Day Trading Blog: 28th Monday Down, Up, Up, Up

Monday, September 28, 2009

28th Monday Down, Up, Up, Up

High of the Day: Prior Week High
Morning Reversal at: Camarilla L3 at 3.44 am
US Market Open Move ended at: R3 at 10.32 am
Low of the Day: Camarilla L3
Close of the Day: R3

Profit 5 Points Elliot Wave
Profit 157 Points eASCTrend & ART Trading System

Today we had a very bullish day, the CMO indicator worked very well, first short at 3.10 am then long from 4.20 am on the 10 Min Chart. For my scalping method I implemented today these rules:

Don't short if Zerolag Smooth Indicator is below 25
Don't go long if the Prior Day High is just a few ticks away.
Trail stop to the Median of the last bar if the last bar had a range of 9+ points.

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.

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.