And so we meet again Rookie Traders!  Welcome back!

Did you work on your beliefs?  Did you examine them to see if they were serving you or harming you?  Did you find the exercise to be therapeutic?  I find that every time I go through that process that it gives me a little jolt of positivity.  It’s like my body knows that my mind is working to make my whole being better.   I know that might seem a little out there but I really feel that way and if you practice challenging your beliefs on a regular basis you will most likely get a similar feeling, kind of like a small endorphin rush, it’s kinda fun.

Speaking of endorphin rushes, have you seen the markets lately?  All the major indexes are putting in new highs and it seems like the markets are going to the moon!  With so much apparent strength in the overall markets some folks, both rookies, and veterans can sometimes find it hard to trade these kinds of markets and for good reason.  Typically we are looking for bullish retracements or bullish breakout patterns but what if the prices are at all-time highs and we have no reference in which to break out from?  Meaning that we have no resistance to work from on the topside and no pullbacks to support on the bottom side?  This can be problematic from a trade setup standpoint.

In this blog and in all the training from Tackle Trading you are taught to S.E.T.up your trades after you have gathered certain information.  The first things we need before doing a trade are a Stop Loss, an Entry, and a Target.  Now the Stop Loss and the Entry are not affected by all-time highs but what about our Targeting?  How do we Target into uncharted territory?  A couple of the techniques we use are using former support and resistance zones and then using proper psychological levels such as round numbers etc.  With an all-time highs in place we don’t really have former support and resistance levels to work with and in my humble opinion, this is the best technique to use and market history tells us this works more often than not.  So this only leaves us with the psychological levels to work with, is this enough?  The answer to that is maybe.  I like using the $5 and $10 levels because they work quite often but some folks need something more to feel comfortable in their targeting practice.  I want you to take a look at the video below and see how to Target when you have new highs and see if this is something that can fit into your trading repertoire.

Also in this video, I am going to review the position on GRUB.  If you didn’t get stopped out depending on the stop loss technique you used you will be pleasantly surprised at how this trade is doing.  I will give my thoughts are what to do from an adjusting standpoint.  Happy Trading All!

Happy Trading!