Day Trading Blog: 31th July Up, Down, Down, Side

Friday, July 31, 2009

31th July Up, Down, Down, Side

High of the Day: Camarilla H3
Morning Reversal: Prior Day Close
Low of the Day: Prior Day Open Or 200 EMA (10 Min)

Profit 2,3 R optimized or
Loss -3 R trading all signals

Exit Rules:

Breakeven after the short trade broke below the support channel on 5:26 am
Discretionary: Watch every news event and exit trade manually in cause the strategy order does not get filled at the target price.
For the last trade same rule we had yesterday simply trail the stop on 15.30

Entry Rules same as in the morning 29th of july:

Don't short when there is a strong uptrend (Elliot Osciallator > 10)

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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.

The Legal bit

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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.