Cannon Futures Weekly Letter Issue # 1202
In this issue:
- Important Notices – Trillion $ Earnings, FOMC, NFP
Futures 101 – Projecting Possible Targets
Hot Market of the Week – September Crude Oil
Broker’s Trading System of the Week – Mini Nasdaq Swing Trading System
- Trading Levels for Next Week
- Trading Reports for Next Week
Important Notices – Next Week Highlights:
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Trillion Dollar Corporations , Fed Rate Decision, Non-Farm Payrolls, within a very active Data week.
Heavy Earnings (2,497 companies) Week:
Tues, pre-open Merck, Pfizer, After the close AMD, MSFT
Wed, Meta, Qualcomm after the close
Thur. Apple, Intel, Amazon all after the close
Fri. Pre-open, ExxonMobile, Chevron
Fed Rate Decision Wednesday. 1:00PM Central with Q and A to follow @ 1:30 PM Central.
Big Economic Data week:
Mon. Dallas Fed Manufacturing index
Tues. Case-Shiller Home prices, CB Consumer Confidence
Wed. ADP, Chicago PMI, Pending Home Sales
Thur. Global PMI, ISM
Fri. Non Farm Payrolls
Check the calendar for dates and times!
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Futures 101: Trading Psychology Course
Trading Resource of the Week – Projecting Possible Price targets
By Ilan Levy-Mayer, VP
Watch the video below to get an idea on how to use Fibonacci extensions along with candle sticks to project possible price targets.
Try a FREE demo of the platform used to show the charts in this educational article. The platform is FREE and has charts, news, DOM, T&S, Alerts, advanced order entry, options and MUCH MORE!
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Hot Market of the Week – September Crude Oil
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.
September Crude Oil
September crude oil challenged the spring highs and failed leading to a correction lower that activated downside PriceCount objectives. The chart has satisfied the first downside count where we are seeing a near term consolidation trade., From here, IF you can sustain further weakness, the second count would project a possible run to the 75.12 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.comTrading 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 NQ100
SYSTEM TYPE
Swing
Recommended Cannon Trading Starting Capital
$50,000
COST
USD 160 / 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.
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Daily Levels for July 29th 2024
Trading Reports for Next Week
First Notice (FN), Last trading (LT) Days for the Week:
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Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.
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* 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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