The Daily Market Forecast... what you forgot

Friday’s Blog Results: Your suggested entries didn’t trigger. 

Today’s Trading Tip:  What you forgot.     

Have you ever done something stupid and realized you knew that was the wrong thing to do (or say)? You knew it all along and for some reason you lapsed and momentarily forgot.

You might have experienced this feeling while learning. The coach says “this way is the best” and you think “I used to do that! Why did I stop!” Human nature. 

There was a beautiful 8:1 setup in our trading room on Friday (see chart above). This was a reversal entry and could have been set/forgot way before price ever came near the level.

This is something I repeatedly say during our live sessions. “Decide now and set your trades.” With futures orders being time-stamped at the exchange you’ll get more fills this way.

Did I set the trade? Nope. I saw price soaring up and tried to enter but it moved too quickly and I didn’t fill. What the heck was I thinking? I preach this simple habit of choosing the trades and setting them, yet I failed on this one.

My solution? Reframe my mindset to a positive thought. The strategy worked well. Journal my feelings so I’m reminded during daily trade review to set trades early. The worst thing to do is beat yourself up and stew over the mistake. Reframe positive.

Today’s Best S&P Futures Turning Points.

Short Level: Sell 4776.75 stop 4682.00. (This level already worked in the Globex for a 20-point run but is still a valid entry during the day session). 

Long Level: Buy 4644.75 stop 4639.75. (Same as Friday).

Trade well,

Mike Siewruk

P.S. Tired of trading alone? Need more quality setups? Learn how our team-based approach can accelerate your trading performance. Click here for FREE video training.