Day Trading Blog: 21th Friday Up, Up, Up, Side

Friday, August 21, 2009

21th Friday Up, Up, Up, Side

High of the Day: R34 Mid
Morning Reversal at: R2 at 6.15 am
US Market Open Move ended at: R34Mid
at 10.18 am
Low of the Day: Camarilla L4
Close of the Day: R3

Profit 1,75 R optimized or
Loss -2 R trading all signals

In the morning I was confused, lots of short setups but the ART Trading Indicators once again showed the optimal way to trade. I am wondering why I still continue using the elliot wave approach if entry and targets are only correct 50% of the time. Anyway nice 105 points with the discretionary approach.

After US market opened crude oil had a nice run but I had also two stops, so I learned to not go long when a down pyramid is formed and in general I should not be so greedy R2 is already a nice target, seldom prices go any higher.

Tradelist

Setup Rules:

Don't trade short signals below Camarilla L3
Trade DP setups after 15 bars of last entry, to avoid getting in after every stop out
Don't trade long signals above Camarilla L4 before 9 am

Exit Rules:

On strong trends trail long stops with the parabolic SAR indicator

No comments:

Post a Comment

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.