Day Trading Blog: 16th Wednesday

Wednesday, September 16, 2009

16th Wednesday

High of the Day: R23Mid
Morning Reversal at: R12Mid at 3.20 am
US Market Open Move ended at:R2 at 9.54 am
Low of the Day: Open
Close of the Day: R23Mid

Profit 40 Points Elliot Wave
Profit 95 Points eASCTrend & ART Trading System

This morning I learned what I means to trade a bull market, for the first time this year a break above prior days high did not make the prices pullback, so I adjusted strategies accordingly: Not shorting overbought prices or trading reversal signals between 3 am and 4 am if the prices is above prior days high.

The US session was only good for scalping at the time the DAX cash market closed (11.30 am) the trade from the 2 min chart got stopped out at breakeven, but no problem another long setup triggered a new long postion.

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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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.