Most Common Pitfalls To Avoid When Trading Futures - Commodity Futures

Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

Futures Trading Levels and Economic Reports for October 15, 2013

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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 October 15, 2013

Hello Traders,

For 2013 I would like to wish all of you discipline and patience in your trading! 

Most Common Pitfalls To Avoid When Trading Futures-Commodity Futures

500 experienced futures brokers were asked what caused most futures traders to lose money when comes to trading futures.

Their answers reflected the trading experience of more than 10,000 futures traders.  Download the PDF and find out what they said.

1.) Have a Plan

Many futures traders trade without a plan. They do not define specific risk and profit objectives before trading. Even if they establish a plan, they “second guess” it and don’t stick to it, particularly if the trade is a loss. Consequently, they over trade and use their equity to the limit (are under capitalized), which puts them in a squeeze and forces them to liquidate positions. Usually, they liquidate the good trades and keep the bad ones.

2.) News Factor

Many traders don’t realize the news they hear and read has, in many cases, already been discounted by the market.

3.) Trade Objectively

After several profitable trades, many speculators become wild and non conservative. They base their trades on hunches and long shots, rather than sound fundamental and technical reasoning, or put their money into one deal that “can’t fail.”

4.) Know Your Size

Traders often try to carry too big a position with too little capital and trade too frequently for the size of the account.

5.) Don’t Get Greedy when it comes to Trading Futures

Some traders try to “beat the market” by day trading, nervous scalping, and getting greedy.

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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.

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Futures Trading Levels

Contract Dec. 2013  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1738.67 3328.42 15505 1111.00 80.77
Resistance 2 1722.33 3290.58 15374 1099.90 80.62
Resistance 1 1713.42 3270.67 15299 1093.60 80.49
Pivot 1697.08 3232.83 15168 1082.50 80.35
Support 1 1688.17 3212.92 15093 1076.20 80.22
Support 2 1671.83 3175.08 14962 1065.10 80.07
Support 3 1662.92 3155.17 14887 1058.80 79.94
Contract Dec. Gold Dec. Silver Nov. Crude Oil Dec. Bonds  Dec. Euro
Resistance 3 1310.1 2218.3 104.43 134  3/32 1.3653
Resistance 2 1300.9 2193.2 103.53 133 20/32 1.3627
Resistance 1 1286.9 2161.3 102.87 132 26/32 1.3599
Pivot 1277.7 2136.2 101.97 132 11/32 1.3573
Support 1 1263.7 2104.3 101.31 131 17/32 1.3545
Support 2 1254.5 2079.2 100.41 131  2/32 1.3519
Support 3 1240.5 2047.3 99.75 130  8/32 1.3491
Contract Dec Corn Dec. Wheat Nov.Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 443.4 693.3 1286.92 418.93 40.68
Resistance 2 440.3 693.2 1283.33 414.47 40.59
Resistance 1 438.7 692.8 1278.17 410.93 40.49
Pivot 435.6 692.7 1274.58 406.47 40.40
Support 1 433.9 692.3 1269.4 402.9 40.3
Support 2 430.8 692.2 1265.83 398.47 40.21
Support 3 429.2 691.8 1260.67 394.93 40.11
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)


Date 4:06pm Currency Impact Detail Actual Forecast Previous Graph
TueOct 15  2:00am EUR German Import Prices m/m 0.0% 0.3%
2:45am EUR French CPI m/m -0.3% 0.5%
5:00am EUR German ZEW Economic Sentiment 49.2 49.6
EUR ZEW Economic Sentiment 59.4 58.6
All Day EUR ECOFIN Meetings
8:30am USD Empire State Manufacturing Index 8.2 6.3
10:00am USD FOMC Member Dudley 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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