Day Trading Blog: 20th October Tuesday

Tuesday, October 20, 2009

20th October Tuesday

Goals for today:

Earn at least 20 Points by entering and exiting short and/or long trades on 1 min FDAX chart in a Decision Point Area from the 5 Min Chart.
Earn at least 50 Points by entering and exiting short and/or long trades on a 1 min CL chart in a Decision Point Area from the 5 Min Chart.
Earn at least 5 Points by entering and exiting short and/or long trades on 5 min ES chart in a Decision Point Area
Don't make anymore trades once the profits are cashed in.

Starting with long signals from yesterday I am looking for continuation or a reversal after a small pullback at the 3 am open. Well after 3.30 am now higher has came in so shorting was obvious. Today I also added Volume spread analysis to my charts to better avoid going long on false rallies :-)

Profit 180 Points MTP Manual DP System FDAX
Profit 185 Points MTP Manual DP System CL
Profit 15 Points MTP Manual DP System ES
Profit 130 Points Automatic Overbought & Oversold System FDAX

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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.