Results of Wednesday’s Best S&P Futures Turning Points: Neither level triggered and remain on the chart.
Today’s Best S&P Futures Turning Points (consider wider stops and less size in fast moving markets):
Buy 4096.75 stop 4092.00. Short 4186.75 stop 4190.50.
The World Sentiment Index: (+100/-100) jumps from -50 to -14 in a world of mixed sentiment and low volatility.
Catalysts: PPI & Jobless Claims @ 8:30. 30-year Bond Auction @ 13:01.
Quick Tip: Need to Know
Curiosity leads to learning. We want to know the “what, why, how, when & where.”
All good. Except in day trading.
At 7:00 ET this morning the S&P and oil broke their ranges and dropped fast. Gold did the opposite. My impulse was to find out what happened. I was curious, but does it matter? The trade setup I would enter at that time would likely last less than an hour. Do I need to understand the reason if I’m only trading price action? Do I even have the time to find out?
If you’re a day or short-term trader the better time to be curious is during your review process. You have the time to do proper research. In fact, it’s essential to be very curious during review. You might find an edge you didn’t notice before.
During live trading just follow the rules. Afterward, invest the time to find meaningful evidence to improve your plan.
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