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Day Trading 101: Tight Stops? Wide Stops? Which One Should I Use? 10.13.2017

Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!! 

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Dear Traders,

Day Trading 101: Tight Stops? Wide Stops? Which One Should I Use?

Entry signals are very important but just as important if not more is trade management.
By: Ilan Levy-Mayer, Cannon Trading Commodities Broker & VP

This article was published on FinanceMagnates.com back in April but is definitely a timeless article.

Today I decided to touch more on an educational feature rather than provide a certain market outlook. Many of my clients and blog readers know that when it comes to short term trading I am a fan of adjusting your trading technique/ game plan according to your assessment of the type of trading day that is developing in front of you.

Many new and advanced traders spend HOURS on looking for entry signals. Back testing historical data, creating algorithms to use and much more. I know. I am one of these traders.

Trade management consists of many factors. Some are psychological and some are more mathematical and many are in between. Some of the basic elements of trade management before even entering the trade are: What will my stop loss be**? will I use a stop loss**? What will my target be? will I use a target or just trail the trade if it goes my way?

Read Full Article

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

10-13-2017

Contract December 2017  SP500 Nasdaq100 Dow Jones Mini Russell BitCoin Index
Resistance 3 2559.75 6121.67 22892 1522.77 6093.59
Resistance 2 2556.50 6109.33 22864 1517.03 5737.38
Resistance 1 2552.75 6091.17 22827 1512.57 5517.88
Pivot 2549.50 6078.83 22799 1506.83 5161.67
Support 1 2545.75 6060.67 22762 1502.37 4942.17
Support 2 2542.50 6048.33 22734 1496.63 4585.96
Support 3 2538.75 6030.17 22697 1492.17 4366.46
Contract December Gold Dec. Silver Nov. Crude Oil Dec.  Bonds Dec.  Euro
Resistance 3 1307.6 17.47 52.12 154  6/32 1.1962
Resistance 2 1303.7 17.38 51.62 153 22/32 1.1941
Resistance 1 1299.6 17.32 51.14 153 13/32 1.1908
Pivot 1295.7 17.23 50.64 152 29/32 1.1888
Support 1 1291.6 17.16 50.16 152 20/32 1.1855
Support 2 1287.7 17.07 49.66 152  4/32 1.1834
Support 3 1283.6 17.01 49.18 151 27/32 1.1801
Contract Dec.  Corn Dec. Wheat November Beans Dec. SoyMeal Nov. Nat Gas
Resistance 3 366.0 445.9 1045.58 346.73 3.15
Resistance 2 360.0 441.8 1021.67 337.77 3.08
Resistance 1 354.5 436.2 1006.83 332.03 3.03
Pivot 348.5 432.1 982.92 323.07 2.96
Support 1 343.0 426.4 968.1 317.3 2.9
Support 2 337.0 422.3 944.17 308.37 2.85
Support 3 331.5 416.7 929.33 302.63 2.81

Economic Reports, source: 

http://app.bettertrader.co

Economic Reports - Friday, Oct 13th

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.

Tags: > > > > Posted in: Future Trading News  

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