Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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 16, 2016
So I was trying to think of a valuable advice I can provide you as volatility increased quite a bit the last few weeks and I think it will remain higher than average for a while as we are facing quite a bit of uncertainty. This is what I came up with:
So many times as a broker I see clients who know how to make money…I see it in the daily statements, good winning %, and consistent profits UNTIL….something happens.
Either the client who is normally a day-trader decides to carry his/hers losing position and make it into a swing trade…..OR the trader is down and refuses to accept the fact it may be a losing day and decides to double down and get more aggressive because if this trade is a winner he will have another winning day….the examples go on and no I am not referring to anyone specific although many of you probably think I am talking about them.
I have done it before as a trader. It is the inability to accept a loss that creates this snow ball.
I am not a psychologist nor a professional writer (English is my second language if you did not tell by now (-:
What I am hoping for is that by writing this I may help the “good voice” inside your head that tells you DONT double down OR just keep the stop, win over that bad voice that is whispering to you to go ahead and reverse the position and double it when it is clearly not in your game plan…Trading is tough mentally, financially and emotionally, help yourself be a better trader by being a more disciplined trader.
Last but not least, do NOT enter a trade with the thought of let me get in and see how it goes…Risk levels, potential targets, game plan…should all be there BEFORE you enter the trade!
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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Levels for Trade Date of 11.16.2016
|Contract Dec. 2016||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||Dec. Gold||Dec. Silver||Dec. Crude Oil||Dec. Bonds||Dec. Euro|
|Resistance 3||1245.9||17.51||49.29||156 15/32||1.0907|
|Resistance 2||1238.6||17.32||47.68||155 31/32||1.0869|
|Resistance 1||1233.1||17.19||46.76||155 6/32||1.0805|
|Support 1||1220.3||16.88||44.23||153 29/32||1.0702|
|Support 2||1213.0||16.69||42.62||153 13/32||1.0664|
|Support 3||1207.5||16.56||41.70||152 20/32||1.0600|
|Contract||Dec. Corn||Dec. Wheat||Jan. Beans||Dec. SoyMeal||Dec. Nat Gas|
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