Trade Aptitude

Results of Tuesday’s Best S&P Futures Turning Points: Shorting 4378.25 from Monday filled in the Tuesday Globex and ran for 12.25 points. Shorting 4402.25 yesterday offered 6.75 points and the breakout long offered 11.50 points. 

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

Buy 4338.75 stop 4333.00. Short 4469.00 stop 4474.00.

The World Index: (+100/-100) eases from +64 to +29 with Asia more Bullish than the west. 

Catalysts: PPI @ 8:30. Fed speak @ 10:15. 10-year bond auction @ 13:01. FOMC Minutes @ 14:00. Israeli war accelerates. 

Quick Tip: Trading Chop

We know price either trends or not, is volatile or not. During the volatile times the swings can be wide or narrow. Wide swings can trade like trends for intraday traders. Narrow swings are the challenge. Other than scalping, getting to pre-planned profit targets with good risk/reward in choppy markets is challenging. 

The key to managing this condition is to first acknowledge it is happening! Look at the price action and assess in the present time before every trade. 

Next, trade a strategy that works in narrow choppy conditions. If you don’t have one, you have two choices. One, don’t trade until conditions change. Or two, consider profit targets that are within the trading ranges. 

For example, our intraday trend strategy has a two high probability profit targets of 4.00 and 7.50 S&P points. The smaller target continues to fill lately. The larger target is not. We notice all the near misses while trading and during review and documentation. Accepting a bit less is a sensible alternative. 

Are you double-guessing your strategy lately?  Join our team. You can learn multiple strategies tuned for different market conditions and trade live with us for 30 days. Money back if you’re not blown away!

Trade Fearlessly,

Mike Siewruk

P.S. Feel free to share this newsletter with your trading buddies.