Crude Oil Futures Outlook using a weekly chart along with an educational piece on Using Range bar Charts for DayTrading alongside overbought and oversold indicators
In This Issue
1. Trading 201: Using tick/Volume charts and Oscillators for Scalping
2. Hot Market report: Volatility Continues in Crude Oil Futures
3. Economic Calendar
Markets are open with NORMAL TRADING HOURS this Monday, even though it is a bank holiday, Columbus Day.
Using tick charts and oscillators for day-trading (by Ilan Levy-Mayer VP of Cannon Trading and CTA at Levex.net )
I really don't think anyone has found a "perfect way" to day-trade.
Different techniques work well in different market environment.
In this week short educational feature, I will touch on one technique you can add to your trading arsenal. This technique works better on choppy, two sidedway and/or volatile markets. It does NOT work well when the market has a strong trend.
The chart below illustrates a few principals I like:
Click on image below to enlarge
Wild ride in crude this week with 3% ranges Thursday and Friday. Looks like Thursdays rally was a head fake and the downtrend will continue. With reportable traders near record long last week will be interesting to see if they have trimmed that this week, or if they will come in and defend the 48.70 support area. There is not a lot of fundamental news right now, so the COT release today should set the tone for next week.
Source: Moore Research Center, Inc.
Date | Reports | Expiration & Notice Dates |
---|---|---|
10/06 Fri |
7:30 AM CDT - Ave Workweek & Hourly Earnings(Sep)
7:30 AM CDT - Nonfarm Payrolls(Sep) 7:30 AM CDT - Unemployment Rate(Sep) 9:00 AM CDT - Wholesale Inventories(Aug) 2:00 PM CDT - Consumer Credit(Aug) |
LT: Oct Live Cattle Options(CME)
Oct Canadian Dollar Options(CME) Oct Currencies Options(CME) Oct Mx Peso Options(CME) Oct US Dollar Index Options(ICE) Nov Cocoa Options(ICE) |
10/09 Mon |
COLUMBUS DAY
|
FN: Oct Live Cattle(CME)
LT: Oct Cotton(NYM) Nov Sugar-16(ICE) |
10/10 Tue |
|
FN: Nov Sugar-16(ICE)
|
10/11 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index
3:30 PM CDT - API Energy Stocks |
|
10/12 Thu |
7:30 AM CDT - Initial Claims-Weekly
7:30 AM CDT - Core PPI & PPI(Sep) 9:30 AM CDT - EIA Natural Gas Report 10:00 AM CDT - EIA Petroleum Status Report 11:00 AM CDT - WASDE Report & Crop Production 2:00 PM CDT - Dairy Products Sales |
|
10/13 Fri |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Core CPI & CPI(Sep) 7:30 AM CDT - Retail Sales(Sep) 7:30 AM CDT - Retail Sales Ex-Auto(Sep) 9:00 AM CDT - Business Inventories(Aug) 9:00 AM CDT - Mich Sentiment-Prel(Oct) |
LT: Oct Hogs(CME)
Oct Soymeal,Soyoil(CBT) Oct Eurodollar Options(CME) Oct Hogs Options(CME) Nov Coffee Options(ICE) |
10/16 Mon |
7:30 AM CDT - Empire Manufacturing(Oct)
11:00 AM CDT - NOPA Crush |
LT: Oct Eurodollar(CME)
Oct Mx Peso(CME) Nov Sugar-11 Options(ICE) |
10/17 Tue |
7:30 AM CDT - Export (ex-ag) & Import (ex-oil) Prices(Sep)
8:15 AM CDT - Capacity Util & Industrial Prod(Sep) 3:00 PM CDT - Net Long-Term TIC Flows(Oct) 3:30 PM CDT - API Energy Stocks |
LT: Nov Crude Lt Options(NYM)
|
10/18 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index
7:30 AM CDT - Building Permits & Housing Starts(Sep) 9:30 AM CDT - EIA Petroleum Status Report 1:00 PM CDT - Fed's Beige Book(Oct) 2:00 PM CDT - Dairy Products Sales |
LT: Nov Platinum Options(NYM)
Nov Palladium Options(NYM) |
10/19 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Philadelphia Fed(Oct) 9:30 AM CDT - EIA Natural Gas Report 3:30 PM CDT - Money Supply |
|
FN=First Notice, OE=Option Expiration, LT=Last Trade |
* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** 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!