Day Trading Blog: 20th May Friday

Friday, May 20, 2011

20th May Friday

Todays Plans:

Plan for the FDAX is to trade long till market is 40-50 points above current days low and then to trade short down to 7335.
Plan for trading crude oil is to trade long till prior days 50% line (100$) and then short down to prior cash market closing price (99)
Plan for trading EURUSD is trade short down to 1.4250
Plan for trading the bund is to trade long up to 124.57

After 8 am:

Plan for trading crude oil is to trade short down to 96.72
Plan for trading the euro future is to trade short down to 1.4150
Plan for trading the bund is to trade long till close.
Plan for trading the nasdaq is to trade long up to 2367 and then short down to 2353

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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.

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.