As I look through the markets, there are only a small number of plumb setups today …
Which is good news because I decided to take the risk and showcase our new technology, which should emerge out of beta this week.
As you’ll see, we’ve made significant upgrades which will be active for our London event VIP members, which will give you clarity and save about about 2/3rds of your time when looking through setups.
Other than that, my big talking point this week is … TRADE PLAN.
I refer to two conversations I’ve had over the last 24 hours.
- Member One is complaining that a number of setups he chose haven’t broken out.
- Member Two is having issues with his discipline (being too ambitious with his first profit targets) while his wife is having a great time and being very mechanical with them. Nothing like a bit of marital competition is there?!
Now, with Member One, I pointed out that “No breakout also means no losses”. But he wasn’t impressed.
He may well be reading this, but I’ll put it on record that he’ll inevitably have much more serious issues if he’s deeply unhappy about consolidations not breaking out.
The fact is that the market is often telling us something when that happens … or the setups themselves are saying something.
With Member Two I’m optimistic. Because he’s recognised there’s something in his process that is affecting his performance. It’s similar to Chloe a few years ago, who was also being overly ambitious with her profit targets (among other issues she was having such as poor stock selection and control at entry). To say we fixed that is an understatement!
Of course the Trade Plan isn’t the sexiest part of the trading game, but it is vital for private discretionary traders. That’s why I spend a lot of time on this subject matter during our WiseTraders Summit in the next two weeks. It literally can make the difference.
Please do not waste the chance to get this part of your trading sorted out … It could the thing that transforms your performance forever.
Market Timing:
The market is still displaying bullish signals, but with the S&P I caution that it is still a long way away from its 50-dma and has been for some time. At some point it will revert to mean as the Dow has started to do. There just needs to be a catalyst and it can happen quickly.
Notwithstanding that … Trade What You See.
The Medium-Term Timer is bullish and not overbought.
Soon we will deploy our new shorter-term market timer available in the OVI Markets Daily area, so we’ll get more color on where we are right now, and how we would trade the S&P as an ETF/Stock all on its own.
Earnings season is pretty much completed, just a few stragglers left to report.
Market Outlook:
The signals say bullish, but I still think the S&P is overstretched.
Stock Selection:
Let’s not chase overbought issues. There are a couple in today’s review that do look good, consolidating with Big Money Footprints near their Key Levels.
Application:
Today I’ve used a few of my favorite Fast Filters. Unlike last week, not too many consolidations this time.
Software Upgrades
The new Watchlist/Charts/Profile/Journal app is out in Beta for VIP members attending the London workshop, and in this Review you’ll see how amazing it’s going to be, saving us around 70% of time.
We’re still completing the final tidy-up, but it was fun to give it a test in today’s Review.
Make sure you don’t miss out. Enroll for my WiseTraders Event for 4th December before it’s too late.
We’re already starting on a new charts upgrade too … another game-changer on the horizon!
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Remember, you can play the video at 1.25x or 1.5x speed to whizz through it faster if you like! I have placed all the stocks covered in today’s review in your “Latest Preview” watch list.