Traders should spend more time studying where trends or environments may change than looking for targets.

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In this week’s Ninja Trader’s charting edge, we have the ETH with a noticeable type of pattern. We have the peak of the Bollinger bands..the market comes back down..grinds up..hits the peak then gets back while the 10-day grinds eventually opens up. Bollinger bands again to the peak high..comes back off..gets back below the 10-day..choppy for a period of time..gets back above the 10-day moving average. It’s at previous peak.

So we could be seeing a repeated cycle, right?

I’ll take you to something I tweeted this week, “I focused most of my chart time finding areas where I think trends and environments can change. Not where I think a market can go.
If you know where a trend or environment will change, you can find a way to participate in the current trend where a market may go is far less useful.”

My own thoughts for today. “Remember traders. If you focus on where a trend or an environment will change, that gives you that range of execution. You hear everybody always talking about managing your risk. Will you manage your risk off of where you’re wrong? All you’re trying to do is decrease the amount of risk once the initial risk is established and the upside potential is what it is.
It’s important to have targets. It’s important to know what the market may do, but it’s far less important than knowing where you’re wrong.”

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Develop Your Edge is a weekly YouTube show hosted by 22-year futures veteran and CME member Anthony Crudele, an ex-pit trader and one of the first to trade the E-Mini S&P. Each week Anthony and his guests discuss what they are doing to Develop Their Edge in trading futures! Past performance is no guarantee of future results.