Day Trading Blog: 23th February Thursday

Thursday, February 23, 2012

23th February Thursday

LONG Re-Entry after AB Correction on Crude Oil 10 R
LONG Trend Trade on Crude Oil 4 R
LONG Reversal at Prior Day Low on Nasdaq 3 R
SHORT Reversal at Prior Day High on Crude Oil 5 R
SHORT S+P in DP Area Re-Entry after AB Correction on Fdax 3 R
LONG Re-Entry after AB Correction on Crude Oil 1 R
SHORT Reversal at Prior Day Long Target on Fdax 5 R
LONG Re-Entry after AB Correction on Fdax 4 R

Setups:

Short Setup on YM with possible Reverse at Typical Wave 3 Price Target 12863:

Still bullish on gold:

Crude Oil could make a smaller correction at the DP area in the morning and

a correction down to prior day low in the US session followed by another rally:

Stock indices are in a week with a short setup on monday so looking forward to short in the DP Area

with a target below prior days low:

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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.