Trade Aptitude

Results of Thursday’s Best S&P Futures Turning Points: The buy at 4805.50 stopped out. The breakout short ran for 14.75 points. 

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

Buy 4775.25 stop 4771.00. Short 4830.50 stop 4835.75.

The World Index: (+100/-100) dumps from +36 to +14 in a world of mixed sentiment and modest volatility. 

Catalysts: PPI @ 8:30. 

Quick Tip: Don’t Fight It

When trading reversal entries in this or any strategy you should carefully consider the dominant trend. Yesterday’s reversal failed immediately, and the breakout suggested saved the day for the strategy (see chart).

You can look at a higher time frame chart for confirmation of the dominant trend. You can also assess the speed of movement approaching the reversal entry. 

Start marking up you charts and saving copies for future reference. It won’t take long before you’re skilled at filtering reversal trades. 

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Trade Fearlessly,

Mike Siewruk

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