Trade Aptitude

Results of Friday’s Best S&P Futures Turning Points: Shorting 4752.00 stopped out. Buying 4701.75 missed filling by one tick, a 50-point runner .

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

Buy 4701.75 stop 4696.00. Short 4780.00 stop 4785.75.

The World Index: (+100/-100) improves from -43 to -29 with Asia more Bearish than the west. 

Catalysts: Fed’s Bostic speaks @ 12:00 PM. 

Quick Tip: Discretion

If you look back to Thursday’s blog (click here for all 500+ issues) you’ll notice the suggested Buy was 4704.00, same as today. Looking at Friday’s blog you’ll see the suggested Buy was 4701.75. 

Why did I change the entry by such a small amount? 

The high-volume that creates these levels offer entry ideas. Sometimes other information is available suggesting you adjust your entry. They could be rules from another strategy, chart patterns, economic releases, and other indicator results. 

I chose to adjust the entry on Friday to take another view into account. My bad! We would have filled the original entry at 4704 and watch price run for about 50 points! Instead, we missed entry by only 1 tick. 

If you are making discretionary decisions the best way to determine if you should continue is to journal in detail each variation from your rules. Over time you’ll see if the change was worthwhile, and a new rule should be formed. 

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Trade Fearlessly,

Mike Siewruk

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