Create Trading Rules + Support & Resistance Levels 8.9.2018

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Creating Trading Rules can help eliminate some of the emotions from trading when speaking of trading rules, I think there are two levels of the subject. One is in terms of general rules such as:
  • Only use risk capital
  • Do not over trade
  • Do not be greedy and many more of this nature
The other set of trading rules relate more to trading strategy perhaps even trade systems. In my opinion, the following are important trading rules when it comes to a trading strategy:
  1. Know which markets you are trading
  2. Know how many markets you are trading at any one give time
  3. Know the time frame for your trading, i.e. Are you day trading or swing trading?
Once you answer the questions above you can get into even more specific rules. For the sake of educational purposes let’s assume the following:
  • We will focus on trading crude oil, mini Russell 200 and gold futures.
  • We cannot be in more than 2 markets at any one given time.
  • We are approaching trading as an intraday activity, so we will be in and out within the primary trading sessions that starts at 8:30 AM EST and ends at 4 PM EST
Now that we know the answers for the first more general set of rules you need to decide and answer the questions below to create the following trading rules:
  1. When do we enter a trade?
  2. Quantity of contracts we will trade?
  3. Decide when to exit a trade when a trade is losing
  4. Decide rules for taking profits or exit targets.

 

 

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.

Futures Trading Levels

08-09-2018

 

Contract September 2018  SP500 #ES_F Nasdaq100  #NQ_F Dow Jones  #YM_F Mini Russell #RTY_F BitCoin Index #XBT_F
Resistance 3 2871.00 7551.17 25721 1709.97 7366.32
Resistance 2 2866.75 7523.58 25676 1701.13 7080.50
Resistance 1 2861.50 7497.67 25608 1694.27 6698.67
Pivot 2857.25 7470.08 25563 1685.43 6412.85
Support 1 2852.00 7444.17 25495 1678.57 6031.02
Support 2 2847.75 7416.58 25450 1669.73 5745.20
Support 3 2842.50 7390.67 25382 1662.87 5363.37
Contract December Gold #GC_F Sept. Silver #SI-F Sept. Crude Oil #CL-F Sept.  Bonds  #ZB_F Sept.  Euro #6E_F
Resistance 3 1235.9 15.69 71.71 143 16/32 1.1726
Resistance 2 1229.8 15.58 70.54 143  6/32 1.1694
Resistance 1 1225.7 15.51 68.66 142 30/32 1.1670
Pivot 1219.6 15.40 67.49 142 20/32 1.1638
Support 1 1215.5 15.33 65.61 142 12/32 1.1614
Support 2 1209.4 15.22 64.44 142  2/32 1.1582
Support 3 1205.3 15.15 62.56 141 26/32 1.1558
Contract Dec.  Corn #ZC_F Sept. Wheat #ZW_F Nov. Beans #ZS_F Dec. SoyMeal #ZM_F Sept. Nat Gas #NG_F
Resistance 3 389.8 590.7 923.67 347.10 3.04
Resistance 2 388.7 584.3 918.83 342.40 2.99
Resistance 1 386.8 577.2 914.67 339.90 2.97
Pivot 385.7 570.8 909.83 335.20 2.93
Support 1 383.8 563.7 905.7 332.7 2.9
Support 2 382.7 557.3 900.83 328.00 2.86
Support 3 380.8 550.2 896.67 325.50 2.83

Economic Reports, source: 

https://app.bettertrader.com

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.

Posted in: Future Trading News  

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