Day Trading Blog: 1st Week of August

Saturday, August 7, 2010

1st Week of August

Monday morning started with a long trend that i was able to enter early enought to catch most of the points.

On Tuesday i learned to watch the price action prior to a trendline break and enter on high potential setups prior to the actual trendline break even, as entering later often was not possible on corrections on the 1 min chart.

Wednesday morning basically was a landing formation and then three drives to a top

Thursday and Friday teached me to be in before the 8.30 am news

and basically keep my stop at the initial level to avoid getting stopped out

prior to the news event.

The trends stopped at the 10 Min DP Areas only on thursday and friday the moves

where strong enought to push the price to the next 10 Min DP Areas.

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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.