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.