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 100 Points by entering and exiting short and/or long trades on a 1 Min Chart in a Decision Point Area from the 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 with 2 contracts.
- Don't make anymore trades once the profits are cashed in.
Determine trend, entry and exit points, times where I have to make a decision.
In the morning looking for a sell off down to the DP of yesterdays low and from then rising prices. With crude inventory news being today instead of yesterday I am looking for rising prices in the crude oil market till 9 am then a sell and a buy that I will hold in the anticipation of a spike up at 11:00 and then profit taking.
Profit 195 Points MTP Manual DP System FDAX
Profit 280 Points MTP Manual DP System CL
Profit 11 Points MTP Manual DP System ES
Profit 10 Points Automatic Overbought & Oversold System FDAX
We did get a small rally till 8:50 but then crude oil sold off, quite interesting the EURO seams to be a forecaster for what will happen in the crude oil market. Anyway I learned from a couple of mistakes:
1. Keeping the reversal times in mind, so if we have a double top at 10 or 11 am chances are high we see till 12 am lower prices.
2. Predictions from the flux capacitor work better if there is high volume (after 8.45 am)
3. Sticking to the rule to exit at every DP area and not anticipating a breakthrough
4. Using 1 Minute DP areas in the 9.30 to 9.45 time box.
5. Do not anticipate bounces stick to the logic that price movement first needs to slow down before the direction can chance.
6. Clearly visible bear flags like today prior to the news event and rallies to the DP of yesterdays high are the exception to the rule.
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