The Daily Market Forecast
Friday’s Results: The suggested short at 4231.50 only offered 6.25 points.
Quick Tip: Wonder More
“I would rather have a mind that is opened by wonder than one closed by belief.” Gerry Spence, attorney, and best-selling author.
At first this quote seems to simply say “Have an open mind.” But it goes deeper than that. It’s more than merely having a positive attitude or not being fixed by your own opinion.
The word “wonder” is the key. You can have an open mind that is limited. There are degrees of openness. You have a self-imposed limit on how much you’ll be open to. And that limit is your belief. Because when the openness closes it does so from your limiting belief. Thus, no one is completely “open minded.”
In trading there are many strategies that have edge. There is no “single best way.” You need to be open minded enough to explore many different strategies and styles to find the few that resonate with you. This applies even if you’re already successful.
For example, our Volume Profile short suggestion on Friday offered you a mere 6.25 points. Lunch money at best. But for those on the team trading our trend strategy, the afternoon trade was more like a mortgage payment (see chart)!
Today’s Best S&P Turning Points (in fast moving markets consider a wider stop and less size):
Sell 4292.50 stop 4297.50
Buy 4233.75 stop 4229.50.
Trade Fearlessly,
Mike Siewruk
P.S. Multiple strategies, software tools, teammates, and coaching. Learn why you should join our team here. For a personal consultation to assess fit (without selling) email me: mike@thedailymarketforecast.