8 Steps for Successful Day Future Trading - Cannon Trading

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.

8 Steps for Successful Day Trading & Futures Levels & Economic Reports for 11.06.2013

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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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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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Futures Trading Levels

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
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


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

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