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5. Futures Economic Reports for Tuesday June 2, 2015
Hello Traders,
For 2015 I would like to wish all of you discipline and patience in your trading!
Hello Traders,
The first trading day of June 2015 was a wild ride in many markets….almost as if the markets were quite confused on the direction for the month and traded very choppy with “unexplained, fast moves” both ways. I saw this in stock index futures, metals, currencies and even the grain sector…
As traders we need to learn how to adapt quickly, sense what type of trading day is developing in front of us and trade accordingly.
I wrote the following a while back and shared it before but worth sharing again as refresher:
- 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.