Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
In this post:
1. Market Commentary
2. Support and Resistance Levels
3. Daily Mini S&P 500 Futures Chart
4. Download “8 Steps to Successful Futures Trading”
5. Economic Reports
6. Earnings Releases
1. Market Commentary
Wow, what a day in the metals segment and what a week in general. Fits perfectly what I wrote the last few days:
ALWAYS EXPECT THE UNEXPECTED! When volatility skyrockets like now, moves become extreme, the speed of the market really picks up and this is when one must adjust their trading size lower to accommodate for the wilder and wider moves.
My 15 min mini SP chart below for your review ,clients who attend my daily live charts program had access to this chart in real-time, along with the signals generated.
2. SUPPORT AND RESISTANCE LEVELS!
|Contract (Sept. 2011)||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell|
|Contract||Dec. Gold||Dec. Euro||Nov. Crude Oil||Dec. Bonds|
|Resistance 3||1766.6||1.3718||86.39||147 25/32|
|Resistance 2||1735.8||1.3641||84.10||147 7/32|
|Resistance 1||1693.4||1.3569||82.13||145 26/32|
|Support 1||1620.2||1.3420||77.87||143 27/32|
|Support 2||1589.4||1.3343||75.58||143 9/32|
|Support 3||1547.0||1.3271||73.61||141 28/32|
3. 15 min Mini S&P 500 Futures Chart from September 23, 2011
Today’s mini SP 15 min chart:
4. Download “8 Steps to Successful Futures Trading“
Have a great weekend. Need some trading related reading material for the weekend? (-: In this article, Ilan Levy Mayer, Vice President of Cannon Trading, shares with you 8 of the most important concepts involved in the day trading of futures. Here is a sample for your review:
My name is Ilan Levy-Mayer and I am the Vice President and Senior Futures Broker at Cannon Trading. I came up with the following personal observations after serving online traders worldwide for more than 11 years.
The following steps are guides to progress, and are not necessarily in sequential order. Some of them are always required, but each futures trader is different and will relate to these stages in their own ways. While attempting to learn and progress, one must keep in mind that futures trading is risky and can involve significant losses.
Hopefully if you are already trading you have completed your initial education: contract specs, trading hours, futures brokers, platforms, the opportunities as well as the risk and need to use risk capital in futures, and so on. Understanding this information is essential to futures trading. The second type of education is ongoing: learning about trading techniques, the evolution of futures markets, different trading tools, and more.
2. Find a System
I am definitely not advising you to go on the web and subscribe to a “black box” system (using buy/sell triggers if don’t know why they are being generated). What I am advising is developing a trading technique: a general set of rules and a trading concept. As you progress, you may want to put the different rules and indicators into a computerized system, but the most important factor is to have a focus and a plan. Don’t just wake up in the morning and trade “blank.”
This is the key! Do what you need to do in order to survive this brutal business and give yourself the chance of being here down the road with more experience and a better chance of success. Survival is probably the biggest key for beginning traders. There is a saying in this business: “live to trade another day.” It is so true!
Read the rest of “8 Steps to Successful Futures 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.
5. Economic Reports for Monday September 26, 2011
FOMC Member Raskin Speaks
New Home Sales
Economics Report Source: http://www.forexfactory.com/calendar.php
6. Earnings Releases
|SYMBOL||COMPANY||EVENT TITLE||EPS ESTIMATE||EPS ACTUAL||PREV. YEAR ACTUAL||DATE/TIME (ET)|
|ELITE B.CO||Aarhus Elite A/S||Q4 2010/11 Arhus Elite A/S Earnings Release||n/a||n/a||n/a||23-Sep|
|AMSC||American Superconductor Corp||Q4 2010 & Q1 2011 American Superconductor Corp Earnings Release||n/a||n/a||n/a||23-Sep BMO|
|ABTX.L||Aquabounty Technologies Inc||Interim 2011 Aquabounty Technologies Inc Earnings Release||n/a||n/a||n/a||23-Sep BMO|
|CGM.PA||Cegedim SA||Q2 2011 Cegedim SA Earnings Release||n/a||n/a||n/a||23-Sep AMC|
|CADC||China Advanced Construction Materials Group Inc||Q4 2011 China Advanced Construction Materials Group Inc Earnings Release||$ 0.20||n/a||$ 0.30||23-Sep BMO|
|CONX.PK||Corgenix Medical Corp||Q4 2011 Corgenix Medical Corp Earnings Release||n/a||n/a||n/a||23-Sep|