DAX & Nasdaq cash open daily profits

I decided to open this journal only for the purposes of my own motivation, discipline and psyche control. I hope it will help me stick to my strategy and level up my equity curve.

I will be posting MT4 screen shots each evening with my trades, notes as to why I traded and any ideas/suggestions for future.

Below assumptions and methodology, I will be updating this as I go along.

1. Instruments
I trade only Dax and Nasdaq CFDs at the cash open which is 9:00 am CET and 15:30 CET respectively.
I trade M1 timeframe.
I trade max 1h after the cash market open.
Spread for both is 1 point in the above timeframe.

I might not be able to trade Nasdaq every single day due to other commitments, but I should be able to trade Dax daily.

2. Strategy/methodology
I use only:
- Significant Suppport/Resistance (S/R) on the M15 for the last 3 days
- Fibo retracement levels for the first swing after cash market opens plus any further when significant move occured
- Round figures i.e. full hundreds (higher priority) and 50s e.g. 12100 and 12150 for Dax and 7400 and 7450 for Nasdaq
- High Value Area (usually 1 min of trading) as significant S/R
- Pivot Points and Support and Resistance from PP

I will be trading Price Action around these significant number/levels, so I might trade bounces off these levels or break out of them.

Sometimes I might also trade in the consolidation.

3. Money Management
SL is 10 points. I will move SL to Break Even once the price moves in the direction of a trade for 3 points.

TP is 15 points. Obviously it will depend on the price action and what I see when candles are being drawn.

If the movements is significant (which often happens on Nasdaq) and the TP is reached, I will watch Price Action closely. If it has high momentum, I will move SL to TP (15 points) and will watch the price. Looking for a higher TP, but usually no more than 50 points.

I trade manually, so not using any Expert Advisors.

For the month of September I do not consider changing lots size. I will trade flat and review after month is done.

4. Psyche
If I hit SL with the first trade, then 5 mins break.
If I hit SL 2nd time in a row, stop trading that instrument that day.
I should prepare and aim for the goal with the minimum number of trades, ideally with the 1st and only trade.
If I hit TP for that instrument, I should cash in profits and quit that instrument that day unless very high momentum on the price, then SL to 15 points and watch the price.

I am not interested in what does the price do after I leave the market, I focus only on my setup.

5. Goals
My goal would be each week ended on the plus. Hence each month should be positive.

My end and final goal should be total control of my emotions, consistency and good discipline when it comes to my strategy.

Only then I should try to increase the lots size for greater profits.

Please feel free to ask questions and comment/suggest things.
Best Regards,
Yrch

Day #1 (-15 points)

Note on volume: I used only tick volume for CFDs provided by the broker, so I am well aware this is not the real futures volume. However I deem it as a good approximation of the real futures volumes in the relative terms.

Dax (+5 points)

#1 trade: +10 points Long

1. price bounces back on high volume from the 50% retracement of low to high from the hour before on futures trading
2. price bounces back on the round mid number i.e. 12450

Closed as price touched the daily high and retraced back.
Play it safe at the lows and highs.

#2 trade: -5 points Short
Price made the high and bounced off the Daily R2 and round number 12500. The first bounce is usually the safest to trade for correction.
After the first down candle I entered short. Tight stop and got hit.
Price bounces back 2nd time and reverts. I didn't manage to catch that move and then I didn't want to chase the move.

#3 trade: break even, Long
Price stopped at the previous daily high and just above the High Volume Areas from the start of cash market trading.
I entered long and once price moved up, moved SL to break even and got hit.

#4 trade: break even, Long
the 09:28 CET candle was drawn in a blink of an eye. Priced continue to move down and some stopping volume was generated. It happened on the daily low.
Once price started to climb up, I entered Long.
With momentum I moved the SL to break even and got hit.

Nasdaq (-20 points)

#1 trade: +1,5 points, Long
At the start there were much points of reference. So after quite quick move up I decided to go long in the 2nd minute of trading.
As the price could not break the high, closed with small profit.

#2 trade: breakeven, Long
There was important support at 7516 so I went long as bounced off with high volume. SL hit.

#3 trade: breakeven, Long
After the deep into low, breaking support at 7516 and Daily R1, fierce come back and I enter long. SL hit.

#4 trade: -5 points, Long
Enter long again as price continue to rise. It is difficult to explain but when the candles were drawn, price was steadily going up, got hit from the above and then steady rise again, hit and rise again. So I thought that the buying power was significant and probably there was a one order being filled. Once filled price will shot up.
Unfortunately too tight stop and got hit.

#5 trade: -5 points, Short
As the price floated around 61,8% Fibo from last movement down, candles were short so I though that the move is exhausted at least for a while.
I entered short and with too tight stop got hit. Althougth the prediction was correct, wrong execution.

#6 trade: breakeven, short
Price still looks like wants to fall so I again enter short. Price moves with pace, I move my stop to BreakEven (BE) and instead of taking profit at the days low, I wait and SL got hit.
Play it safe at low and highs!

#7 trade: -4 points, long
Price quickly moved to the daily highs and once broken, I entered long. I didn't even had a chance to move my stop to BE, too quickly and got hit. The prediction was again correct, wrong execution.

#8 trade: -7 points, short
It was a result of above trade. I though that it was a false break out and entered short. Obviously got stopped out.

Conclusions

1. I trade too much especially the US session was too choopy and too emotional
2. as the result I hit too many SL/BEs and then re-enter in the same direction with much worse prices and lower probability to close in profit
3. my predictions are fairly accurate but my execution is shit
4. I need to be careful at the US session, as I am already tired with the day of work and may easily make stupid decisions

Overall my account today is approx down 10%.
I need to focus more and control my emotions and grid.

Tomorrow another day. Fingers crossed.

Best
Yrch