Futures Trading Levels and Economic Reports for October 24, 2013

Connect with Us! Use Our Futures Trading Levels and Economic Reports RSS Feed.

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 October 24, 2013

Hello Traders,

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

So yesterday I mentioned a potential short on the mini NASDAQ which produced a few points today and I was asked why did I think we may see a correction today? The answer is based on mostly technical indicators and conditions I use and tested.The one that provided me with the trigger for a short yesterday after the close is based on the Bollinger bands study.I found out that stock index futures have “respect” for the bands…. and when we have a close outside the upper band, followed by a close below the higher band and also a low that is lower than the previous low, there is a good statistical chance for a correction towards the middle band. I marked that condition with a RED TRIANGLE on the chart.

Obviously this condition is just that, a condition, something to give me personally a trade direction and a level of confidence to act upon it. Some times it works, others it does not and this is where the more important part of trading comes to play and that is trade management.

Below is the updated mini NASDAQ chart with the bands, possible stops/ target for review:

As you can see the first target for this pull back was met at 3323, the second target if this works out will be 3307. The hard part at this point is where to bring the stop to?
keep it at 3381 right above the recent high or bring it closer to entry level around 3356?
The next few days will provide the answer as to which choice was better (-:

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

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

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

All times are Eastern time Zone (EST)

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.

.