Day Trading Blog: 10th Monday

Monday, August 10, 2009

10th Monday

High of the Day: Prior Day Close
Morning Reversal: Camarilla L3 or 50% at 4.10 am
US Market Open Move ended at: Manual DP at 11.00 am
Low of the Day: Camarilla L3
Close of the Day: 200 EMA

Profit 11,1 R optimized or
Profit 10.3 R trading all signals

Same as on the 4th of August we had a decline this morning from the massive gains of last Friday. Then we had like on the 7th of July a pause after the US market opened, stopping out the short trade and then like on the 4th of august there was a little uptrend before the close.

Tradelist

Setup Rules:

Take short setups from 2:36 to 7:10 am, from 8:04 to 9:24 and from 9:30 to 12:00 am

Exit Rules:

Same as last Friday exiting short at 3rd target was most profitable.
Trail stop to break-even when there was a price below the support and resistance zone.

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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.