Day Trading Blog: 3rd October Monday

Monday, October 4, 2010

3rd October Monday

FDAX:

Strategy for trading on mondays is to enter low risk trend trades after 2.35 am, 4.15 am, 5.50 am, 8.30 am, 10.00 am and 10.45 am.

after 3 am: Long above 6234, Short below 6217 or Reversal at 6231 (happened already) or on Low Risk Entry Signal before the breakout

2:54 am SHORT
3.25 am short
4.24 am short
9.09 am long

after 9:30 am: Maybe first a gap fill on the S&P then the trend from this morning so most likely short. Long above 6180 or Reversal at 6130, Short below 6150 or Reversal at 6195 or on Low Risk Entry Signal before the breakout

10.09 am short
10.58 am short

Crude Oil: In addition to entry times that happen on stock market indices I am looking for moves after 9 am

3.03 am short
6.15 am LONG
8.31 am long
9.49 am short (counter trend to opening price)
10.23 am short (breakeven)
11.59 am short
1.35 pm long

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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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There is risk of loss in trading and investing. All trade decisions are your own sole responsibility.