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Support & Resistance Levels

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How to Spot Reversals? + Trading Levels 8.08.2019

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Lets take a look at extreme oversold situation in the mini NASDAQ,the below is from my colleague Dave Register of ExitPoints.com:
The swing turning points based on pattern, price support/resistance, and time-cycle ratios are especially important when the market is overbought or oversold. I use two indicators for overbought or oversold. First if the commodity-channel-index(5) is above 100 it indicates overbought.If below -100 it indicates oversold. Second the rsi(2) is averaged over the most recently completed two days. If above 85 it indicates overbought, below 15 indicates oversold. Both of these indicators must agree for the market to be overbought or oversold. i.e. a reversal signal on the swing trade time frame of one to two weeks. Each evening my software scans the futures and forex markets for overbought and oversold conditions. Beware that if the rsi(2) indicator averaged over the recently completed two days is above 99 or below 1. The momentum is so powerful it should be considered a continuation signal.
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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

08-08-2019


Economic Reports, source: 

bettertrader.co

 

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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