Tuesday’s Results: Neither suggested level triggered.
Quick Tip: Proactive Waiting
Plenty of time in trading is spent waiting. Waiting for a setup, waiting for an economic release, waiting for a profit target. Lots of waiting.
Here’s how to make this “downtime” productive: Get proactive. Get in the habit of asking “What if…?” questions. Answer them. In doing so you’ll be making decisions in advance and be able to act on the spot. No wondering, guessing, procrastinating or flat-out missing the trade. You’ve committed with foresight.
Here's a simple example: Price is slowly moving sideways. Your entry price to buy is far enough away that you don’t expect to see it trigger soon. Suddenly price plunges. The speed candle down is looking powerful.
Now is the time to anticipate, be proactive. Will it continue or reverse? Do you see any other chart features that could stall it? Accelerate it? What are the likely outcomes?
What will you DO for each outcome? Know this in advance.
OK… I can hear you now. “Mike, this is all in my trade plan already.” As it should be. But what OTHER rules might you discover if you get more proactive instead of just waiting around?
Today’s Best S&P Turning Points – (same as yesterday)
Sell 4114.00 stop 4119.75
Buy 3932.75 stop 3929.25
P.S. What’s more important in trading? Math or emotions? Learn how to change your unwanted behavior here.