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1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – March Corn, March Wheat, Jan Beans, March Silver
5.Economic Report for March 6, 2012
Hello Traders,
Another day of light economic reports ahead of us before we go into a stretch of 3 FULL days of important economic reports with the biggest ones on Friday, monthly unemployment and USDA for the grains.
I think that some days, the biggest challenge a day-trader may have is NOT taking trades when there are no set ups.
I know from experience and talking to clients, that here are days when there very few set ups if at all, but the day-trader feels he or she didn’t do their job because they did not take any trades….at that point, they will look for trades when normally he/she would not take that type of trades. That usually leads to negative results. While it may be frustrating not to have set ups you like, the disciplined trader will continue to wait patiently, as hard as it may be, knowing that “no trade, is better than a bad trade”. This is how I felt about today’s trading in stock indices for most of the day….
Crude Oil on the other hand, had a few good set ups and this is part of the reason I like to follow about 2-4 different markets for day trading. I try to pick markets from different segments, so I will look at either the mini SP or the mini Russell. I like the crude oil market and gold and at times I will take a look at one of the grain markets OR the Euro or any other market that has low correlation with the other ones I look at.
Below is a volume chart from today’s crude oil market using volume charts:
Continue reading “Crude Oil Chart | Support and Resistance Levels”
