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Today’s Best S&P Futures Turning Points: : Buy 5327.75 stop 5322.00. Blue skies above, no short levels.
Wednesday’s results: The short at 5296.25 was filtered out during the CPI release volatility.
The World Index: (+100/-100) rises from -7 to +14 with Asia Bullish and the western world mixed.
Catalysts: Jobless Claims, Philly Fed MFG Index, Housing Starts/Building Permits, Import/Export Prices @ 8:30. Industrial Production @ 9:15. Fed Speakers today: Barkin & Barr @ 10:00, Harker @ 10:30, Mester @ 12:00, Bostic @ 15:50.
Quick Tip: Confirmation
Here’s a great quote from Jesse Livermore that deserves your attention, “Do not anticipate and move without market confirmation—being a little late in your trade is your insurance that you are right or wrong."
In our effort to succeed we can devote too much effort to predicting the future. The problem is that our predictions are correct just enough of the time to keep us predicting. The feeling of getting into a winning trade at the start of the move is intoxicating, but foolish.
I recall demonstrating our intraday trend strategy and one trader was disappointed that we didn’t “pick the bottom.” We waited for confirmation and then entered on a modest retracement. This strategy has an edge when done with the confirmation rule. Trying to get the perfect entry is a waste of time and, according to Livermore, money too!
Being right or wrong is not the goal. Losing less is. Review your strategy rules with a focus on how much confirmation you’re getting. Document your results and stick with what works for you.
Tired of trading alone? Join our team. You can learn the strategies and trade live with us daily for 30 days. Money back if you’re not blown away! Take advantage of the final days of this promotional price.
Trade Fearlessly,
Mike Siewruk
P.S. Feel free to pass this along to your trading buddies. Share in the wealth!
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