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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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“I use mental stops….” I heard that before and while a very small percentage of traders can do so on a consistent, disciplined manner – I am a fan of placing HARD stops.
For me, I usually like to have stops in the system, working on the exchange.
Today was a great example. I went to the bathroom, for literally 3 minutes. I was long with a trading system both the MNQ and the ES. While I was washing my hand per COVID protocol, President trump came up with the following tweet:
SP dropped over 60 points in matter of minutes…..
NQ dropped from 11524 to 11290 in matter of 15 minutes or so. That is over 200 points!! or if you are trading the NQ it is $4000 per contract or -$4000 if you are in the wrong way or are long with out a stop…..
TRUMP TWEETS:
First Tweet: Nancy Pelosi is asking for $2.4 Trillion Dollars to bailout poorly run, high crime, Democrat States, money that is in no way related to COVID-19. We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith. I am rejecting their…
Second Tweet: …request, and looking to the future of our Country. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business. I have asked…

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

10-07-2020

Economic Reports, source: 

https://forexfactory.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  

Trading Expertise As Featured In

Trading Tips You Can Use Right Away!


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
  • License 3 Broker at your Fingertips
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