Futures Trading Levels and Economic Reports for December 6th 2010

“Motto” for the month: “Plan your trade, trade your plan”

Unemployment came and gone and market pretty much ignored the bearish news….

Few notes from the day-trading webinar I hold every day below.

Trading is SO MUCH MENTAL once you have a concept you believe in, have confidence in. After that there is a lot of psychological work….

Some examples:

  1. Ability to take losses and know not every trade will be a winner and not every day will be a winner
  2. Ability to stay patient and NOT feel that if you are NOT trading, you are NOT doing your job….
  3. The confidence to stay in winning trades and the discipline to get out of losing trades
  4. Allowing trades some time to work
  5. Not getting down on yourself for “could have should have etc”
  6. Being a hard worker and keeping a journal after certain trading days. Being a hard worker in putting time and effort learning new approaches, set ups before deciding if its worthy or not.

If you have not had a free two week trial to the service, feel free to sign up at:
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https://www.cannontrading.com/tools/intraday-futures-trading-signals
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Have a great weekend!! Continue reading “Futures Trading Levels and Economic Reports for December 6th 2010”

Futures Trading Levels and Economic Data for December 3rd 2010

“Motto” for the month: “Plan your trade, trade your plan”

Market has rallied significantly over the last few days right into tomorrows monthly unemployment report.

I wish I had a bias to share with you before the report comes out but I don’t….

My BIGGEST recommendation for all of you, regardless if you are favoring the short or long side is to do the following:

Visualize some different scenarios, good ones and bad ones. the good ones are easy…the bad ones are the hard ones and the ones you must be prepared for, just in case so you can have a plan and NOT try to make decisions in the heat of the moment. Try to calculate your trading size, the maximum risk you are willing to take, implement those decisions by placing stops if needed and then let the market do its thing.

I honestly think that if you try to this when the numbers come out and the market is going wild, you are pretty much gambling and not trading….

Follow the “motto” for this month and I wish all of you a GOOD trading day tomorrow. Continue reading “Futures Trading Levels and Economic Data for December 3rd 2010”

Futures Trading Levels and Economic Reports for December 1st 2010

“Motto” for the month: “Plan your trade, trade your plan”

With a new month starting, I thought I would share a monthly chart of the SP500 CASH INDEX.

Notice the FIBONACCI levels and how price action is so far respecting these levels.

Make it a great trading month in December.

SP-500-Day-Trading-2010-12-01 Continue reading “Futures Trading Levels and Economic Reports for December 1st 2010”

Futures Trading Levels and Markets Schedule for November 24th 2010

Busy day ahead tomorrow with significant reports through out the day. Markets are closed Thursday in observance of Thanksgiving and then open half day on Friday.

Overnight news from N Korea and Europe definitely had much bigger on the markets than any technical chart formations…but “looking forward” we sometimes have to look back in trying to project price action.

Levels for your review on the daily mini SP 500 chart below. 1151 is first major support in case declines continues.

SP-500-Day-Trading-2010-11-24 Continue reading “Futures Trading Levels and Markets Schedule for November 24th 2010”

Recent Rally of Futures Trading Causes Short Term Sell Off, November 19th, 2010

As we asked many times before….is this bounce just a correction from the short term sell off we had over the last few days OR was the sell off of the last few days just a correction from the recent rally of last few weeks???

I wish I could tell you, but what I can share is that in situation like this one, it is wise to wait for market reaction, price behavior around key areas of support and resistance and perhaps look at a few time frames, i.e. look at 15 minute chart, an hourly chart and a daily chart…

Below you will see the hourly Mini SP chart and below that the mini SP Daily chart for your review along with key levels.

Mini SP 500 hourly chart:

SP-500-Day-Trading-2010-11-19_1

Mini SP 500 Daily chart:

SP-500-Day-Trading-2010-11-19_2 Continue reading “Recent Rally of Futures Trading Causes Short Term Sell Off, November 19th, 2010”