The Daily Market Forecast

Wednesday’s Results: The suggested short at 4147.00 offered a small 7.25-point run. 

Quick Tip: Plan Ahead

Plenty of time trading is spent waiting. You can use that time to plan. 

The reversal in the chart above was highly anticipated because it had a confluence of reasons to enter short. A 7-point run is not much, but you could have taken a target or two and stopped out the remainder at breakeven (which is one of our exit strategies). Small winner. 

The breakout to join the trend was a better trade, but you should know in advance whether you’re taking the setup (if it occurs).

It’s more comfortable and effective to be proactive with trade choices rather than reactive.  

Today’s Best S&P Turning Points (in fast moving markets consider a wider stop and less size): 

Sell 4157.00 stop 4162.75 if price drops below and retraces back. 

Buy 4108.00 stop 4202.25

Trade Fearlessly,

Mike Siewruk

 P.S. What’s more important in trading? Math or emotions? Learn how to change your unwanted behavior here.