Day Trading Blog: 31th May Tuesday

Tuesday, May 31, 2011

31th May Tuesday

Todays Plans:

Plan for trading the FDAX is to go long up to 7258 / 7288 / 7315
Plan for trading crude oil is to go long up to 101.77 / 102.06 / 102.77
Plan for trading EURUSD is go long up to 1.4468
Plan for trading the bund is to go short down to 125.31 / 125.04

After 8 am:

Plan for trading the FDAX is to go short down to 7272 (50%) and long up till close
Plan for trading crude oil is to go long up to 103.30 and short down to 102.26 and long up to 102.77
Plan for trading the euro future is to go short down to 1.4325
Plan for trading the nasdaq is to go long up to 2362.50 and short down to 2346 and long up till close

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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.