Day Trading Blog: 24th Thursday Down, Up, Down, Side

Thursday, September 24, 2009

24th Thursday Down, Up, Down, Side

High of the Day: R1
Morning Reversal at: Camarilla L4 at 3.16 am
US Market Open Move ended at: S23 Mid at 10.44 am
Low of the Day: S23 Mid
Close of the Day: S2 or 200 EMA

Profit 100 Points Elliot Wave
Profit 170 Points eASCTrend & ART Trading System

This Morning the Oversold Strategy worked out well: On 60 Min the CMO indicator bounced off the -50 line which was mondays low price then a 2 min long signal occurred so I went long.

Then I learned to wait till 5 am before a long trend can start if the downtrend does not continue.

And then like on the 15th august we had a rally after the 8.30 news and then a massive sell off, now we should get an uptrend till the close...

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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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.