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April 24th, 2015 Newsletter

Gold Bears Remain in Technical Control and Eliminating Fear and Greed while Day Trading

April 24th, 2015 - Issue #784

In This Issue

1. Hot Market Report - Gold Bears Remain in Technical Control, But Trading Choppy
2. Eliminating Fear and Greed while Day Trading
3. Economic Calendar

1. Gold Bears Remain in Technical Control, But Trading Choppy


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

Gold Bears Remain in Technical Control, But Trading Choppy A lack of fresh, bullish fundamental inputs is allowing the chart-based sellers to dominate gold trading recently. Price action has been choppy and sideways, but technically, June gold futures bears still have the firm overall near-term technical advantage. The gold bulls' next upside near-term price objective is to produce a close above solid technical resistance at the April high of $1,224.50. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,178.20. Gold continues to be held hostage to the daily price moves in the U.S. dollar index--with the yellow metal seeing limited buying interest when the USDX is higher, and seeing some buying occur when the USDX is lower on that particular day... --Jim

2. Eliminating Fear and Greed while Day Trading

Introduction
It is a known fact that fear and greed can be a trader's worst enemies.
One way that may help some clients deal with fear and greed and avoid getting out of winners too soon and staying in losers too long is entering multiple contracts.

Philosophy
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?

**While the chart examples are a few years old, the concepts are still valid. If you would like a free Intraday trial after reading the article, Click Here!

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3. Economic Calendar

Source: Moore Research Center, Inc.

Date Reports Expiration & Notice Dates
04/27
Mon
LT: May Copper Options(CMX)
May Gold Options(CMX)
May Silver Options(CMX)
May Natural Gas Options(NYM)
May RBOB & ULSD Options(NYM)
04/28
Tues
8:00 AM CDT - Case-Shiller 20-City Index(Feb)
9:00 AM CDT - Consumer Confidence(Apr)
LT: Apr Butter(CME)
Apr Milk(CME)
Apr Copper(CMX)
Apr Gold(CMX)
Apr Silver(CMX)
Apr Platinum(NYM)
Apr Palladium(NYM)
May Natural Gas(NYM)
Apr Butter Options(CME)
Apr Milk Options(CME)
04/29
Wed
6:00 AM CDT - MBA Mortgage Purchase Index
7:30 AM CDT - Chain Deflator-Adv(Q1)
7:30 AM CDT - GDP-Adv(Q1)
9:00 AM CDT - Pending Home Sales(Mar)
9:30 AM CDT - API & DOE Energy Stats
2:00 PM CDT - FOMC Rate Decision(Apr)
2:00 PM CDT - Dairy Products Sales
FN: May Natural Gas(NYM)
04/30
Thurs
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly
7:30 AM CDT - Employment Cost Index(Q1)
7:30 AM CDT - PCE Prices-Core(Mar)
7:30 AM CDT - Personal Income & Spending(Mar)
8:45 AM CDT - Chicago PMI(Apr)
9:30 AM CDT - EIA Gas Storage
3:30 PM CDT - Money Supply
FN: May Copper(CMX)
May Gold & Silver(CMX)
May Platinum & Palladium(NYM)
May Corn(CBT)
May Wheat(CBT)
May Oats(CBT)
May Rough Rice(CBT)
May Soybeans,Soymeal,Soyoil(CBT)
LT: Apr Feeder Cattle(CME)
Apr Live Cattle(CME)
Apr Fed Funds(CME)
May RBOB & ULSD(NYM)
May Sugar-11(ICE)
Apr Feeder Cattle Options(CME)
Apr Fed Funds Options(CME)
May Lumber Options(CME)
05/01
Fri
9:00 AM CDT - Construction Spending(Mar)
9:00 AM CDT - ISM Index(Apr)
9:00 AM CDT - Michigan Sentiment-Final(Apr)
4:00 PM CDT - Auto & Truck Sales(Apr)
FN: May Orange Juice(ICE)
May Sugar-11(ICE)
LT: May Live Cattle Options(CME)
Jun Cocoa Options(ICE)
05/04
Mon
9:00 AM CDT - Factory Orders(Mar) FN: May RBOB & ULSD(NYM)

 

 

 

* 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!

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