FOMC Interest Rate Decision, Economic Reports and Levels 9.17.2014

Hello Traders,

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

The FOMC interest rate decision is due at 14:00 ET in the US tomorrow ( Wednesday, Sept. 17th ).

FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.

if you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market.

The following are suggestions on trading during FOMC days:

  • Reduce trading size
  • Be extra picky = no trade is better than a bad trade
  • Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 1965.00 with a stop at 1959.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1959.75 and place a stop a few points below in this hypothetical example.
  • Expect the higher volatility during and right after the announcement
  • Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
  • Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
  • Know what the market was expecting, learn what came out and observe market reaction for clues
  • This is another great example why a trading journal would be an asset, as you can go back and check your notes from previous FOMC days.
  • Be patient and be disciplined

  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. Past performance is not indicative to future results.

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 2024.83 4144.33 17320 1163.67 84.97
Resistance 2 2009.67 4105.42 17200 1155.73 84.73
Resistance 1 2000.58 4082.08 17129 1150.17 84.48
Pivot 1985.42 4043.17 17009 1142.23 84.24
Support 1 1976.33 4019.83 16938 1136.67 83.99
Support 2 1961.17 3980.92 16818 1128.73 83.75
Support 3 1952.08 3957.58 16747 1123.17 83.50
Contract December Gold Dec.Silver Oct. Crude Oil Dec. Bonds Dec. Euro
Resistance 3 1253.3 19.14 98.59 137 10/32 1.3082
Resistance 2 1248.3 19.01 96.89 137 1/32 1.3044
Resistance 1 1242.3 18.86 95.86 136 17/32 1.3007
Pivot 1237.3 18.74 94.16 136 8/32 1.2969
Support 1 1231.3 18.59 93.13 135 24/32 1.2932
Support 2 1226.3 18.46 91.43 135 15/32 1.2894
Support 3 1220.3 18.31 90.40 134 31/32 1.2857
Contract Dec Corn Dec. Wheat Nov. Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 354.3 507.9 1006.67 337.43 34.18
Resistance 2 350.4 505.6 1000.58 334.17 33.91
Resistance 1 347.1 500.9 990.67 330.13 33.45
Pivot 343.2 498.6 984.58 326.87 33.18
Support 1 339.8 493.9 974.7 322.8 32.7
Support 2 335.9 491.6 968.58 319.57 32.45
Support 3 332.6 486.9 958.67 315.53 31.99
Economic Reports

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

All times are Eastern time Zone (EST)

 

Date 4:04pm Currency Impact Detail Actual Forecast Previous Graph
WedSep 17 Jun Data EUR Italian Trade Balance 2.47B 3.68B
 4:00am EUR Italian Trade Balance 1.33B
5:00am EUR Final CPI y/y 0.3% 0.3%
EUR Final Core CPI y/y 0.9% 0.9%
8:30am USD CPI m/m 0.1% 0.1%
USD Core CPI m/m 0.2% 0.1%
USD Current Account -114B -111B
10:00am USD NAHB Housing Market Index 56 55
10:30am USD Crude Oil Inventories -0.9M -1.0M
2:00pm USD FOMC Economic Projections
USD FOMC Statement
USD Federal Funds Rate <0.25% <0.25%
2:30pm USD FOMC Press Conference

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: Future Trading News  

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