Day Trading Blog: 02th Week of July A Very Bullish Week

Friday, July 17, 2009

02th Week of July A Very Bullish Week

This week was very bullish, with 3 really nice setups:

The first one happend on tuesday evening, I was not sure to take it but as a rule of thumb: What ever looks uncomfortable usually will be a good trade. ATR trailing kept me till Thursday morning in the trade.
I am trailing stops to the Low of last bar on 10 Min Charts when the first target was hit, that gave me a winner and avoided being stopped out on Thursday morning. I was lucky because there was another long setup on the 2 min chart so I got some more profits in the evening.
Friday, as expected, I had a nice short setup, which I exited at the last target

To summarize this weeks theme was trading rule number 1: let profits run.

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Trading Rules:

how to trade profitable? with KSE. knowledge, strategy, execution.
Knowledge: You need to buy low and sell high. So I wait for the price to first go to a prior support level on the daily, 4h, 1h chart.
Strategy: Timing is important so I trade when there is a good setup on the dax, s+p, nasdaq or oil market. My goal is to make few trades with high risk reward, that is archived by either holding a trade till the market closes or reaching a level that sets up a counter trade.
Execution: Usually there is only a 20 point risk involved, so I try to get into a prior support level on the 10 min chart and automatically set a stop and multiple take profit targets.
All the little details how to trade better are listed here but I like to keep it simple: just enter the market at prices with a target that it at least 3 times the initial risk.

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Risk Disclaimer and Disclosure Statement

Trade at your own risk. The information provided here is for Education only and is of a general comment only and neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. You should seek appropriate advice from your broker, or licensed investment advisor, before taking any action.

By reading this Blog, you acknowledge and accept that all trading decisions are your own sole responsibility, and I cannot be held responsible for any losses that are incurred as a result.

There is risk of loss in trading and investing. All trade decisions are your own sole responsibility.