1-11-2015

So I took of the 21 EMA.  Recently I had never used it to take trades off of it so I replaced it with the 50 and 200ema.  Those seem to give a better hint at where to look for support/resistance levels.  You'll notice how they can be another hint at price bouncing off of a 61-78 fib level and provide a nice place to enter.

I will miss some good trades b/c I'm still learning this as I go.  These are trading ideas I've learned from other people and I am trying to create a plan that works for me.  I'll have rules that are adaptable.  You cannot be rigid with rules when you trade.  You need a framework with the ability to adapt to market conditions.  And as always whenever you are confused just sit back until price does what you predict.


Trades:
1.  2nd entry short off of the 200 and 50 ema after a perfect two legged move.  An old Mack staple trade for a one point scalp.
2.  Price was being stopped at the 200ema, the big 38 fib and had just completed a 2 legged measured move.  I figured price would be good to go down somewhere near the 50 ema or the long 76 fib level which it did.
3.  End of a 2 legged move against the 200ema.  I think I missed a trade to the left when price hit off the 76 zone and the supply area.  That would have been good until the new 76 long area.
4.  Price hitting against the 61 fib zone and the 50ema with my supply level.  It would have worked if I had my two point stop loss in place.  Notice how price pushed all the way up to the 76 box before making its move down.  The 30 min opening zone was the floor today.