Jump to a section in this post:
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 – Corn, Wheat, Beans, Silver
5. Economic Reports for Friday May 18, 2012
Hello Traders,
Markets have picked up some volatility. Indices, energies, metals, grains – are all experiencing some big moves and higher volatility.
Couple of tips I want to share:
1. Higher volatility requires SMALLER trading size, since the trading bands are now going to be wider.
2. It’s ok to “miss a trade” better than a bad trade, so don’t chase the market…
3. If you are daytrading, try the following: place your entry level very close to where you were originally going to place your stop order and place your stop order higher or lower than that. Yes you will “miss ” more than a few trades but this may help increase your chances of a good trades when you get in rather than get stopped out
Below you will see two charts of the GOLD market. Weekly and daily. Gold has hit a strong support level and may be due for a nice bounce. I think if tomorrow we can have a strong weekly and daily close, than chances for a strong bounce are higher, on the other hand failure to finish the week with momentum may trigger another run at the lows and perhaps breaking these lows.
“Plan your trade, trade your plan!”
GOLD WEEKLY
GOLD DAILY
Continue reading “Markets Pick Up Volatility | Support & Resistance Levels”
