Day Trading Blog: 1st March Monday

Monday, March 1, 2010

1st March Monday

Goals for today:

Trade according to my Plan with good feelings about the outcome.
Earn at least 40 Points by entering and exiting short and/or long trades on 1 min FDAX chart in the Decision Point Areas 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 the Decision Point Areas from the 3 Min Chart.
Don't make anymore trades once the profits are cashed in

3 FDAX Trades: Today is the 1st trading day of the month, so we should see a long trend after 8.00 am and
a guick up move after 10.00 am news.

2.20 am - 3.00 am long
after 3.10 am trend till 4.00 am
after 4.00 am trend
after 5.20 am trend
7.40 - 8.45 am trend
9.30 move
after 10.00 am trend
after 11.10 am trend

3 Crude Oil Trades:

2.20 am long
3.00 am trend till 3.48 am
after 5.00 am long
after 6.00 am short
after 7.00 am trend
after 8.00 am trend
after 9.30 am trend
10.15 trend
after 10.40 am trend
after 11.40 trend
after 13.20 long

Profit 40 Points MTP Manual DP System FDAX
Profit 100 Points MTP Manual DP System CL

5 comments:

BBHMarch 1, 2010 at 2:50 AM
Looks like it will be an interesting trading day for DAX. I'm looking for a possible short down to around 5580 level (at this point DAX looks way too high to go long - it's up roughly 70% of ATR and way above its Pivot point).

Have a great trading week, mate!

Cheers!
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daxdaytraderMarch 1, 2010 at 4:03 AM
remember its the first day of the month, so new bulls come into the game...
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daxdaytraderMarch 1, 2010 at 7:01 AM
have you noticed the dax always bounces back up in the morning when the s&p hit the closing price (from 4.15 pm), so my first short target is always that event...
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BBHMarch 1, 2010 at 9:02 AM
Did I understand it correctly that when DAX is going up in the morning and then coming down again - your short target is PREVIOUS DAY's S&P500 closing price? :-))
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daxdaytraderMarch 1, 2010 at 9:38 AM
no :-), i always watch what the s&p does, so this morning I did not have a short target (gap up was too big) but I exited my short after the s&p hit its prior day closing price.
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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.

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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.