12-3-2013

Pre Trading Notes:

1.  Use limit orders for entries with no greater than a 1.5 point stop loss
2.  Draw all trend lines and channels

Post Trading Notes:

1.  Liking the limit entries.  I missed a couple of winning trades but the reduced risk is worth it to me right now.
2.  Need to write down the difference between range rules and trend rules b/c sometimes I get the confused and that is when I get my losing trades.

3.  Mack's lines are in black

Mack's Notes:

1.  You don't have to be precise but you have to be close
2.  Draw your short term trend lines, they help keep you on the right side of the trade

Trades:

1.  9:00 - 2nd entry short off of the pLOD and the upper trend line
2.  9:07 - 2nd entry long and off fo the EMA
3.  9:23 - 2nd entry short off of resistance
4.  9:56 2nd entry short triggered 2 bars over but got in when price tried to retest the high but failed
5.  10:04 - 2nd entry long and a 2 legged measured move down to the support level
6.  11:36 - 2nd entry short off of the upper trend line.  I had not drawn the trend line yet but I was looking for the big 2 legged measured move down after I had the 2 legged smaller correction up to the 15 min low. 

12-2-2013

Pre Trading Notes:

1.  Use limit orders for entries with no greater than a 1.5 point stop loss
2.  Draw all trend lines and channels

Post Trading Notes:

1.  I need to write down the range rules and the trend rules.  Keep this out so I know what to look for when price is doing one or the other.  Right now I just use the trend rules and try to force those into the range rules.
2.  If I was using stop entries for all of my entries then today would have been a losing day.  Since I used limit entries I ended up positive.
3.  There are times to use stop entries, just make sure you are using less than a 1.5 point stop when you use them.  The 2 point stop loss is too much for me to overcome right now.

Mack's Notes:


1.  In a range day once you get to the support/resistance you have to switch to your range rules.  In the middle where there is a trend channel within a range you can use your trend channel rules

2.  Draw your channels and follow your rules.
3.  Stay out of the slop and slow moving small range stuff


Trades:

1.  9:01 - I don't know what this was but I took it and it worked.  Price had mad a new low after breaking the small trend line and had made a double bottom on the lower trend line.  Price then made a triple bottom so I got in looking for price to go to the other side which it did.  The "safer" 2nd entry was two bars over.

2.  9:31 - 2nd entry short at the end of a 2 legged measured move
3.  9:43 - Failed 2nd entry short
4.  10:06 - 2nd entry short at what I thought was the top of the trend channel line
5.  10:36 -  Thought it was a failed 2nd entry short off the EMA and lower 15 min opening support.  I had the green lower channel line drawn higher and if I had left it lower where I originally had it then I might not have taken the trade.
6.  11:38 - 2nd entry short.  Not sure if this is a good trade b/c it is against the trend.  Price had broken out of the trend channel and was looking for a correction.

11-21-2013

Pre-Trading Notes:

1.  Keep taking the main 3 trades
2.  Drop in limit orders.  Do not take those big 2 point losses anymore.  Wait for a setup to signal then drop a limit order in if your stop loss is going to be more than 1.5 points.
3.  Keep drawing all channels and trend lines no matter how small.

Post Trading Notes:

1.  Today dropping in the limit order after a 2nd entry signaled with no more than a 1.25 -1.50 stop loss worked out extremely well.  My scalps were hit sooner and my 2nd contracts were almost all hit............probably tomorrow it will be the opposite...lol.
2.  I still wait for the 2nd entry to signal but now I drop the order somewhere in the previous candle depending on how much risk I want to take.
3.  After listening to the TST video about professional vs amateur traders I need to minimize my risk while following my plan and those 2 point stop losses were too much.  If I am wrong with the limit order entries then it will still be a loss but I will not be in the hole 4 points.  I will miss out on some winning trades but that is okay b/c I think in the long run I will minimize my losses and even turn some losses into winners by scalping out earlier to where this way will be much more profitable.


Mack's Notes:

1.  Good healthy trends that will last for the day are about a 45 degree angle.
2.  A failed breakout will almost run to the other side of the channel/range
3.  The only time Mack says is not a good trading time on the ES is after the close until about 7:30am CST

Trades:

1.  8:31 - 2nd entry long off the lower trend line and EMA
2.  8:58 - 2nd entry long off of lower trend line and EMA
3.  9:07 - 2nd entry long off of lower trend line and EMA
4.  9:26 - 2nd entry long off of EMA and the failed 2nd entry short was one bar over
5.  11:09 - 2nd entry long but was really a failed 2nd entry
6.  11:49 - 2nd entry long off of support level but got shaken out before it turned up again
7.  2:09 - 2nd entry long off of EMA

11-22-2013

Pre-Trading Notes:

1.  Keep taking those 3 main trades and focus on looking for those at correct spots.
2.  Do not look for entries, look for correct spots for an entry.
3.  Keep drawing every trend line you can draw and erase the ones that do not work.

Post Trading Notes:

1.  I am going to start dropping in limit orders b/c I cannot take the 2 point stop loss anymore.  Every time I get one I get really frustrated b/c if trading 2 contracts then that is 4 points I am down if that is my first trade of the day.  I would rather take trades with smaller stop losses.  Mack's rules still apply but I will be using limit orders more, not always but more.  I will probably miss out on some trades but that is okay.
2.  Very hesitant today.  Could not spot very many trades.  Just not confident which is good b/c it slows me down from taking too many bad trades.

Mack's Notes:

1.  Slow day nearing the holidays.
2.  Have to be patient on a day like today.

Trades:

1.  12:07 - A 2nd entry short had already signaled.  Price was in a range after it had broken the small trend line and was at the top of the major trend line so I put in a limit order hoping price would come back.  Price also had room to get out for a scalp before hitting the EMA.

11-20-2013

Pre-Trading Notes:

1.  Keep taking the same 3 trades.
2.  Draw the short term trend lines.
3.  Do not force or make up trades, if it is not clear then do not trade.

Post Trading Notes:

1.  Another rough day.  Trying to learn and do better.  It is still so confusing for me in reading price action.
2.  Going to give it my best shot tomorrow.
3.  Mack's lines are in black

Mack's Notes:

1.  FOMC day
2.  There is always an advantage to getting in early at a better price than to getting in late.
3.  A couple of hours or at least an hour before FOMC announcement the market usually goes into a small trading range

Trades:

1.  9:33 - Failed 2nd entry long
2.  10:02 - Failed 2nd entry long that was a losing trade
3.  10:35 - 2nd entry short
4.  1:06 - 2nd entry short
5.  1:25 - 2nd entry short

11-19-2013

Pre-Trading Notes:

1.  Focus on understand why price is moving.  Analyze and have an expectation.
2.  If you are not sure and have that confused feeling then do not take the trade b/c I am guessing.
3.  Draw the small range areas and watch what happens every time it breaks out of one.

Post Trading Notes:

1.  Tough day.  I hate range days.
2.  There were a ton of trades but I had no idea on which ones were good or not.  I had no confidence.
3.  The last trade was a horrible trade that I moved my stop below the EMA which is quite possibly the worst habit I could start.  I got in horribly b/c price had broken out of the short term trend channel.  Should have followed the trades I only take which for some reason I have a hard time doing.

Mack's Notes:

1.  When it is a range day draw all of your small trend lines.
2.  When you see price is swinging on both sides of the EMA then that is your first clue that it is a range day.

11-18-2013

Pre-Trading Notes:

1.  Focus on understand why price is moving.  Analyze and have an expectation.
2.  If you are not sure and have that confused feeling then do not take the trade b/c I am guessing.
3.  Draw the small range areas and watch what happens every time it breaks out of one.
4   Taking 3 trade setups:  1) Price breaks out of a small trend channel and creates a 2nd entry.  2) 2nd entry at the EMA, trend line or S/R areas.  3) Failed 2nd entry when trending one way and still within the small trend channel.

Post Trading Notes:

1.  Probably my charts just messing up again but none of the lines loaded b/c it showed a huge gap from Friday's session till today's.  Probably not correct.
2.  If I had just drawn the extra line on the initial down trend then today would have been so much easier!  B/c of this mistake I cost myself in a couple of trades.  Live and learn and remember this for you next chart.

Mack's Notes:

1.  Draw your small trend channels
2.  You have to use your range rules on a day like today

Trades:

1.  9:46 - 2nd entry short off of upper trend channel.  Obviously it was a failed 2nd entry short.
2.  9:52 - Realizing I was on the wrong side I reversed my trade.
3.  11:17 - Thought it was a failed 2nd entry long and a 2nd entry short off of the EMA.  Price went up and stopped me out on the 2nd leg of the move before returning down.
4.  2:08 - Failed 2nd entry long