Morning Scoop
Markets are open again and I’m feeling refreshed and ready to tackle my trading strategy. Lately, I’ve been feeling like I’m losing control and my charts weren’t looking right anymore. So, I took the time this weekend to hit the restart button and focus on what’s important. Today, I’ll share some of the things I’ve learned and implemented that could help you too. Let’s get trading!
Markets
📰 News
First Citizens has acquired SVB to boost confidence in regional banks and show strength in the sector. First Republic’s shares are up $3 in pre-market trading, but are still significantly below where they were trading just two weeks ago.
📈📉 S&P 500 Futures Update
We’ve been trading in the $3800-4200 range since the start of the year and are currently sitting in the middle of it. It’s difficult to predict where we’ll go from here, but we’re holding steady at the 200-day moving average.
🔮 Forecast
The Futures chart is holding the 200 and showing a rounding pattern while holding steady at $4000, suggesting a potential move higher. However, the market can be unpredictable, so it’s crucial to stay disciplined and prepared for any scenario. By focusing on key indicators and sticking to our trading plans, we can position ourselves for long-term success.
Tricks of the Trade
As traders, it’s easy to get caught up in the highs and lows of the market, just like fans can get swept up in the excitement of a big game. However, just as a team needs a clear strategy and game plan, we traders need to approach the market with discipline and objectivity.
One of the ways I’ve found to eliminate emotional biases is by experimenting with the colors on my charts. Traditional green and red candles can trigger an emotional response and influence our decisions without us even realizing it. By choosing neutral colors that work for us, we can stay focused on the price movements and signals that matter most.
But it’s not just about the colors on our charts. It’s also about having a clear set of rules for entering and exiting positions, sticking to a time frame that works for us, and staying flexible enough to adapt to changing market conditions.
Like any skill, trading takes practice, patience, and a willingness to learn from our mistakes. But by staying focused on the essentials and avoiding emotional biases, we can make rational decisions and stay on track towards our goals.
So, let’s keep improving our trading, one step at a time, and remember to approach the market with discipline, objectivity, and a determination to succeed. And don’t be afraid to experiment with different chart colors to find what works best for you.
Wrap-up
That’s all for today. Although I’m hoping to see more upside, I’m staying flexible and ready to adjust my strategy as needed. I’m going to finish setting up my premarket analysis and look for potential trading opportunities. Happy trading!
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