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.