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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 markets behave differently on a daily basis….
There are days when the moves are so fast and so volatile that you feel like you are in a race all day and there are days when the volume, price action are so slow, your biggest battle is making sure you are not trying to make up “set ups” and get into a trade just to make yourself feel like you are “working” and of course there is the in between….
The type of trading days you are trading is as important and can dictate changes in strategy, stop loss and target settings and more.
You must realize as soon as you can what type of trading day you are in and use your notes, your journal to adjust based on your experience in past, similar days.
You can’t dance using the same moves when the music has different beats……
  • In my opinion there are 3 main types of trading days.
1. The most common day are two sided trading action with swings up and down – this type of trading day is most suitable for using support and resistance levels along with overbought/oversold indicators.
2. Strong trending days, mostly one directional – this type of trading day is the least common, many times will happen on Mondays and maybe 3-5 times a month at most – this type of trading day is most suitable for using ADX, MACD crossovers and pretty much looking for pullbacks to jump on the trend.
3. Slow and/or choppy trading days – this type of trading day is best suited for taking small profits from the market by looking at volume spikes, using stochastics as possible entry signals and usually wait for a pullback before jumping in.
  • A good question I’ve been asked is how can one asses what type of trading day we will have while the market is still trading….I have been doing some work in finding the answers and will be happy to hear feedback via email but here are some initial observations:
    1. Was the overnight session a wide, two sided trading range? If the answer is yes, good chances for similar trading day during the primary session (primary session is when the cash/stock market is open)
    2. Mondays have the highest chance for trending days
    3. The behavior of the first hour of trading can also suggests the type of action for the rest of the day.
    4. If the first 30 minutes of the trading day have good volume, better chances for type 1 or type 2 trading days.
    5. Low volume during the first 30 minutes can suggest a choppy (type 3 trading day)
 One thing I personally found that helped me in day trading, is switching from using “time charts” ( 1 minute/ 5 minutes etc.) to range bar charts, like 18 ticks range bar charts on crude oil and gold, 10 ticks range bar chart on ES and more.
You can read my full article on that topic at:

 

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.

Futures Trading Levels

08-21-2018

 

Contract September 2018  SP500 #ES_F Nasdaq100  #NQ_F Dow Jones  #YM_F Mini Russell #RTY_F BitCoin Index #XBT_F
Resistance 3 2872.58 7486.25 25938 1718.23 6869.35
Resistance 2 2866.67 7453.50 25865 1710.57 6711.73
Resistance 1 2862.08 7417.00 25810 1704.53 6578.72
Pivot 2856.17 7384.25 25737 1696.87 6421.10
Support 1 2851.58 7347.75 25682 1690.83 6288.09
Support 2 2845.67 7315.00 25609 1683.17 6130.47
Support 3 2841.08 7278.50 25554 1677.13 5997.46
Contract December Gold #GC_F Sept. Silver #SI-F Oct. Crude Oil #CL-F Sept.  Bonds  #ZB_F Sept.  Euro #6E_F
Resistance 3 1208.0 15.04 66.51 146  8/32 1.1613
Resistance 2 1202.8 14.94 66.06 145 29/32 1.1558
Resistance 1 1199.9 14.84 65.74 145 22/32 1.1528
Pivot 1194.7 14.73 65.29 145 11/32 1.1472
Support 1 1191.8 14.63 64.97 145  4/32 1.1442
Support 2 1186.6 14.53 64.52 144 25/32 1.1387
Support 3 1183.7 14.43 64.20 144 18/32 1.1357
Contract Dec.  Corn #ZC_F Sept. Wheat #ZW_F Nov. Beans #ZS_F Dec. SoyMeal #ZM_F Sept. Nat Gas #NG_F
Resistance 3 384.3 580.4 914.42 339.93 3.02
Resistance 2 381.7 575.8 909.58 337.67 2.99
Resistance 1 379.1 569.2 901.42 334.13 2.97
Pivot 376.4 564.6 896.58 331.87 2.94
Support 1 373.8 557.9 888.4 328.3 2.9
Support 2 371.2 553.3 883.58 326.07 2.89
Support 3 368.6 546.7 875.42 322.53 2.87

Economic Reports, source: 

https://app.bettertrader.com

 

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 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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  • 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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