Trade Aptitude

Results of Wednesday’s Best S&P Futures Turning Points: Buying 4972.75 caught the bottom of the session and ran for 41.50 points at the close. 

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

Buy 4998.00 stop 4994.25. Short 5040.25 stop 5045.25. 

The World Index: (+100/-100) eases from +36 to +29 with most major world markets Bullish on low volatility. 

Catalysts: Retail Sales, Jobless Claims, Empire State MFG Index, Philly Fed MFG Index, Import Prices @ 8:30. Industrial Production @ 9:15. Business Inventories, Housing Market Index @ 10:00. Fed’s Waller @ 13:15. 

Quick Tip: No Fear

Looking at the chart above how price was approaching the buy level you might feel like you were stepping in front of a freight train. Confidence required. 

Of course, since you knew the entry well beforehand a set/forget order would have been a good solution to any fear you might have. 

The stats should help with your fear as well. This strategy has a history over 5000 trades of stopping out only 32% of the time. 

The winners will require open trade management skills to eke the most out of the run, in this case a maximum of 40+ points. Preset targets, chart features, measured moves, and trailing stops are some of the exit strategies you can use.

Then there are successful traders who simply let the market close determine their outcome. That certainly worked yesterday!

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Trade Fearlessly,

Mike Siewruk

P.S. Forward this blog to your trading buddies. Share in the wealth!