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 Tuesday January 15, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
Using Volume Charts for Day-Trading:
My theory is that when it comes to short term day trading, volume is much more important than time, hence I use volume bars/charts quite a bit. I use bars of between 1,000 to 18,000 contracts traded (pending the specific market, based on recent volatility, average daily trade volume and a few other factors). That means that instead of bars completing based on time frame (i.e. 1 minute or 15 minutes etc.), I use volume instead of time. So each time X,000 contracts traded, a new bar will complete. When the specific market has high volume and is moving fast, the bars will complete faster. When market is in low volume without much action, the bars will complete slower.
For me personally, this has helped getting signals ahead of time when there is fast action in the market and avoiding false signals when volume is low.
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
|TueJan 15||2:00am||EUR||German Final CPI m/m||0.9%||0.9%|
|2:45am||EUR||French Gov Budget Balance||-94.6B|
|8:00am||USD||FOMC Member Rosengren Speaks|
|8:30am||USD||Core Retail Sales m/m||0.2%||0.0%|
|USD||Retail Sales m/m||0.2%||0.3%|
|USD||Core PPI m/m||0.2%||0.1%|
|USD||Empire State Manufacturing Index||1.9||-8.1|
|10:00am||USD||Business Inventories m/m||0.3%||0.4%|
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