Reading the Type of Trading Day & Trading Levels 12.10.2019
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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- My opinion is that there are 3 main types of trading days.
- Good question is how can one asses what type of trading day we will have while the market is still trading….I am doing some work about it and will be happy to hear feedback via email but here are some initial observations:
- 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)
- Mondays have the highest chance for trending days
- The behavior of the first hour of trading can also suggests the type of action for the rest of the day.
- If the first 30 minutes have good volume, better chances for type 1 or type 2 trading days.
- low volume during first 30 minutes can suggest a choppy (type 3 trading day)
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