Using volume and range bar charts for day trading along with gold chart outlook
In This Issue
1. Trading 102: Using tick/Volume charts and Oscillators for day trading
2. Hot Market Report: Gold Bulls Enjoying a Good Week, Helped Out By Central Banks
3. Economic Calendar
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 about one technique one can add to their trading arsenal. This technique works better on choppy, two sided ways. It DOES NOT work well when the market has a strong trend.
The chart below illustrates a few principals I like:
From our friend Jim Wyckoff
Jim has an excellent daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at www.jimwyckoff.com click on image below to enlarge
The gold futures market bulls have had a good week. They have been helped by dovish-construed central bank meetings that occurred in Japan and the U.S. this week. There is still a stubborn downtrend line in place on the daily bar chart for December gold futures. Bulls will have to push prices above chart resistance at $1,360.00 to negate that downtrend line. Bulls have the overall near-term technical advantage as prices are not that far below this year's high.
Source: Moore Research Center, Inc.
Date | Reports | Expiration & Notice Dates |
---|---|---|
09/23 Fri |
2:00 PM CDT - Cattle On Feed
2:00 PM CDT - Cold Storage |
LT: Oct 2,5,10 Year Notes Options(CBT)
Oct Bonds Options(CBT) Oct Canola Options(CBT) Oct Wheat Options(CBT) Oct Corn Options(CBT) Oct Oats Options(CBT) Oct Rough Rice Options(CBT) Oct Soybeans,Soymeal,Soyoil Options(CBT) |
09/26 Mon |
9:00 AM CDT - New Home Sales(Aug)
|
FN: Oct Cotton(NYM)
|
09/27 Tue |
8:00 AM CDT - Case-Shiller 20-City Index(Jul)
9:00 AM CDT - Consumer Confidence(Sep) |
LT: Oct Copper Options(CMX)
Oct Gold Options(CMX) Oct Silver Options(CMX) Oct Natural Gas Options(NYM) Oct RBOB & ULSD Options(NYM) |
09/28 Wed |
6:00 AM CDT - MBA Mortgage Index
7:30 AM CDT - Durable Orders(Aug) 7:30 AM CDT - Durable Orders Ex-Transportation(Aug) 9:30 AM CDT - EIA Petroleum Status Report 2:00 PM CDT - Dairy Products Sales |
LT: Sep Copper(CMX)
Sep Gold(CMX) Sep Silver(CMX) Sep Platinum(NYM) Sep Palladium(NYM) Oct Natural Gas(NYM) |
09/29 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - GDP-Third Estimate(Q2) 7:30 AM CDT - GDP Deflator-Third Estimate(Q2) 7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Int Trade In Goods(Aug 9:00 AM CDT - Pending Home Sales(Aug) 9:30 AM CDT - EIA Natural Gas Report 3:30 PM CDT - Money Supply |
FN: Oct Natural Gas(NYM)
LT: Sep Feeder Cattle(CME) Sep Feeder Cattle Options(CME) |
09/30 Fri |
7:30 AM CDT - Personal Income & Spending(Aug)
7:30 AM CDT - Core PCE Prices(Aug) 8:45 AM CDT - Chicago PMI(Sep) 9:00 AM CDT - Michigan Sentiment-Final(Sep) 11:00 AM CDT - Grain Stocks 11:00 AM CDT - Small Grains Summary 2:00 PM CDT - Quarterly Hogs & Pigs |
FN: Oct Copper(CMX)
Oct Gold & Silver(CMX) Oct Platinum & Palladium(NYM) Oct Soymeal & Soyoil(CBT) LT: Sep 2,5 Year Notes(CBT) Sep Fed Funds(CME) Oct RBOB & ULSD(NYM) Oct Sugar-11(ICE) Sep Fed Funds Options(CME) Oct Lumber Options(CME) |
10/03 Mon |
9:00 AM CDT - Construction Spending(Aug)
9:00 AM CDT - ISM Index(Sep) 1:00 PM CDT - Auto & Truck Sales(Sep) 2:00 PM CDT - Fats & Oils 2:00 PM CDT - Grain Crushings |
FN: Oct Sugar-11(ICE)
|
10/04 Tue |
|
FN: Oct RBOB & ULSD(NYM)
LT: Sep Butter(CME) Sep Milk(CME) Sep Butter Options(CME) Sep Milk Options(CME) |
10/05 Wed |
6:00 AM CDT - MBA Mortgage Index
7:15 AM CDT - ADP Employment Change(Sep) 7:30 AM CDT - Trade Balance(Aug) 9:00 AM CDT - Factory Orders(Aug) 9:00 AM CDT - ISM Services(Sep) 9:30 AM CDT - EIA Petroleum Status Report 2:00 PM CDT - Dairy Products Sales |
|
10/06 Thu |
6:30 AM CDT - Challenger Job Cuts(Sep)
7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 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!