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Crude Oil & Gold Futures Renko Charts; Economic Reports & Levels 10.08.2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

 

Another two markets I like to touch on when it comes to “other markets to daytrade beside the mini SP 500” are Crude Oil Futures and Gold futures.

 

More than a few similarities between the two markets.

 

They are both volatile, can move VERY fast. I have seen some very large moves happen in matter of minutes if not seconds. The “fear & greed” factor really plays a role in these specific two markets.

Both have active trading hours starting with Far East trading around 10 PM est all the way to the next morning until about 3 PM est. Good volume generally speaking but not close to the mini SP or ten year notes. So you may see some slippage on stops but the volume is more than enough to trade size.

Each tick on gold is $10, so every dollar move =$100 against you or in your favor. Crude is similar, each tick = $10. One full $1 move = $1000.

Both markets “traded what I consider average behavior” , the range on gold was $11 or = $1100 wide using one futures contract. Crude ranges today was less than $1.95 or about $1950 between hi/lo.

 

I like using overbought/ oversold indicators on the two markets as well as using range / Renko charts.

 

If you never traded these markets before, I highly recommend exploring in simulation/ demo mode. get a feel for the explosiveness, volatility, personality for a few weeks before trying in live mode.

 

As always, any questions, please feel free to email me.

Two charts from today’s session of gold and crude for your review below:

 

 

 

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

 

 

Futures Trading Levels

Contract Dec. 2014 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 1977.25 4052.25 17094 1103.50 86.70
Resistance 2 1966.75 4031.25 16999 1096.90 86.46
Resistance 1 1946.75 3992.25 16818 1084.50 86.12
Pivot 1936.25 3971.25 16723 1077.90 85.88
Support 1 1916.25 3932.25 16542 1065.50 85.54
Support 2 1905.75 3911.25 16447 1058.90 85.30
Support 3 1885.75 3872.25 16266 1046.50 84.96
Contract December Gold Dec.Silver Nov. Crude Oil Dec. Bonds Dec. Euro
Resistance 3 1226.7 18.06 92.00 142 11/32 1.2805
Resistance 2 1220.4 17.84 91.29 141 17/32 1.2747
Resistance 1 1215.6 17.52 90.05 141 3/32 1.2707
Pivot 1209.3 17.30 89.34 140 9/32 1.2649
Support 1 1204.5 16.98 88.10 139 27/32 1.2609
Support 2 1198.2 16.76 87.39 139 1/32 1.2551
Support 3 1193.4 16.44 86.15 138 19/32 1.2511
Contract Dec Corn Dec. Wheat Nov. Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 352.3 506.7 973.00 327.87 33.86
Resistance 2 346.7 506.6 963.75 322.33 33.69
Resistance 1 343.6 506.4 952.25 317.77 33.40
Pivot 337.9 506.3 943.00 312.23 33.23
Support 1 334.8 506.2 931.5 307.7 32.9
Support 2 329.2 506.1 922.25 302.13 32.77
Support 3 326.1 505.9 910.75 297.57 32.48
Economic Reports

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

All times are Eastern time Zone (EST)

 

Date 4:08pm Currency Impact Detail Actual Forecast Previous Graph
WedOct 8  10:30am USD Crude Oil Inventories 2.1M -1.4M
1:01pm USD 10-y Bond Auction 2.54|2.7
2:00pm USD FOMC Meeting Minutes

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: Commodity Brokers   | Commodity Trading   | Crude Oil   | Energy Futures   | Futures Broker   | Futures Trading   | Metal Futures  

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