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FOMC Tomorrow 5.03.2017

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FOMC decision tomorrow. Below is my “usual FOMC advice….”

The FOMC interest rate decision is due at 2:15 ET in the US tomorrow.

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 2365.00 with a stop at 2359.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 2359.75 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
  • 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.

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

Futures Trading Levels

Levels for Trade Date of 05.02.2017

Contract June 2017  SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2396.25 5665.58 20960 1424.70 99.28
Resistance 2 2392.50 5653.67 20927 1417.80 99.18
Resistance 1 2389.25 5646.33 20902 1407.90 99.01
Pivot 2385.50 5634.42 20869 1401.00 98.91
Support 1 2382.25 5627.08 20844 1391.10 98.73
Support 2 2378.50 5615.17 20811 1384.20 98.63
Support 3 2375.25 5607.83 20786 1374.30 98.46
Contract June Gold May Silver June Crude Oil June  Bonds June  Euro
Resistance 3 1266.3 17.19 50.73 154 13/32 1.1009
Resistance 2 1262.6 17.10 50.00 153 22/32 1.0982
Resistance 1 1260.1 16.97 48.80 153  9/32 1.0966
Pivot 1256.4 16.89 48.07 152 18/32 1.0940
Support 1 1253.9 16.76 46.87 152  5/32 1.0924
Support 2 1250.2 16.67 46.14 151 14/32 1.0897
Support 3 1247.7 16.54 44.94 151  1/32 1.0881
Contract July  Corn July Wheat July Beans July SoyMeal July Nat Gas
Resistance 3 382.0 471.3 982.17 328.17 3.34
Resistance 2 379.3 465.5 978.08 324.73 3.31
Resistance 1 375.8 459.8 973.42 319.87 3.25
Pivot 373.0 454.0 969.33 316.43 3.21
Support 1 369.5 448.3 964.7 311.6 3.2
Support 2 366.8 442.5 960.58 308.13 3.12
Support 3 363.3 436.8 955.92 303.27 3.06

All times are Eastern time Zone (EST)

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

Date 4:26pm Currency Impact Detail Actual Forecast Previous Graph
WedMay 3 3:00am EUR
Spanish Unemployment Change
21.3K -48.6K
3:55am EUR
German Unemployment Change
-10K -30K
4:30am GBP
Construction PMI
52.1 52.2
5:00am EUR
Prelim Flash GDP q/q
0.5% 0.4%
EUR
PPI m/m
0.1% 0.0%
Tentative EUR
German 10-y Bond Auction
0.21|1.4
8:15am USD
ADP Non-Farm Employment Change
178K 263K
9:45am USD
Final Services PMI
52.5 52.5
10:00am USD
ISM Non-Manufacturing PMI
56.1 55.2
10:30am USD
Crude Oil Inventories
-3.3M -3.6M
2:00pm USD
FOMC Statement
USD
Federal Funds Rate
<1.00% <1.00%

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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