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