Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Thursday January 10, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
Understand it and accept it. One of your hardest jobs as a day trader is to make sure a losing day does NOT become a disaster…Our human emotions and our brain is not programmed very well to learn how to lose. Yet one of the key differences between traders and those who try to become “traders”…is that traders first learn how to lose. They understand losing is part of trading. The others, refuse to take a lose and will make many mistakes along the way to make a “normal losing” day into a disaster. That may be carrying positions overnight when they normally don’t, reversing, pyramiding and many other mistakes that they would normally not make. That turns a “normal losing day” (maybe for an acct of $10,000, a normal losing day would be down $500?) into one of those days where they wipe out half of their account.
Sometimes we need to learn how to lose before we can excel in 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.
5. Economic Reports
|ThuJan 10||2:45am||EUR||French Industrial Production m/m||0.2%||-0.7%|
|2:45am||EUR||French CPI m/m||0.4%||-0.2%|
|7:45am||EUR||Minimum Bid Rate||0.75%||0.75%|
|8:30am||EUR||ECB Press Conference|
|10:00am||USD||Wholesale Inventories m/m||0.2%||0.6%|
|10:30am||USD||Natural Gas Storage||-185B||-135B|
|1:00pm||USD||30-y Bond Auction||2.92|2.5|
|1:10pm||USD||FOMC Member George Speaks|
|2:00pm||USD||FOMC Member Bullard Speaks|
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