Trade Aptitude

Results of Tuesday’s Best S&P Futures Turning Points: The short at 4813.00 was high of the session and offered a 33.50-point run. 

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

Buy 4739.00 stop 4733.25. Short 4797.50 stop 4800.75.

The World Index: (+100/-100) plummets from -43 to -86 with all major world markets very Bearish on rising volatility. 

Catalysts: Retail Sales & Import Prices @ 8:30. Fed’s Bowman & Barr @ 9:00. Industrial Production @ 9:15. Business Inventories & Housing Market Index @ 10:00. Beige Book @ 14:00. Fed’s Williams @ 15:00. World Economic Forum in Davos (all week)

Quick Tip: Second Chances

The high-volume price levels presented here remain on the chart until they are violated. Many times the level will trigger a trade but not stop out by the end of the day, like yesterday’s chart. 

You’ll notice that this level offered two entry opportunities. Historical evidence shows that the first touch is the best. While second and third touches do work, the probability of success isn’t as good. 

If you have other reasons (confluence) to take a second touch entry, consider allowing price to enter deeper into the level and move your stop further keeping the same risk amount. 

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Trade Fearlessly,

Mike Siewruk

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