Archive for July, 2010
Friday, July 30th, 2010
“GOOD TRADING!”
Wishing all of you a great trading month during August 2010! Enjoy the weekend, clear your mind from trading emotions and recharge for the new week / month.
Futures & Commodity Trading Levels (Potential Support/Resistance):
This Week’s Calendar from Econoday.Com
All reports are EST time
Monday August 2nd – http://mam.econoday.com/byweek.asp?cust=mam
ISM Mfg Index
10:00 AM ET
Construction Spending
10:00 AM ET
4-Week Bill Announcement
11:00 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
Disclaimer:
This is not a solicitation of any order to buy or sell, but a current futures market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!
Tags: commodity, commodity brokers, commodity futures, commodity trading, day trading, e mini, futures broker, futures contract, futures exchange, futures market, futures quotes, futures trading, market widgets, online broker, online trading, options trading, S&P 500, trade company
Posted in Futures Exchange | No Comments »
Friday, July 30th, 2010
“Last Trading day of the month tomorrow.”
At any time traders, especially self directed futures traders, must be aware of first notice day, last trading, economic reports etc.
Tomorrow is first notice day for August Gold futures contract – As your futures and commodity broker we try our best to keep many of you informed via this daily blog but always make sure you contact your futures broker with any questions you may have.
Daily chart of September e-mini Dow Jones below for review. I am not sure about direction to be honest. Both bulls and bears have a case and at this point we are trading in a band between 10293 and 10536, which is a wide trading range.
Trading Levels:
This Week’s Calendar from Econoday.Com
All reports are EST time
Friday July 30th – http://mam.econoday.com/byweek.asp?cust=mam
GDP
8:30 AM ET
Employment Cost Index
8:30 AM ET
Chicago PMI
9:45 AM ET
Consumer Sentiment
9:55 AM ET
Farm Prices
3:00 PM ET
Disclaimer:
This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!
Tags: commodity, commodity brokers, commodity futures, commodity trading, day trading, e mini, futures broker, futures contract, futures exchange, futures market, futures quotes, futures trading, market widgets, online broker, online trading, options trading, S&P 500, trade company
Posted in Futures Broker | No Comments »
Wednesday, July 28th, 2010
“The Dow Jones Average is leading the way”
Market made recent highs overnight, backed down and managed to close un-changed.
I think with this recent move, it is the Dow Jones average which is leading the way.
Below is a daily chart of the mini Dow Jones futures along with some Fibonacci levels.
My speculation is that an hourly close during the day session tomorrow above 10520 can trigger 10760,
on the flip side, an hourly close below 10435 can bring 10320 much closer.
Trading Levels:
This Week’s Calendar from Econoday.Com
All reports are EST time
Wednesday July 28th – http://mam.econoday.com/byweek.asp?cust=mam
MBA Purchase Applications
7:00 AM ET
Durable Goods Orders
8:30 AM ET
EIA Petroleum Status Report
10:30 AM ET
5-Yr Note Auction
1:00 PM ET
Beige Book
2:00 PM ET
Disclaimer:
Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
Tags: commodity, commodity futures, commodity trading, day trading, e mini, futures broker, futures contract, futures exchange, futures market, futures quotes, futures trading, market widgets, online broker, online trading, options trading, S&P 500, trade company
Posted in Futures Exchange | No Comments »
Monday, July 26th, 2010
“Today’s futures trading session was lower volume”
Well like I said before, each day-trading session in the commodities and futures markets can wear a different dress….Today’s trading session was lower volume, indecisive to start with but with enough intra-day swings in price action to provide some trading set ups.
I mentioned before in this blog as well as in my day-trading webinar that if a trader can get an early sense to the type of trading day that is about to unfold, he/ she can really increase their chances by using methods/ indicators and set ups that work better for the different trading days ( trending, choppy, volatility on both sides etc.)
In between, below you will see a daily chart of the mini SP 500 with what may be some resistance levels on the way up and possible support levels if we decide to turn around and head back south ( last week we had more than a few changes in market direction)
If you like to see what my INTRADAY chart looks like, live during the trading session, sign up for my Live Day Trading Webinar:
Live Day Trading Webinar
Trading Levels:
This Week’s Calendar from Econoday.Com
All reports are EST time
Tuesday July 27th – http://mam.econoday.com/byweek.asp?cust=mam
ICSC-Goldman Store Sales
7:45 AM ET
Redbook
8:55 AM ET
S&P Case-Shiller HPI
9:00 AM ET
Consumer Confidence
10:00 AM ET
State Street Investor Confidence Index
10:00 AM ET
4-Week Bill Auction
11:30 AM ET
52-Week Bill Auction
11:30 AM ET
2-Yr Note Auction
1:00 PM ET
Disclaimer:
Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
Tags: commodity, commodity futures, commodity trading, day trading, e mini, futures broker, futures contract, futures exchange, futures market, futures quotes, futures trading, market widgets, online broker, online trading, options trading, S&P 500, trade company
Posted in Day Trading Webinar | No Comments »
Thursday, July 22nd, 2010
One Way to Eliminate Fear and Greed While Day Trading
It is a known fact that fear and greed can be a trader’s worst enemies. I’ve found one way that has helped some clients deal with fear and greed and their cousin, “getting out of winners too soon and staying in losers too long.”
What is it? Entering multiple contracts.
In order to enter multiple contracts while day trading, one has to have the appropriate risk capital and margin requirements. But the advantage of trading more than one “unit” or splitting your trading size into two or more parts is as such:
If you enter a trade with one contract (or if you are treating your trading size as one unit, meaning you enter a trade with 4 contracts and exit the trade with 4 contracts), you can face a very quick dilemma (especially when day-trading). Consider the two following scenarios:
1. You get in and very quickly you are up 2 mini SP points…what do you do? Do you take profit? Bring your stop loss closer? How do you avoid getting out too early or too late?
2. You enter a trade and it goes against you rather quickly…if you get out then it is a loser…but the little voice in your head says “what if the market goes back up?”
In the first case scenario, when market decided to be nice to us and moved in our direction, I like to exit half of my positions relatively quickly. In the case of the mini SP, this would be around 7 ticks profit.
What I’ve found is that this will allow me to manage the rest of the trade in a much more relaxed manner. Since I’ve already locked profits in, now I can look for a proper stop close to my break-even level. I can analyze my next target more realistically and, if the market provides room for additional gains, be there to participate.
If you like to see what my INTRADAY chart looks like, live during the trading session, sign up for my Live Day Trading Webinar:
Live Day Trading Webinar
Trading Levels:
This Week’s Calendar from Econoday.Com
All reports are EST time
Friday July 23rd – http://mam.econoday.com/byweek.asp?cust=mam
MBA Purchase Applications
7:00 AM ET
Ben Bernanke Speaks
10:00 AM ET
EIA Petroleum Status Report
10:30 AM ET
Disclaimer:
Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
Tags: commodity, commodity futures, commodity trading, day trading, e mini, futures broker, futures contract, futures exchange, futures market, futures quotes, futures trading, market widgets, online broker, online trading, options trading, S&P 500, trade company
Posted in Day Trading Webinar | No Comments »
Thursday, July 22nd, 2010
Busy day tomorrow with different economic reports coming out.
If you like to see what my INTRADAY chart looks like, live during the trading session, sign up for my Live Day Trading Webinar:
Live Day Trading Webinar
Tags: commodity, commodity futures, commodity trading, day trading, futures broker, futures contract, futures exchange, futures market, online broker, online trading, options trading, S&P 500, trade company
Posted in Day Trading Webinar | No Comments »
Tuesday, July 20th, 2010
Nice bounce after touching some FIB levels during overnight session/early morning. FIBONACCI levels been providing good support/ resistance levels so far when applied over multiple time frames. ( daily, hourly, 15 minutes etc. )
Below is a daily chart of the E Mini S&P 500 futures contract with FIBONACCI levels drawn.
Notice todays lows and highs.
We are closing against highs and some momentum during the night session can help this market visit 1099. Failure against the 1081 level and we are back to range bound trading.
Trading Levels:
This Week’s Calendar from Econoday.Com
All reports are EST time
Wednesday July 21st – http://mam.econoday.com/byweek.asp?cust=mam
MBA Purchase Applications
7:00 AM ET
Ben Bernanke Speaks
10:00 AM ET
EIA Petroleum Status Report
10:30 AM ET
Disclaimer:
Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
Tags: commodity, commodity futures, commodity trading, day trading, e mini, futures broker, futures contract, futures exchange, futures market, futures quotes, futures trading, market widgets, online broker, online trading, options trading, S&P 500, trade company
Posted in Futures Exchange | No Comments »
Monday, July 19th, 2010
A quick look at mini Russell 2000 daily chart, as I view the mini Russell as being the leader in price action amongst different indices over past few months.
Daily chart below shows how we’ve been making lower highs and lower lows.
If the pattern continues, I see us visiting the 553-556 area over next few days. On the flip side we need to see a break above 650 in order to provide the bulls with more courage.
Trading Levels:
This Week’s Calendar from Econoday.Com
All reports are EST time
Tuesday July 20th – http://mam.econoday.com/byweek.asp?cust=mam
ICSC-Goldman Store Sales
7:45 AM ET
Housing Starts
8:30 AM ET
Redbook
8:55 AM ET
Dan Tarullo Speaks
10:00 AM ET
4-Week Bill Auction
11:30 AM ET
Disclaimer:
Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
Tags: commodity, commodity futures, commodity trading, day trading, e mini, futures broker, futures contract, futures exchange, futures market, futures quotes, futures trading, market widgets, online broker, online trading, options trading, S&P 500, trade company
Posted in Futures Exchange | No Comments »
Friday, July 16th, 2010
Quick note about good trading days/periods, bad trading days/periods..
I sometimes hear from clients, that they are not happy because after a period of making money and trading well they are now in a period of ‘scratching’ or losing a ‘little’. If this is the case you are doing well! Why (you may ask)? Because if your bad periods are small losses or scratch, you will be there for the good periods and the next leg up hopefully. However, if your bad trading days/periods include very large losses or drawdowns you may have to go back to the drawing board since the math will not make sense when it’s all said and done.
I have detailed more on the subject in an article I wrote a few years back, called ‘Survivor day-trader’. If you’d like a copy, please send me an email with name, email address, tel number. Please specify if you are a client of cannon or not. I will only email the article to those clients/prospects who provided me with correct information. Thanks for your cooperation!
Have a great weekend and take a break from trading to clear your brain and recharge. GOOD TRADING!
Trading Levels:
This Week’s Calendar from Econoday.Com
All reports are EST time
Monday July 19th – http://mam.econoday.com/byweek.asp?cust=mam
Housing Market Index
10:00 AM ET
4-Week Bill Announcement
11:00 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
Disclaimer:
Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
Tags: commodity, commodity futures, commodity trading, day trading, e mini, futures broker, futures contract, futures exchange, futures market, futures quotes, futures trading, market widgets, online broker, online trading, options trading, S&P 500, trade company
Posted in Futures Exchange | No Comments »
Thursday, July 15th, 2010
Interesting action today! Not sure what to make of it, there is a case for the bulls and a case for the bears. I am thinking that as a swing trader, one can try to short the market with a stop slightly above the recent highs ( recent high was around 1100 ). Taking the approach that while chances of getting stopped out are higher than normal, the relative risk is smaller than the relative potential reward. On the other hand, bulls may get more confidence going long if market breaks above 1103 or so..
Daily chart for review below.
Trading Levels:
This Week’s Calendar from Econoday.Com
All reports are EST time
Consumer Price Index
8:30 AM ET
Treasury International Capital
9:00 AM ET
Consumer Sentiment
9:55 AM ET
Disclaimer:
Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
Tags: commodity, commodity brokers, commodity futures, commodity prices, commodity trading, day trading, dow futures, dow jones, e mini, futures 101, futures broker, futures brokers, futures contract, futures exchange, futures market, futures quotes, futures trading, market widgets, online broker, online trading, options trading, S&P 500, trade company, trading 101
Posted in Futures Exchange | No Comments »
