Day Trading Blog: 29th July Up, Side, Up, Side

Wednesday, July 29, 2009

29th July Up, Side, Up, Side

High of the Day: Camarilla H4
Morning Reversal: Camarilla L4
Low of the Day: Camarilla L4

Profit 1 R optimized or
Loss -1,20 R trading all signals

Like yesterday there was a rally in the morning, but then unlike yesterday the up trend continued till the news at 8.30 am came out.

The 3 wrong short setups in the morning where not traded by the strategy, unfortunately there was no long setup on the 2 min chart just on the 10 min chart, so no trades where done on the 2 min chart in the morning

The setup rules for today had one specific thing to strong sell off days:

I don't allow the strategy to take short trades on strong trends (elliot oscillator > 10) during trending times like before 4:30 am and between 9:30 am and 10 am
Same as every day don't trade signals during 7.10 am and 8.04 am as these well be just scalp trades before the news event.

Exit rules like we had yesterday:

Trail Short Stop On New Short Setups

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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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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.