10-24-2013

Pre-Trading Notes:

1.  Continue to draw all of the trend lines but look for a swing to get a good feel for where it is.
2.  IF YOU ARE NOT CONFIDENT WITH YOUR LINES OR KNOWING IF PRICE IS IN A RANGE OR A TREND THEN DO NOT TRADE!!!!!  There will always be another trade.  Only trade when I know.

Post Trading Notes:

Still got confused until later in the day when I saw the easy channel.  The price will not always fit perfectly in my channels or ranges.  I have to remember this.  It will fit "pretty good" but it will not be perfect.
When price is going through the EMA each way then look for a range rather than a channel.  Price may end up forming a channel but when it is going through the EMA with no problem then price is in a range.

I didn't take any trades near the open b/c I was still gun-shy about yesterday and trying to make certain that I knew we were in a range or a trend.

Mack's Notes:

1.  You would like to see multiple touches on a line to confirm it.
2.  He thinks the double bottoms/tops is more powerful to have one tick go through the double bottom/top b/c it traps a bunch of people on the wrong side.
3.  If prices are mostly below the EMA then you are in a downtrend.
4.  If prices are mostly above the EMA then you are in an uptrend.
5.  If prices are swinging from side to side on the EMA then you are in a range.
6.  On range days you have to buy the lows and sell the highs.
7.  If you stay with the trend on a trend day you will improve your odds.
8.  The market moves in a geometric fashion.  He doesn't understand why it does this but it does.
9.  Always re-evaluate your lines.
10.  Follow your trend channels and stay with them.  Wait for price to come to your channel lines.

Trades:

1.  8:49 - Failed 2nd entry short at the lower trend line.  Probably was too close for a scalp but I at least got that.
2.  9:02 - 2nd entry short off of the upper trend line of the pitchfork.  Not sure if I like this trade.
3.  9:24 - 2nd entry short off of the upper trend line.  Not sure if I like this trade.  It was also the end of a 2 legged measured move so that helped in my decision.
4.  1:16 - 2nd entry long off fo the bottom trend channel and the EMA.  This was a very good trade.

Missed Trades:

1. 8:32 - Failed 2nd entry long off of the middle/upper trend line.
2.  8:39 - Failed 2nd entry long off of the EMA and middle/upper trend line.
3.  9:32 - 2nd entry long and a failed 2nd entry off of support.  Turned out to be the lower trend line but I did not know that at the time.
4.  11:49 - I don't know what this is but this is a buy off of the lower trend line.