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Breakout Trading, Mean Reversion & Levels for Friday 2.19.2016

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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 February 17, 2016

Hello Traders,

For 2016 I would like to wish all of you discipline and patience in your trading!

Greetings!

Many different ways to make and lose money trading futures, even more so when day trading.

Today’s action in gold futures ( break out) led me to write about:

Three main approaches for trading, in my opinion.

The first is what I call the “trend is your friend”. A trader looks at few different time frames, looking to see if there is an established trend on longer time frame ( example 60 minutes chart) and then trying to look for pull back on lower time frames and “join the trend”. Only works for certain markets and only works few times of the month as most days markets do not have an intraday trend.

Second method is what we call break out. Traders will look for markets that have been in a lower volatility situation using indicators such as ADX for example. Then they will look at the chart to find what they feel are levels that if broken can fuel a stronger move in the same direction. These levels can be extracted visually looking at the chart or using highs/ lows of X periods. This method works better on some markets than others. I noticed that crude oil and gold futures tend to have better chances of a continued breakout move than the mini SP 500 for example.

The third one many traders use and believe in is “mean aversion”. Stock index futures in my opinion will fall into this category many trading days and today’s session ( July 24th 2014) was a good example. Market tested yesterday’s highs, then tested lows and traded in between. Traders will sometimes use RSI or Williams %R to get a feel for when the market gets away from the mean and will use counter trend methods in this case. Use of stops, when counter trend trading is even more important as you do NOT want to get caught on the few days a month when these markets do incur a break out situation…..

Obviously, all methods have good days, bad days and I guarantee you, none of these methods work all the time on all markets. Knowing the above and trying to understand what method should be the primary method for the market YOU trade and which can be used as secondary can help you while trading.

TRADE SMART / TRADE SYSTEMS — for the current rankings as well as actual performance of trading systems traded at Striker, click here.

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.

If you like Our Futures Trading Daily Support and Resistance Levels, Please share!

Futures Trading Levels

Contract March 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 1950.67 4287.83 16638 1031.13 97.52
Resistance 2 1942.08 4257.67 16576 1023.87 97.31
Resistance 1 1928.42 4204.33 16478 1013.53 97.12
Pivot 1919.83 4174.17 16416 1006.27 96.91
Support 1 1906.17 4120.83 16318 995.93 96.73
Support 2 1897.58 4090.67 16256 988.67 96.52
Support 3 1883.92 4037.33 16158 978.33 96.33
Contract Apr. Gold March Silver Apr. Crude Oil Mar. Bonds March   Euro
Resistance 3 1291.0 16.00 35.44 169 9/32 1.1224
Resistance 2 1265.8 15.78 34.82 167 29/32 1.1190
Resistance 1 1251.7 15.65 33.68 167 4/32 1.1145
Pivot 1226.5 15.44 33.06 165 24/32 1.1111
Support 1 1212.4 15.31 31.92 164 31/32 1.1065
Support 2 1187.2 15.09 31.30 163 19/32 1.1031
Support 3 1173.1 14.96 30.16 162 26/32 1.0986
Contract Mar. Corn Mar. Wheat Mar Beans Mar. SoyMeal March Nat Gas
Resistance 3 370.0 473.1 886.67 267.33 2.02
Resistance 2 369.0 470.9 884.58 266.17 1.99
Resistance 1 367.3 466.6 882.17 264.83 1.92
Pivot 366.3 464.4 880.08 263.67 1.88
Support 1 364.5 460.1 877.7 262.3 1.8
Support 2 363.5 457.9 875.58 261.17 1.78
Support 3 361.8 453.6 873.17 259.83 1.71
Economic Reports

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date

3:26pm

Currency

Impact

 

Detail

Actual

Forecast

Previous

Graph

FriFeb 19  2:00am EUR German PPI m/m -0.3% -0.5%
8:00am USD FOMC Member Mester Speaks
8:30am USD CPI m/m -0.1% -0.1%
USD Core CPI m/m 0.2% 0.1%
10:00am EUR Consumer Confidence -7

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 judgment in trading.

 

Tags: > > > Posted in: Day Trading   | Future Trading News   | Futures Trading  

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