Day Trading Blog: 28th October Wednesday

Wednesday, October 28, 2009

28th October Wednesday

Goals for today:

Earn at least 40 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 200 Points by entering and exiting short and/or long trades on a 1 Min / 30 Sec. CL chart in a Decision Point Area from the 3/5 Min Chart.
Earn at least 10 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.

The early morning was pretty much short only but even in a downtrend the little bumps and stops where perfectly forecast by the Flux Capacitor.

The Flux Capacitor Indicator is suggesting a sell around 8.36 another sell around 9:40 short covering at around 10:36 and the end of the move around 13:05. Well i have to learn the indicator better, I think the best way to use it is to determine the overall trend for the day, so looking at the powerzone osciallator it suggested a trend to start from around 9:50 to about 13:07 with a pause inbetween from 11:00 am till 12:30 and thats what happend.

From 8:00 am till the close one straight move in the crude oil market. Due to news the move started 8:30 am but yes it was a very good downtrend.

Profit 80Points MTP Manual DP System FDAX
Profit 90 Points MTP Manual DP System CL
Profit 6 Points MTP Manual DP System ES
Profit 30 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.