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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.

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Dear Traders,

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The recent volatility is of historical proportions!
A few monthly charts for your viewing pleasure below…..
ACROSS ALL MARKETS!!
More margins increase:
YM, $9075 –> $10,670
NQ, $13,200 –> $15,950
RTY, $5170 –> $6720
also RB, $5400 –> $6490
I have a few points to make:
  1. Take a look at the below chart from 2008 of the mini SP, last time I remember volatility close to what we are seeing and you will see that the moves are not a straight line….don’t get over excited if you are long and market bounced your way or vise versa if you are short and the market is limit down….this volatility will play both sides and in MY OPINION this is not a market to just buy and hold using futures….You need to be able to react and adjust positions according to market action and sentiment.
  2. By no means am I trying to imply that we can see a 50% correction like we saw back then BUT have respect for the market and the price action and DON’T try to predict tops and bottoms….
  3. Learn to reduce trading size. Perhaps trade smaller contracts like the micros.
  4. Understand that loses are part of trading and this is definitely not a good time to “fight the markets”.
  5. Focus more on risk management and ways to protect certain positions as needed.
  6. Survive to trade another day.
  7. If you can’t afford losing at times MORE than what is in your account, then you should not be trading.
  8. NO TRADE IS BETTER THAN A BAD TRADE

 

Overnight limit, can’t trade below but can trade above.
-5%
Intra day
-7% Trading Halt 15 mins
-13% Trading Halt 15 mins
-20% Closed for rest of day
PS: if you like access to the DIAMOND ALGOS shown in the charts below which are a proprietary tool that tries to predict turning points in the market, visit the free trial.
Monthly chart of Unleaded Gas
Monthly chart of Silver Futures
Monthly chart of SP cash index

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 when it comes to Futures Trading.

 

Futures Trading Levels

03-17-2020

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Economic Reports, source: 

Order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in 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 judgement in trading.

Posted in: Future Trading News  

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Watch 4 short videos on the topics of:
  • Using Bollinger Bands and Parabolics
  • Using range Bars for Day-Trading
  • The concept of Price Confirmation
  • How to Use Support & Resistance Levels
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