The Daily Market Forecast... be proactive

Monday’s Blog Results: Neither level triggered. Team members saw the Globex session behave very well. If you’re not trading the better, more productive Globex session, you’re missing the easier money. (see chart).

Quick Tip: Be proactive, not reactive.

With 40+ million copies sold and a release date in 1989 you’re likely to have read Stephen Covey’s “The 7 Habits of Highly Effective People.” If not, do it now. It is excellent advice and timeless.

Habit #1 says be proactive, not reactive. With so many different styles of trading, you know there are strategies that you can “set and forget,” and strategies that require real-time scrutiny. Proactive vs. Reactive.

Our team of traders do both because we run 4 different strategies (plenty to pick from… sometimes it’s like Thanksgiving dinner). Our volume profile, supply/demand, and SPX strategies can be “set and forget.” Our volatility reversal strategy requires attention.

OK, so if Covey is correct and we should be proactive why do we trade a “reactive” strategy? Two answers: One, it has edge, it works. Two, we KNOW what to do with our “waiting” time. Anticipate, look for confluence, research, documentation, review, push-ups, lunges, squats… you get it.

Covey’s advice is meant to be interpreted. For traders with a strategy requiring attention, be PROACTIVE in your waiting time. Today’s Best S&P Futures Turning Points:

Short Level: Sell 4497.50 stop 4503.25. 

Long Level: Buy 4409.25 stop 4404.25. 

Trade well,

Mike Siewruk

P.S. Does your trade plan need a tune-up? Watch the Ultimate Trade Plan mini-course (free). Click here.