Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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 April 15, 2015
For 2015 I would like to wish all of you discipline and patience in your trading!
Day Trading 101: Tight Stops? Wide Stops? Which one should I Use?
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.
Entry signals are very important but just as important if not more is trade management.
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?
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.
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|Contract June 2015||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||June Gold||May Silver||May Crude Oil||June Bonds||June Euro|
|Resistance 3||1219.0||16.74||55.89||167 14/32||1.0914|
|Resistance 2||1210.1||16.54||54.80||166 20/32||1.0816|
|Resistance 1||1201.2||16.35||54.00||165 17/32||1.0736|
|Support 1||1183.4||15.97||52.11||163 20/32||1.0558|
|Support 2||1174.5||15.77||51.02||162 26/32||1.0460|
|Support 3||1165.6||15.58||50.22||161 23/32||1.0380|
|Contract||May Corn||May Wheat||May Beans||May SoyMeal||May Nat Gas|
|WedApr 15||2:00am||EUR||German Final CPI m/m||0.5%||0.5%|
|2:45am||EUR||French CPI m/m||0.7%||0.7%|
|Jan Data||EUR||Trade Balance||21.9B||23.3B|
|Tentative||EUR||German 10-y Bond Auction||0.25|2.4|
|7:45am||EUR||Minimum Bid Rate||0.05%||0.05%|
|8:30am||EUR||ECB Press Conference|
|USD||Empire State Manufacturing Index||7.2||6.9|
|9:15am||USD||Capacity Utilization Rate||78.7%||78.9%|
|USD||Industrial Production m/m||-0.3%||0.1%|
|10:00am||USD||NAHB Housing Market Index||55||53|
|10:30am||USD||Crude Oil Inventories||3.5M||10.9M|
|4:00pm||USD||TIC Long-Term Purchases||40.0B||-27.2B|
|7:30pm||USD||FOMC Member Lacker Speaks|
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.