The Daily Market Forecast...you don't know

Thursday’s Blog Results: Plenty of range yesterday! The suggested short @ 4565.25 stopped out. The suggested long @ 4494.75 bounced for 10.75 points BUT fill was an issue… the MES contracts touched the level, the ES did not. If you missed it, which was likely, reframe your thinking: Volume Levels work fine, we can’t always get filled.

No problem with fill last night in the Globex session. Team members had the above chart planned ahead and received by 5:15 PM ET. Both trades were ideal set/forget entries making for a VERY pleasant morning today!

Today’s Trading Tip: You don’t know.  

We love to know. It’s natural to want to know “why,” “when,” and “where.” One problematic personality type I’ve met over years in trading education is the person who NEEDS to know with certainty. Trading is a game of probabilities, not certainties. Check yourself when you start getting anxious about not “knowing” the future.

Take yesterday’s profile for example. When the short failed in the morning and the market was pushing up the last thing you probably thought about was placing a set/forget trade at the buy level. That level was 70 points lower while price was in a bullish pattern! But it happened.

Get comfortable with not “knowing for sure” in trading. Be focused on what is happening in the moment. 

Today’s Best S&P Futures Turning Points:

Short Level: Sell 4469.50 stop 4475.25.

Long Level: Buy 4429.75 stop 4424.00.

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.