The Daily Market Forecast
Tuesday’s Results: Neither suggested level triggered.
Quick Tip: Practice NO
Your review and documentation of all your trade setups is priceless. As you accumulate data you can improve your “edge” by finding situations when the strategy doesn’t work as well. These are filtered out trades. You’re saying “NO” at entry time.
Here’s an example: Our Volume Profile strategy has three different entry/exit rule sets tuned to specific market conditions.
Sometimes the market is noisy, and you need to give the trade more room to move. Other times you’ll want tight stops and accept more breakeven trades.
Yesterday’s action teed up 4 trades for the team during the day session. Had you taken them all you would be positive 7.25 S&P points.
Following the currently favored entry/exit rules, you “passed” on two trades and ended the day +22.25 S&P points.
Getting the extra edge using filters is not uncommon but changing the preferred rule set is. Knowing when is key.
Tired of trading alone? Want more quality setups? Don’t have the time or interest in detailed review and documentation? Join our team risk-free. Click here for details.
Today’s Best S&P Turning Points (in fast moving markets consider a wider stop and less size, like when the FOMC minutes come out today):
Sell 4334.75 stop 4340.00.
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.