Futures Day Trading Money and Trade Management & Economic Reports 5.07.2014
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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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 Thursday May 8, 2014
Hello Traders,
For 2014 I would like to wish all of you discipline and patience in your trading!
A few words on why I think discretionary, day traders should limit the number of hours they spend in front of the screen….
The longer you trade, the more chances you give the market to frustrate you, tire you and get you to a point where you can make mental mistakes that will cost you quite a bit….
My recommendation is to work your trading hours into your life style and not vice versa unless you are a professional trader that actually makes a living from trading….
Few ways one can try to preserve their “trading career”, almost like an athlete who should not play the full game, every game as he/ she increases wear and tear, risk of injury etc….
Place a time limit.
Set a daily profit target
Set a daily loss limit
Learn what reports or possibly times of the day are not as friendly to the market you are trading. It can be because of light volume, perhaps around certain trading reports etc.
Learn to step away and take a break, ESPECIALLY when things are not going the way you would like them to.
Have patience and discipline!
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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.
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| Contract June 2014 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1900.00 | 3642.33 | 16695 | 1136.07 | 79.49 |
| Resistance 2 | 1887.00 | 3604.42 | 16584 | 1123.03 | 79.39 |
| Resistance 1 | 1880.50 | 3573.33 | 16527 | 1114.57 | 79.33 |
| Pivot | 1867.50 | 3535.42 | 16416 | 1101.53 | 79.23 |
| Support 1 | 1861.00 | 3504.33 | 16359 | 1093.07 | 79.16 |
| Support 2 | 1848.00 | 3466.42 | 16248 | 1080.03 | 79.06 |
| Support 3 | 1841.50 | 3435.33 | 16191 | 1071.57 | 79.00 |
| Contract | June Gold | July Silver | June Crude Oil | June Bonds | June Euro |
| Resistance 3 | 1336.1 | 2010.3 | 102.42 | 136 31/32 | 1.3957 |
| Resistance 2 | 1325.5 | 1993.7 | 101.70 | 136 21/32 | 1.3948 |
| Resistance 1 | 1307.7 | 1962.8 | 101.21 | 136 10/32 | 1.3929 |
| Pivot | 1297.1 | 1946.2 | 100.49 | 136 | 1.3920 |
| Support 1 | 1279.3 | 1915.3 | 100.00 | 135 21/32 | 1.3901 |
| Support 2 | 1268.7 | 1898.7 | 99.28 | 135 11/32 | 1.3892 |
| Support 3 | 1250.9 | 1867.8 | 98.79 | 135 | 1.3873 |
| Contract | July Corn | July Wheat | July Beans | July SoyMeal | July bean Oil |
| Resistance 3 | 525.0 | 741.2 | 1463.50 | 485.03 | 41.05 |
| Resistance 2 | 521.5 | 740.1 | 1458.75 | 481.77 | 40.98 |
| Resistance 1 | 517.8 | 738.9 | 1452.50 | 478.33 | 40.90 |
| Pivot | 514.3 | 737.8 | 1447.75 | 475.07 | 40.83 |
| Support 1 | 510.5 | 736.7 | 1441.5 | 471.6 | 40.8 |
| Support 2 | 507.0 | 735.6 | 1436.75 | 468.37 | 40.68 |
| Support 3 | 503.3 | 734.4 | 1430.50 | 464.93 | 40.60 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:17pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| ThuMay 8 | All Day | EUR | French Bank Holiday | ||||||
| 2:00am | EUR | German Industrial Production m/m | 0.2% | 0.4% | |||||
| 7:45am | EUR | Minimum Bid Rate | 0.25% | 0.25% | |||||
| 8:30am | EUR | ECB Press Conference | |||||||
| USD | Unemployment Claims | 328K | 344K | ||||||
| 9:30am | USD | Fed Chair Yellen Testifies | |||||||
| USD | FOMC Member Tarullo Speaks | ||||||||
| 10:30am | USD | Natural Gas Storage | 82B | ||||||
| 1:01pm | USD | 30-y Bond Auction | 3.53|2.5 |
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.
