8 Steps for Successful Day Trading & Futures Levels & Economic Reports for 11.06.2013
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Wednesday November 6, 2013
Hello Traders,
For 2013 I would like to wish all of you discipline and patience in your trading!
8 Steps for successful Day-Trading
My name is Ilan Levy-Mayer and I am the Vice President and Senior Futures Broker at Cannon Trading. I came up with the following personal observations after serving online traders worldwide for more than 15 years.
The following steps are guides to progress, and are not necessarily in sequential order. Some of them are always required, but each futures trader is different and will relate to these stages in their own ways. While attempting to learn and progress, one must keep in mind that futures trading is risky and can involve significant losses.
1. Education
Hopefully if you are already trading you have completed your initial education: contract specs, trading hours, futures brokers, platforms, the opportunities as well as the risk and need to use risk capital in futures, and so on. Understanding this information is essential to futures trading. The second type of education is ongoing: learning about trading techniques, the evolution of futures markets, different trading tools, and more.
2. Find a System
I am definitely not advising you to go on the web and subscribe to a “black box” system (using buy/sell triggers if don’t know why they are being generated). What I am advising is developing a trading technique: a general set of rules and a trading concept. As you progress, you may want to put the different rules and indicators into a computerized system, but the most important factor is to have a focus and a plan. Don’t just wake up in the morning and trade “blank.”
3. Survival
This is the key! Do what you need to do in order to survive this brutal business and give yourself the chance of being here down the road with more experience and a better chance of success. Survival is probably the biggest key for beginning traders. There is a saying in this business: “live to trade another day.” It is so true!
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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.
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| Contract Dec. 2013 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1778.67 | 3433.67 | 15750 | 1119.20 | 81.26 |
| Resistance 2 | 1771.33 | 3412.08 | 15670 | 1112.40 | 81.08 |
| Resistance 1 | 1765.17 | 3398.92 | 15617 | 1107.60 | 80.94 |
| Pivot | 1757.83 | 3377.33 | 15537 | 1100.80 | 80.76 |
| Support 1 | 1751.67 | 3364.17 | 15484 | 1096.00 | 80.62 |
| Support 2 | 1744.33 | 3342.58 | 15404 | 1089.20 | 80.44 |
| Support 3 | 1738.17 | 3329.42 | 15351 | 1084.40 | 80.30 |
| Contract | Dec. Gold | Dec. Silver | Dec. Crude Oil | Dec. Bonds | Dec. Euro |
| Resistance 3 | 1334.7 | 2203.7 | 96.35 | 135 1/32 | 1.3588 |
| Resistance 2 | 1327.6 | 2191.3 | 95.63 | 134 17/32 | 1.3556 |
| Resistance 1 | 1319.3 | 2180.7 | 94.52 | 133 23/32 | 1.3514 |
| Pivot | 1312.2 | 2168.3 | 93.80 | 133 7/32 | 1.3482 |
| Support 1 | 1303.9 | 2157.7 | 92.69 | 132 13/32 | 1.3440 |
| Support 2 | 1296.8 | 2145.3 | 91.97 | 131 29/32 | 1.3408 |
| Support 3 | 1288.5 | 2134.7 | 90.86 | 131 3/32 | 1.3366 |
| Contract | Dec Corn | Dec. Wheat | Jan .Beans | Dec. SoyMeal | Dec. bean Oil |
| Resistance 3 | 429.3 | 656.0 | 1268.50 | 405.47 | 41.73 |
| Resistance 2 | 428.0 | 656.0 | 1263.75 | 402.53 | 41.60 |
| Resistance 1 | 426.5 | 656.0 | 1257.00 | 397.67 | 41.37 |
| Pivot | 425.3 | 656.0 | 1252.25 | 394.73 | 41.24 |
| Support 1 | 423.8 | 656.0 | 1245.5 | 389.9 | 41.0 |
| Support 2 | 422.5 | 656.0 | 1240.75 | 386.93 | 40.88 |
| Support 3 | 421.0 | 656.0 | 1234.00 | 382.07 | 40.65 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:14pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| WedNov 6 | 3:15am | EUR | Spanish Services PMI | 48.1 | 49.0 | ||||
| 3:45am | EUR | Italian Services PMI | 51.6 | 52.7 | |||||
| 4:00am | EUR | Final Services PMI | 50.9 | 50.9 | |||||
| 5:00am | EUR | Retail Sales m/m | -0.3% | 0.7% | |||||
| 6:00am | EUR | German Factory Orders m/m | 0.6% | -0.3% | |||||
| 7:30am | USD | Challenger Job Cuts y/y | 19.1% | ||||||
| 10:00am | USD | CB Leading Index m/m | 0.7% | 0.7% | |||||
| 10:30am | USD | Crude Oil Inventories | 1.7M | 4.1M |
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 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 trading
