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.