More Than One Way to Enter a Futures Trade - Cannon Trading

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.

More Than One Way to Enter a Futures Trade… 1.11.2017

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* Few ways to enter a trade….

There are so many different aspects to trading.

From financial, emotional aspects to actual details of when to enter a trade, when to exit a trade and SO MUCH more in between…..

An important part of trading is trade entry. Assuming a trader knows why he/ she about to enter a trade the next step sounds simple right? Simply buy or sell the contract you wish to trade….

Many times it is that simple; depending on the time frame you are trading you may simply buy @ market and get the market price at that time. Some traders try to make small profits where every tick counts hence they may use the “buy bid” or “sell ask” button in order to get in at the best market price at that time. Many times you may save a tick by doing so but other times you may find yourself chasing the bid or the ask…

Another way is for a trader to decide that yes she wants to enter the specific market but she would like to get in at a price that is better and will use a limit order. Example may be, trader got the signal she was looking for to sell the mini SP 500 futures. The September contract was at 1982.75. Trader decided that she is willing to take the risk of not getting into the trade but she will only sell if the market hits her limit price of 1983.75 for example. There times that this patience will allow for a better entry price, hence better chances to meet target but there are times that trader will not get in and “miss a possible winning trade”

One more common way that some traders use is to enter on a stop. Most beginner traders will use stops for protection and not as much for trade entry. Traders with a bit more experience will at times use stops to enter a trade. Example may be that Joe decided to buy crude oil futures because he got his condition met ( crude in this hypothetical example is trading at 93.42), however Joe would like to see that price action follows the signal and break a minor level on the chart which he thinks serves as minor resistance at 93.49. In this case Joe will place a buy stop at 93.49 that if triggered will enter him into a long trade.

Again, there are so many more ins and outs to trading in general and to trade entry in specific and I hope this quick overview may have opened your mind to different ways of entering a trade.

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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.

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Futures Trading Levels

Levels for Trade Date of 01.10.2017

Contract March 2017 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2287.00 5090.00 19984 1398.30 102.81
Resistance 2 2280.50 5068.50 19934 1385.20 102.45
Resistance 1 2272.50 5050.25 19864 1377.30 102.21
Pivot 2266.00 5028.75 19814 1364.20 101.85
Support 1 2258.00 5010.50 19744 1356.30 101.60
Support 2 2251.50 4989.00 19694 1343.20 101.24
Support 3 2243.50 4970.75 19624 1335.30 101.00
Contract Feb. Gold March Silver Feb. Crude Oil Mar. Bonds March   Euro
Resistance 3 1202.4 17.38 53.48 153 24/32 1.0714
Resistance 2 1196.5 17.17 52.92 153 11/32 1.0685
Resistance 1 1192.0 17.00 51.88 153 1.0637
Pivot 1186.1 16.79 51.32 152 19/32 1.0608
Support 1 1181.6 16.62 50.28 152 8/32 1.0561
Support 2 1175.7 16.41 49.72 151 27/32 1.0532
Support 3 1171.2 16.24 48.68 151 16/32 1.0484
Contract March Corn March Wheat Mar. Beans March SoyMeal Feb. Nat Gas
Resistance 3 361.3 430.9 1031.17 326.33 3.58
Resistance 2 360.3 429.1 1023.08 322.17 3.45
Resistance 1 359.3 427.9 1018.42 319.83 3.36
Pivot 358.3 426.1 1010.33 315.67 3.24
Support 1 357.3 424.9 1005.7 313.3 3.1
Support 2 356.3 423.1 997.58 309.17 3.02
Support 3 355.3 421.9 992.92 306.83 2.93

All times are Eastern time Zone (EST)


Date 4:19pm Currency Impact Detail Actual Forecast Previous Graph
WedJan 11  4:30am GBP
Manufacturing Production m/m
0.6% -0.9%
Goods Trade Balance
-11.2B -9.7B
Construction Output m/m
0.3% -0.6%
Industrial Production m/m
0.8% -1.3%
Tentative EUR
German 10-y Bond Auction
10:00am GBP
NIESR GDP Estimate
10:30am USD
Crude Oil Inventories
0.9M -7.1M
1:01pm USD
10-y Bond Auction

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.

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