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More Trading Education – Support and Resistance Levels

Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – March Corn, March Wheat, Jan Beans, March Silver
5.Economic Report for February 9, 2012

1. Market Commentary

Hello Traders,

Another educational piece today:

I am being asked by clients and prospects what do I use for Intra-day support and resistance levels and the answer depends on a few factors like the time frame one trades, risk -reward applied to each trade, personality of trader and much more.

Below is 3 different studies I use for intra-day support and resistance.

All these studies and screen shots are from our ATcharts ( sierra charts) which active clients can get for free and prospects can have a 30 days free trial.

1. For charts of 15 minutes and lower time frames, tick charts, volume charts etc. I like to use the variable pivot levels found in ATcharts from the study menu. I then click on settings and set the variable period to 60 minutes. Here is what it looks like on a 3 minutes chart of the Crude Oil from today:

Market Commentary

Market Commentary

2. Another tool I use for the lower time frames is the Fibonacci Auto retracment, again this is a built in study in the ATcharts. The chart below if mini SP , 10000 volume chart from earlier this morning. WHat I like about the auto fib is that the nature of the formula takes in the days ranges as the market develops.

ATcharts

ATcharts

3. For time frames of 15 minutes and larger, like 30 minutes chart, hourly etc. but smaller than a daily chart, I like to use the simplified levels of market profile, called TPO value area lines in the study menu of sierra charts. The one below shows these levels on an hourly chart of April gold from today:

TPO

TPO

2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000

Contract (Dec. 2011) SP500
(big & Mini)
Nasdaq100
(big & Mini)
Dow Jones
(big & Mini)
Mini Russell
Resistance Level 3 1358.40 2571.67 12939 845.23
Resistance Level 2 1352.95 2557.33 12895 838.57
Resistance Level 1 1349.60 2549.67 12869 832.33
Pivot Point 1344.15 2535.33 12825 825.67
Support Level 1 1340.80 2527.67 12799 819.43
Support Level 2 1335.35 2513.33 12755 812.77
Support Level 3 1332.00 2505.67 12729 806.53

3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds

Contract April. Gold March Euro Feb. Crude Oil March. Bonds
Resistance Level 3 1780.7 1.3358 101.96 143 10/32
Resistance Level 2 1767.8 1.3324 101.03 142 29/32
Resistance Level 1 1751.9 1.3290 99.97 142 17/32
Pivot Point 1739.0 1.3256 99.04 142 4/32
Support Level 1 1723.1 1.3222 97.98 141 24/32
Support Level 2 1710.2 1.3188 97.05 141 11/32
Support Level 3 1694.3 1.3154 95.99 140 31/32

4. Support & Resistance Levels for Corn, Wheat, Beans and Silver

Contract March Corn March Wheat March Beans March. Silver
Resistance Level 3 665.2 682.3 1257.00 3530.7
Resistance Level 2 656.8 675.3 1248.50 3491.3
Resistance Level 1 649.7 668.0 1240.00 3444.2
Pivot Point 641.3 661.0 1231.50 3404.8
Support Level 1 634.2 653.8 1223.0 3357.7
Support Level 2 625.8 646.8 1214.50 3318.3
Support Level 3 618.7 639.5 1206.00 3271.2


5. Economic Reports

ECB Press Conference
8:30am

Unemployment Claims
8:30am

Wholesale Inventories
10:00am

Natural Gas Storage
10:30am

Tags: > Posted in: Future Trading News   | Futures Trading  

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