The Daily Market Forecast... Picture This
Tuesday’s Results: A choppy day didn’t trigger either suggested level.
Quick Tip: Picture This…
Most traders use price charts for some if not all their information gathering. The most common charts are viewed in time intervals (5, 15, 60 minutes, daily, weekly, etc.). Better trading platforms offer different “views” of price and can be extremely helpful when combined with time interval charts.
Try this exercise; in addition to your preferred time interval chart add a range bar and volume (share) bar chart to your workspace.
- Range charts will paint a new candle for every specified price movement. Trading the ES futures look at the difference using a 2-point range chart.
- Volume (share) charts will paint a new candle for every specified volume (share) amount traded. Trading the ES futures look at the difference using a 10,000 volume (share) chart.
Do you see trend any differently? Are the up/down moves more granular?
Time interval charts excel at showing wide and narrow range candles. Good to know. Range and volume (share) charts allow you to “look inside” those wide range candles to possibly capture entries and exits you otherwise wouldn’t have seen waiting for time to pass.
Today’s Best S&P Turning Points (same as yesterday):
Sell 4292.50 stop 4297.50.
Buy 4063.75 stop 4058.00.
Trade Fearlessly,
Mike Siewruk
P.S. Did you know there are specific tools and formulas you can use to change your personal psychology about trading to improve your results? Learn how to change your unwanted behavior here.