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Different Type of Trading Days–Levels for 2.18.2016

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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Wednesday February 17, 2016

Hello Traders,

For 2016 I would like to wish all of you discipline and patience in your trading!

Greetings!

In the last few weeks we witnessed “volatile trading” with high volume and some wild swings. Much different than the quiet days we had about a year ago…. which encouraged me to share the following with you on the different types of trading days:

  • 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)
  6. 6. What type of environment has the market been in recently? if volatility is high, it will usually not die in an instant and vice versa…

TRADE SMART / TRADE SYSTEMS — for the current rankings as well as actual performance of trading systems traded at Striker, click here.

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.

If you like Our Futures Trading Daily Support and Resistance Levels, Please share!

Futures Trading Levels

Contract March 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 1985.58 4380.17 16936 1049.00 97.58
Resistance 2 1956.42 4292.08 16695 1031.90 97.35
Resistance 1 1939.83 4244.42 16557 1020.50 97.11
Pivot 1910.67 4156.33 16316 1003.40 96.88
Support 1 1894.08 4108.67 16178 992.00 96.64
Support 2 1864.92 4020.58 15937 974.90 96.41
Support 3 1848.33 3972.92 15799 963.50 96.17
Contract Apr. Gold March Silver Apr. Crude Oil Mar. Bonds March   Euro
Resistance 3 1234.5 15.64 36.55 168 14/32 1.1251
Resistance 2 1224.5 15.53 34.99 167 13/32 1.1219
Resistance 1 1216.3 15.41 33.94 166 1.1178
Pivot 1206.3 15.30 32.38 164 31/32 1.1145
Support 1 1198.1 15.19 31.33 163 18/32 1.1104
Support 2 1188.1 15.08 29.77 162 17/32 1.1072
Support 3 1179.9 14.96 28.72 161 4/32 1.1031
Contract Mar. Corn Mar. Wheat Mar Beans Mar. SoyMeal March Nat Gas
Resistance 3 374.3 479.0 893.42 268.67 2.04
Resistance 2 370.8 474.5 889.33 267.53 2.00
Resistance 1 369.0 471.5 885.92 265.57 1.98
Pivot 365.5 467.0 881.83 264.43 1.93
Support 1 363.8 464.0 878.4 262.5 1.9
Support 2 360.3 459.5 874.33 261.33 1.87
Support 3 358.5 456.5 870.92 259.37 1.84
Economic Reports

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

All times are Eastern time Zone (EST)

Date

3:57pm

Currency

Impact

 

Detail

Actual

Forecast

Previous

Graph

ThuFeb 18 4:00am EUR Current Account 22.3B 26.4B
7:30am EUR ECB Monetary Policy Meeting Accounts
8:30am USD Philly Fed Manufacturing Index -2.9 -3.5
USD Unemployment Claims 275K 269K
10:00am USD CB Leading Index m/m -0.1% -0.2%
10:30am USD Natural Gas Storage -154B -70B
11:00am USD Crude Oil Inventories 3.2M -0.8M

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 judgment in trading.

 

Tags: > > > Posted in: Day Trading   | Future Trading News  

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