Depending on your trading strategy there will be times where you shouldn’t or cannot trade.
If your trading strategy is dependent on a channeling market, then when you can trade is only limited to when the market is in a channel.
The same holds true for a trading strategy that is dependent on when a market is trending.
You should only trade when the market conditions work for your plan and strategy.
We talked about before that we were waiting for a sell off in the bond market following the FED interest rate hike.
We didn’t see it immediately because the market has adjusted for the increase months ago.
But here at SFF we are confident the markets will follow through the sell off and begin a downward trend.
Once this begins, our trading strategy would ideally get us 32 ticks or $1,000 per contract traded.
Today was a day that shows signs of that selloff beginning.
On the above daily chart of the ZB 30 Year Bond you could see the 2 point selloff in the bond market on Dec 29th, 2015.
Breaking though the support level at 155’00 we were looking at earlier.
The market sold off past the:
- Turning
- Fast line
- As well as the bottom of the Ichimoku cloud.
The blue line 100 Period SMA is now pointing down. All good signs of a coming bearish trend after an uncertain few weeks of market action.
Coming January
These conditions should make for an excellent trading environment for me when I begin trading my new TopstepTrader Funded Account beginning on the first of the year.
I am excited to let you know that I will be sharing my Funded Account progress with you as it happens.
I will write about my successful trades, my bad trades and everything in between as we go though this process together.
Every month I will post my P&L to you and the world, all in the effort to have you all follow along and one day realize that becoming a full time day trader with TopstepTrader is possible.
Even if you work a full time job now!
I urge you, if you are ready to take the leap and get evaluated for your funded TopstepTrader account please visit them here to begin.
As always, sign up for our newsletter and immediately get a 20% off discount code for your first TopstepTrader Combine.
Let’s trade together,
It’s time to make some moves.
Hope it helps,
William.