
2. Remember the setups of when price breaks out of a trend and what to look for. If in an uptrend it will either create a HH or a HL. Know how to react to each of these. Opposite is true for a downtrend.
Post Trading Notes:
Today confused the mess out of me until I finally saw the upward trend around 11:51. I missed a good trade but I could not tell from 9:56 until 11:51 if we were in a range or a trend. The huge moves at the beginning of the session through me for a loop as well. I could not figure out if we were in a range or a trend so I was confused as to what set of rules to follow which is why I missed out on a trade. I like that I did not take any trades when I was confused if we were in a range or a trend even though I wanted to b/c I did not want to "miss out." I felt that emotion tugging at me very hard today. Good job in not giving in.
Once I figure out if we are in a range or a trend then everything becomes clear on what to do. That is my biggest goal right now. Find out as soon as I can if we are in a trend or a range. Drawing the minor trends within the range or trend helps out extremely well.
Mack's lines are in black.
The trades I missed but saw are in violet.
Mack's trades I missed are in yellow.
Mack's Notes:
1. When you have a news spike then price will usually come back and take out the spike. Then price will reset and start over.
2. You need 3 or more overlapping bars with one of them being a doji for it to be congestion.
3. Draw your short term trend channels
Trades:
1. 8:50 - 2nd entry long, failed 2nd entry short, 2 legged pullback, first break out of the trend channel (or at the bottom of the pitchfork channel I created). Lots of reasons to like this trade. Didn't have a target so kept my 2nd contract 2 ticks under the previous bar until I was stopped out.
2. 9:49 - Failed 2nd entry long. Not sure if this was a good trade but I do not know how to get the end of day bars from the day before to show up on my chart so a big gap is created every day and I do not know how much it skews the EMA. So price could have been far away like it is or close to it. I am thinking this is a bad trade since price is too far from the EMA and there has been enough time to straighten the EMA out from the missed over night bars.
3. 11:30 - 2nd entry short. Thought price had overshot the resistance line and is going back to the other side. At least got a scalp.
4. 1:34 - 2nd entry long off of the lower support channel.
Missed Trades:
1. 9:01 - Failed 2nd entry short off of the lower trend channel.
2. 10:23 - Failed 2nd entry long
3. 10:36 - 2nd entry long off of the lower channel line
4. 10:51 - Failed 2nd entry short
5. 11:51 - 2nd entry long off of the lower support channel and a 2 legged move to the lower trend channel
6. 12:39 - Failed 2nd entry short off of the EMA
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