Monday’s Blog Results: What a day! The suggested buy level at 4303.00 was good for a 15-point bounce. Not much on a 198-point range day, but that was only one of 28 setups the Team here saw get filled.
Today’s Lesson: Have confidence.
Before you can have confidence as a trader you need to be confident in your rules. There is a difference.
The way you get confidence in your rules is to perform deep research in all market conditions. Document thousands of trade setups. Look for edge based on probabilities.
The way you get confidence in your trading is to stop thinking you can “beat” the probabilities and just follow the rules like a machine.
Yesterday is a great example. The S&P sold off hard dropping almost 5% (from high to low). It gained all that back to close higher. During the plunge you might have been thinking “There is no way I’m taking a buy signal and trying to catch this falling knife.” Big miss with that thought, huh? Volume levels yesterday performed better on the long side even though they made money shorting as well.
Today’s Best S&P Futures Turning Points:
Short Level: Sell 4395.50 stop 4401.00.
Long Level: Buy 4293.00 stop 4288.50.
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