Day Trading Blog: 7th July Thursday

Thursday, July 7, 2011

7th July Thursday

Todays Plans:

Plan for trading the FDAX is to go short down to 7264 (prior index close) / 7261 and to go long up to 7517
Plan for trading crude oil is to make a trend continuation trade above prior close long up to 97.60
Plan for trading euro future is to go short down to 1.4231 (this weeks short target) / 1.4218 / 1.4160

After 8 am:

Plan for trading the FDAX is to go long up to 7517 / 7540 / 7580 (daily swing high)
Plan for trading the Bund is to go short down to 126.07 / 125.96
Plan for trading crude oil is to go long up to 97.80 / 98.90 / 100.14
Plan for trading euro future is to go long up 1.4282 / 1.4349
Plan for trading natural gas is to go short down to 4.1
Plan for trading nasdaq is to go long up to 2398 / 2404

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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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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.