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Support & Resistance Levels Daily 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.


Futures Trading Signals 8.18.2017

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Are you looking for intraday trading signals that you can plug in on your own charts and use along with your levels and outlook?
If so, visit:

 

 

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.

Futures Trading Levels

8-18-2017

Contract September 2017  SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2497.17 6009.25 22227 1406.27 94.77
Resistance 2 2482.83 5966.50 22123 1395.63 94.38
Resistance 1 2456.42 5884.50 21930 1375.27 93.99
Pivot 2442.08 5841.75 21826 1364.63 93.60
Support 1 2415.67 5759.75 21633 1344.27 93.20
Support 2 2401.33 5717.00 21529 1333.63 92.81
Support 3 2374.92 5635.00 21336 1313.27 92.42
Contract December Gold Sept. Silver Sept. Crude Oil Sept.  Bonds Sept.  Euro
Resistance 3 1307.3 17.36 48.06 157 19/32 1.1939
Resistance 2 1301.6 17.27 47.63 156 23/32 1.1874
Resistance 1 1297.7 17.15 47.33 156  9/32 1.1811
Pivot 1292.0 17.06 46.90 155 13/32 1.1745
Support 1 1288.1 16.94 46.60 154 31/32 1.1682
Support 2 1282.4 16.85 46.17 154  3/32 1.1617
Support 3 1278.5 16.73 45.87 153 21/32 1.1554
Contract Dec.  Corn Dec. Wheat November Beans Dec. SoyMeal Sept. Nat Gas
Resistance 3 369.8 424.7 946.00 305.93 3.04
Resistance 2 368.4 421.8 940.50 304.07 2.99
Resistance 1 366.3 417.9 936.75 302.03 2.95
Pivot 364.9 415.1 931.25 300.17 2.90
Support 1 362.8 411.2 927.5 298.1 2.9
Support 2 361.4 408.3 922.00 296.27 2.82
Support 3 359.3 404.4 918.25 294.23 2.79

Economic Reports, source: 

http://app.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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Going For Smaller Profits or the Big Runs? 8.17.2017

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

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Do I hold on for the “big winner” or take small profits?

To start with, this is a good problem…this means you are taking some winning trades. The answer is not a simple yes or no.

One must have a combination of both smaller, consistent winners. Also a few “runners” large profit trades, regardless if you are day trading, position trading or swing trading.

Some traders solve the problem by breaking their trading size into more than just 1 unit.

Entering Multiple Contracts: Philosophy

I think that entering multiple contracts does 3 good things for you…

Reduces fear…

Reduces greed…

And gives you a chance to hang in there for the large winners or what I call a “runner”….

In order to enter multiple contracts while day trading, one has to have the appropriate risk capital and margin requirements. But the advantage of trading more than one “unit” or splitting your trading size into two or more parts is as such:

If you enter a trade with one contract (or if you are treating your trading size as one unit, meaning you enter a trade with 4 contracts and exit the trade with 4 contracts), you can face a very quick dilemma, especially when day-trading. Consider the two following scenarios:

  1. You get in and very quickly you are up 2 mini SP points…what do you do? Do you take profit? Bring your stop loss closer? How do you avoid getting out too early or too late?
  2. You enter a trade and it goes against you rather quickly…if you get out then it is a loser…but the little voice in your head says “what if the market goes back up?”

In the first case scenario, when the market decided to be nice to us and moved in our direction, I like to exit half of my positions relatively quickly. In the case of the mini SP, this would be around 7 ticks profit.

What I’ve found is that this will allow me to manage the rest of the trade in a much more relaxed manner. Since I’ve already locked profits in, now I can look for a proper stop close to my break-even level. I can analyze my next target more realistically and, if the market provides room for additional gains, be there to participate.

I really think that traders need to give the “runners” (large winners, directional moves) a chance. Obviously, these don’t happen often but if you know the market you’re in (crude versus the mini SP for example) and you look at recent volatility, and behavior you may decide that you will give the chance of a large winner when you are in crude oil trade because the market has been trending and the volatility gives you a chance for a good “runner” (maybe 60 ticks if you are trading a range bar chart, maybe $1.40 or so if you are trading using the hourly chart).

In the second case scenario, I can choose to risk a smaller amount or use a tight stop on the first half of my position and a bit wider stop on the other half of the position. This can help prevent the scenario when one does not get out of a trade because mentally one does not want to accept the loss.

Of course, there is much more to trading and day trading. Entry signals, exit techniques, why and when to get in a trade, and so on — all of these are key.

On the same token you may look at scheduled reports and recent price action (or lack of) in the SP and decide that you will be taking mostly small profits until the market environment changes.

I hope that this tip will assist you while trading and will prevent some of the instances where you get out of a trade too late or too early.

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.

Futures Trading Levels

8-17-2017

Contract September 2017  SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2486.00 5993.50 22159 1401.63 94.52
Resistance 2 2480.00 5971.50 22113 1396.77 94.29
Resistance 1 2473.50 5946.00 22061 1389.63 93.84
Pivot 2467.50 5924.00 22015 1384.77 93.61
Support 1 2461.00 5898.50 21963 1377.63 93.16
Support 2 2455.00 5876.50 21917 1372.77 92.93
Support 3 2448.50 5851.00 21865 1365.63 92.48
Contract December Gold Sept. Silver Sept. Crude Oil Sept.  Bonds Sept.  Euro
Resistance 3 1310.1 17.78 48.94 156 23/32 1.1924
Resistance 2 1299.8 17.45 48.46 155 30/32 1.1861
Resistance 1 1293.8 17.28 47.62 155 14/32 1.1826
Pivot 1283.5 16.94 47.14 154 21/32 1.1764
Support 1 1277.5 16.77 46.30 154  5/32 1.1729
Support 2 1267.2 16.44 45.82 153 12/32 1.1666
Support 3 1261.2 16.27 44.98 152 28/32 1.1631
Contract Dec.  Corn Sept. Wheat November Beans Dec. SoyMeal Sept. Nat Gas
Resistance 3 375.0 440.2 934.25 301.70 2.97
Resistance 2 372.0 435.1 930.75 300.70 2.95
Resistance 1 369.3 427.2 928.00 299.40 2.92
Pivot 366.3 422.1 924.50 298.40 2.90
Support 1 363.5 414.2 921.8 297.1 2.9
Support 2 360.5 409.1 918.25 296.10 2.85
Support 3 357.8 401.2 915.50 294.80 2.82

Economic Reports, source: 

http://app.bettertrader.co

Economic Reports - Thursday, August 17th

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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Knowing what you don’t know in the markets…..8-16-2017

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

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Knowing What You Don’t Know in Trading Markets
The headline of this educational feature may be a bit confusing, but I will explain what I mean shortly. First, I want to reiterate that trading futures, stock and FOREX markets is not an easy undertaking. It disgusts me that there are a few unsavory people in our industry that portray trading as an easy, get-rich-quick scheme, or as some endeavor for which there are “secrets” to be learned from those who hold “trading secrets.”
Folks, the plain truth is that there are no trading secrets and no easy paths to quick success in trading markets. Beware of anyone who tries to tell (or sell) you such.
One of the biggest obstacles to success in trading markets is a lack of knowledge and understanding of the process of trading. The “process of trading” includes understanding financial leverage, market behavior and trader psychology. Understanding the process of trading can be achieved with perseverance and a willingness to continue to learn.
It’s not coincidental that trading markets is similar to most other human endeavors: Hard work and experience are required to achieve notable success. A person who enjoys classic automobiles would not attempt to tear down and successfully rebuild an engine without having some previous experience, or without having learned about the workings of an automobile engine-including knowing about the tools involved in the operation.
I have written numerous times that learning about different trading tools, different markets and different trading strategies provides a solid foundation on the road to trading success.
Ironically, I believe a major advantage of being an experienced trader is knowing what you don’t know about markets and trading. Yes, you heard that right: Knowing what you don’t know.
What do I mean by this? I mean that there are certain elements of futures trading about which I do not “know,” and never will.
I don’t “know” what markets are going to do in the future. Some may ask, “How can you be in this business and not know what markets are going to do? How can you be a successful trader and not know where market prices are going?” My answer is that market analysis and trading (at least the way I see it) is not a business of bold predictions, but one of exploring market probabilities based upon market knowledge, price history, human behavior and trading experience. The fact that I “know that I don’t know” exactly what a market will do gives me a trading edge. Why? Because I will exercise more caution and think about and plan for what could happen if a trade turns against me. I know that some trades will indeed turn against me and that I need to have the capital to trade another day, so I won’t “put all my eggs in one basket.”
I prudently place protective buy and sell stops on trades because I do not “know” what the markets will do. I would rather absorb a small trading loss and be termed “wrong” about that trade, as opposed to risking trading with no protective stops and seeing a small loser turn into a big loser–all in the “hope” the market will turn around so I can be proven “right.”
(Do you see what I mean when I discuss human behavior? Most of us don’t like to be “wrong,” and will make decisions so that we are not wrong. In trading, sometimes the decisions traders make to avoid being “wrong” are not prudent decisions for those wanting to be successful traders in the long run.)
One sure fire clue I get that a trader does not have much trading and market experience (and needs more!) is when the trader tells me he or she “knows” a market is going to do something. What can be even worse is when a trader thinks he or she “knows” what the market is going to do, and then makes a trade that turns out to be a winner. That type of psychological reinforcement of a flawed trading characteristic only sets up the trader for a bigger disappointment at some point in the future-likely sooner rather than later.
Traders absolutely must respect the markets. Only the markets are 100% right. Traders who think they “know” exactly what a market will do are not showing the markets respect.
That’s it for now. Next time, we’ll examine another important issue on your road to trading success.
Jim Wyckoff is the proprietor of the analytical, educational and trading advisory service, “Jim Wyckoff on the Markets.” He has a website at www.jimwyckoff.com and his email address is jim@jimwyckoff.com.

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.

Read the rest of this entry »

Posted in: Future Trading News  

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Track your Trading and do what you do best….. 8.15.2017

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

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Back at my desk after 2 weeks vacation, hope you enjoyed the quiet of “no commentary”….
I must be honest, not much changed in the markets….Seems like GeoPolitical events or should I say noise are moving different markets up and down. The good news is that I see a bit more wider ranges and volatility which is what most day traders are looking for.
Crude, gold, bonds and Stock Indices in this order, seem to have the best intraday moves although natural Gas woke up a bit and the grains continue their summer volatility.
Like I mentioned before on this blog, know your strengths and weaknesses. Is there a specific market you trade better than others? Are there times of the day that you do better at?
Keep a journal and try to keep track in order to see if there is a certain pattern or just randomness. if there is a pattern, use it to your advantage and your bottom line trading. Do what you do well and not what is “sexy” or what you would like to see….
Dennis Rodman made a killing in the NBA just knowing his strengths ( rebounds/defense) and ALSO knowing what he can NOT do ( scoring, creating etc.) Should be no different when it comes to trading. Yes many would love to trade the mini SP and trade it well but some find better success with other markets like Crude Oil.

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.

Read the rest of this entry »

Posted in: Future Trading News  

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Support and Resistance levels for 8.10.2017

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

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There will be no market commentary today.

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.

Read the rest of this entry »

Posted in: Future Trading News  

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