Day trading report Jan 22, 2008: +$1200

By Paul | Published: January 22, 2008


The FED came out with an emergency rate cut of 3/4 pt today. The market was bound for a small rally. So the Dow moved from a negative 400 something point to almost breakeven and then closed down a 100 pts. There were many wild swings today. Many opportunities for a day trader.

Although I seem to have done well today, I think I could have done a lot better.

Even though I knew the Dow is going to go up at least 200 pts from open, I only captured about 150 points of it. I was hesitating a lot after my winnings because I worried about losing my profits like I did before. I need to be objective in my rationale.

However, the later day action were a lot choppier and the ATR were a lot higher. Staying on the sideline may be a good decision. For my later trades in a volatile setting, I may want to increase my stop because I have missed a few good trades even though I was ultimately right.

On the other hand, my exits were a lot better today. I wasn’t bagholding nor was I ragholding. I got out when I should rather I was winning or losing. In addition, my tight trailing stop method saved me a few times. Although it did got me out too early a few times too.

Lastly, I have adopted this new screen which I developed over the weekend. It’s based on the triple screen strategy by Dr. Alexander Elder. The big window is for my main time frame. Then two more charts for a 5x higher and another for a 5x shorter time frames. I only enter a trade when all 3 (at least the lower 2′s) are in sync. Then I exit when either the short or current time period shows weakness.

Share|

Related posts:

  1. Day trading report Jan 23, 2008: +$22
  2. Day trading report Jan 30, 2008: -$560
  3. Day trading report Jan 25, 2008: -$140
  4. Day trading report Feb 8, 2008: +$340
  5. Day trading report Jan 31, 2008: +$590
This entry was posted in Futures and tagged day trading, YM. Bookmark the permalink. Post a comment or leave a trackback: Trackback URL.

Post a Comment

Your email is never published nor shared.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>