Thursday’s Blog Results: Price chopped sideways between volume levels with no trades triggering.
Today’s Trading Tip: Know the weather report.
The “weather” in this case is the condition of the market you’re trading.
Yesterday was slow for the S&P using Volume Profile. Other days there can be a dozen or more triggers. We can’t always predict the future, but we can frequently come close. Knowing whether the day will likely be wide or narrow range is very useful.
Here’s why: If you’re looking for a big move and the “forecast” is for a narrow day you’d be better off taking quicker profits. Conversely, if you’re in a trade that has room to run and the “forecast” is for a wide day you’ll have the confidence to let it run.
Here's two tools that will help you forecast the “weather:”
If you want more details on using and interpreting these tools, join us tomorrow in our LookBack (5) session. Bring your questions. Get answers. Click here to register.
Today’s Best S&P Futures Turning Points:
Short Level: Sell 4708.00 stop 4713.75 (5.75 risk). Same as yesterday.
Long Level: Buy 4633.25 stop 4627.50 (5.75 risk). Same as yesterday.
P.S. Join us every Saturday morning @ 10:00 ET for our weekly LookBack (5) trade review session. Every trade for the week is analyzed. Now open to the public. Meet the team. Ask questions. Register here for the December 11th session.