11-15-2013

Pre-Trading Notes:

1.  Taking 3 trade setups:  1) Price breaks out of small trend channel and creates a 2nd entry 2)  2nd entry at the EMA, trend line, S/R area. 3) Failed 2nd entry when trending one way and still within the small trend channel.
2.  Stick to those 3 for right now b/c I will still get plenty of trades.
3.  Draw the short term trend lines.


Post Trading Notes:

1.  Another tough grinding day.  Didn't see many trades.
2.  The one bad trade I am find with b/c I really do not know why it was bad?  Maybe b/c there were 2 dojis in a row and one was the signal bar?  Other than that it seemed to have a great setup that I would take every time.

Mack's Notes:

1.  No video


Trades:

1.  8:13 - 2 legged pullback and 2nd entry long to the bottom of the trend line and the EMA.  The only negative as far as I can tell to why the trade didn't work is that there were 2 dojis and one was the signal bar.  Other than that it is a great setup I will take every time.

2.  9:41 - 2nd entry long off of lower trend line.

11-14-2013

Pre-Trading Notes:

1.  Taking 3 trade setups:  1) Price breaks out of small trend channel and creates a 2nd entry 2)  2nd entry at the EMA, trend line, S/R area. 3) Failed 2nd entry when trending one way and still within the small trend channel.
2.  Stick to those 3 for right now b/c I will still get plenty of trades.
3.  Draw the short term trend lines.

Post Trading Notes:

1.  Missed a bunch of trades today but to me the market was hard to read.  Especially beginning around 10:40.
2.  Took one trade I shouldn't have b/c it wasn't at a trend line or bouncing off of the EMA.

Mack's Notes:

1.  No video today

Trades:

1.  8:41 - 2nd entry short after price had broken the short term trend and made a quadruple top against the top of the trend channel.
2.  9:06 - 2nd entry short off of the top of the trend channel after price had broken out of the small trend channel up.  A failed 2nd entry formed off the EMA one bar over.
3.  11:14 - Failed 2nd entry short after price had broken the small trend channel down but it wasn't off of the EMA or the lower trend line so I got out when the 2 dojis formed.

11-13-2013

Pre-Trading Notes:

1.  Work on analyzing why you are taking a trade.  Think through why I expect a trade to move in a certain direction.  Do not just blindly look for 2nd entries.  Think through it.  I will get much better much faster doing this.
2.  Keep drawing the short term trend lines.

Post Trading Notes:

1.  Good job trying to identify why price is moving and actually understanding what to look for.  This is going to cause a lot of losing trades in the intern but it is the price to pay to understand why price is moving and not just going through the motions.  It is kind of starting over but that is okay.
2.  Do not let your ego get the best of me.  When I have a losing trade then I analyzed the price action wrong so go back during the review and see why I was off in my thinking.  I will learn faster this way.

Mack's Notes:

No video review

Trades:

1.  8:29 - Was looking for a 2nd leg down to a new low. off of a 2nd entry short counting from the previous high.
2.  8:37 - Failed 2nd entry short in an uptrend channel.
3.  9:24 - 2nd entry short and thought it was a failed 2nd entry long after price had broke the trend channel and tried to make a new high but failed.
4.  10:10 - Horrible trade.  No 2nd entry either way.  Just totally misread it as being a failed 2nd entry long.
5.  2:36 - 2nd entry long
6.  2:54 - Failed 2nd entry short at the lower trend line.  I had my entry there near the lower trend line b/c the trend up was so strong.

11-7-2013

Pre-Trading Notes:

1.  2 trade setups to focus on.
2.  The first is a 2nd entry to the trend lines or EMA.
3.  The 2nd is when price breaks out of the small trend channel and fails to create a new high then creates a 2nd entry.  Price could also make a new high but then makes a 2nd entry at the end of a 2 legged measured move.

Post Trading Notes:

1.  It is good going back to the basics.  What happens in my cycle is I start out focusing on one or 2 setups.  Then I see other's I like and try to incorporate those but I end up confusing myself which causes losing trades.  It is good to go back and kind of do the 2 steps forward 1 step back thing.
2.  I've also started using a one point scalp and a 2 point goal for my 2nd lot for the majority of my trades.  It seems I was missing out getting my 2nd lot hit when I would have a prescribed spot for it.

Mack's Notes:

1.  Corrections or consolidation going the opposite way usually last for about an hour before deciding to do something.

Trades:

1.  7:40 - I thought it was a 2nd entry off of the lower trend line.  Got the scalp but very lucky b/c I mis-read the price action.
2.  7:54 - 2nd entry short and one bar over was a failed 2nd entry long.
3.  9:32 - 2nd entry short off of the EMA and a break of the small trend channel up.
4.  9:44 - 2nd entry short off fo the eMA after a 2 legged move up.
5.  10:32 - Failed 2nd entry long and a 2nd entry short off of the EMA.  This was a losing trade because it was a tough trade.  It had most of the characteristics to take so it isn't a horrible trade.
6.  11:39 - 2nd entry short and the failed 2nd entry long was two bars to the right.
7.  1:30 - Failed 2nd entry long and a 2nd entry short off of the EMA
8.  2:00 - Thought price was going to the upper trend line and was a failed 2nd entry short.
9.  2:24 - Failed 2nd entry long off of the EMA.
10.  2:33 - Failed 2nd entry long.

11-12-2013

Pre-Trading Notes:

1.  Draw the short term pull back trend line and wait for the break and retest of the high/low.
2.  If in a an uptrend and you get a pullback draw the short term trend line and wait for price to break it then retest the low before going up again.
3.  If in a down trend and you get a pullback draw the short term trend line and wait for price to break it and then retest the high before going down again.
4.  If you are unsure then do not force a trade.  You have to have a plan for what you think price is doing based on the price action.

Post Trading Notes:

1.  The two main trades I am taking are when price breaks out of the short term trend line against the trend and tries to create a new high but doesn't.  The 2nd one is when you are in a trend and get a 2nd entry signal.  These are the two I am focusing on so I do not confuse myself with the other price action trading setups.  I will miss some trades but will have more winners.

Mack's Notes:

1.  Draw your short term trend lines.

Trades:

1.  9:01 - 2nd entry short and price had broken out of the short term trend channel.  Price tried to make a new high but failed after hitting the top of the trend channel.
2.  9:32 - Same setup as trade 1.
3.  2:23 - Same setup as trade 1.

11-8-2013

Pre-Trading Notes:

1.  Draw the short term pull back trend line and wait for the break and retest of the high/low.
2.  If in a an uptrend and you get a pullback draw the short term trend line and wait for price to break it then retest the low before going up again.
3.  If in a down trend and you get a pullback draw the short term trend line and wait for price to break it and then retest the high before going down again.

Post Trading Notes:

1.  Trust your lines.  If you feel you have a good trend then take trades in the direction of the trend at the appropriate trend line.
2.  Good job on not taking trades when I did not understand what was going on.  There were a couple of times I thought about taking a trade but I was unsure.  Every time I was incorrect.  When I am confused then I do not know what to do so do not trade.
3.  It is okay to miss trades if you are unsure.  Wait until you can identify the setup and are not unsure.  You will get better at identifying them and being confident in the setup and how you are reading price action.  Build on that.  For now it is okay to avoid trades when you are unsure.

Mack's Notes:

1.  He doesn't like entering whenever there is congestion.  The only time he will is when it is at a trend line area.
2.  When small bars keep going in one direction then you are in a strong trend.
3.  Draw your short term trend lines.  They will keep you out of trouble.
4.  This stuff takes time, it is not easy, it takes a lot of hard work.  It is like learning a foreign language.  When you have a loser then go back and study it and see where you went wrong.  If you have a losing trade then you read price action wrong.
5.  Figure out the reasons for why a trade is a winning trade and why a trade is a losing trade.
6.  The more you do this the better you will become.  This doesn't come quickly.

Trades:

1.  7:43 - 2nd entry short off of the EMA and the pLOD.  Also was a failed 2nd entry long.
2.  8:37 - 2nd entry short after price broke the small trend and tested the high before turning down.
3.  9:06 - Failed 2nd entry short.

11-6-2013

Pre-Trade Notes:

1.  Each trading day is different than the last.  I can't make one style of price action fit each and every day.  Let the day develop and go from there.
2.  Work on analyzing why you are taking a trade.  Think through why I expect a trade to move in a certain direction.  Do not just blindly look for 2nd entries.  Think through it.  I will get much better much faster doing this.
3.  UNDERSTAND AND ANALYZE WHY I AM TAKING THE TRADES, Do not mindlessly look for 2nd entries.  It is okay to have losing trades, this is how you learn where your view of price action is incorrect.  You will have more losers in the beginning but I will develop the necessary skills.  Do not give up b/c this will be hard on my ego.

Post Trading Notes:

1.  Good job analyzing and trying to understand price action.  Today I was perfect but just know that during this re-started phase that you will have losing days b/c now I am trying to understand price action and what to look for.

Mack's Notes:

1.  If you know the rules to price action then nothing should surprise you.

Trades:

1.  9:15 - Break of the short term trend channel and a failed attempt to go higher.  Failed 2nd entry long.
2.  11:16 - 2nd entry long off of the bottom of the trend channel.  A failed 2nd entry short developed 2 bars over.
3.  12:13 - 2nd entry long off of the lower trend channel line and the EMA.
4.  2:10 - Failed 2nd entry short off of the EMA.

11-5-2013

Pre-Trading Notes:

1.  Look for long traps in a down-trend to go short.
2.  Look for short traps in an up-trend to go long.
3.  When trying to sell resistance count off the highs.
4.  When trying to buy off support count off the lows.

Post Trading Notes:

1.  Each day holds something different.  I tried to use yesterday on today and got burned early and should have gotten burned later in the day but got in early enough to get scalps.
2.  Today was a pitchfork line drawing day.  Yesterday was not.  yesterday was a range day.  When one thing works earlier in the day it usually works again later in the day.  Mack is always stressing this and I saw it today.
3.  Each trading day brings its own puzzle and each is different than the last.  I can't try to make one price action fit each day.  I am finally realizing this.
4.  WRITE THIS DOWN FOR PRE-TRADING NOTES TOMORROW - When the price action gives you a trend, range, pitchfork line drawing early in the day then it will probably do the same pattern later in the day.  AND each day is different than the last so do not try to tcram yesterday's trading rules into today.  Let the day develop and go from there.

Mack's Notes:

1.  A lot of times when you get an overshoot of the trend line the market may not come back to that area.
2.  Price charts speak a language.  It is like learning a foreign language.  It takes time, effort and hard work.  You will make mistakes in translation, interpretation, etc. but over time you will get better and start to understand it better and better.  It is not rocket science but like learning a new language it takes time.  You have to immerse yourself in trading to learn this style of trading.  You have to trade every day while you are learning.

Trades:

1.  8:30 - 2nd entry long off of pLOD and gLOD.  I thought price was going to go back up into a range but when that 2nd entry short formed off the EMA and the upper trend line then I was toast.  (I had not drawn the trend line yet)

2.  8:38 - 2nd entry long off of pLOD and gLOD.  Still being stubborn I had convinced myself that price was going into a range and move up.  After a 2nd entry short formed, then a double top and another 2nd entry short price finally broke through the pLOD and gLOD.  I finally realized price was in a channel and was going lower.  I think everyone else is wrong and I am right.....lol.

3. 9:02 - Failed 2nd entry long off of the upper trend line.  I had both contracts on the middle trend line b/c I didn't think price was going to go down lower to the very lowest trend line again.

4.  10:35 - 2nd entry long with a short trap off of the EMA and lower trend line.  Finally an easy to read trade that I take 100% of the time.

5.  11:56 - 2nd entry long and a failed 2nd entry short off of the EMA and lower trend line if counting from the top.  I got in a couple ticks better b/c I figured it would probably come back closer to the trend line before moving up again for a scalp.

6.  12:33 - 2nd entry long counting off the shorts.
7.  12:44 - 2nd entry short and a failed 2nd entry long.
8.  1:56 - Failed 2nd entry short off of the EMA.  Got in before it signaled so not sure if it was a good trade.
9.  2:24 - 2nd entry short off of resistance.  Should have scalped out both contracts and seen that the pOPEN is now support and that price is in a range.

11-4-2013

Pre-Trading Notes:

1.  You are looking for long traps in a downtrend to go short.
2.  You are looking for short traps in an uptrend to go long.
3.  Do not counter-trend trade.

Post Trading Notes:

1.  Looks like my chart did not load correctly which is very frustrating so my gLOD was not correct.  Obviously none of the other lines were correct except the gHOD.  Luckily the gLOD turned out to be the perfect support level.
2.  Have to figure out why some nights my charts do not load correctly the previous days session.  Seems to always happen on Monday trading days.
3.  Range trading day.

Mack's Notes:

1.  The worst thing you can do is force a trade on a day like this.
2.  Get up and leave if it is a bad trading day.
3.  You don't want to enter in a lot of congestion.
4.  Today is a day when you have to learn to be patient.

Trades:

1.  8:36 - 2nd entry short with a long trap off of a false breakout of the gHOD.  Looking for price to go down to the EMA or the gLOD.
2.  10:13 - 2nd entry long with a short trap off of the gLOD.
3.  11:14 - 2nd entry long and a short trap off of the EMA.  I think I counted this correctly but I am not sure.  My reasoning was that price had made it's two legged move down to the gLOD so it was more than likely heading back up to the gHOD and I was looking for any setup to get back in.

9-26-2013

Pre-Trading Notes:

1.  You are looking for long traps in a downtrend to go short.
2.  You are looking for short traps in an uptrend to go long.
3.  Do not counter-trend trade.

Post Trading Notes:

1. Hard day to find the correct overall trend line.  Did not find out what it was until after 2 pm.
2.  Good job trading off of the pre-drawn lines.  These are one of those "Ah-ha" moments.  If I wasn't using these and was still relying on myself to draw the S/R lines then today probably would have been a losing day.  Seeing how price gravitates to them and how it plays off of them (especially the pHOD and pLOD) makes this so much easier.
3.  Remember that price moves in twos so start trying to anticipate when you are in one and when there is a correction in the transition between a 1st and 2nd leg.
4.  Got caught in one bad trade but quickly reversed and went the other way when I realized I was caught on the wrong side of the trap and that price was probably in a 2nd leg going up to the pHOD.

Mack's Notes:

1. A live trade day.  I used to like these but I would rather see him review the full day than one trade he was in.
2.  He went over the trade I messed up on and then reversed.  It shows how and why traps work.

Trades:

1. 8:02 - 2nd entry long off of the gLOD.
2.  9:41 - 2nd entry short.  Was looking for price to go down to the
3.  10:21 - 2nd entry short off of what I thought was the upper trend line.  Obviously not.
4.  10:21 - Failed 2nd entry short after a 2nd entry long had already signaled off of the pOPEN.
5.  11:45 - 2nd entry short off of the pHOD and the gLOD.  Price had made a 2 legged correction move back to the pHOD which I figured was now resistance and that this was the beginning of the 2nd leg down.  I had my stop 2 ticks above the pLOD.  I didn't thin price would go through the pHOD to go retest the gHOD.
6.  1:25 - 2nd entry short off of the EMA.

11-1-2013

Pre-Trading Notes:

1.  When you are trying to sell resistance you are counting off of the highs.
2.  When you are trying to buy support you are counting off of the lows.
3.  You are looking for long traps in a downtrend to go short.
4.  You are looking for short traps in an uptrend to go long.
5.  Do not counter-trend trade.

Post Trading Notes:

1.  Great movement for a Friday.
2.  Felt I did decent.  Got confused on my one bad trade.  Missed a couple of good trades b/c the trend lines and S/R lines were both at an area and I did not know which one to go with.  I need to keep on looking for price in context with the movement.
3.  There was a text book 2 legged measured move down and then a move to a new low before price shot back up.  I missed the 2 legged measured move which caused me to miss a good trade.


Mack's Notes:

1.  If you can get about 3-4 ticks close to the end of a measured move then that is a good trade.
2.  Trying to pick tops and bottoms is the least reliable pattern.  Not a good strategy.

Trades:

1.  9:06 - 2nd entry long off of the lower trend line and the gPH after a 2 legged move down.
2.  9:29 - Failed 2nd entry long off of the EMA.  I got out for a 1 tick profit b/c I should have waited for a 2nd entry short.
3.  10:38 - Failed 2nd entry long with a long trap off of the EMA and gPLOD
4.  11:45 - Failed 2nd entry short.  Shouldn't have taken it b/c was at the gPLOD.
5.  2:05 - 2nd entry long with a short trap off the EMA and a faield 2nd entry short.