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.


How Discount Futures Brokers Saves Your Time and Money

You’ve just decided that it’s time to open a trading account. Maybe you’ve already spent time studying the markets and mapping out your trade strategy – or you’ve put it on your to-do list.

However much time you plan on devoting to this task, or how intently you plan on concentrating on it, you’ll also have another important thing to consider – seriously: who to use as your futures broker. At the most basic level, trading is putting your money at risk – in the hands of a brokerage house responsible for handling your funds and executing/clearing your trades. Those trades will incur commissions and require margin to hold in your account – and all these components call for their own analysis.

If you’ve decided to open an account with a discount broker, it’s presumed you’ll be selecting a trading platform with which you’ll place your own trades, unassisted. As the name implies, commissions for trades placed through a discount broker are less – often meaningfully – than full-service brokers. Commissions are that main fixed cost of trading, so the more trades you make, the higher your fixed costs, the greater the impact on your account’s bottom line. So, certainly you want to be mindful of this aspect of your trading. And to that end, make sure you understand how commissions are quoted, the several elements of a commission and how they’re presented to you overall.

Futures commissions are almost always charged on a per-trade basis and are quoted as “per side.” Two sides – a buy and a sell (in either order) constitute a “round turn. ”The elements of a commission include the exchange fee, the National Futures Association (NFA) fee, the brokerage fee and possibly other fees (routing fees, platform fees, etc.) The bottom line when you’re doing your shopping: understand the total per side / per round turn commission – not leaving out any of its elements – so that you have an accurate assessment of this cost to your trading, so you can compare among those firms with which you’re considering opening your account.

To quote Warren Buffet, “Price is what you pay; value is what you get.” When opening a futures trading account, this translates to: know what you want/need to be the trader you want to be: the features of your trading platform, the availability of your broker, the support the clearing firm provides, the clearing firm’s day-trading margins, whether the clearing firm is staffed with an overnight desk, etc. Find what you want, become comfortable with its costs, open your account, plan your trade and trade your plan.

One last word regarding trading platforms: there’s no argument that placing trades via an online trading platform with instantaneous access to the futures markets is by far the most efficient means of trade execution – compared to dialing up a futures broker, providing verbal trade instructions that the broker needs to listen to, repeat back to you to make sure the order is understood and then place the trade on your behalf. So, look for a trading platform you’re comfortable using. There is a fairly wide range of choices available for you to single out for yourself. Almost all FCM’s offer their own proprietary platforms and they support the many third-party ones available as well.


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.

Posted in: Futures Broker   | Futures Trading  

-


Opportunities and risks + Trading Levels and Reports for June 15th 2018

____________________________________________________________________

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

____________________________________________________________________

Dear Traders,

Read our guide which outlines some important futures  trading concepts. It may be beneficial to read this guide before trading commodities on the futures market.
93 page PDF with topics including: options 101, trading strategies, spreads, margins, regulations and much more.
 Guide to Risk and Opportunities of Futures and Options Trading.

Download the booklet.

 

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

06-14-2018

Contract September 2018  SP500 #ES_F Nasdaq100  #NQ_F Dow Jones  #YM_F Mini Russell #RTY_F BitCoin Index #XBT_F
Resistance 3 2819.00 7468.17 25522 1710.10 7253.92
Resistance 2 2806.50 7394.58 25437 1700.40 6983.85
Resistance 1 2797.25 7352.42 25318 1695.30 6813.29
Pivot 2784.75 7278.83 25233 1685.60 6543.22
Support 1 2775.50 7236.67 25114 1680.50 6372.66
Support 2 2763.00 7163.08 25029 1670.80 6102.59
Support 3 2753.75 7120.92 24910 1665.70 5932.03
Contract August Gold #GC_F July Silver #SI-F July Crude Oil #CL-F Sept.  Bonds  #ZB_F June  Euro #6E_F
Resistance 3 1324.4 17.77 68.09 144 19/32 1.2040
Resistance 2 1318.7 17.56 67.63 144  4/32 1.1949
Resistance 1 1312.4 17.39 67.29 143 26/32 1.1768
Pivot 1306.7 17.18 66.83 143 11/32 1.1677
Support 1 1300.4 17.00 66.49 143  1/32 1.1496
Support 2 1294.7 16.79 66.03 142 18/32 1.1405
Support 3 1288.4 16.62 65.69 142  8/32 1.1224
Contract July  Corn #ZC_F July Wheat #ZW_F July Beans #ZS_F July SoyMeal #ZM_F July Nat Gas #NG_F
Resistance 3 378.3 521.7 944.92 352.33 3.03
Resistance 2 375.0 516.3 940.08 350.47 3.00
Resistance 1 369.0 508.9 933.67 346.83 2.98
Pivot 365.8 503.6 928.83 344.97 2.96
Support 1 359.8 496.2 922.4 341.3 2.9
Support 2 356.5 490.8 917.58 339.47 2.91
Support 3 350.5 483.4 911.17 335.83 2.89

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  

-


Tips on Trading Crude Oil Futures & Levels 6.14.2018

____________________________________________________________________

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

____________________________________________________________________

Dear Traders,

A few weeks ago I shared an old article I wrote about trading crude oil futures and one of the blog readers mentioned it was “recycled material”. While I think the info in that article is timeless, the reader was right so I decided to write another article on the topic with tips into day-trading crude oil futures.
You can read the full article at:
 

 

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

06-14-2018

Contract September 2018  SP500 #ES_F Nasdaq100  #NQ_F Dow Jones  #YM_F Mini Russell #RTY_F BitCoin Index #XBT_F
Resistance 3 2809.83 7349.83 25515 1702.40 7042.89
Resistance 2 2802.92 7319.92 25447 1696.80 6831.65
Resistance 1 2792.58 7279.08 25344 1689.80 6556.77
Pivot 2785.67 7249.17 25276 1684.20 6345.53
Support 1 2775.33 7208.33 25173 1677.20 6070.65
Support 2 2768.42 7178.42 25105 1671.60 5859.41
Support 3 2758.08 7137.58 25002 1664.60 5584.53
Contract August Gold #GC_F July Silver #SI-F July Crude Oil #CL-F Sept.  Bonds  #ZB_F June  Euro #6E_F
Resistance 3 1318.2 17.54 68.58 144  9/32 1.1899
Resistance 2 1311.7 17.34 67.74 143 23/32 1.1852
Resistance 1 1307.5 17.22 67.21 143  7/32 1.1823
Pivot 1301.0 17.02 66.37 142 21/32 1.1776
Support 1 1296.8 16.90 65.84 142  5/32 1.1747
Support 2 1290.3 16.70 65.00 141 19/32 1.1700
Support 3 1286.1 16.58 64.47 141  3/32 1.1671
Contract July  Corn #ZC_F July Wheat #ZW_F July Beans #ZS_F July SoyMeal #ZM_F July Nat Gas #NG_F
Resistance 3 383.4 538.8 954.17 360.47 3.05
Resistance 2 380.8 533.5 949.83 357.43 3.01
Resistance 1 378.4 525.0 942.92 352.57 2.99
Pivot 375.8 519.8 938.58 349.53 2.95
Support 1 373.4 511.3 931.7 344.7 2.9
Support 2 370.8 506.0 927.33 341.63 2.89
Support 3 368.4 497.5 920.42 336.77 2.86

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  

-


Trading Crude Oil Futures

Tips for day trading NYMEX crude oil futures

By Ilan Levy-Mayer, VP Cannon Trading Co, Inc.

When it comes to day trading futures contracts, crude oil futures are assumed one of the leading positions as far as trading volume.

 

During the month of May 2018,  crude oil futures averaged around 1 Million contracts traded per day! That actually surpasses contracts like the ten-year notes, mini SP, mini Nasdaq and others who have traditionally been leaders’ in terms of volume.

 

Part of the growth in crude oil futures is attributed to day trader participation. Day traders, by definition, will enter and exit their positions during the same trading day. This adds volume to the market traded.

 

Some of the tips I am sharing below can be applied to most futures contracts as well as other financial products that are traded like stocks, forex, bonds and others. Some of the advice I am sharing is very specific to the crude oil futures trading field.

 

  1. Know the product you are trading:

 

  1. Just like a trader who trades a stock like Facebook knows what Facebook does, when its earning reports are due and other factors, so does a crude oil futures day trader needs to know a few facts about crude oil:

 

  • Contract Size: Crude Oil Futures consist of 1,000 barrels. For the trader this means that each full $1 move in crude futures = $1,000 against you or in your favor.

 

For example:  A move from 72.10 to 73.10 = $1,000 and a move from 72.10 to 72.11 = $10 (the minimum fluctuation size or the tick size). Be aware that the CME also offers the mini crude contract,  which is half the size.

 

  • Trading Hours: Crude oil futures trade on the Globex terminal between the hours of 5:00 PM CST the DAY BEFORE to 4:00 PM CST the following day. Which means 23 hours of straight trading. It is important to know that most of the volume will trade between the hours of 8:00 AM CST and 1:30 PM CST, as these hours correspond to the “pit session” of the old trading floor.

 

Another key aspect to remember is that crude oil is a deliverable commodity and the “front month” will change every 30 days or so. For example: since May 22nd 2018 we have been trading July crude oil.

 

  • Reports: There are more than a few reports that will affect crude oil future prices indirectly. These include monthly unemployment, the FOMC rate decision, and a few others.

 

However, there are two major reports that move crude oil futures and its by-products (unleaded gasoline and heating oil) sharply: The API report, which comes out at 3:30 PM CST every Tuesday, and the DOE (Dept. of Energy) inventory numbers, which come out almost every Wednesday at 9:30AM CST.

 

Take a look at this one-minute chart from Wednesday, May 16th right around the report time below to understand the volatility involved.

As you can see above, the market made a move of $700 per ONE contract in a matter of minutes, perhaps even seconds! That type of risk and opportunity is one of the factors attracting day-traders into the crude oil market.

 

  • Geo Political Events: Middle East tensions, the Iran nuclear deal, tensions between Iraq and its neighbors…these are all examples of events that affect crude oil prices. Not to mention OPEC meetings!

 

 

  1. Trading Personality:

 

In my opinion crude oil (like many other markets) will have one of the following 3 modes: trending, two-sided volatility, or Choppy/quiet/range bound trading.

 

My experience is that crude will more often fall into the first 2 categories:  strong trend or two-sided volatility.  This leads me to my next point below, different trading set-ups.

 

  1. Trading Set-Ups:

 

My preferred methods for trading crude are either breakout concept in an attempt to catch a strong move up or down once the market broke some key support or resistance levels, AND/OR counter trend methods to take advantage of when the market is oversold or overbought. Crude does seem to bring more fear and greed out of traders. So looking at RSI levels, for example, and using moving averages ON the RSI to try and get a feel for market reversals are methods worth exploring.

 

  1. Keep a journal:

 

Like with any other trading, keep a journal. Take notes on how the market reacted to certain reports, how the markets traded during certain times of the day, and action you took and emotions you had that either helped or hurt you while trading. These notes will help you going forward.

 

In summary, crude oil futures volume has increased significantly these past few years. The crude oil futures offer traders certain dynamics that other markets may not at certain times. Volatility, fear and greed are key traits for this market. Remember that trading crude oil futures specifically and futures and options in general carries a large degree of risk and is not suitable for all investors. Make sure you consult with a series 3 broker if you never traded this market before. As always, I wish you Good Trading!

 

Important: Trading commodity futures and options involves a substantial risk of loss.

The recommendations contained in this letter are of opinion only and do not guarantee any profits.

There is not an actual account trading these recommendations.

Past performances are not necessarily indicative of future results.

Tags: > > > > > Posted in: Commodity Brokers   | Commodity Trading   | Crude Oil   | Day Trading   | Energy Futures   | Futures Broker   | Futures Trading   | futures trading education   | Options Trading   | Trading Guide  

-


Insights into trading ( or not….) on FOMC days & Levels 6.13.2018

____________________________________________________________________

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

____________________________________________________________________

Dear Traders,

CME Fed Funds futures is currently projecting, with a 93.6 % confidence level;  .25 increase for tomorrow’s  FRB rate announcement.
FOMC days are quite different in their behavior:
** The FOMC interest rate decision is due at 2:00 ET in the US tomorrow. This is followed by the conference which will provide more clues ( volatility).
FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.
if you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market.
The following are 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 2765.00 with a stop at 2759.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 2759.75 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.
  • 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!!

 

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

06-13-2018

Contract September 2018  SP500 #ES_F Nasdaq100  #NQ_F Dow Jones  #YM_F Mini Russell #RTY_F BitCoin Index #XBT_F
Resistance 3 2806.83 7319.17 25551 1708.70 7238.88
Resistance 2 2800.42 7280.83 25477 1700.50 7070.75
Resistance 1 2795.08 7257.67 25405 1693.80 6787.27
Pivot 2788.67 7219.33 25331 1685.60 6619.14
Support 1 2783.33 7196.17 25259 1678.90 6335.66
Support 2 2776.92 7157.83 25185 1670.70 6167.53
Support 3 2771.58 7134.67 25113 1664.00 5884.05
Contract August Gold #GC_F July Silver #SI-F July Crude Oil #CL-F Sept.  Bonds  #ZB_F June  Euro #6E_F
Resistance 3 1312.8 17.19 67.48 143 23/32 1.1878
Resistance 2 1308.8 17.09 67.09 143 11/32 1.1846
Resistance 1 1304.3 16.99 66.65 143  3/32 1.1801
Pivot 1300.3 16.88 66.26 142 23/32 1.1769
Support 1 1295.8 16.78 65.82 142 15/32 1.1724
Support 2 1291.8 16.68 65.43 142  3/32 1.1692
Support 3 1287.3 16.58 64.99 141 27/32 1.1647
Contract July  Corn #ZC_F July Wheat #ZW_F July Beans #ZS_F July SoyMeal #ZM_F July Nat Gas #NG_F
Resistance 3 392.2 566.8 972.08 361.33 3.05
Resistance 2 385.8 552.5 967.67 358.97 3.02
Resistance 1 381.7 543.5 960.83 356.23 2.98
Pivot 375.3 529.3 956.42 353.87 2.95
Support 1 371.2 520.3 949.6 351.1 2.9
Support 2 364.8 506.0 945.17 348.77 2.88
Support 3 360.7 497.0 938.33 346.03 2.84

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  

-



Cannon Trading Reviews


What do our customers say about us:



________
Doing Business With
See more...
Loading
Loading

Loading

Download Cannon’s new eBook, “Futures Forthright” instantly.


Quick Tip: After registering you will be emailed login information, so be sure to use an email address you have access to. If you need assistance please call us at 1-800-454-9572, a professional broker will help you through the registration process.