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Today’s Best S&P Futures Turning Points: Buy 5004.75 stop 5000.25. Short 5070.50 stop 5075.75.
Friday’s results: Neither trade triggered.
The World Index: (+100/-100) SOARS from -57 to +57 with all major world markets (except China) firmly Bullish.
Catalysts: Nothing on the economic calendar.
Quick Tip: Measured Moves
Regardless of the time interval charts you trade, you’ll notice that price tends to move in impulses and corrections. The impulse is in the direction of the trend. The correction is the minor countertrend move.
Get in the habit of looking to the left on your trading chart and measuring these impulses and corrections. Frequently you’ll see patterns that repeat.
For example, an 8-point move higher, followed by a 3-point move lower, then a 9 point move higher, followed by a 4-point move lower, etc. These moves are not always precisely the same but have an uncanny way of being similar.
You can use them to forecast turning points going forward from pivot highs and lows. For example, the S&P is in a firm downtrend on the daily chart. It also found a potential bottom on Friday which was a measured move similar to the October corrections.
All types of chart patterns end eventually but you might be surprised how often they repeat and offer good profit targets and stop placements.
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Trade Fearlessly,
Mike Siewruk
P.S. Feel free to pass this along to your trading buddies. Share in the wealth!
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