Wednesday’s Best S&P Turning Points Results: Shorting Buying 3736.75 delivered 55 points to the suggested short @ 3791.75 which stopped out.
Quick Tip: Banking it…
How traders approach their craft is very individual. Three traders using the same strategy may have different beliefs that vary their results, yet they follow the same entry and exit rules.
For example, yesterday’s buy at 3736.75 soared to the suggested short at 3791.75 for a 55-point gain. That’s a big win for a day trader. Would you bank your day or keep trading? This decision has nothing to do with the strategy rules. It’s personal money and time management.
One trader banks the day to research other strategies.
Another trader works the entire day, taking all setups and gives back half the gain.
Another trader banks the day, turns to simulated mode and trades the remaining day for practice.
This type of decision and others like it are part of their trading plans. Their individual approaches to the same winning strategy significantly affect their performance and progress as traders. Whichever you choose, documenting and reviewing all the setups will give you insight to improve your decisions going forward.
The World Sentiment Index: (+100/-100) EASES from -36 to -33 with most major world markets mildly Bearish with low volatility. Historically higher closes from the open occurred 56% of the time with down moves 32% greater than up moves.
Catalysts: Jobless Claims @ 8:30. Big economic implications from oil production decrease. UK outlook worsens.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3790.50 stop 3796.25.
Buy 3718.75 stop 3713.00.
P.S. Multiple strategies, software tools, teammates, and coaching. Learn why you should join our team here. For a personal consultation to assess fit (without selling) email me for an appointment: mike@thedailymarketforecast.