Day Trading Blog: Week 27 Fdax SIDEWAYS, Nasdaq & Crude Oil & Bund LONG, Euro SHORT

Saturday, July 9, 2011

Week 27 Fdax SIDEWAYS, Nasdaq & Crude Oil & Bund LONG, Euro SHORT

Nasdaq reached swing target and is still in long trend
Crude Oil Pulled back to the first weekly target
Bund reached last weeks long target and is still in long trend
Fdax did not reach the weekly long target but reversed at the time where nasdaq reached its swing long target, if we close below 7419 the long trend will stop.
Euro reached weekly short target

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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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