Day Trading Blog: 19th Wednesday Down, Up, Up, Side

Wednesday, August 19, 2009

19th Wednesday Down, Up, Up, Side

High of the Day: Camarilla H4
Morning Reversal at: S2 at 3.55 am
US Market Open Move ended at: R1Mid
at 10.35 am
Low of the Day: S2
Close of the Day: Prior Day High

Profit 1,8 R optimized or
Profit 3,6 R trading all signals

Luckily the 10 Min Chart also fired off a long signal, so taking the 2 min signal at the same time was a good confirmation even if it was late for the day. I am usually in the office till 12am so nice to see in the last hour such a nice rally.

Tradelist

Setup Rules:

Don't take short signals below camarilla L4 in the morning.

Exit Rules:

Trail short stop when we have a close below prior days low
ATR trailing 3,5 for long trades avoids letting trades run longer and therefore avoiding following counter trendsignals to be traded.

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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

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.