Trade Aptitude

Results of Thursday’s Best S&P Futures Turning Points: Shorting 4797.50 ran for 27.50 points. 

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

Buy 4811.00 stop 4807.75. Short 4808.50 stop 4811.75 if price falls below and retraces back. 

The World Index: (+100/-100) eases from +50 to +21 in a world of mixed sentiment. 

Catalysts: UofM Consumer Sentiment (Preliminary) & Existing Home Sales @ 10:00. 

Quick Tip: Limit or Market

Yesterday’s entry was perfect. In fact, it was too perfect. Price turned on the entry and that means you may not have been filled on the trade. 

Fortunately, this isn’t a common occurrence. But it does happen enough that you should have contingency plans in place. 

Here’s a couple of ideas: 

1. Place your reversal orders early. The futures market fills orders based on time of entry. Our team of traders received the level the night before. If anyone had placed the order then, by 8:36 AM ET when it was filled, they had a much better chance being in the “front of the line.” 

2. Understand how desirable the trade is to you in advance. If it’s “checking all the boxes” in your plan then using a market order rather than a limit order will ensure a fill. Sometimes, like in this trade, the fill would be a tick or so worse than entry. Other times the momentum gets you a somewhat better fill. 

Tired of trading alone? Our team day-trades multiple strategies with edge in a live online environment. Join us, learn the strategies, and trade live with us daily for 30 days. New discounted price. Money back if you’re not blown away!

Trade Fearlessly,

Mike Siewruk

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