Day Trading Blog: 11th Tuesday Up, Down, Down, Up

Tuesday, August 11, 2009

11th Tuesday Up, Down, Down, Up

High of the Day: R2/2
Morning Reversal: R2/2 at 4.10 am
US Market Open Move ended at: R3/2 at 10.30 am
Low of the Day: R3/2
Close of the Day: R3

Profit 5,68 R optimized or
Loss -4 R trading all signals

Today the zenfire data feed did not work in the morning, so i switched over to PFG, where I had to realize that the tick charts dont work as good as on zenfire, so I traded much less than I am used to. Nevertheless I was able to catch most the downtrend after the 8.30 news.

Tradelist

To avoid getting in too early on short trades I realized that waiting after the 8.30 am news to enter an active short setup is always better, only long setups should be entered before the news release (as you can see on last fridays rally)

Entry Rules:

For short setups occuring 8.20 am to 8.29 am enter after 8.30 am

Exit Rules:

Below S2 trail the short stop to the high of the bar before the last one if a -10 value on the value chart indicator has been reached.

Maybe its better to not enter any more short setups below S3, but so far I have not seen many bearish days to really make this a rule for my trading.

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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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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.