Day Trading Blog: Trading Plan: On 30 Sec Chart avoiding wrong signals

Sunday, March 4, 2012

Trading Plan: On 30 Sec Chart avoiding wrong signals

Its wise to first wait till a long setup becomes invalid before taking short setups

On re-entries its best to wait till the price retraces to the daily 50% line or

a 50% retracement of prior up move:

If there is a strong trend its also possible to enter on a valid re-entries (DP areas and above green bar and fractals)

For targets is also wise to look at the 30 sec chart to exit at double bottoms or tops near targets:

On failed long setups its also possible to enter short:

No comments:

Post a Comment

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.