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Different Type of Trading Days…..2.22.2017

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In the last few weeks we witnessed very low volatility with low volume which encouraged me to share the following with you on the different types of trading days ( PS: The other solution is to also look at other markets for day trading like gold , crude oil and natural gas ) :

  • In my opinion there are 3 main types of trading days.
  1. The most common day are two sided trading action with swings up and down – this type of trading day is most suitable for using support and resistance levels along with overbought/oversold indicators.
  2. Strong trending days, mostly one directional – this type of trading day is the least common, many times will happen on Mondays and maybe 3-5 times a month at most – this type of trading day is most suitable for using ADX, MACD crossovers and pretty much looking for pullbacks to jump on the trend.
  3. Slow and/or choppy trading days – this type of trading day is best suited for taking small profits from the market by looking at volume spikes, using stochastics as possible entry signals and usually wait for a pullback before jumping in.
  • A good question I’ve been asked is how can one asses what type of trading day we will have while the market is still trading….I have been doing some work in finding the answers and will be happy to hear feedback via email but here are some initial observations:
    1. Was the overnight session a wide, two sided trading range? If the answer is yes, good chances for similar trading day during the primary session (primary session is when the cash/stock market is open)
    2. Mondays have the highest chance for trending days
    3. The behavior of the first hour of trading can also suggests the type of action for the rest of the day.
    4. If the first 30 minutes of the trading day have good volume, better chances for type 1 or type 2 trading days.
    5. Low volume during the first 30 minutes can suggest a choppy (type 3 trading day)

GOOD TRADING

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

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Futures Trading Levels

Levels for Trade Date of 02.22.2017

Contract March 2017  SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2386.83 5390.25 20922 1426.53 102.19
Resistance 2 2375.92 5372.00 20829 1418.57 101.90
Resistance 1 2367.83 5357.00 20755 1412.73 101.65
Pivot 2356.92 5338.75 20662 1404.77 101.36
Support 1 2348.83 5323.75 20588 1398.93 101.12
Support 2 2337.92 5305.50 20495 1390.97 100.83
Support 3 2329.83 5290.50 20421 1385.13 100.58
Contract Apr. Gold March Silver April Crude Oil Mar.  Bonds March  Euro
Resistance 3 1255.9 18.34 56.34 152 29/32 1.0725
Resistance 2 1248.0 18.21 55.68 152 10/32 1.0683
Resistance 1 1242.5 18.09 55.03 151 25/32 1.0617
Pivot 1234.6 17.95 54.37 151  6/32 1.0575
Support 1 1229.1 17.83 53.72 150 21/32 1.0509
Support 2 1221.2 17.70 53.06 150  2/32 1.0467
Support 3 1215.7 17.58 52.41 149 17/32 1.0401
Contract March  Corn March Wheat Mar. Beans March SoyMeal April Nat Gas
Resistance 3 375.4 443.6 1044.50 347.77 3.02
Resistance 2 373.1 441.7 1040.75 345.53 2.92
Resistance 1 371.2 438.8 1033.50 341.47 2.75
Pivot 368.8 436.9 1029.75 339.23 2.65
Support 1 366.9 434.1 1022.5 335.2 2.5
Support 2 364.6 432.2 1018.75 332.93 2.38
Support 3 362.7 429.3 1011.50 328.87 2.21

All times are Eastern time Zone (EST)

source:http://www.forexfactory.com/calendar.php

Date 3:29pm Currency Impact Detail Actual Forecast Previous Graph
WedFeb 22  4:00am EUR
German Ifo Business Climate
109.6 109.8
4:30am GBP
Second Estimate GDP q/q
0.6% 0.6%
GBP
Prelim Business Investment q/q
0.0% 0.4%
GBP
Index of Services 3m/3m
0.8% 1.0%
5:00am EUR
Final CPI y/y
1.8% 1.8%
EUR
Final Core CPI y/y
0.9% 0.9%
5:30am EUR
Long Term Refinancing Operation
62.2B
Tentative EUR
German 30-y Bond Auction
1.20|1.4
6:00am GBP
MPC Member Cunliffe Speaks
9:00am EUR
Belgian NBB Business Climate
1.1 0.5
10:00am USD
Existing Home Sales
5.55M 5.49M
1:00pm USD
FOMC Member Powell Speaks
2:00pm USD
FOMC Meeting Minutes
3:00pm GBP
MPC Member Shafik Speaks

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 here in 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 judgement in trading.

Tags: Posted in: Future Trading News  

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