Day Trading Blog: 01st December Tuesday

Tuesday, December 1, 2009

01st December Tuesday

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.

Plan to archive these goals:
Determine trend, entry and exit points, times where I have to make a decision.

Entering a crude oil trade after 1:30 am and holding it till 6:00 am. Expecting another trending (possible a reversal) move after 9 am that should be closed at double tops or bottoms.
In the FDAX market last week the pattern Sideways Moves in the Morning changed to a bullish trending market till 6 am and a trend (possible a reversal trade after a double top/bottom) after the 8.30 news, that will be reversed around 10 am, looking forward to hold this last trade till close.

Profit 95 Points MTP Manual DP System FDAX
Profit 145 Points MTP Manual DP System CL
Profit 00 Points MTP Manual DP System ES

I learned to not anticipate a rally after 5 am if the FDAX already trades above the High of Yesterday. In general 3 moves up mean at least a pause, so looking forward to see a double top sell or a breakthough a tripple top.

What was also challenging today was trading the US session, due to news very rapid moves and then a long consolidation phase I had to enter two time for the short and long position before they finally moved. Finally the typical hook reversal ended the long trade and I did not reverse because the flux capacitor told me tuesdays have a bullish end of the session.

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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.