Day Trading Blog: 14th Monday Down, Up, Up, Up

Monday, September 14, 2009

14th Monday Down, Up, Up, Up

High of the Day: R1Mid
Morning Reversal at: S1 at 3.38 am
US Market Open Move ended at: Prior Day Close at 11.20 am
Low of the Day: S23 Mid
Close of the Day: R1Mid or High of the Day

Profit 20 Points Elliot Wave
Profit 110 Points eASCTrend & ART Trading System

In the timeframe from 3 am till 5 am we had a fast down move after the 3.36 am reversal then an uptrend in the 5 am till 8.30 am session. Uptrend after 9.30 am and an side trend from 11.30 till 13.30 and another uptrend till the end of session. The morning looked pretty much like the 31th of august, on the other hand the 10 min chart looked like the on on the 7th of august, the most bullish day this year :-)

What I learned was to always trade in the direction of the 10 Min Chart and its reversal signals, especially entering long after 10 am once the short signal from the 6.50 got canceled was very profitable.

Tradelist

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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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