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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 March 4, 2015
Hello Traders,
For 2015 I would like to wish all of you discipline and patience in your trading!
Why I Like to Use Tick and Volume Charts for Scalping
Today, I decided to touch more on an educational feature rather than provide a certain market outlook.
Many of my clients and blog readers know that when it comes to short-term trading I am a fan of using volume charts, tick charts, range bar charts and Renko charts rather than the traditional time charts like the 1 minutes, 5 minutes etc.
My rule of thumb is that if you as a trader who makes decisions based on charts that are less than 15 minutes time frame, it may be worth your time to research, back test and do some homework as to potentially using other type of charts like volume charts, Range charts etc.
Volume charts will draw a new bar once a user defined number of contracts traded. An example is the mini SP 10,000 volume chart which will draw a new bar once 10,000 contracts are traded.
Range bar charts will draw new charts once price action has exceeded a user’s pre-defined price or ticks range. An example might be an 18 ticks range bar chart on crude oil.
While volume charts rely ONLY on volume, the range bar charts rely ONLY on price action.
Their main advantage over traditional time charts is twofold in my opinion:
If the market is moving fast, reports have come out or there is heavy volume in the market, the traditional 5 minute chart will need 5 minutes to complete the next bar before it provides you with a signal…if you have day traded futures before you know what 5 minutes can do to these markets….The volume charts or range bar charts in this case will complete the bars MUCH faster because there is strong price action and strong volume and will be able to provide a signal faster than the time charts.
On the flip side, there are times when the market is dead…low volume, sideways, choppy action. If you are using the 3 minute chart and a moving avg. cross over, you may get a signal simply because time has passed and the moving averages crossed even though the market is pretty dead….If you are using a volume chart and the market is slow…it will take a while for the bars to complete and hence it may filter out some “noise” in the market.
– See more at: http://experts.forexmagnates.com/why-use-tick-volume-charts-for-scalping/#sthash.qbZ9ozh4.dpuf
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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| Contract March 2015 | SP500 | Nasdaq100 | Dow Jones | Mini Russell | Dollar Index |
| Resistance 3 | 2133.50 | 4526.33 | 18388 | 1249.43 | 96.11 |
| Resistance 2 | 2124.00 | 4502.67 | 18322 | 1244.27 | 95.85 |
| Resistance 1 | 2114.50 | 4479.83 | 18253 | 1238.53 | 95.65 |
| Pivot | 2105.00 | 4456.17 | 18187 | 1233.37 | 95.39 |
| Support 1 | 2095.50 | 4433.33 | 18118 | 1227.63 | 95.19 |
| Support 2 | 2086.00 | 4409.67 | 18052 | 1222.47 | 94.93 |
| Support 3 | 2076.50 | 4386.83 | 17983 | 1216.73 | 94.73 |
| Contract | Apr. Gold | May Silver | April Crude Oil | June Bonds | March Euro |
| Resistance 3 | 1233.1 | 17.04 | 52.23 | 160 14/32 | 1.1274 |
| Resistance 2 | 1223.8 | 16.81 | 51.51 | 160 4/32 | 1.1246 |
| Resistance 1 | 1213.3 | 16.53 | 50.90 | 159 16/32 | 1.1211 |
| Pivot | 1204.0 | 16.30 | 50.18 | 159 6/32 | 1.1183 |
| Support 1 | 1193.5 | 16.02 | 49.57 | 158 18/32 | 1.1148 |
| Support 2 | 1184.2 | 15.79 | 48.85 | 158 8/32 | 1.1120 |
| Support 3 | 1173.7 | 15.51 | 48.24 | 157 20/32 | 1.1085 |
| Contract | May Corn | May Wheat | May Beans | May SoyMeal | May bean Oil |
| Resistance 3 | 400.3 | 506.0 | 1025.67 | 344.30 | 33.41 |
| Resistance 2 | 396.0 | 506.0 | 1019.08 | 339.60 | 33.26 |
| Resistance 1 | 393.5 | 506.0 | 1015.67 | 336.20 | 33.11 |
| Pivot | 389.3 | 506.0 | 1009.08 | 331.50 | 32.96 |
| Support 1 | 386.8 | 506.0 | 1005.7 | 328.1 | 32.8 |
| Support 2 | 382.5 | 506.0 | 999.08 | 323.40 | 32.66 |
| Support 3 | 380.0 | 506.0 | 995.67 | 320.00 | 32.51 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:36pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| TueMar 3 | 2:00am | EUR | German Retail Sales m/m | 2.9% | 0.5% | 0.6% | |||
| 3:00am | EUR | Spanish Unemployment Change | -13.5K | 10.5K | 78.0K | ||||
| 5:00am | EUR | PPI m/m | -0.9% | -0.5% | -1.0% | ||||
| 10:00am | USD | IBD/TIPP Economic Optimism | 49.1 | 48.3 | 47.5 | ||||
| All Day | USD | Total Vehicle Sales | 16.2M | 16.8M | 16.7M | ||||
| 8:15pm | USD | Fed Chair Yellen 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 judgment in trading.