Day Trading Blog: 22th March Monday

Monday, March 22, 2010

22th March Monday

Goals for today:

Trade according to my Plan, enter a trade when the price is in a favourable position .
Earn at least 40 FDAX Points by entering and exiting short and/or long positions on the 1 min chart in a Decision Point Areas from the 3 Min Chart.
Earn at least 100 Crude Oil Points by entering and exiting short and/or long positions on the 1 Min Chart in the Decision Point Areas from the 3 Min Chart.
Don't make anymore trades once the profits are cashed in and celebrate your success.

Plan to archive these goals:
I start every day with the feeling that I have the power to archive my goals and that my subsconciousness will assist me in making the right decisions at the right moment. I am mentally prepared to take a trade when price is in a favourable postion (= beginning of a trend, low volatility, not in frond of news, in a decision point area, after a pullback when trend is already on)
I dont exit to early but at predefined decision areas, I let profits run and I am not afraid of the pullbacks that will happen in every trend. I watch thethe PnL display and stop trading once my goal is reached.

FDAX Trades (after 4 am down move then up move then down trend)

after 3.10 am trend till 4.00 am
4.20 am short
after 4.30 am trend
after 5.30 am trend
after 6.30 trend
8.40 am trend
9.30 am trend
after 9.55 am trend
10.15 am trend
after 11.00 am trend
after 12.20 am trend
after 2.20 pm trend

Crude Oil Trades:

3.20 am trend
after 4.55 am trend
7.20 am trend
after 8.45 am trend
after 9.30 am move
9.55 short
10.15 am long
after 10.20 am trend
after 12.00 am trend
after 2 pm trend

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

4 comments:

BBHMarch 22, 2010 at 5:14 AM
Looking for an upward move till 6003 (maybe even 6030ish) and then a selloff again till 5960 (or more). However, thought we'd be hitting the up-target already soon... hm... :))

Cheers mate!
ReplyDelete
Replies
daxdaytraderMarch 22, 2010 at 5:37 AM
there is one thing I never do: predicting price levels only time. Well I get targets from my elliot wave projections, but I am always expecting the trend to reverse at every target, so i have to be always at the computer and see how the price behaves at a price level, that keeps me busy during the day :-)
ReplyDelete
Replies
BBHMarch 22, 2010 at 5:55 AM
true, true! I like to have some kind of price levels on my mind - mainly because I don't enter a trade unless I'm expecting a big move. Of course I'm open to any signals to prove me wrong (so I'm following the charts and time and sales figures all the time as well).

Today I was looking for a long, but didn't enter because of the price movement and especially because of bonds didn't support the move. Let's see how this day plays out.
ReplyDelete
Replies
daxdaytraderMarch 22, 2010 at 6:36 AM
I was lucky to get a good fill on the T-NOTES and 30 Year Bonds, looking forward to get a breakout to the upside today...
ReplyDelete
Replies

Add comment

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.