Weekly Newsletter: A Simplified Approach for Futures Traders & Memorial Day Trading Hours
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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Cannon Futures Weekly Letter Issue # 1195
In this issue:
- Important Notices – Memorial Day Trading Hours
- Futures 101 – Simplify Your Day Trading
- Hot Market of the Week – Dec 24/Dec 25 Corn Spread
- Broker’s Trading System of the Week – NQ Swing System
- Trading Levels for Next Week
- Trading Reports for Next Week
Important Notices – Next Week Highlights:
- Short trading week. Monday most markets are either closed or observe a modified schedule. Memorial Day Trading Schedule HERE
- Light Data Week: Consumer Confidence Tuesday, jobless claims and GDP Thursday, Chi PMI Friday
- Roll June Gold futures to the August contract: symbol (Q) (micro, mini and full)
- Earnings features: Costco, Salesforce and Dell. ( a number of discount retailers as well)
Treasury Bond Auctions and Price Action Watch video below. Ever traded the ES or MNQ and all of a sudden around 1:01 PM Eastern time a large move takes place and you wounder what happened? Watch video below….
Futures 101 :
Simplify Your Day Trading
Day-trade futures using either counter trend or trend following concepts ( or what I call a simpler approach to day trading)
In This 25 Minutes Video You Will Learn The Following:
1. Possible advantages of using range bar charts over time charts for day trading
2. Trade set ups using counter trend indicators
3. Trade set ups using trend following indicators
4. The concept of price confirmation
5. Tips and insights from Ilan’s observations of different markets
6. You will be able to install the indicators/concepts mentioned and practice right away with your own demo!
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Hot Market of the Week – Dec 24 – Dec 25 Corn Spread
Hot market of the week is provided by QT Market Center, A Swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
Dec 24 – Dec 25 Corn Spread ( read more about spreads HERE)
The Dec – Dec corn spread activated upside PriceCount objectives off the April low and completed the first count to the -4 area before correcting. From here, IF the chart can resume its rally with new sustained highs, the second count would project a run to the +2.5 area.
PriceCounts – Not about where we’ve been , but where we might be going next!
The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
Broker’s Trading System of the Week
With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
PRODUCT
NQ – Mini Nasdaq
SYSTEM TYPE
Swing
Recommended Cannon Trading Starting Capital
$50,000
COST
USD 210 / monthly
The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on back adjusted data. Please read full disclaimer HERE.
If you are a day trader, below you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side.
Daily Levels for May 27th 2024
Trading Reports for Next Week
First Notice (FN), Last trading (LT) Days for the Week:
Improve Your Trading Skills
Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.
Explore trading methods. Register Here
* 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 here in 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 judgement in trading.
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