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.