Tips & Tricks for Day Traders for Trading | Cannon Trading

Few pointers for you day-traders out there | Support and Resistance Levels

Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – March Corn, March Wheat, Jan Beans, March Silver
5.Economic Report for January 27, 2012

1. Market Commentary

Few pointers for you day-traders out there. I am sure you have heard some from different resources but never hurts to read and absorb this again:

1. Be patient
2. Limit the number of hours you trade
3. Know your DAILY risk before the day begins and this will dictate
the number of contracts you trade
4. Choose markets with high liquidity
5. Know what reports come out every day and their impact on the markets.
6. Understand that even the best methods will have losing days.
7. Learn to accept loses
8. use RISK CAPITAL only
9. Don’t try to trade and do other things….
10. Educate yourself
11. Keep a trading journal

More to come in a webinar over the next few weeks. Will keep you posted.

2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000

Contract (Dec. 2011) SP500
(big & Mini)
Nasdaq100
(big & Mini)
Dow Jones
(big & Mini)
Mini Russell
Resistance Level 3 1346.17 2510.67 12895 809.77
Resistance Level 2 1337.83 2494.33 12837 804.23
Resistance Level 1 1326.17 2474.17 12759 798.17
Pivot Point 1317.83 2457.83 12701 792.63
Support Level 1 1306.17 2437.67 12623 786.57
Support Level 2 1297.83 2421.33 12565 781.03
Support Level 3 1286.17 2401.17 12487 774.97

3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds

Contract Feb. Gold Dec. Euro Jan. Crude Oil March. Bonds
Resistance Level 3 1761.9 1.3257 103.28 144 16/32
Resistance Level 2 1746.7 1.3222 102.34 143 23/32
Resistance Level 1 1733.4 1.3164 101.12 143 8/32
Pivot Point 1718.2 1.3129 100.18 142 15/32
Support Level 1 1704.9 1.3071 98.96 142
Support Level 2 1689.7 1.3036 98.02 141 7/32
Support Level 3 1676.4 1.2978 96.80 140 24/32

4. Support & Resistance Levels for Corn, Wheat, Beans and Silver

Contract March Corn March Wheat Jan. Beans March. Silver
Resistance Level 3 654.5 660.3 1237.17 3459.7
Resistance Level 2 650.0 658.2 1233.58 3419.3
Resistance Level 1 642.3 655.8 1228.17 3378.2
Pivot Point 637.8 653.7 1224.58 3337.8
Support Level 1 630.0 651.3 1219.2 3296.7
Support Level 2 625.5 649.2 1215.58 3256.3
Support Level 3 617.8 646.8 1210.17 3215.2


5. Economic Reports

M3 Money Supply

4:00am

 

Private Loans

4:00am

 

WEF Annual Meetings

Day 3

 

Advance GDP

8:30am

 

Advance GDP Price Index

8:30am

 

Revised UoM Consumer Sentiment

9:55am

 

Revised UoM Inflation Expecations

9:55am

Tags: > Posted in: Future Trading News  

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