Day Trading Blog: 10th December Thursday

Thursday, December 10, 2009

10th December Thursday

Goals for today:

Trade Only Setups that are in my plan and have a good feeling about the outcome of every trade.
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 3 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.
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.

Thursdays Theme for the Stock Market:
Double top or bottom then sell off or rally (trending day)

Expecting a trending crude oil market after 1.45 so I am expecting to open a long postion and hold it till 4 am, if the upmove was very steep I am going to short down to the double bottom. Then I wait for a double top around the 8.30 news that could also be used as another short entry but if we trade sideways I wait for another entry point after 9.00.

FDAX: Short after the 3 am open (like last thursday we could see an upmove before we sell off after 5.30 am) 7 am till 8:30 seams to be bullish on thursdays, but keep in mind that an upmove can be faded so better looking to enter a position around 9 am or 9:48) After 11 am I only take the reversal trend trade if its clear over bought/sold, or just do the 14.15 to close trade to avoid getting stopped out.

Profit 0 Points MTP Manual DP System FDAX
Profit 0 Points MTP Manual DP System CL

The morning was pretty much like the 5th of November so the short signal after 5:30 am was only good for some points but not a runner that went down to the DP area. Therefore I am looking for a long entires after 7 am then the typical rally before the 8.30 news and a sell off after and maybe a mega uptrend after 9.30 am.

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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.