For 2013 I would like to wish all of you discipline and patience in your trading!
I was informed Friday that our blog is being nominated for the STAR award by traderplanet.com which is very nice to hear and know that the work and amount of time we put into it is not going unnoticed!
I have gotten and getting great feedback from many of you and would appreciate if you can take a couple of seconds to vote at:
For 2013 I would like to wish all of you discipline and patience in your trading!
So FOMC came and gone and like I said many times before, many times the real reaction comes the next day.
Which way, I am not sure but I am sharing a daily chart of the mini Dow futures where I see either potential for double top if we hold below today’s high OR potential for a break above and move towards the next FIBONACCI extension as seen on the chart.
As always in our business….time will tell, which brings me to a different point I would like to share:
My thoughts are as follow, there is probably 65% chance this market will try to make a new high and break today’s high ( in my opinion), however, I think that is we make a new high it will not be that much further than were we at now. While I think there is better chances for a move up, I think that if we do make a move down, there are HIGHER probabilities for a larger move downside than a larger move to the upside….hope this make sense. Based on this personal view of mine, I will look for a short set up with relatively small stop in hopes to catch the next big wave down. it may take a few attempts on my end but I like the risk / reward of this set up and hope that by sharing the thought process I gave you an idea on another approach for trading.
For 2013 I would like to wish all of you discipline and patience in your trading!
Big week ahead for stock index futures as well as other markets.
We have FOMC taking place tomorrow and Wednesday with rate announcement coming out Wednesday.
A few other reports that did not take place during the shut down are released this week. Make sure you check forexfactory.com for updated report times.
I think that stock index futures have been a little harder to trade these past few years…With the Fed injecting money using the QE program, the “normal market forces” are not in play as much as in other markets. I personally miss the days where stock index futures traded “freely” and can’t wait for what I consider normal, free market forces to determine price action. That being said, it is what it is and I guess FED action is part of the market right now and we as traders need to adjust.
What i wrote above is part of the reason i find markets like crude oil, gold, grains and even bond futures more appealing for trading. So if any of you have some what of a similar feeling to what I described above and looking for alternative markets – let me know and I can be of help by suggesting different markets and pointing out some of the characteristics for the different markets.
“U.S.-produced oil is a substitute, in terms of volume, to non-U.S. sources, and it’s geographically safe and secure, sending a hedge into the WTI price, not into Brent,” said Richard Hastings, a macro strategist at Global Hunter Securities.
Hastings made the comments when the price spread between the crudes traded at less than $1 back in July “Brent, in turn, reflects macroeconomic weakness from around the world, something which is less meaningful to WTI pricing,” he explained. 1
WTI (West Texas Intermediate), North Sea Brent and the OPEC (Organization of Petroleum Exporting Countries) Benchmark.
What Are the Major differences between these crude oil futures contracts?:
Sulfur Content: Some Crude oils are easier, less costly to refine into gasoline than others. Low sulfur crude is also known as Sweet crude. The commonly used measure of sulfur content is API gravity, is a measure of how heavy or light a petroleum liquid is compared to water. If its API gravity is greater than 10, it is lighter and floats on water; if less than 10, it is heavier and sinks. API is the American Petroleum Institute.
For 2013 I would like to wish all of you discipline and patience in your trading!
Today’s two sided volatility in crude oil futures fitted my trading model/philosophy well.
Below is a screen shot from today along with the different signals.
If you like a free trial to this ALGO along with the PDF document I created, which explains the set ups ( AND have not had the trial before…) then follow instructions below the chart.
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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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 herein 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
For 2013 I would like to wish all of you discipline and patience in your trading!
Another slow, summer trading day to start the week in the stock index futures segment. Be careful of this type of trading days. The low volume and narrow ranges can get you too comfortable to trading sloppy….
Sometimes no trade is better than a bad trade. Actually all the time…
In between gold futures had a nice up move over the last few sessions. Daily chart of Dec. Gold futures for your review below.
Notice that prices closed ABOVE the IMOKU cloud, which is usually a bullish sign. Market needs to confirm this bullish sign by closing above 1349.5.
While our stock indices markets ( SP, Dow, NASDAQ and Russell ) been trading in very narrow range ( today was a small exception), the crude oil market continues to show the double edge volatility day-traders are looking for.
Below is a daily chart of April Crude oil futures.
PS: Stock index futures have shown in the past tendency to go through periods of low volatility and then change to periods of high volatility. The VIX index is a good indicator, which i will try to share more about tomorrow but my point is, be ready for shift in volatility and wider ranges on stock indices….as always, the question is when.
CLE – Crude light (Globex), Equalized Active Daily Continuation
New month is starting and I would like to wish everyone great trading in February.
As the new month starting, I am sharing 3 different charts with you, Monthly, weekly and daily of the mini SP 500.
EP – E- mini S&P 500, Monthly Continuation
EP – E- mini S&P 500, Monthly Continuation
Regardless if you are day-trading or position trading, sometimes traders can get a better prospective by looking at larger time frames and going down.
EP – E- mini S&P 500, Equalized Active Daily Continuation
Would you like to have access to my DIAMOND ALGO as shown above and be able to apply for any market and any time frame on your own PC ? You can now have a two weeks free trial where I enable the ALGO along with few studies for your own sierra/ ATcharts.
If so, please send me an email with the following information:
1. Are you currently trading futures?
2. Charting software you use?
3. If you use sierra or ATcharts, please let me know the user name so I can enable you
4. Markets you currently trading?
Learn the incredible power of Market Profile in this simple and easy to implement approach.
Many have yet to discover just how easy it can be. So please join us for ‘A Simplified Approach to using Market Profile’
Join Greg Weitzman for this live webinar as he discusses his unique and simplified way to incorporate Market Profile in your trading and leave with some tools you can use immediately in your own trading:
* Simplify and clean up your charts
* Clearly see support , resistance and market inflection points
* Locate key areas for trade entries
As a Bonus all attendees will also receive TheTradingZone basic Chart Templates, pre-configured for Sierra Charts ( ATcharts)
Risk: 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.
Title:
Simple yet Powerful approach to using Market Profile in your trading
Date:
Wednesday, January 18, 2012
Time:
3:30 PM – 4:30 PM CST
After registering you will receive a confirmation email containing information about joining the Webinar.
System Requirements
PC-based attendees
Required: Windows® 7, Vista, XP or 2003 Server
Macintosh®-based attendees
Required: Mac OS® X 10.5 or newer
RISK DISCLOSURE: Past results are not necessarily indicative of future results. The risk of loss in futures trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
