Day Trading Blog: 2th June Thursday

Thursday, June 2, 2011

2th June Thursday

Todays Plans:

Plan for trading the FDAX is to go short down to 7045 or long up to 7200
Plan for trading crude oil is to go short down to 98.27 or long up to 101.72
Plan for trading EURUSD is to go long up to 1.4467 / 1.4480
Plan for trading the Bund is to go long up to 126.04 or short down to 125.50

After 8 am:

Plan for trading the FDAX is to go short down to 7080 (swing low on daily chart) / 7045
Plan for trading crude oil is to go short down to 98.43 / 97.21 and long up to 100
Plan for trading the euro future is to go short down to 1.4416 and long up to 1.4488
Plan for trading the nasdaq is to go long up to 2330 / 2350 and short down to 2321 (S&P reached short target so exit on nasdaq on prior days close

2 comments:

obbJune 2, 2011 at 10:44 AM
what are the triangles
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daxdaytraderJune 2, 2011 at 12:29 PM
triangles are simply indictions for a trend (higher highers and higher lows)
I use them for money management (smaller triangles = more contracts because of lower risk)

when you enter above the first higher high triangle after the major trend changes from short to long (trendline break on 3 min chart)
you usually get at least a 1:5 risk/reward opportunits, every day, every market :-)
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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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