Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Monday July 31, 2012
Hello Traders,
August Gold is entering delivery period, so if you are trading gold, make sure you start trading December gold. Symbol for December is Z.
On a different note: If you are a day trader, how do you prepare for the trading day?
Do you simply turn on the machine and start trading? I hope not…
Here are a few pointers I recommend my clients as preparation for the trading day:
↔Know what reports are coming out that day
↔Overview of longer time frames (daily, hourly, 30 minutes)
↔Key support and resistance levels
↔Go over your equity run and make sure your statement is correct
↔Make sure your surroundings will enable you to trade
↔Fit trading into your schedule, life style not vice versa
↔Do you have a daily loss limit? Profit target?
These are just a few things any daytrader should do in order to be better prepared for the trading day. As always if you need any personalized feedback, feel free to visit our trader profile page or email me.