Day Trading Blog: Review 1st Week of September

Sunday, September 5, 2010

Review 1st Week of September

In General there have been 3 major moves this week:

monday early morning to tuesday early morning
tuesday early morning to wednesday morning
wednesday morning till friday after 8.30 am news

The easiest way to catch each move was to open a position after 3 am (monday, tuesday) or after 4 am and then close the positions after 7 am reopening them prior to the 8.30 am news, 9.30 am opening or 10.00 am news.

So the entry times changed from last week to:

Monday: After 3.30 am to 3.00 am, after 5.50 am and after 9.59 am

Tuesday: After 3.00 am, after 9.30 am (only small short move this day) and after 10.00 am

Wednesday: After 4.10 am, after 9.00 am (no reversal after 10.30 anymore)

Thursday: After 4.00 am, after 6.00 am, after 8.20 am (news event not powerful to break range tradeing) after 9.45 am and after 1.30 pm

Friday: After 3.30 am, after 8.30 am, after 9.45 am and after 11.00 am

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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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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.