Day Trading Blog: 20th July Wednesday

Wednesday, July 20, 2011

20th July Wednesday

Todays Plans:

Plan for the FDAX is to go short down to 7203 (prior day 50%) / 7176
Plan for trading the euro future is go long up to 1.4182 / 1.4228 / 1.4258
Plan for trading the pound future is go short down to 1.6068
Plan for trading crude oil is to long up to 99 / 99.55
Plan for trading the bund is to go short down to 128.68 / 128.34 / 128.16

After 8 am:

Plan for the FDAX is to go short down to 7192 (double bottom) / 7176
Plan for trading crude oil is to go short down to 98.29 (prior session 50%)/ 97.42 / 96.74
Plan for trading the euro future is to go short down to 1.4123
Plan for trading the nasdaq is to go short down to 2391 (prior day close) / 2382 (prior session 50%) /2377

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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.