The Daily Market Forecast... anticipation

Thursday’s Blog Results: The CPI report crashed the market and the open was well below the suggested buy level. After all, you get this blog around 8AM ET and lots can happen in the meantime. One of the entry rules we follow is taking breakouts if reversals fail. The chart above shows the result.

Today’s Lesson: Anticipate.

So much of your time is spent waiting for a setup. Be productive and plan your next or other trades. Anticipate.

Looking at the chart above you’ll see the failed short entry. Price moved fast through the volume level and gave you no chance to consider the long breakout in real time. That decision needed to be made in advance.

Another good reason to anticipate is psychological. The short entry failed instantly and that means you lost the maximum you allocated for the trade. Experienced traders are accustomed to losing so there is rarely an emotional reaction. Newer traders will experience angst over the loss and that could affect your decision to keep trading and take the next entry. Make the decision in advance.

Today’s Best S&P Futures Turning Points:

Short Level: Sell 4515.75 stop 4521.50.

Long Level: Buy 4371.00 stop 4367.25 but that may never trigger today so consider buying 4520.75 if price trades above and retraces back with a stop at 4515.00.  

Trade well,

Mike Siewruk

P.S. Tired of trading alone? Need more quality setups? Join our team of great traders and accelerate your performance. Copy down this coupon code WINTER2022 and save 100 per month for life on your membership. Click here for FREE video training and details.  


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