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

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.