{"id":16547,"date":"2021-01-29T13:21:36","date_gmt":"2021-01-29T21:21:36","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=16547"},"modified":"2021-01-29T13:21:36","modified_gmt":"2021-01-29T21:21:36","slug":"weekly-newsletter-1037-day-trading-mind-traps-crude-oil-outlook-chart-and-resistance-levels-for-the-week-ahead-2-01-2021","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/weekly-newsletter-1037-day-trading-mind-traps-crude-oil-outlook-chart-and-resistance-levels-for-the-week-ahead-2-01-2021\/","title":{"rendered":"Weekly Newsletter #1037 Day Trading Mind Traps, Crude Oil Outlook\/Chart and Resistance Levels for the Week Ahead 2.01.2021"},"content":{"rendered":"

Cannon Futures Weekly Newsletter Issue # 1037<\/strong><\/h1>\n

Dear Traders,<\/p>\n

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Like us on FaceBook!<\/div>\n
www.facebook.com\/CannonTrading<\/a><\/div>\n<\/div>\n<\/div>\n
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Get Real Time updates and\u00a0market alerts on Twitter!<\/a><\/div>\n<\/div>\n<\/div>\n
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Trading 102: Day Trading Mind Traps\u00a0<\/strong><\/div>\n
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“One way our brain helps keep us safe is to protect us from an awareness of our weaknesses. The brain believes that it is better to be falsely confident than recognize the real risks. This protective mechanism tends to work against us in trading.” Kenneth Reid, Ph.D<\/div>\n
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MINDING THE MIND<\/strong><\/div>\n
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The mind can play tricks on us. Intuitive Trading is an attempt to mind read the market, which makes us susceptible to whipsaws. Hindsight Bias causes traders to underestimate the difficulty of trading, while Competency Bias causes us to over-estimate our abilities. These are mental banana peels that set us up for a fall.<\/div>\n
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INTUITIVE TRADING<\/strong><\/div>\n
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Intuitive trading is a natural response to excessive randomness and non-linearity in the market. But making informed guesses is not the same as formulating a rule-based pattern-recognition system that gives a trader a true edge. Without a rule-based plan, intuitive traders expend a great deal of energy mindreading the market, which will not improve your odds of success. In fact, professional traders make a good living exploiting the emotionally-driven behavior of intuitive amateurs.<\/div>\n
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….Read More by filling out the form below.<\/a><\/div>\n<\/div>\n
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The Bull \/ Bear Camps for crude oil<\/strong><\/div>\n
by Mark O’Brien, Senior Broker<\/div>\n
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For the bulls, when you\u2019re hanging on to news from China that they\u2019ve seen meaningful declines in crude oil stockpiles at key ports and increased refinery run rates playing catch-up to demand, that\u2019s not a strong hand.<\/div>\n
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The new\u00a0Biden Administration’s move to cancel the Keystone XL pipeline will likely elicit a muted response as its demise had been generally expected. Covid-related news continues to influence market sentiment, so the new South African variant and its impact on the global health crisis is ammunition for the bear camp. As well, last week\u2019s Baker Hughes US oil rig count rose from 236 up to 289 rigs, within striking distance of the highest U.S. count since early May. It\u2019s rational to view any intra-day price spikes with skepticism. Still, the bulls are not without their own home-court ammunition. Since the Nov.\/Dec. holidays, U.S. demand has improved and supplies have tightened per this week\u2019s EIA report of a 9.9 million barrel inventory decline.<\/div>\n<\/div>\n
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Daily Chart for Your Review.<\/a>\u00a0Click to ENLARGE IMAGE<\/a><\/div>\n
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\"Crude<\/div>\n
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Good Trading<\/strong><\/div>\n<\/div>\n

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

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Futures Trading Levels<\/strong><\/h3>\n

2-01-2021<\/p>\n

\"Futures<\/p>\n

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Weekly Levels<\/h2>\n

\"Weekly<\/p>\n

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Reports, First Notice (FN), Last trading (LT) Days for the Week:<\/h3>\n

https:\/\/mrci.com<\/a><\/p>\n

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Date Reports\/Expiration Notice Dates<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\"MRCI<\/p>\n

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc<\/a>. 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 tradin<\/p>\n","protected":false},"excerpt":{"rendered":"

Cannon Futures Weekly Newsletter Issue # 1037 Dear Traders, Like us on FaceBook! www.facebook.com\/CannonTrading Get Real Time updates and\u00a0market alerts on Twitter! Trading 102: Day Trading Mind Traps\u00a0 “One way our brain helps keep us safe is to protect us from an awareness of our weaknesses. The brain believes that it is better to be […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1379,119],"tags":[51,58,1415,1416,953],"class_list":["post-16547","post","type-post","status-publish","format-standard","hentry","category-weekly-newsletter","category-crude-oil","tag-crude-oil-futures","tag-day-trading-futures","tag-day-trading-futures-strategies","tag-deep-discount-futures","tag-energy-futures"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/16547","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=16547"}],"version-history":[{"count":3,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/16547\/revisions"}],"predecessor-version":[{"id":16666,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/16547\/revisions\/16666"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=16547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=16547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=16547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}