Showing posts with label schedule. Show all posts
Showing posts with label schedule. Show all posts

Tuesday, May 5, 2009

Trading Schedule

I've been meaning to put together a structured trading schedule for a while now, and although I don't know what the optimum schedule is, Ill start with the following (all times are Chicago/Central time zone). This doesn't include:

8:15 AM (7:15 AM for Early Econ Release)
  • Power up the charting platform and snap lines to mark the Globex support/resistance levels. This information will assist me in making sense of the opening range (first 15-minutes of market open)
  • Check for News and U.S. Economic Data
8:30 AM - 8:45 AM
  • Extra caution during opening range. Indicators are relatively useless during this period. Focus is on overnight support/resistance as well as significant pivot from prior day's price action.
8:45 AM - 11:30 AM
  • This is GO TIME. Active trading. Take every setup that offers favorable risk/reward in direction of trend.
11:30 AM - 12:45 PM
  • Lunch time. Step away from the screens!
12:45 PM - 1:00 PM
  • Return to screens. Assess current price action and prepare for 1 PM.
1:00 PM - 2:45 PM
  • GO TIME. Active Trading. Take every setup that offers favorable risk/reward in direction of trend.
2:45 PM - 3:15 PM
  • In general, avoid entering new positions and look to close out open positions. Sometimes this time-frame does offer "gifts" so be extremely selective in initiating a new trade. No hard fast rule to "stay out of trades". This is a trade settlement time-frame, where traders may be exiting losing trades to avoid holding overnight, so be extra mindful of the winners and losers based on the day's price action.
I'll update and tweak this schedule as I see fit, but I think this is a good first draft. If you have any thoughts or recommendations, post away in the comments section.