Day Trading Blog: Review 2nd week of september

Saturday, September 11, 2010

Review 2nd week of september

In General there have been 2 major moves this week:

monday early morning short to wednesday morning
wednesday morning till friday after 10.00 am news, but with 3. target at 6250 (elliot wave 30 min setup with target 1 and 2 reached this week)

The most important thing I learned was to watch key levels, like on tuesday morning instead of waiting for the usual bounce up after 4 am I shorted right after 2 am because structure was broken (price moved below last two 3 min swing lows). If there is a trend change like wednesday and thursday after 10.30 am it can happen that we first bounce into support and then continue the down move after 1 pm.

The entry times changed not much, still getting the most points after news events:

Monday: After 2.35 am, 3.50 am, 5.50 am, 9 am, 9.59 am and 10.45 am

Tuesday: After 2.50 am, 5.40 am, 7.15 am, before and after 10.00 am

Wednesday: After 3.05 am, 4.30 am, 5.40 am, 9.00 am and 10.30 am

Thursday: After 3.30 am, 5.30 am, 8.20 am, 9.45 am and 2.30 pm

Friday: After 3.30 am, 4.45 am, 8.30 am, 9.35 am and 10.30 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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