I wish all of you a great trading month in October.
If the first trading of October is an indication for the rest of the month, than October should be an interesting month….
Currently there is a case for both the bulls and the bears.
Bull camp needs to see a close above 1150 while bear camp needs to see a break below 1125. In between it is an open game for moves in both directions.
I wanted to share some of today’s activity we had in the daily webinar service I hold. The “webinar” is a service I offer, where I share mostly the mini SP chart but also other markets like Euro currency, Crude Oil and Mini Russell.
In the webinar I display my charts, trading indicators, trading algorithm, trade management philosophy, risk management and more.
Some days i also provide live trading examples using my demo, like I did today.
Below you will see a segment from today’s webinar where the DIAMOND algorithm provided us with more than several trade set ups for 2 mini SP points each time.
For free trial and more information, visit: https://www.cannontrading.com/tools/intraday-futures-trading-signals
( NO REPEAT TRIALS )
Daily chart of Mini SP below. As I mentioned last week, I got a couple of potential “sell signals” and the market only gave us a small decline if that. What is being referred to as “divergence”. Well…I got one more potential for market retracement.
This time the SP will have to drop below 1123 in order for me to enter a short swing position. I call it price conformation. Meaning I would like to see price action confirming my technical speculation. FIB levels on the chart will be used to determine potential targets, stops etc.
Continue reading “Price Levels for Futures Trading, September 28th 2010”
I got two “false” sell signals before this last one….I think the fact that we went through the first FIB level gives this short swing trade higher chances of being correct with initial target of 617.10.
Since NONE of us have a crystal ball, one always has to calculate the proper stop or risk allocated for the trade and see if it makes sense based on ones account size, risk tolerance etc.
For this specific one, I would conclude that my short trade is wrong if we trade above 660.
Continue reading “617.10 is Initial Target for FIB Level for Futures Trading, September 24th 2010”
FOMC is behind us. Mixed reaction from the market and many times the real direction will show the next day, so tomorrows price action is important to watch. My indicators suggest that as long as we can hold the 1115 level, we still have a shot at more upside move. However a break below 1115 on mini SP along with continued upside in bond market may suggest temporary top. Time and price will tell.
Continue reading “Watch for Price Action the Day After FOMC, September 22nd 2010”
FOMC tomorrow around 2:15 Eastern time. Even before that we will start the day with some important housing numbers. FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow. If you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market. My observations suggest choppy, low volume up until announcement, followed by some some sharp volatile moves right during and after the announcement. I am including 5 minutes chart from August 10th of this year, which was the last FOMC we had for your reference. Continue reading “FOMC to Provide Futures Trading Market with Direction, September 21st, 2010”
Market finally broke to the upside but like always “tries to make it harder” for us traders…. The upside breakout lacked momentum and / or continuation, at least today. However, I have shifted my swing trading stance to cautiously bullish as long as SP500 can hold above 1105.75….
FOMC next Tuesday along with busy Thursday / Friday economic and speaking schedule.
Have a great weekend, take time to recharge the brain and “clean it” from all the ” I should have placed a stop at this price and i should have taken that trade” etc….Once a trader has a concept they feel good about, the rest of the battle is mostly mental one with yourself.
Continue reading “Futures and Commodity Trading Blog, September 20th 2010”
Same comments from yesterday and the day before still hold true….main difference is the tomorrow is quadruple witching day so I am hopeful that we finally break out one way or the other……
Well by now this is the 3rd or 4th time we are knocking on 1122.75…..that means one out of two (in my opinion): Tomorrow morning reports help this market break this level and start another leg up towards 1157.00
OR…..
Market fails one more time against this level, fills the gap below ( 1105.75) before giving us some additional clues.
I would love to have the “correct answer” to give you but only time and price action will tell….
Continue reading “Quadruple Witching to Provide S&P 500 with Clues, September 17th 2010”
Well by now this is the 3rd or 4th time we are knocking on 1122.75…..that means one out of two (in my opinion): Tomorrow morning reports help this market break this level and start another leg up towards 1157.00
OR…..
Market fails one more time against this level, fills the gap below ( 1105.75) before giving us some additional clues.
I would love to have the “correct answer” to give you but only time and price action will tell….
Continue reading “Commodities and Futures Trading Levels, September 16th 2010”
I wrote yesterday:
“Looks like 1122 should be a decision level based on the chart below.”
Well very similar comments today…… looks like 1122.75 should be decision level if we are to break upside, while 1105.75 to 1109.25 is the support to watch. Chart for your review below.
Continue reading “1122.75 Will be Decision Level to Break Upside, September 15th 2010”