09-17-10 Trades

Traded CL for .42R gain. 2nd opp after b/b = whipsaw. W/E 9/17 2.12R, Had I traded LH on mon for 2.12R, total for week = 4.21R or $1,264.00 gains

Lessons Learned

Trade what you see, not what you believe will happen!

1. Wl scan before 10.51am, wait for +3 bar to see if am r/a (ie, OR b/o set-ups)
   
2. If +50 WL scan, note other gaps not included (eg, had only 10 shorts on big gap-up day, so I was able to quickly look at for possible set-ups)
3. Qualify IB: eg, Hammer, Doji, NR7, Flag, etc. Note: IB must not equal WRB
4. Qualify Chart: Light p/back, OR, p/back (b/b), tag 5ema, PB (b/b), TB (Trader Am does!)
   
5. Grade Chart: A+ = Screaming buy (ie, no negatives)
6. Sloppy base = red, blue, red, blue, etc (avoid) - not orderly!
   
7. Copy & paste R&R excel math calc to chart for quick reference
8. Remember, once orders are in and trigger alarms set, walk away, do not obsess over price fluctuations ... will cause psychological stress! Goal is stress-free trading!
9. 1/4hr to scan, 1.25 hr to screen = total 1.50 hrs trading each day. Unless by 11:00am, still screening for opps. Note, need to make +2 trades per day, so stay vigilant.
10. Keep churning WL for base & break and p/back
    

Liked the set-up but inside OR and Not IB. Also b/b not IB