8-18-2014

Mack's Notes:
Slow day today, no one wanted to buy or sell.  He only saw a couple of trades.  Look for measured moves to see where price is headed.

7-16-2014

Mack's Notes:
You don't want to take a trade until you have an established trend line and know where price should go.

7-15-2014

Edit:  I'm not including my pre or post market notes.  I will take a screen shot of my excel sheet b/c I started keeping track of the trades I take.  This will help me improve faster than not keeping track of how I am doing.  (This is in SIM, not live)

Mack's Notes:
1.  Yesterday's close, yesterday's open, yesterday's high and low are very important and should be charted

8-15-2014

Pre Trading Notes:
1.  Keep trying to find the trend lines before you trade

Post Trading Notes:
1.  I had a horrible time trying to find the trend lines.  Not until the afternoon was I able to see what the correct big trends were.  I was thoroughly confused.  I need to start having my charts further out where I can see the whole day happening b/c I was looking too closely at the charts.  I was able to see the overall trend but only after I looked from further away.
2.  Have your chart to where you can see the whole day in the chart b/c that is the easiest way to spot the trend lines.  Once you have them then you can zoom in to spot the trades.
3.  The key is finding the trend line, everything else comes 2nd.

Mack's Notes:
1.  Rule:  In a downtrend price will break the trend line to the upside and then go back down to sell off to a new low before reversing.
2.  Rule:  In an uptrend price will break the trend line to the downside and then go back up to create a new high before reversing.

8-14-2014

Pre Trading Notes:
1.  1st goal is to find the major trend lines
2.  Then you can trade off of that b/c you will know where to trade

Post Trading Notes:
1.  Made one trade where I got confused, thought it was a F2EL and was using what I thought was the correct downward trend but it was not

Mack's Notes:
1.  You have to be careful going long above a resistance line until it shows it has turned into support.

8-13-2014

Pre Trading Notes:
1.  Still focusing on relaxing and being able to spot the trades as they happen.
2.  Spot the major trend lines before you look for trades
3.  You are confused when you do not have a major trend line in place

Post Trading Notes
1.  Got confused in the afternoon session.  Since the major trend line did not come down and confirm it through me off
2.  I had the same trend lines as Mack but I think the black ones are correct.

Mack's Notes:
1.  You wan to continually adjust your trend lines until you have a very good fit.  Price should hit your trend line and then bounce away.  Price shouldn't regularly be going through your trend lines.
2.  He doesn't like trading in the afternoon b/c it gets squirely and price can do weird things that it does not do  in the morning session.
3.  In a downtrend concentrate on selling at the high of the trend lines and buy at the lows of the trend line.  You can also do it on the EMA but you really want to focus on the trend lines.

8-12-20014

Pre Trading Notes:
1.  #1 goal is to find the major trend channels or S/R levels
2.  Draw the short term trend lines
3.  If you are confused, no big deal, take a step back until you have a clear picture of what price is doing
4.  Predict where price is going, if it doesn't go to where you think it is going then take a step back and re-evaluate b/c you are confused

Post Trading Notes:
1.  I am looking at buying/selling the failed 2nd entries on the backside and not waiting for them to fully fail.  Not sure if that is a good plan but seems to work really well when you are reading the price action correctly.

Mack's Notes:
1.  You don't want to enter into trades when there is a bunch of congestion.

8-11-2014

Pre Trading Notes:
1.  Draw the trend lines.  Really look for the bigger trend line channels and/or S/R areas.
2.  Your trades will come off of the trend lines.
3.  If you are confused, no big deal, just don't trade until you recognize the setups and know that you have your trend lines drawn correctly.

Post Trading Notes:
1.  Improving!  I still have a couple of mis-drawn lines but progress has been made.
2.  The 15 min Welly opening range indicator is very accurate of having price bouncing off of it and it being a S/R area.  It happens almost every single day at least once.
3.  Mack's trend line is in black

Mack's Notes:
1.  You do not want to enter a trade when there are a bunch of overlapping bars with dojis.

8-8-2014

Pre Trading Notes:
1.  Still just observing until I am fully confident and can spot the setups to trade while they are happening. Right now I am confusing and frustrating myself looking for trades so I am still taking a step back.
2.  Draw the mid-trend channel (dotted) line in bigger channels.
3.  Draw your line from the 1st two swings.

Post Trading Notes:
1.  Right now the thing to focus on for me is drawing the correct trend lines and spotting the 1st two swings right when they happen in order to get the initial swing line drawn.  That is the key to knowing which side of the trade to take.
2.  I get really confused when I do not have a greater trend line drawn.  When I get confused then I guess at 2nd entries and they are always losers.


Mack's Notes:
1.  The short term trend lines are generally right off of the closes and they should fit both sides.

This is an excerpt from one of Mack's articles in his premium section that I really liked:  "The only difference between you and a profitable day trader is time, experience and dedication, so never forget that!"

8-7-2014

Pre Trading Notes:
1.  Keep grinding away one day at a time
2.  Right now I a going to run the replay and only take trades if I am 100% sure in the setup.  Otherwise I am going to just mark the good trades.  I am getting too hung up and confused.  I will take a step back for awhile and look for trades after the fact until I get better to where I can see them as they setup.

Post Trading Notes:
1.  My trades I saw are in black.  Mack's are in maroon.  His lines are in black.

Mack's Notes:
1.  Prices usually break out and fail out of a trading range.
2.  Congestion is just a small trading range.
3.  A great short setup is when price breaks out of the small trend channel to the downside, retraces and then goes back up to make a double top or a small new high.....look for the 2nd entries to go short once that double top or new high has been made.
4.  Draw the mid-channel lines in a bigger channel.

8-6-2014

Pre Trading Notes:
1.  Focusing on 2nd entries and the breakout of trend line ones
2.  Always predict where you think price is going.   If it doesn't then re-evaluate your view b/c you are wrong.

Post Trading Notes:
1.  Look for taking failed 2nd entries.  Put your order one tick below/above the previous candle when you are looking for them at the trend line areas or at the EMA.  Don't do them blind.
2.  Focus on areas where you expect price to move in a direction and look for the 2nd entries and failed 2nd entries there

Mack's Notes:
1.  You want to price attempt to go down and fail before you go long.
2.  Failed 2nd entries are excellent trades.
3.  2nd entries are not enough, you have to pay attention to the price action and what it is doing.
4.  Drawing your short term trend lines and understand what price is doing within and when it goes outside the trend lines is how you get your successful trading ratio up to 100%.

8-5-2014

Pre Trading Notes:

1.  Besides the standard 2nd entries at trend channel lines and the EMA I am focusing on another trade.  It is where you wait for price to break out of the channel (if price was heading up) to the downside.  It seems to retrace to the EMA or at least to a support area and will form 3 or so candles.  This is when you get long near the bottom of it.  Do the opposite for when in a down trend.  After price makes the new high then look for it to reverse.  Do not take 2nd entries until price has tried to make a new high after breaking out of the trend channel and then you would more than likely be looking to go short b/c price is probably going to sell off.
2.  If price breaks out of the channel far away, for example if price is going lower and breaks out of the channel even further to the downside then look for a big correction to happen soon when price moves back up or even a new trend to the upside.

Post Trading Notes:

1.  Still working on learning.  Watch Mack's videos and read an article a day from the premium section.

2.  If price (when going up) breaks out of the trend channel to the downside then goes back up to create a new high AND THEN continues to go up and not reverse to the downside......then you have a 2 legged measured move and we are about 55% through it.

Mack's Notes:

1.  Remember to draw your S/R measured line areas.  Measure the areas b/c when price breaks out of one area a lot of the time it moves a measured distance to the other way.
2.

8-4-2014

[B][U]Pre Trading Notes:[/U][/B]

1.  Taking Mack's 2nd entry trades.  Looking for trades off the EMA, S/R and trend lines as the main setups.
2.  Taking the Vince/Welly type of trades during those times when I have a good feeling that price is moving in a direction but there isn't a 2nd entry enabling me to get in.
3.  Drawing trend lines and really focusing on the direction of the trend.

[B][U]Post Trading Notes:[/U][/B]

1.  I am still using Mack's rules and trades.  From past experience there have been plenty of times when price was moving strong in one direction but there were not 2nd entry signals to get in.  The Welly/Vince type of trades help eliminate that and get in at those areas.  I've done some back testing and and this seems like what works best for me
2.  I draw the trend line off of the 1st 3 candles for the most part.
3.  One main trade I am looking at is when price breaks out of the trend channel and then retraces back to the nearest support...b/c then it usually goes up to either make a double top or a new high before reversing and this is good for a scalp.  Look for price to for 3 or so candles in a row b/c that is where it seems to pivot off of when making it's return when making a new low or going up to make a new high before reversing.

Mack's Notes:

4-29-2014

Pre Trading Notes:

1.  For reversals you only start looking to take trades the other way after price has been going one direction when (assuming price has been in a downtrend) price breaks out of the downtrend channel to the upside and a clear close outside of the downward channel.  Then price resumes the downtrend and creates a new low.
2.  DRAW YOUR TREND LINES SO THAT PRICE TOUCHES OFF OF BOTH SIDES.  If price is not touching on one side then you do not have it drawn correctly.  Draw it off of the first couple of bars in the move.
3.  When price breaks out of the trend channel to the downside (in an uptrend) and then goes on to make a new high then that can signal the move is over.  Especially if there is a 2 legged move up to a new high.

Post Trading Notes:

1.  My experiment with drawing 2nd entries on the close rather than if any part of the bar goes past the previous bar (Mack's way) is over.  It took me a day and a half to realize that trying to "improve" Mack's method does not work.  So now back to the Mack way of counting 2nd entries.  Lesson learned that Mack's rules work and mine do not.
2.  I tried changing my bar type and it messed up all my lines.  Also an hour and a half in I realized my "new" method of counting 2nd entries was not working so I just went back and started marking trades and drawing the correct trend lines until 9:37 and then started sim trading again.
3. I am still going to do the 0,1,2 count for entries.  It really helps me out.
4.  Getting destroyed trying to figure out which way price is going on 2nd entries. Have to work on that.

Mack's Notes:

1.  Will review tomorrow

4-28-2014

Pre Trading Notes:
1.   DRAW YOUR TREND LINES SO THAT PRICE TOUCHES OFF OF BOTH SIDES.  If price is not touching on one side then you do not have it drawn correctly.  Draw it off of the first couple of bars in the move.
2.  In a range day all you can do is buy the lows and sell the highs.
3.  When price breaks out of the trend channel to the downside (in an uptrend) and then goes on to make a new high then that can signal the move is over.  Especially if there is a 2 legged move up to a new high.
4.  For 2nd entries I am using where price closes and not the wicks for the most part.
5.  I will be looking at getting in at better prices and using the close and not the wicks helps with this.

Post Trading Notes:

1.  You will see the 0, 1 and 2 all over the chart.  The zero is the beginning bar of the 2nd entry cycle.  The 1 is the 1st entry and the 2 is the 2nd entry.  As mentioned above I am using the close of the bar and not the wicks anymore to determine when an entry is signaled.  So far this is MUCH CLEARER to me.
2.  Did good drawing the trend lines and getting the correct 2nd entries labled.  Just have to get better at understanding what the 2nd entries indicate by which way the market is headed - is it a legit 2nd entry or a failed 2nd entry?
3.  I really like this.  This forces me to pay attention to my charts more.  Even though I had a ton of losses I will get better with this.  It all came down to reading the 2nd entries in the context of what the market is doing and obviously that is my weak point right now.
4.  Also on my charts I will be describing each trade and not below in this entry anymore.  This makes it easier to read so you don't have to scroll back and forth.

Mack's Notes:

1.  Will do tomorrow, it is late.

Missed Trades:

1.

4-24-2014

Pre Trading Notes:

1.   DRAW YOUR TREND LINES SO THAT PRICE TOUCHES OFF OF BOTH SIDES.  If price is not touching on one side then you do not have it drawn correctly.  Draw it off of the first couple of bars in the move.
2.  Count off both the highs and lows for your 2nd entries.
3.  In a range day all you can do is buy the lows and sell the highs.
4.  When price breaks out of the trend channel to the downside (in an uptrend) and then goes on to make a new high then that can signal the move is over.  Especially if there is a 2 legged move up to a new high.

Post Trading Notes:

1.  Good job drawing the trend channels and referring to my notes about the trend channel break rules

Mack' Notes:

1.  Anybody can do this but it takes a lot of time to learn.  It is not easy but it is not hard.
2.  You can switch to a line chart to help draw your trend lines w/the first 2 swings
3.  You are looking for 2nd entry shorts in a downtrend counting off the lows
4.  You are looking for 2nd entry longs in an uptrend counting off the highs

Trades:

1.  8:57 - Thought it was a 2nd entry short at the EMA
2.  9:47 - 2nd entry short that signaled 3 bars previously
3.  11:24 - 2nd entry long off of the lower trend channel
4.  2:47 - 2nd entry long off of the lower trend channel that signaled 2 bars previously

Missed Trades:

1.  7:18 - 2nd entry long
2.  7:58 - 2nd entry short
3.  8:28 - 2nd entry short counting off the high
4.  8:33 - Failed 2nd entry long counting off the high
5.  9:03 - Failed 2nd entry long
6.  9:58 - 2nd entry long
7.  10:04 - 2nd entry long
8.  10:13 - Failed 2nd entry short

4-23-2014

Pre Trading Notes:

1.  If prices are in a trading range, sit tight until there is a break out or fade the extremes.  If prices are trending, be patient and wait on a pull back.  If the market is in a runaway trend, take every with trend entry pullback.
2.  Never try to counter trend trade when the market is trending.
3.  Best entries in a trend are w/the 21 EMA or at the trend lines.

Post Trading Notes:

1.  Range day.  Still real rusty.  Have to learn the rules better that I listed above.
2.  Mack's lines are in black dots

Mack's Notes:

1.  When the EMA goes flat then that means it is a range day and all you can do is buy the lows and sell the highs.
2.  DRAW YOUR TREND LINES SO THAT PRICE TOUCHES OFF OF BOTH SIDES.  If price is not touching on one side then you do not have it drawn correctly.  Draw it off of the first couple of bars in the move.

Trades:

1.  8:30 - 2nd entry short counting off the SH.  Was off the EMA
2.  10:43 - Thought it was a pullback 2nd entry long counting from the lows looking for price to go up to the previous SH.
3.  12:34 - Pullback 2nd entry short
4.  1:15 - Though tit was a 2nd entry long looking for price to go back up to the upper end of the range.

Missed Trades:

1.  8:44 - 2nd legged move
2.  9:00 - 2nd entry short off of EMA
3.  9:39 - Pullback entry off the EMA
4.  10:09 - Failed 2nd entry long

4-22-2014

Pre Trading Notes:

1.  Back in the saddle again.  Use limit orders to enter with no more than a 1.5 pt stop loss. Take all profits at 1 point.
2.  Draw all trend lines and channels
3.  Have a good time and learn.

Post Trading Notes:

1.  Took a break for a bit but it is good to be back doing these again.  This time I am going to start out even slower b/c I think by the end of my last post on here I had really started confusing myself w/a bunch of extra stuff in trying to find the perfect trade.
2.  After re-reading Mack's book I am going to focus on sim-trading w/one contract and go for a full point.  Hit the singles and not try for the home runs.  He said if you can make 1 point in the 240 trading days then you will have made $24,000.00 for the year (before commissions, taxes, etc).  That is a good goal to start with to focus on the singles and going slowly.  I started going too fast last time.
3.  Only took one trade b/c it was the only clear one I saw.  Today I was counting off the lows for my 2nd entry longs and off the highs for my 2nd entry shorts.
4.  Only take 2nd entries.

Mack's Notes:

1.  When small bars keep going higher then that is a strong trend up.
2.  The signal bar is the high or low of the swing.
3.  You only want to enter long on the pullbacks
4.  Be patient and wait for the right setups (pullbacks when looking for a long)

Trades:

1.  12:25 - 2nd entry long and also a 2nd entry short trap

Missed Trades:

1.  7:54 - 2nd entry long counting off the high
2.  8:46 - 2nd entry long counting off the high
3.  10:00 - 2nd entry long counting off the low
4.  1:51 - 2nd entry short counting off the high