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.