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February 15, 2012 Newsletter

I am being asked by clients and prospects what do I use for Intraday support and resistance levels.

February 15, 2012 - Issue #623


In This Issue

1. President's Day Trading Schedule
2. Tools to use for Intra-Day Support and Resistance Levels
3. Economic Calendar


Featured Articles This Week

a. Applying Fibonacci to Stock Market Patterns
b. A Two-Bar Pattern that Points to Trade Setups
c. Credit Crisis: Are We Set Up for The Perfect Storm?


1. President's Day Trading Schedule

The trading schedule calendar is compiled from sources believed to be reliable. Cannon Trading assumes no responsibility for any errors or omissions. It is meant as an alert to events that may affect trading strategies and is not necessarily complete. The closing times for certain contracts may have been rescheduled.

View the trading hours here


2. Tools to use for Intra-Day Support and Resistance Levels

Another educational piece today:

I am being asked by clients and prospects what do I use for Intra-day support and resistance levels and the answer depends on a few factors like the time frame one trades, risk -reward applied to each trade, personality of trader and much more.

Below is 3 different studies I use for intra-day support and resistance.

All these studies and screen shots are from our ATcharts ( sierra charts) which active clients can get for free and prospects can have a 30 day free trial.

1. For charts of 15 minutes and lower time frames, tick charts, volume charts etc. I like to use the variable pivot levels found in ATcharts from the study menu. I then click on settings and set the variable period to 60 minutes. Here is what it looks like on a 3 minutes chart of the Crude Oil from February 9th:

2. Another tool I use for the lower time frames is the Fibonacci Auto retracment, again this is a built in study in the ATcharts. The chart below if mini SP , 10000 volume chart from February 9th. What I like about the auto fib is that the nature of the formula takes in the days ranges as the market develops.

3. For time frames of 15 minutes and larger, like 30 minutes chart, hourly etc. but smaller than a daily chart, I like to use the simplified levels of market profile, called TPO value area lines in the study menu of sierra charts. The one below shows these levels on an hourly chart of April gold from February 9th:

Hope these few tips help!
If you would like a free trial or have any questions, please feel free to contact us!

3. Economic Calendar

Source: Moore Research Center, Inc.

Date Reports Expiration & Notice Dates
6:00 AM CST - MBA Mortgage Purchase Index 7:30 AM CST - Empire Manufacturing(Feb) 8:00 AM CST - Net Long-Term TIC Flows(Dec) 8:15 AM CST - Capacity Util & Industrial Prod(Jan) 9:00 AM CST - NAHB Housing Market Index(Feb) 9:30 AM CST - API & DOE Energy Stats 1:00 PM CST - FOMC Minutes FN: Mar Cocoa(ICE) LT: Mar Crude Lt Options(NYM) Mar Platinum Options(NYM) Mar Palladium Options(NYM) Mar Sugar-11 Options(NYM)
7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Building Permits & Housing Starts(Jan) 7:30 AM CST - Initial Claims-Weekly 7:30 AM CST - Core PPI & PPI(Jan) 9:00 AM CST - Philadelphia Fed(Feb)  
7:30 AM CST - Dairy Products Prices 7:30 AM CST - Core CPI & CPI(Jan) 9:00 AM CST - Leading Indicators(Jan) 2:00 PM CST - Milk Production LT: Feb DJIA Options(CME) Feb Nikkei Options(CME) Feb S&P 500 Options(CME) Feb E-Mini S&P 500 Options(CME) Feb NASDAQ Options(CME) Feb E-Mini NASDAQ Options(CME) Feb Russell Options(CME) Mar Orange Juice Options(ICE)
  FN: Mar Coffee(ICE) LT: Mar Crude Lt(NYM)
6:00 AM CST - MBA Mortgage Purchase Index 9:00 AM CST - Existing Home Sales(Jan) 2:00 PM CST - Cold Storage & Annual  
7:30 AM CST - Initial Claims-Weekly 9:00 AM CST - FHFA Housing Price Index(Dec) 9:30 AM CST - EIA Gas Storage 10:00 AM CST - API & DOE Energy Stats 3:30 AM CST - Money Supply FN: Mar Cotton(NYM) Mar Crude Lt(NYM) LT: Mar Copper Options(CMX) Mar Gold Options(CMX) Mar Silver Options(CMX)
7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Dairy Products Prices 8:55 AM CST - Michigan Sentiment-Final(Feb) 9:00 AM CST - New Home Sales(Jan) 2:00 PM CST - Cattle On Feed LT: Mar 2,5,10 Year Notes Options(CBT) Mar Bonds Options(CBT) Mar Corn Options(CBT) Mar Wheat Options(CBT) Mar Oats Options(CBT) Mar Soybeans Options(CBT) Mar Soyoil Options(CBT) Mar Soymeal Options(CBT) Mar Rough Rice Options(CBT) Mar Heating Oil Options(NYM) Mar RBOB Gasoline Options(NYM) Mar Natural Gas Options(NYM)
9:00 AM CST - Pending Home Sales(Jan) LT: Feb Copper(CMX) Feb Gold(CMX) Feb Silver(CMX) Feb Platinum(NYM) Feb Palladium(NYM) Mar Natural Gas(NYM)
7:30 AM CST - Durable Orders(Jan) 8:00 AM CST - Case-Shiller 20-City Index(Dec) 9:00 AM CST - Consumer Confidence(Feb) FN: Mar Natural Gas(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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