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Category: Charts & Indicators

Weekly Newsletter: The Rising Wedge Trading Pattern + Levels for June 17th

Posted on by Ilan

Cannon Futures Weekly Newsletter Issue # 1154

 

Join our private Facebook group for additional insight into trading and the futures markets!

Have a safe Memorial Day Weekend. Trading Schedule HERE

In this issue:

  • Important Notices – FX Trading Contest
  • Trading Resource of the Week – Trading Pattern: Rectangle Trading
  • Hot Market of the Week – August Live Cattle
  • Broker’s Trading System of the Week – ES Day Trading System
  • Trading Levels for Next Week
  • Trading Reports for Next Week

 

  • Important Notices – FX Trading Contest

Participate in the upcoming Currency Cup: FX Trading Challenge where you’ll trade our suite of highly liquid benchmark FX contracts in a risk-free environment while competing against other traders for the chance to win cash prizes.
Learn how to trade FX futures and options
Through participation in our challenge, you’ll receive daily exclusive educational videos where you’ll learn about the key benefits of trading FX futures contracts.
Trade the world’s leading currencies
Competition Dates
Starts:
Sunday, July 23 at 5:00 p.m. CT / 22:00 UTC
Ends:
Friday, July 28 at 12:00 p.m. CT / 17:00 UTC
Prize Details
Overall Leaderboard
First Place Prize: $2,500
Second Place Prize: $1,500
Third Place Prize: $850
 This competition is open to residents in the United States (US), Canada (CA) excluding Quebec, *Brazil (BR), United Kingdom (UK), Germany (DE), Netherlands (NL), Switzerland (CH), United Arab Emirates (UAE), Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM), Republic of Korea (KR), Taiwan (TW), and Japan (JP).
*Residents of Brazil must have a bank account in the United States to be eligible to receive a prize.
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  • Trading Resource of the Week – : Rectangle Trading Pattern

By Joe Easton, Senior Broker
Formation:
  •    This pattern is defined as price coming into a tight range between support and resistance
  •    This pattern is a continuation pattern. If the trend was up it will continue up and down it will continue down
  • Typically, volume is lower through this period of consolidation.

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Try a FREE demo of the platform used to show the charts in this educational article. The platform is FREE and has charts, news, DOM, T&S, Alerts, advanced order entry, options and MUCH MORE!
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In the examples above the range is creating a rectangle pattern in an uptrend. Ideally this pattern breaks higher without breaking lower support. If lower support is broken this pattern would no longer be a rectangle.
How to Trade:
The ideal entry is toward the bottom of the rectangle support. If entered on this line your stop should be below support. Price should bounce off support 2 to 3 times to be confident support is present.
The more conservative entry would be when the resistance in the rectangle is broken. This can happen very quickly and needs to be timed more accurately. The lower support line then becomes your stop. You could also make the resistance line become your stop.
When price breaks out you can measure the width of rectangle and project the price to move from the breakout that same distance at a minimum.
Summary:
Rectangles patterns exist in low volume consolidation in both uptrends and downtrends. Price corrects in two ways, time and price. This would classify more as a time correction considering price stays relatively consistent. Once price closes above the resistance you can expect the price to not retrace back into the rectangle. If there is a false breakout, the continuation is less likely to occur. Generally, if you are able to spot a rectangle you can expect the price trend to continue.
Important: Trading commodity futures and options involves a substantial risk of loss.
The recommendations contained in this chart are of opinion only and do not guarantee any profits.
Past performances are not necessarily indicative of future results
Hot market of the week is provided by QT Market Center, A swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
August Live cattle Is extending its rally into new highs where the chart is taking aim at its low percentage fourth upside PriceCount to the 183.30 area. This objective is consistent with the weekly chart High established last month it should be enough to satisfy this phase of the bull market.
PriceCounts – Not about where we’ve been , but where we might be going next!
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The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
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With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
PRODUCT
SYSTEM TYPE
Intraday
Recommended Cannon Trading Starting Capital
$12,000
COST
USD 130 / monthly
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The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on back adjusted data. Please read full disclaimer HERE.
Sign Up for a Free Personalized Consultation with a Broker from Cannon Trading Company
Questions about the markets? trading? platforms? technology? trading systems? Get answers with a complimentary, confidential consultation with a Cannon Trading Company series 3 broker.

  • Trading Levels for Next Week

Daily Levels for July 17th, 2022
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
Would you like to receive daily support & resistance levels?
Yes
S
No
S

Weekly Levels

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  • Trading Reports for Next Week

First Notice (FN), Last trading (LT) Days for the Week: www.mrci.com 
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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.

 

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.

More Powell and Crude Oil Numbers+ Levels for June 22nd

Posted on by Ilan
Get Real Time updates and more on our private FB group!

Bullet Points, Highlights, Announcements

By Mark O’Brien, Senior Broker

 

General:

 

As of this typing, Federal Reserve Board Chairman Jerome Powell just wrapped up testifying before the House Financial Services Committee. Tomorrow he’ll testify in front of the Senate Banking Committee. These congressional appearances come on the heels of last week’s FOMC meeting where the central bank decided not to raise interest rates for the first time in eleven meetings. The key take-away: while inflation has eased – to just above 5% – the campaign to see inflation back to the bank’s 2% target “has a long way to go.” Moving at a pace that includes holding steady at this point, the chairman explained, will give policymakers time to analyze how higher rates are working to slow the economy.

 

Agricultural

 

Starting June 1, after a ± two-month / ±$2.00 price drop to below $13/bushel, July Soybeans have soared to today’s $15.19½ / bushel closing price, a ±$10,000 per contract move in 14 trade sessions. July corn prices started their lift-off a couple of weeks earlier and they’ve gained ±$2.00 / bushel – another ±$10,000 move – as well, as of today’s close of trading. U.S. crop conditions continue to worsen according to recent reports and forecasts for waves of cooler, wetter fronts returning and traversing a large area of the U.S. growing region into this weekend have been almost completely discounted.

 

Metals

 

Aug. gold traded to 3-month lows today, touching $1929.30 / oz. intraday, continuing a ±month and half slide from its spike high above $$2,100 ounce on May 4th.

 

Softs

 

Sugar (basis July) remained near ±12-yr highs around 25 cents / pound, but has remained choppy since its first foray to these highs back in April. Traders keep an eye on news related to Indian and Brazilian cane crop development in these important growing regions, particularly as the monsoon season approaches as this will provide guidance to this year’s crop development.

 

Quick video on the difference between TOP of the BOOK ( level 1 ) and Level 2 quotes below

Depth of Market, #DOM, Live Futures Quotes, Futures Trading platform, E-Futures, CME market data subscription, Real time data, Bids, Offers, #CME, #NYMEX, #COMEX, #CBOT

 

Quick video on Projecting possible targets when trading futures below!

Projecting possible targets when trading futures

 

Plan your trade and trade your plan. 

 

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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 when it comes to Futures Trading.

Futures Trading Levels

for 06-22-2023

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

Economic Reports, Source: 

Forexfactory.com

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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.

Level 1 and Level 2 quotes – Trading levels for June 21st

Posted on by Ilan
Get Real Time updates and more on our private FB group!

 

Fed. Chair, Powell will be testifying in congress tomorrow. Expect volatility during the speech.

Quick video on the difference between TOP of the BOOK ( level 1 ) and Level 2 quotes below

Depth of Market, #DOM, Live Futures Quotes, Futures Trading platform, E-Futures, CME market data subscription, Real time data, Bids, Offers, #CME, #NYMEX, #COMEX, #CBOT

 

Quick video on Projecting possible targets when trading futures below!

Projecting possible targets when trading futures

 

Plan your trade and trade your plan. 

 

3b644da2 2bee 4d39 8d98 5208a20bec39

 

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 when it comes to Futures Trading.

Futures Trading Levels

for 06-21-2023

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

Economic Reports, Source: 

Forexfactory.com

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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.

Juneteenth Trading Schedule, Quadruple witching + Levels for June 16th

Posted on by Ilan
Get Real Time updates and more on our private FB group!

 

Start trading September currencies and stock indices.

Tomorrow June index futures will expire into cash at 8:30 AM Central time.

Monday, June 19, 2023 US bank will be closed in observance of Juneteenth. There will be no money transactions Wires, ACH, Internal transfer and or currency conversion.

Please see modified trading schedule HERE.

 

Quick video on Projecting possible targets when trading futures below!

Projecting possible targets when trading futures

 

Rollover is here for stock indices. i.e., the E-mini and Micro S&P, Nasdaq, Dow Jones and Russell 2000.

  Volume in the June contracts will begin to drop off until their expiration next Friday, June 16th (8:30 A.M., Central Time). At that point, trading in these contracts halts. Stock index futures are CASH SETTLED contracts. If you hold any June futures contracts through 8:30 A.M., Central Time on Friday, June 16th, they will be offset with the cash settlement price, as set by the exchange.

The month code for September is ‘U.’  Please consider carefully how you place orders when changing over.

Watch the video below on how to rollover your market depth and charts!

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Plan your trade and trade your plan. 

 

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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 when it comes to Futures Trading.

Futures Trading Levels

for 06-16-2023

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

 

Economic Reports, Source: 

Forexfactory.com

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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.

Fed Pause Rates, ECB Tomorrow + Levels for June 15th

Posted on by Ilan
Get Real Time updates and more on our private FB group!

 

Don’t take anything for granted:

By Mark O’Brien, Senior Broker

It’s a big week for financial markets and their related futures contracts with interest rate decisions from three major central banks coming one after another: the U.S. Federal Reserve (which just decided not to raise rates for the first time in eleven months), the European Central Bank and the Central Bank of Japan.

 

The Bank of Canada hiked rates last Wednesday to a 22-year high of 4.75%, having held rates steady since January.  The day prior, Australia’s central bank raised rates by a quarter point to an 11-year high and warned of further tightening ahead.

 

One of the take-aways from last week’s surprise rate increases in Canada and Australia and today’s first-time respite by the Fed.: don’t take anything for granted.

 

Economies around the world are experiencing disparate inflation trajectories compared to others – including the U.S. – and their central bank’s efforts to getting inflation down have started to deviate somewhat.  Financial and other futures markets, ever reacting to uncertainty – often overreacting – may become even more challenging arenas within which to trade.

 

This is pretty clear set-up to submit again the usefulness of trading options – either in combination with your futures trading or exclusive of it.  Trading options offers a near limitless range of risk/reward scenarios to take on, from that on par with straight futures trading to substantially less to absolutely limited.  And because options are valued in part by their ever-decaying lifespans, they offer another component to a trade’s outcome: time value.

 

If you think options aren’t for you, consider one sector’s growth in this area in the last recent years: equity index options.  Options in the E-mini S&P 500 and E-mini Nasdaq continue to see strong growth in participation and volume as market participants are increasingly turning to the them as part of their trading – and talk to your broker at Cannon Trading Co. for more information.

See below the ADV ( avg. daily volume) for NQ and ES

E-mini S&P 500 Options Annual ADV

E-mini Nasdaq-100 Options Annual ADV

Rollover is here for stock indices. i.e., the E-mini and Micro S&P, Nasdaq, Dow Jones and Russell 2000.

  Volume in the June contracts will begin to drop off until their expiration next Friday, June 16th (8:30 A.M., Central Time). At that point, trading in these contracts halts. Stock index futures are CASH SETTLED contracts. If you hold any June futures contracts through 8:30 A.M., Central Time on Friday, June 16th, they will be offset with the cash settlement price, as set by the exchange.

The month code for September is ‘U.’  Please consider carefully how you place orders when changing over.

Watch the video below on how to rollover your market depth and charts!

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Plan your trade and trade your plan. 

 

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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 when it comes to Futures Trading.

Futures Trading Levels

for 06-15-2023

 

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

Economic Reports, Source: 

Forexfactory.com

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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.

NQ vs ES & Memorial Day Trading Schedule

Posted on by Ilan
Get Real Time updates and more on our private FB group!

Debt Ceiling, FOMC Minutes & Stocks – NQ vs the ES?

Ilan Levy-Mayer

 

Recently, we have listened to quite a bit of noise regarding the debt ceiling and the possible effect on the economy and the stock market. It is my personal opinion that a resolution will be reached and at that point we may see stocks going higher. Although it’s hard to tell and no one can predict the future, from technical perspective I’m looking at the NQ chart (E-mini Nasdaq 100) and the ES chart (E-mini S&P 500) and I feel that the NASDAQ 100 is stronger than the S&P 500. Hence I would look for a possible spread between the two indexes.

In terms of a possible futures spread, I think a good ratio may be 2:3 – either with two LONG E-mini Nasdaq vs. three SHORT E-mini S&P 500, or two LONG Micro E-mini Nasdaq vs. two SHORT Micro E-mini S&P 500. This is based on recent price levels, volatility and trend.

Below you will see a daily chart of both markets and levels to watch for.

See chart and read the rest HERE

 

Plan your trade and trade your plan. 

 

Memorial Day 2023 Futures Trading Schedule
Memorial Day 2023 Futures Trading Schedule

 

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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 when it comes to Futures Trading.

Futures Trading Levels

for 05-26-2023

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

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Economic Reports, Source: 

Forexfactory.com

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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.

FOMC Minutes this week, Flash PMI Tomorrow

Posted on by Ilan
Get Real Time updates and more on our private FB group!

 

The Week Ahead:

By John Thorpe, Senior Broker

THIS WEEK FOMC Minutes will be the big mover in addition to ongoing Debt limit increase negotiations between The Executive and Legislative branches of government. Minutes of the FOMC meeting of May 2-3 will be released on Wednesday at 1:00PM CDT. In the immediate wake of the FOMC statement there was optimism that Fed policymakers were leaning toward a pause in interest rates after a swift raising of the fed funds target range by 500 basis points that began 13 months ago. However, Fed Chair Jerome Powell pushed back against that perception in his press briefing on May 3. Although, he did say last week that tight credit conditions may limit the need for further policy tightening. In the weeks since the meeting, other Fed policymakers have cautioned against being too certain that more rate hikes are not on the way.

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The minutes are likely to reinforce these views, and that these views probably haven’t shifted. The economic data released in recent weeks point to a still strong labor market and continued stubborn inflation. This is the formula that has kept the Fed on a path of further tightening to address imbalances in the labor supply/demand and reduce demand for goods and services that are pushing up prices.

 

Plan your trade and trade your plan. 

 

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 when it comes to Futures Trading.

Futures Trading Levels

for 05-23-2023

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

 

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Economic Reports, Source: 

Forexfactory.com

 

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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.

Futures Trade Alerts you can PLUG in Sierra Charts + Trading Levels 4.21.2023

Posted on by Ilan
Get Real Time updates and more on our private FB group!

July is front month for GRAINS and SOFTS.

Flash PMI tomorrow.

Would you like to try the signals below on your own charts? The below is ES 10,000 volume chart from today’s session.

Get your FREE TRIAL today.

 

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HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NO INVOLVE FINACIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETLEY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

 

Plan your trade and trade your plan. 

 

 

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 when it comes to Futures Trading.

Futures Trading Levels

for 04-21-2023

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

3b644da2 2bee 4d39 8d98 5208a20bec39

Economic Reports, Source: 

Forexfactory.com

 

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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.

Weekly Newsletter: Trading Signals on your Charts! + Levels for April 17th

Posted on by Ilan

Cannon Futures Weekly Newsletter Issue # 1141

 

Join our private Facebook group for additional insight into trading and the futures markets!

In this issue:

  • Important Notices – Goodbye Eurodollar 🙁
  • Trading Resource of the Week – Live Customized Trading Signals on your Charts
  • Hot Market of the Week – June Gold
  • Broker’s Trading System of the Week – E-mini SP Intraday System
  • Trading Levels for Next Week
  • Trading Reports for Next Week

 

  • Important Notices – Goodbye Eurodollar

Heads up traders:
Today we say goodbye to a commodity that for ±20 years starting in the early 2000’s held the title of largest open interest futures contract in the world: the Eurodollar. Long the benchmark for hedging short-interest rates, it is being replaced today by the Three-Month Secured Overnight Financing Rate (SOFR) Futures.
SOFR measures the cost of borrowing U.S. dollar cash overnight using Treasury securities as collateral. SOFR has been recommended by the U.S. Federal Reserve’s Alternative Reference Rate Committee (ARRC) and SOFR looks set to become the main indicator of U.S. dollar interest rates around the world as global regulators encourage market participants to transition to SOFR.
CME Group launched SOFR-based futures in 2018 to support the transition. Starting today, any Eurodollar exposure where the start date is beyond June 30, 2023, will automatically convert to the corresponding CME SOFR. For more information regarding the conversion process, please visit the CME Group web site.

  • Trading Resource of the Week – Customized Trading Signals

Try our in-house created family of technical studies
Free 3-week trial includes video tutorial and 23-page PDF e-book, explaining the studies’ approach and how to apply them to your trading.
Approach focuses on counter-trend and trend following price action and trade management.
Some examples for educational purposes below in the screen shot
#ES, Mini S&P
ES Futures charts with buy sell indicators

 

Hot market of the week is provided by QT Market Center, A swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
June Gold is approaching its second upside PriceCount objective where it would be normal for the chart to react with a near term consolidation or corrective trade upon satisfying the count. At this point, IF there is another leg up to this bull run, the 3rd PriceCount objective run is towards the 2261 area.
PriceCounts – Not about where we’ve been , but where we might be going next!
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The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
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With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
PRODUCT
SYSTEM TYPE
Intraday
Recommended Cannon Trading Starting Capital
$12,000
COST
USD 130 / monthly
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The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on back adjusted data. Please read full disclaimer HERE.
Sign Up for a Free Personalized Consultation with a Broker from Cannon Trading Company
Questions about the markets? trading? platforms? technology? trading systems? Get answers with a complimentary, confidential consultation with a Cannon Trading Company series 3 broker.

  • Trading Levels for Next Week

Daily Levels for April 17th, 2022
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

Weekly Levels

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  • Trading Reports for Next Week

First Notice (FN), Last trading (LT) Days for the Week:
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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

Short Covering? 04.14.2023 Trading Levels

Posted on by Ilan
Get Real Time updates and more on our private FB group!

 

Yesterday’s CPI print with FOMC minutes triggered a sell off into the market. Coming into today, the jobless claims news triggered a rally. Despite us selling off yesterday, bulls were able to regain back control as dips has been bought.

As this plays out, people who are short managed to get squeezed out fueling the market higher like today.

Is this a short covering or a resumption of short term uptrend? In my opinion tomorrow’s report will provide additional clues.

See 30 minute chart below.

 

ES Mini S&P Futures chart

 

Plan your trade and trade your plan. 

 

 

 

 

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 when it comes to Futures Trading.

Futures Trading Levels

for 04-14-2023

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

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Economic Reports, Source: 

Forexfactory.com

 

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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.

RISK DISCLOSURE: Past results are not necessarily indicative of future results. The risk of loss in futures trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.