Day Trading Blog: 8th March Monday

Monday, March 8, 2010

8th 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

4 FDAX Trades:

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
6.30 reversal
7.40 - 8.45 am trend
9.30 move
after 10.00 am trend
after 10.40 am trend

5 Crude Oil Trades:

2.20 am long
3.00 am trend till 3.48 am
after 5.00 am trend
after 8.45 am trend
after 9.30 am trend
10.00 trend
after 10.40 am trend
after 11.30 trend
after 12.40 trend

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

3 comments:

BBHMarch 8, 2010 at 2:01 AM
Morning,

Do you think we'll re-test this year's DAX open (6003) today?

Cheers mate!
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BBHMarch 8, 2010 at 2:11 AM
And... what news are you expecting at 10 am? :-)
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daxdaytraderMarch 9, 2010 at 2:10 AM
maybe on tuesday we will get a trending day and price will go up to 6k, about the 10 am event:
the strange thing is even if there are no news there still will be a move at 10.00 and 10.40 like last monday, but you have to use a solid entry method with high reward in relation to risk. such an entry setup happend at 11.10...
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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.