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Patience and Discipline in Futures Trading | 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 Reports for Wednesday April 18, 2012

 

Hello Traders

On a different note, I keep getting amazed at how big of a role PATIENCE AND DISCIPLINE play in this tough game called trading….

Many times it is quite easy to see from the SIDELINES….but when you trade and see no set ups, that “bad little voice inside of you” tells you to look for trades when there are none that fit your criteria….

Today was no different….if you use a similar trading style to what I like to look for, counter trend, you would have to wait until the last hour or almost the last 30 minutes to get a good set up which aligned both my 15 min chart and my 3 min chart for a good short on mini Russell. Until that point, my “biggest fight” was with myself not to get into a trade simply to feel that I am trading when my indicators and rules told me not to…

I know that those of you who trade and day-trade know what i am referring to so print out a big note and stick it to your computer screen that says: ” TRADING IS WAITING”…..

Last but not least, I have been “playing” with a new study in sierra charts or actually new chart type in sierra 833 and higher called RENKO in ticks.

I have set up my chart page with 3 markets I follow the most : crude, gold and mini SP and will follow it in real-time in the next few days to get a feel for the type of signals it produces.

Below is a screen shot from earlier today for the mini SPs

 

Would you like to have access to my DIAMOND and TOPAZ ALGOs as shown above and be able to apply for any market and any time frame on your own PC ? You can now have a two weeks free trial where I enable the ALGO along with few studies for your own sierra/ ATcharts.

If so, please send me an email with the following information:

 

1. Are you currently trading futures?

2. Charting software you use?

3. If you use sierra or ATcharts, please let me know the user name so I can enable you

4. Markets you currently trading?

 

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.

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

Contract (June 2012) SP500
(big & Mini)
Nasdaq100
(big & Mini)
Dow Jones
(big & Mini)
Mini Russell
Resistance 3 1408.17 2792.67 13240 840.03
Resistance 2 1398.43 2760.33 13155 827.37
Resistance 1 1391.47 2737.67 13105 816.83
Pivot 1381.73 2705.33 13020 804.17
Support 1 1374.77 2682.67 12970 793.63
Support 2 1365.03 2650.33 12885 780.90
Support 3 1358.07 2627.67 12835 770.43

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

Contract June Gold June Euro May Crude Oil June Bonds
Resistance 3 1684.5 1.3258 107.72 142 4/32
Resistance 2 1671.4 1.3218 106.40 141 28/32
Resistance 1 1661.3 1.3175 105.31 141 21/32
Pivot 1648.2 1.3135 103.99 141 13/32
Support 1 1638.1 1.3092 102.90 141 6/32
Support 2 1625.0 1.3052 101.58 140 30/32
Support 3 1614.9 1.3009 100.49 140 23/32

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

Contract May Corn May Wheat May Beans May Silver
Resistance 3 635.7 628.7 1441.50 3256.7
Resistance 2 631.6 625.8 1437.25 3223.8
Resistance 1 624.2 620.7 1431.50 3196.2
Pivot 620.1 617.8 1427.25 3163.3
Support 1 612.7 612.7 1421.5 3135.7
Support 2 608.6 609.8 1417.25 3102.8
Support 3 601.2 604.7 1411.50 3075.2


5. Economic Reports

4:00am EUR
Current Account

10:30am USD
Crude Oil Inventories

Tags: > > Posted in: Future Trading News  

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