Monday’s Results: The suggested short @ 4147.00 caught the high of the day, only had one tick adverse move, and ran for 40+ points.
Quick Tip: Never Wrong?
Yup. There are people that are never wrong. It’s easy to accomplish if that’s your goal. Just never make decisions. You can’t be wrong if you don’t decide.
Successful people, great traders, they all know that one important quality is decisiveness. They also know that they’ll be wrong much of the time. But that’s OK. They also know how to change course and overcome barriers and roadblocks.
Looking at yesterday’s short trade (see chart) you’ll notice that price was approaching the turning point FAST. This seems like the wrong timing to pick a reversal. Historical evidence suggests otherwise. It turns, for this strategy at least, the slow entries tend to keep moving in the same direction. The parabolic moves flame out.
Knowing that it was an easy decision to enter that trade. Besides, if it stopped out, the other side of that level was a great breakout trade. Plan "B" was in place. Practice being more decisive and don’t worry about being right so much!
Today’s Best S&P Turning Points:
Sell 4118.50 stop 4123.75.
Buy 4054.50 stop 4049.00.
P.S. What’s more important in trading? Math or emotions? Learn how to change your unwanted behavior here.