{"id":15315,"date":"2019-12-09T13:06:32","date_gmt":"2019-12-09T21:06:32","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=15315"},"modified":"2019-12-12T12:55:16","modified_gmt":"2019-12-12T20:55:16","slug":"reading-type-trading-day-trading-levels-12-10-2019","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/reading-type-trading-day-trading-levels-12-10-2019\/","title":{"rendered":"Reading the Type of Trading Day &#038; Trading Levels 12.10.2019"},"content":{"rendered":"<p><em><b><span style=\"font-family: 'Georgia',serif; color: #333333;\">_________________________________________________<\/span><\/b><\/em><\/p>\n<p style=\"font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: start; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px;\"><em><b><span style=\"font-family: 'Georgia',serif; color: #333333;\">Voted #1 Blog and #1 Brokerage Services on\u00a0<a href=\"http:\/\/r20.rs6.net\/tn.jsp?f=001U36v1hvtg4O6nrUU85R1W6sfGPKX0ynnFA_D82LpdwBdzw7hFFBsXcDEWOPaVpkBRhG4iwIIEW8dl5sm-Zy6FHhgwdfYQHIB3uhsIL_ukid7tjqwraQ_BoF0xII0Paftq6h0c0xvDjjkGFYQaQXS_PzGm2ZRdaCn-W0INLJ9pmxzYrJ3TUyLrKnbAV5ra33oeleZTVoQEDQ=&amp;c=&amp;ch=\" target=\"_blank\" rel=\"noopener\">TraderPlanet\u00a0<\/a>for 2016!!\u00a0\u00a0<\/span><\/b><\/em><\/p>\n<p style=\"font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: start; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px;\"><em><b><span style=\"font-family: 'Georgia',serif; color: #333333;\">_________________________________________________<\/span><\/b><\/em><\/p>\n<p>Dear Traders,<\/p>\n<div align=\"left\">\n<div align=\"center\">\n<div align=\"center\">Like us on FaceBook!<\/div>\n<div align=\"center\"><a href=\"http:\/\/www.facebook.com\/CannonTrading\" target=\"_blank\" rel=\"noopener\" shape=\"rect\">www.facebook.com\/CannonTrading<\/a><\/div>\n<\/div>\n<\/div>\n<div style=\"text-align: left;\" align=\"center\">\n<div>\n<div align=\"center\">\n<div align=\"center\">Get Real Time updates and\u00a0<a href=\"https:\/\/twitter.com\/CannonTrading\" target=\"_blank\" rel=\"noopener\">market alerts on Twitter!<\/a><\/div>\n<div><\/div>\n<\/div>\n<div>\n<div><\/div>\n<div>\n<div>\n<div align=\"center\"><\/div>\n<\/div>\n<\/div>\n<div>\n<div>\n<div align=\"center\"><\/div>\n<\/div>\n<div>\n<div align=\"center\"><\/div>\n<\/div>\n<div>\n<div align=\"center\">\n<div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div align=\"center\">\n<div>\n<div>\n<div align=\"center\"><strong>If you could only tell the type of trading day it would be&#8230;..<\/strong><\/div>\n<div align=\"center\"><\/div>\n<div>I think it would make your life MUCH easier&#8230;<\/div>\n<div><\/div>\n<div>I was thinking about it today with the strong contrast of between the type of action\/speed\/volume we saw today across many markets to the type of trading we had Friday, post unemployment report.<\/div>\n<div><\/div>\n<div>It&#8217;s like driving a car and flying a plane&#8230;.some common skills required and some very different ones needed.<\/div>\n<div><\/div>\n<ul>\n<li>My opinion is that there are 3 main types of trading days.<\/li>\n<\/ul>\n<div><\/div>\n<div>1. Most common is two sided trading action with swings up and down &#8211; this type of trading day is most suitable for using support and resistance levels along with overbought \/oversold indicators.<\/div>\n<div>2. Strong trending day, mostly one directional &#8211; this type of trading day is the least common, many times will happen on Mondays and maybe 3-5 times a month at most &#8211; this type of trading day is most suitable for using ADX, MACD crossovers and pretty much looking for pullbacks to jump on the trend<\/div>\n<div>3. Slow and\/ or choppy trading day &#8211; this type of trading day is best suited for taking small profits from the market by looking at volume spikes, using stochastics as possible entry signals and usually wait for a pullback before jumping in.<\/div>\n<div><\/div>\n<ul>\n<li>Good question is how can one asses what type of trading day we will have while the market is still trading&#8230;.I am doing some work about it and will be happy to hear feedback via email but here are some initial observations:<\/li>\n<\/ul>\n<ol>\n<li>Was the overnight session a wide, two sided trading range? If the answer is yes, good chances for similar trading day during the primary session ( primary session is when the cash\/ stock market is open)<\/li>\n<li>Mondays have the highest chance for trending days<\/li>\n<li>The behavior of the first hour of trading can also suggests the type of action for the rest of the day.<\/li>\n<li>If the first 30 minutes have good volume, better chances for type 1 or type 2 trading days.<\/li>\n<li>low volume during first 30 minutes can suggest a choppy (type 3 trading day)<\/li>\n<\/ol>\n<div><\/div>\n<div><\/div>\n<div>PS: One reason I like to use range bar charts for day-trading is exactly what written above&#8230;.Range bars will function as a part filter for the &#8220;problem of slower\/faster markets&#8221;.<\/div>\n<div><\/div>\n<div align=\"center\"><a href=\"https:\/\/www.cannontrading.com\/TradingVideo_RangeBars\" target=\"_blank\" rel=\"noopener\">You an watch a video I put together on the topic here.<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div align=\"center\"><\/div>\n<div align=\"center\"><\/div>\n<div align=\"center\">\n<div align=\"center\">Not a client of Cannon Trading yet?<\/div>\n<div align=\"center\"><a href=\"https:\/\/www.cannontrading.com\/services\/match-beat-rates\" target=\"_blank\" rel=\"noopener\">Match or Beat Your Current Commission Rates!<\/a><\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n<h3 style=\"font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: start; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px;\"><strong>Good Trading<\/strong><\/h3>\n<p style=\"font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: start; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px;\">Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.\u00a0 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 when it comes to Futures Trading.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Futures Trading Levels<\/strong><\/h3>\n<p>12-10-2019<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/files.constantcontact.com\/3dc00ef7001\/fdcbc43d-94cc-40d4-843d-93c92c36ede9.png\" alt=\"\" title=\"\"><\/p>\n<p><a href=\"https:\/\/www.cannontrading.com\/services\/TextAlerts\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" title=\"Futures Trading\" src=\"https:\/\/files.constantcontact.com\/3dc00ef7001\/81a83524-92d3-450a-b637-1247ec14e498.jpg\" alt=\"Futures Trading\" width=\"300\" height=\"600\" \/><\/a><\/p>\n<h3><a href=\"http:\/\/www.forexfactory.com\" target=\"_blank\" rel=\"noopener\"><br \/>\n<\/a><strong>Economic Reports, source:\u00a0<\/strong><\/h3>\n<p><a href=\"http:\/\/bettertrader.co\" target=\"_blank\" rel=\"noopener\">bettertrader.co<\/a><\/p>\n<div class=\"pagearrange__layout-row full\" data-row=\"1\">\n<div class=\"pagearrange__layout-column pagearrange__layout-column--full full\" data-column=\"0\">\n<div class=\"pagearrange__layout-cell\" data-cell=\"0\" data-compid=\"Calendar_Copy1\">\n<div class=\"flexShell\">\n<div id=\"flexBox_flex_calendar_mainCalCopy1\" class=\"flexBox calendar\" data-more=\"0\" data-initcallback=\"calendar\" data-updatecallback=\"calendar\" data-visiblejs=\"[]\" data-disablejs=\"[]\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><img decoding=\"async\" src=\"https:\/\/files.constantcontact.com\/3dc00ef7001\/6f2cdb6b-0178-4185-8e0d-8f1a6a882c2e.png\" alt=\"\" title=\"\"><\/p>\n<p>This is not a solicitation of any order to buy or sell, but a current market view provided by <a href=\"https:\/\/www.cannontrading.com\/company\/about\">Cannon Trading Inc<\/a>. Any statement of facts\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, 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\u00a0judgement\u00a0in trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>_________________________________________________ Voted #1 Blog and #1 Brokerage Services on\u00a0TraderPlanet\u00a0for 2016!!\u00a0\u00a0 _________________________________________________ Dear Traders, Like us on FaceBook! www.facebook.com\/CannonTrading Get Real Time updates and\u00a0market alerts on Twitter! If you could only tell the type of trading day it would be&#8230;.. I think it would make your life MUCH easier&#8230; I was thinking about it today with [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[],"class_list":["post-15315","post","type-post","status-publish","format-standard","hentry","category-future-trading-news"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/15315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=15315"}],"version-history":[{"count":2,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/15315\/revisions"}],"predecessor-version":[{"id":15317,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/15315\/revisions\/15317"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=15315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=15315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=15315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}