Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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 August 8, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
To expand on what I wrote few days ago:
Each market has different personalities, different behavior along with different times of the day when it is most active. If you are finding that the ES is not giving you enough risk/opportunities then start monitoring a couple of other markets and perhaps explore them in demo / simulated mode.
I will try over the next few blogs to shed some light on other markets I think are suitable for day-trading along with what is unique about these markets, personality and most active trading hours.
Yesterday I touched on the financial sector, mostly bonds and ten years. Today I would like to talk a little about the currency futures markets.
I personally prefer currency futures over FOREX any day. More than a few reasons but the main ones are: currency futures trade on one, regulated main exchange ( CME) while FOREX trades through different interbanks and other means of transactions that are not necessarily regulated. FOREX are “commission free” but in reality there is a spread built in that dealer marks up each time you buy or sell which makes FOREX more expensive than futures.
The main ones I like to follow are:
The Euro , The Yen, The British Pound, The Australian. All are paired versus the US$.
Each market will have different times of higher volume which can allow for traders in all time zones to pick their market. Simply open an hourly chart, like the example i am showing below of the Australian $ and add the volume indicator to observe what times the market has the most action.
In the case of the Aussie, you can see there is good volume all the way from 7 pm central during our night time until the next morning 10 am central when volume dies out as Australia goes to sleep…..
1 Euro tick is $12.50
1 Yen tick is $12.50
1 Aussie tick is $10
1 British tick is $6.25
Currency futures will often trend better than other segments and will experience different levels of volatility during economic reports in the different parts of the world.
If you plan on following any currencies, start in demo mode, know what reports are coming that affect the specific currency you are trading, take a look at the daily, weekly charts to get a feel and monitor the action for a while.
Any questions and i will be happy to assist.
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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.
|Contract Sept. 2013||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|Contract||Dec. Gold||Sept. Silver||Sept. Crude Oil||Sept. Bonds||Sept. Euro|
|Resistance 3||1308.7||2019.0||106.92||135 7/32||1.3446|
|Resistance 2||1298.9||1989.5||106.35||134 22/32||1.3395|
|Resistance 1||1291.5||1969.0||105.25||134 9/32||1.3368|
|Support 1||1274.3||1919.0||103.58||133 11/32||1.3290|
|Support 2||1264.5||1889.5||103.01||132 26/32||1.3239|
|Support 3||1257.1||1869.0||101.91||132 13/32||1.3212|
|Contract||Dec Corn||Sept. Wheat||Nov.Beans||Dec. SoyMeal||Dec. bean Oil|
|ThuAug 8||2:00am||EUR||German Trade Balance||15.2B||14.1B|
|4:00am||EUR||ECB Monthly Bulletin|
|10:30am||USD||Natural Gas Storage||74B||59B|
|1:00pm||USD||30-y Bond Auction||3.66|2.3|
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