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Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.


BetterTrader App & Futures Trading Levels 12.13.2019

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Dear Traders,

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FOMC tomorrow
What a Single tweet Can Do….
This morning at 6:47 Am pacific time ( 9:47 AM EST), “conveniently” 17 minutes after stock market opens…President Trump Tweeted: ” We are very close to a deal with China….”At that time, SP were lower by few points, NASDAQ was lower by about 20 points…Within seconds and minutes, the markets had a monster rally!!
The Point of the story is that I actually heard the tweet in real-time as it came out. In a digitized voice!
I use an app that sits on my browser and reads for me real time tweets based on my criteria. one of them is any Trump tweets.
In addition the app also lets me know what economic reports are coming out, large moves in the markets, trade ideas based on economic reports, past statistics and much more!!
You an see a screen shot of how the app looks like and sign up for 7 days trial HERE
PS: Start trading March stock indices like NQH20, ESH20 etc.
It is time to
PS2: Tomorrow is Friday the 13th….

Good Trading

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 when it comes to Futures Trading.

 

Futures Trading Levels

12-13-2019

Futures Trading


Economic Reports, source: 

bettertrader.co

 

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.

Posted in: Future Trading News  

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FOMC Tomorrow & Trading Levels 12.11.2019

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

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Dear Traders,

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FOMC tomorrow
FOMC tomorrow. FED watch tool by CME shows the countdown, the odds and more.
Right now it seems like 98% that Fed will NOT CHANGE RATES
The following are my PERSONAL suggestions on trading during FOMC days:
·    Reduce trading size
·    Be extra picky = no trade is better than a bad trade
·    Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 2925.00 with a stop at 2919.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 2919.75 and place a stop a few points below in this hypothetical example ( consider current volatility along with support and resistance levels).
·    Expect the higher volatility during and right after the announcement
·    Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
·    Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
·    Keep in mind statement comes out at 1 Pm Central time, the news conference which dissects the language comes out 30 minutes later so the volatility window stretches out.
·    Know what the market was expecting, learn what came out and observe market reaction for clues
·    Be patient and be disciplined
·    If in doubt, stay out!!
Not a client of Cannon Trading yet?

Good Trading

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 when it comes to Futures Trading.

 

Futures Trading Levels

12-11-2019

Futures Trading


Economic Reports, source: 

bettertrader.co

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.

Posted in: Future Trading News  

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Reading the Type of Trading Day & Trading Levels 12.10.2019

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

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Dear Traders,

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If you could only tell the type of trading day it would be…..
I think it would make your life MUCH easier…
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.
It’s like driving a car and flying a plane….some common skills required and some very different ones needed.
  • My opinion is that there are 3 main types of trading days.
1. Most common is two sided trading action with swings up and down – this type of trading day is most suitable for using support and resistance levels along with overbought /oversold indicators.
2. Strong trending day, mostly one directional – this type of trading day is the least common, many times will happen on Mondays and maybe 3-5 times a month at most – this type of trading day is most suitable for using ADX, MACD crossovers and pretty much looking for pullbacks to jump on the trend
3. Slow and/ or choppy trading day – 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.
  • Good question is how can one asses what type of trading day we will have while the market is still trading….I am doing some work about it and will be happy to hear feedback via email but here are some initial observations:
  1. 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)
  2. Mondays have the highest chance for trending days
  3. The behavior of the first hour of trading can also suggests the type of action for the rest of the day.
  4. If the first 30 minutes have good volume, better chances for type 1 or type 2 trading days.
  5. low volume during first 30 minutes can suggest a choppy (type 3 trading day)
PS: One reason I like to use range bar charts for day-trading is exactly what written above….Range bars will function as a part filter for the “problem of slower/faster markets”.
Not a client of Cannon Trading yet?

Good Trading

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 when it comes to Futures Trading.

 

Futures Trading Levels

12-10-2019

Futures Trading


Economic Reports, source: 

bettertrader.co

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.

Posted in: Future Trading News  

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ES Chart for Review & Futures Levels 12.06.2019

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

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Dear Traders,

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WTF Just Happened??
At approximately 11:57 A.M., Pacific Time / 2:57 P.M. Eastern Time, I overheard one of my colleagues yell, “WTF just happened to the mini S&P?”
As I looked at my screen I saw the market taking a fast nose dive –an almost 8-point slide in less than 30 seconds – only to bounce right back to the price where it was originally trading.
So I decided to try and decipher the mystery.
You can see a 10-second chart below showing when the sell-off occurred. Here are my guesses:
1. A very large ALGO trade hit the market when the bid levels were relatively thin. The algo was using hourly charts and the order was entered right before the prior 1-hour bar was completed. My guess is that the trade was 10,000 lots or more. It took the market down 8 full points.
2. Someone entered a FAT FINGER TRADE and may very well have lost their job because they entered a 10,000-lot order instead of a 1,000- or even a 100-lot order.
3. The market is just trading much higher than it used to 2 or 3 years ago and the volume is not what it used to be during volatile times. Instead of seeing 500 orders at the nearby bid and offer, there were only 100 orders bid/offered on each side of the market. As a result, it took the market a few points to absorb large orders. If done by mistake or not, erratic moves like that can happen. It’s possible large investors/institutions were involved.
PS: If you want access to the buy signal that appeared right at the end of the sell off and marked with a blue square….visit the FREE trial page here.
Click on image below to enlarge

Good Trading

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 when it comes to Futures Trading.

 

Futures Trading Levels

12-06-2019

Futures Trading


Economic Reports, source: 

bettertrader.co

 

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.

Posted in: Future Trading News  

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Survivor Day Trading & Trading Levels 12.05.2019

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Dear Traders,

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Survivor Day Trading
This article was published by the Stocks, Futures, & Options Magazine in September, 2007 and was written by our VP, Ilan Levy-Mayer. We think this article is timeless and whether you are beginner or advanced trader, you will enjoy it and hopefully benefit from it the next time “your bad self tells you to average down or double down on that losing trade……
Perhaps the greatest luxury I have in this business is the ability to observe the experiences of many traders with different personalities, life schedules and risk capital, each trading in a variety of markets. What most astute brokers realize is that, over time, as some individuals prematurely exit winners while others desperately cling to losers.
I started as a commodity broker back in 1998, when commissions of $25 per round turn for the E-minis were considered a deep discount. I had the luxury of observing many types of day traders and saw things from the sidelines that most traders could not see during the heat of battle, one of which is the importance of solid money management for the long-term survival of day trade.
Day trading is by definition a trade that is initiated and completed during the same trading day. In this wide category, you will find many types of traders. On one end of the spectrum are scalpers, who go for one or two ticks of profit several times a day in trades lasting just seconds. On the other side are speculators who stay in a position from the start of the day until the close. One of the main appeals of day trading for all types is that the trader goes home flat without having to worry about positions. When the market closes, the day is done.
Money management, as the name implies, is applying prudent principles to help conserve your trade (risk) capital. Without risk capital to trade, a speculator does not have a chance to succeed.
Preserve Your Trading Capital
Not a client of Cannon Trading yet?

Good Trading

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 when it comes to Futures Trading.

 

Futures Trading Levels

12-05-2019

Futures Trading


Economic Reports, source: 

bettertrader.co

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.

Posted in: Future Trading News  

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