Friday, October 23, 2009

23th October Friday






Goals for today:
  1. 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.
  2. 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.
  3. Earn at least 5 Points by entering and exiting short and/or long trades on 5 min ES chart in a Decision Point Area
  4. Don't make anymore trades once the profits are cashed in.
After the news on 10 am get released we should be seeing a downtrend, to yesterdays DP area. So there are two ways to play this: a) Going short with an overbought situation after the 8.30 am news or going short after 10 am on a pullback on the lower timeframe chart.

Going short on the lower timeframe worked out since the 30 sec. chart provided an excellent entry opportunity with volume confirmation, so the old way like they teach at fxbootcamp to take a in the direction of the breakout after the news on a pullback direction is simply wrong.

Profit 95 Points MTP Manual DP System FDAX
Profit 100 Points MTP Manual DP System CL
Profit 8 Points MTP Manual DP System ES
Profit 50 Points Automatic Overbought & Oversold System FDAX

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