Put on your “Trading Glasses” & Support and Resistance Levels 9.10.2021
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Dear Traders,
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Put on your “Trading Glasses” – Quick Insight by John Thorpe, senior broker:
During a recent conversation with a long time client who was experiencing a relatively long losing streak and looking for a
new indicator, a different indicator, a different time frame, she was looking for answers to make a major change in her approach. I asked her what she is currently using. She told me,
Candlesticks and a number of other indicators. I suggested she doesn’t need to change much, a different perspective , a simpler perspective may be beneficial.
Using the same chart, simply change the glasses you are looking at the market through.
Change the style of your chart. I like to use the
LINE Chart for clarity, Changing the style of your chart and add a simple moving average, the number of time frames are really not too important, ( 8,10,12,14,16, any will do the smaller the more sensitive, the longer the more smoothed) if simply for a few minutes, this unclutter your brain and will likely give you a different perspective about current market price volatility around your indicators and may give you a better understanding of how the market is moving so you can better assess where not only enter the market but where to place your trailing stops the SMA provides a rudimentary S&R and will tell you when we are in a sideways stance and help you avoid trading during the chop. I will cover a neat little trick with the trailing stops during my next discussion about “a different Perspective” Good trading and make it an excellent week!
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 when it comes to Futures Trading.
Futures Trading Levels
9-10-2021
Economic Reports, source:
www.BetterTrader.co
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 as well as options on futures.
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