The Daily Market Forecast
Friday’s Best S&P Turning Points Results: The suggested short @ 4133.50 caught the top of the session and ran for 12.50 points to the next volume level (unpublished) which offered 12 points.
Quick Tip: Real Courage
Hopefully you’re following a rule-based trade plan (if not, get one or stop trading).
If so, you’ve probably experienced that trade setup that just didn’t look or feel right. The rules say, “go short” but price is rising fast. All you can think about is that stop getting filled instantly and you’re underwater again.
On the chart above, notice the price action just before the level was touched. Just before entry. The steep and fast move up. And you’re supposed to short at this price?
Would it take “courage” to enter that trade? Being courageous sounds too risky to me. I get mental images of danger ahead and I’m supposed to plow right through and prevail… without pain?
Confidence is the “real” courage in trading. It’s knowing from years of study, practice, documentation, review, and real time execution the probability of your success.
Example: The winning reversal entry above. It happened at a time of day when reversals historically average a payout 3 times your risk. That’s the kind of data we track for these trades (43 different data to be exact). Click the link below to learn more about joining our team of traders.
The World Sentiment Index: (+100/-100) DUMPS from +90 to +36 in a mildly bullish world. Historically the market has closed higher from the open 55% of the time.
Catalysts: CPI @ 8:30 will drive direction. Nothing else obvious.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 4128.25 stop 4122.75
Short 4206.75 stop 4212.25
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 for an appointment: mike@thedailymarketforecast.