Futures Levels & Economic Reports for 1.14.2014

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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 Tuesday January 14, 2014

Hello Traders,

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

I need your help!

I have gotten and getting great feedback from many of you and would appreciate if you can take a couple of seconds to vote at:

 

 

Educational Feature: Dealing With Losing Trades

(Note: This feature is a favorite of mine, and I believe all traders need to address this issue every once in a while.)

A main tenet of success in futures trading is the ability to accept losing trades as part of the overall trading process. This is not an easy undertaking–especially since many futures traders tend to be of a more competitive nature in the first place. Traders certainly don’t have to enjoy losing trades, but they must accept the fact and move on. Those who can’t accept the fact that losing trades are a part of futures trading usually don’t stay in the business very long.

My wife is a school teacher, and one of her favorite acronyms–ADM–can be applied to losing futures trades. “Accept” it. “Deal” with it. “Move” on. (This is a part of the important psychological aspect of trading, and deserves much more discussion than I can provide in this feature.)

I had lunch with one of my trading mentors a while back. We discussed losing trades. I asked my mentor how many losing trades in a row he has had to endure during his long and successful trading career. His reply was 13 in a row. I asked him how he coped with that. He said that while it was certainly not easy, he knew that losing trades are a part of the business and that he was in the business “for the long haul,” and that his trading methodology was sound. He added, “Ninety-percent of futures trading profits are made on 10% of the trades, which means most of the other trades are either small losers or break-even-type trades.” This is an important fact for all traders to keep in mind.

My lunch meeting with my mentor was good for me because, even though we made no “break-through” discoveries on the path to increased futures trading success, we did reaffirm our own philosophies on trading and markets. My passion for trading and market analysis is fed immensely every time I talk with people in my profession, or attend the quality trading seminars.

For many of you, the futures trading arena can be more fulfilling (and more fun) if you have someone, or some support group, with which to share your thoughts and strategies. If you are passionate about futures trading and markets, finding someone who shares that passion is a great trading tool within itself!

That’s it for now. Next time, we’ll discuss another important issue on your path to trading success.

If you like the information we share? We would appreciate your positive reviews on our new yelp!!

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

Contract March 2014  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1860.25 3623.83 16548 1181.40 81.08
Resistance 2 1849.50 3595.17 16471 1171.70 80.97
Resistance 1 1831.00 3549.83 16334 1158.00 80.79
Pivot 1820.25 3521.17 16257 1148.30 80.67
Support 1 1801.75 3475.83 16120 1134.60 80.49
Support 2 1791.00 3447.17 16043 1124.90 80.38
Support 3 1772.50 3401.83 15906 1111.20 80.20
Contract Feb. Gold Mar. Silver Feb. Crude Oil Mar. Bonds  Mar. Euro
Resistance 3 1270.8 2113.7 93.99 132  2/32 1.3742
Resistance 2 1263.1 2080.3 93.44 131 21/32 1.3713
Resistance 1 1258.5 2062.2 92.54 131 12/32 1.3694
Pivot 1250.8 2028.8 91.99 130 31/32 1.3665
Support 1 1246.2 2010.7 91.09 130 22/32 1.3646
Support 2 1238.5 1977.3 90.54 130  9/32 1.3617
Support 3 1233.9 1959.2 89.64 130 1.3598
Contract March Corn March Wheat March Beans March SoyMeal March bean Oil
Resistance 3 439.6 574.3 1333.50 442.10 38.43
Resistance 2 437.2 574.2 1314.75 432.90 38.25
Resistance 1 435.8 573.8 1304.50 427.40 38.04
Pivot 433.4 573.7 1285.75 418.20 37.86
Support 1 432.1 573.3 1275.5 412.7 37.7
Support 2 429.7 573.2 1256.75 403.50 37.47
Support 3 428.3 572.8 1246.50 398.00 37.26
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports

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

All times are Eastern time Zone (EST)

 

Date 4:33pm Currency Impact Detail Actual Forecast Previous Graph
TueJan 14  2:00am EUR German WPI m/m 0.4% -0.2%
2:45am EUR French CPI m/m 0.4% 0.0%
5:00am EUR Industrial Production m/m 1.6% -1.1%
7:30am USD NFIB Small Business Index 93.2 92.5
8:30am USD Core Retail Sales m/m 0.4% 0.4%
USD Retail Sales m/m 0.2% 0.7%
USD Import Prices m/m 0.3% -0.6%
10:00am USD Business Inventories m/m 0.4% 0.7%
12:45pm USD FOMC Member Plosser Speaks
1:20pm USD FOMC Member Fisher 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 herein 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

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