Range Bar Chart Example & Trading Levels for 8.28.2018 - Support & Resistance Levels

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.

Range Bar Chart Example & Trading Levels for 8.28.2018


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Dear Traders,

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Traditionally, the week before labor Day Weekend is slow….This is when many large traders and professional traders take their vacations with the plans of coming back to full speed trading after Labor day. Today was a perfect example of that. Slow, low energy trading. Obviously, if major news come out, this can change things rather quickly but today’s slow type of trading, low energy markets brings me to share with you once more why I like using range bar, Renko charts and volume charts rather than time charts for day trading.
Below you will see 2 charts.
Same markets, same time of the day and SAME INDICATORS….I think you will be able to see the advantages of using the range bar and volume charts in this examples:
Gold chart from today ( Aug. 27th) using 10 minutes time frame:
As you can see on the 10 minute chart, while we did get the blue buy arrow signal earlier, we also got two “fake” sell signals in the form of the red diamonds SIMPLY because time has passed, there was not much action in the market and the studies take on values as the bar closes.
Now look below , same time frame from today as well, using 24 tick RANGE bar chart:
No “fake” signals on this one…The ONLY signal we got today using this type of chart is the circled BLUE diamond. The range bars only completed 10 bars today as the market was simple slow….But were able to catch the nice up move early in the morning. If you look back in the same chart ( going back to the 23 of the month) you actually see that out of 7 signals, 6 were what I consider legit.
If you like to use the same indicators I am sharing in the charts above, you can try these proprietary indicators and ALGO for 3 weeks. This comes with a 15 minutes one on one remote session explaining the concept ( if interested).

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



Contract September 2018  SP500 #ES_F Nasdaq100  #NQ_F Dow Jones  #YM_F Mini Russell #RTY_F BitCoin Index #XBT_F
Resistance 3 2927.92 7659.83 26438 1751.33 7154.15
Resistance 2 2913.58 7613.92 26260 1745.77 6958.79
Resistance 1 2905.42 7590.58 26161 1738.03 6844.69
Pivot 2891.08 7544.67 25983 1732.47 6649.33
Support 1 2882.92 7521.33 25884 1724.73 6535.23
Support 2 2868.58 7475.42 25706 1719.17 6339.87
Support 3 2860.42 7452.08 25607 1711.43 6225.77
Contract December Gold #GC_F Sept. Silver #SI-F Oct. Crude Oil #CL-F Sept.  Bonds  #ZB_F Sept.  Euro #6E_F
Resistance 3 1230.2 15.09 69.79 146 17/32 1.1837
Resistance 2 1224.5 14.99 69.38 146  7/32 1.1774
Resistance 1 1220.7 14.92 69.16 145 22/32 1.1737
Pivot 1215.0 14.82 68.75 145 12/32 1.1675
Support 1 1211.2 14.75 68.53 144 27/32 1.1638
Support 2 1205.5 14.65 68.12 144 17/32 1.1575
Support 3 1201.7 14.58 67.90 144 1.1538
Contract Dec.  Corn #ZC_F Dec. Wheat #ZW_F Nov. Beans #ZS_F Dec. SoyMeal #ZM_F Sept. Nat Gas #NG_F
Resistance 3 369.8 541.0 870.33 322.93 2.94
Resistance 2 366.5 537.0 861.92 319.47 2.93
Resistance 1 364.0 529.8 855.08 315.03 2.90
Pivot 360.8 525.8 846.67 311.57 2.89
Support 1 358.3 518.5 839.8 307.1 2.9
Support 2 355.0 514.5 831.42 303.67 2.85
Support 3 352.5 507.3 824.58 299.23 2.82

Economic Reports, source: 


Date 4:13pm Currency Impact Detail Actual Forecast Previous Graph
TueAug 28  4:00am EUR
M3 Money Supply y/y
4.3% 4.4%
Private Loans y/y
3.0% 2.9%
8:30am USD
Goods Trade Balance
-68.6B -67.9B
Prelim Wholesale Inventories m/m
0.1% 0.1%
9:00am USD
S&P/CS Composite-20 HPI y/y
6.4% 6.5%
10:00am USD
CB Consumer Confidence
126.6 127.4
Richmond Manufacturing Index
18 20
7:01pm GBP
BRC Shop Price Index y/y




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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