The Performance Coaching team seems have now fully overcome their early struggles and set a new high water mark for their Trading Combine®. Today, the Coaches jumped on the Emini S&Ps, shorting it as it began to fall this morning. The trade was almost immediately profitable and prices never really threatened the Coaches stop. But given the overwhelming trend recently, they did jump out of the trade a couple points early, booking 5.5 points.
Here's what led them to think that the market was set for a decline when they entered the trade.
On the Emini S&P 500 chart below, you can see what the Coaches were looking at (as seen on TSTrader's 5-minute chart).
The red arrow is rejection to trade above levels that John Hoagland identified last week as being significant. These levels are identified in the Weekly Kickoff email that goes out on Sunday and discussed each day in the Market Forecast live on Facebook Live.
At that point, the Coaches entered a short with an open-ended target and a tight 2.75 point stop. Then trading today just became a matter of patience - waiting on the price to drop. Since the upside was managed and the trade was still valid, the Coaches didn't exit their trade until the trade hit its 2:1 reward-to-risk ratio.
If you want to follow the Coaches' trades on Twitter (@topsteptrader), you can use #CoachesCombine. Here's how we reported them today.
As a reminder, trades are not recommendations and we do delay the Twitter feed by 15 minutes.
Total performance for the day, including fees and commissions: $271.32. Balance is $50,238.37. For more, check out their Trading Combine dashboard below.