Day Trading Blog: 27th October Wednesday

Wednesday, October 27, 2010

27th October Wednesday

FDAX:

Strategy for trading on wednesday is to enter low risk trend trades after 3.05 am, 3.30 am, 4.05 am, 5.30 am, 7.15 am (re-entry chance), 8.10 am, 9.00 am and 10.00 am.

after 3.00 am: Prior day closed on a swing high, so looking for long continuation, prior day was bearish day so looking for the S&P to reach at least prior day low in the morning. Short below 6619 or Reversal at 6624, Long above 6632 or Reversal at 6594 Support or on low risk entry signal before the breakout

2.38 am short
3.06 am SHORT
3.54 am LONG
5.31 am LONG
6.40 am long
8.34 am SHORT

after 9.30 am: Short below 6600, Long above 6630 or Reversal at 6565 Support

9.37 am long
10.18 am SHORT
2.38 pm long

Crude Oil Trades: In addition to entry times that happen on stock market indices I am looking for moves prior and after 10.30 am news so around 10.45 am

3.03 am LONG
10.00 am SHORT
10.46 am SHORT
1.46 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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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.