Day Trading Blog: 08th December Tuesday

Tuesday, December 8, 2009

08th 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 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 that are too risky 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.

3 trades:

Entering a crude oil trade after 1:50 am and holding it till 13:50 am. Pause (bearish market) from 5.30 to 8.10. Expecting another re-entry chance after 9 am or together with stock market rally after 10.30 am.

2 trades in the Morning:

In the FDAX market I am expecting a bullish trending market till 4.30 am (if the price is not above prior days high the trend can also last till 6 am) then sideways trading or a sell off

3 trades in the US Session:

Long move after 9 am then a countertrend trade (short) could happen after the 9.30, that will be stopped after 10 am, so a clear trend should start after 10.30 that I am trying to holding till the close.

Profit 30 Points MTP Manual DP System FDAX
Profit 110 Points MTP Manual DP System CL

Today the uptrend did not start at 10.30 am because Mr. Obama speech was scheduled 11.15 I waited till 12 am but the market still sold off (no rally) so I closed my positions and called it a day.

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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.