Trade Aptitude

Results of Wednesday’s Best S&P Futures Turning Points: Buying 4489.00 stopped out. The Breakout offered only 7.75 points. 

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

Buy 4492.75 stop 4487.00. Short 4543.75 stop 4548.25.

The World Sentiment Index: (+100/-100) rises from +29 to +37 with all major world markets neutral to Bullish on low volatility. 

Catalysts: CPI & Jobless Claims @ 8:30. 

Quick Tip: Proactive Waiting

Plenty of time in trading is spent waiting. Waiting for a setup, waiting for an economic release, waiting for a profit target. Lots of waiting. 

Here’s how to make this productive: Get proactive. Get in the habit of asking “What if…?” questions. Answer them. In doing so you’ll be making decisions in advance and be able to act on the spot. No wondering, guessing, procrastinating or flat-out missing the trade. You’ve committed with foresight. 

Here's an example: Price is slowly moving sideways. Your entry price to buy is far enough below that you don’t expect to see it trigger soon. Suddenly price starts moving down toward your entry. 

Now is the time to anticipate, be proactive. Will it continue or reverse? Do you see any other chart features that could stall it? Accelerate it? What are the likely outcomes? 

• Slam through your entry and you’re stopped out instantly.
• Turn after your entry and rapidly rise.
• Stall after your entry and move sideways.
• Stop falling before entry and rocket higher. 

What will you do for each outcome? Know this in advance. 

OK… I can hear you now. “Mike, this is all in my trade plan already.” As it should be. But what other rules might you discover if you get more proactive instead of just waiting around?

Tired of trading alone? Join our team. Learn multiple strategies with edge and collaborate with some great traders. Click here for details. 

Trade Fearlessly,

Mike Siewruk