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Tag: Support and Resistance Levels

Daily Mini SP 500 | Support and Resistance Levels

Posted on by Ilan

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. Daily Mini S&P Chart
5. Economic Reports for Wednesday, November 30, 2011

 

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1. Market Commentary

Wishing all of you a great trading month in December.

Also heads up, if you are trading GOLD, SILVER, BONDS and GRAINS, it is time to trade the March contract for these markets ( February Gold) as December is entering delivery period.

 

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Continue reading “Daily Mini SP 500 | Support and Resistance Levels”

Monthly Continuation Chart | Support and Resistance Levels

Posted on by Ilan

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. Economic Reports for Wednesday, November 30, 2011

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As November is almost behind us, (tomorrow is the last trading day for November ) I thought it would be appropriate to share the mini SP monthly chart for a MUCH longer term picture.

I know most of the readers of this blog are day-traders by nature but it is always wise to have a view of different time frames.

Monthly chart below, along with some possible Elliott Wave counts as well as some Fibonacci retracement levels.

Also heads up, if you are trading GOLD, SILVER, BONDS and GRAINS, it is time to trade the March contract for these markets ( February Gold) as December is entering delivery period.

monthly continuation

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Thanksgiving Short Trading Week | Support and Resistance Levels

Posted on by Ilan

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 – Corn, Wheat, Beans, Silver
5. Economic Reports for Wednesday, November 23, 2011

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Short trading week with Thanksgiving on Thursday.

Make sure you pay attention to trading hours for both Thursday and Friday this week.

Example below is for STOCK INDEX futures trading on globex. Make sure to visit the links below for complete trading holiday schedule for markets of your interest:

Wednesday Nov. 23rd – Regular close and regular re-open at 15:30 central time

Thursday Nov. 24th – markets will HALT trading at 10:15 Am central time and resume trading at 17:00 Central time

Friday Nov. 25th – Markets will close at 12:15 central time.

Please visit CME at:

http://www.cmegroup.com/tools-information/holiday-calendar/files/2011-thanksgiving.pdf

and the ICE exchange at

https://www.theice.com/marketdata/calendar/CalendarList.shtml Continue reading “Thanksgiving Short Trading Week | Support and Resistance Levels”

The Importance of the FOMC Minutes | Support and Resistance Levels

Posted on by Ilan

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 – Corn, Wheat, Beans, Silver
5. Daily Mini S&P Chart
6. Economic Reports for Tuesday, November 22, 2011

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1. Market Commentary

Last week ( Thursday to be exact) I shared the same chart below with the sell signal if we can break 1204.50 ( The market was trading around 1215 at that time). Well we broke below and pretty much got the first target in one trading day.

Tomorrow we will have FOMC minutes, an important report which the market tends to react to or as I call it, “Market respects it”.

If the market breaks above 1204.50 after the minutes, we may see a relief from selling, on the other hand if the market reacts bearishly to the report than 1147.50 and 1120 are next targets.

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Measuring your Trading Progress | Support and Resistance Levels

Posted on by Ilan

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. Economic Reports for Friday, November 18, 2011

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1. Market Commentary

Some weekend reading material by a colleague of mine, Jim Wyckoff:

10 Key Questions on Measuring Your Trading Progress, Success
At some point in nearly everyone’s trading timelines, they wonder how their trading successes (or failures) compare with those of other traders. Wondering just how well you stack up to other traders in the industry is a natural curiosity and a human psychological tendency. However, actually knowing the success or failure rates of others doesn’t do a lot to move you farther down the road of where you want to be regarding trading success.
Most traders also wonder about the success rates of the “professional” traders-the ones who make their living solely by the profits they generate from trading. I will provide you with an answer to this question at the end of this feature.
Below are 10 questions regarding measuring your own trading progress and success. These questions should help you determine where you stand in this challenging field of endeavor.
1. What is trading “success?” This is a most basic question. Most would agree that ultimate trading success is defined as being profitable at trading-making more money than you lose. There are other secondary factors that also define success in trading, such as finding a “balance” between trading and other life activities. But it’s being profitable at trading that is the benchmark of defining success. Continue reading “Measuring your Trading Progress | Support and Resistance Levels”

Futures Trading Beliefs | Support and Resistance Levels

Posted on by Ilan

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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. Economic Reports for Thursday, November 17, 2011

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1. Market Commentary

Bearish close today on stock index futures and as I mentioned yesterday, a break below 1204 on the Dec. SP 500 can trigger another leg down.

I wanted to share the feature below by a colleague of mine. WORTH READING: Continue reading “Futures Trading Beliefs | Support and Resistance Levels”

Daily Mini S&P Chart | Support and Resistance Levels

Posted on by Ilan

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. Daily Mini S&P Chart
5. Economic Reports for Wednesday, November 16 2011

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1. Market Commentary


Stock index futures are in consolidation stage, trading between 1185 and 1289 since Oct. 18th (over100 points which is still a very WIDE range but nonetheless compare to the moves we have seen since this summer, I will consider it a range).

Before I can take a stance over medium to longer term price action, I will need to see if we can either take out 1204 or 1289. In between, the intra-day ranges provide both opportunities and risks for day-traders.

My tiny wisdom tip for today is: Your biggest battle as a day-trader is probably BEING selective in the trades you take, being patient ( which can be hard for many traders) and executing the plan you have once in a trade. Work on this every trading day, try to make small progress, keep a journal.

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Daily Chart Gold Market | Support and Resistance Levels

Posted on by Ilan

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. Daily Gold Market Chart
5. Economic Reports for Thursday November 10, 2011

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1. Market Commentary

First it was Greece, now Italy who helped send the market sharply lower.

Outlook for stock indices does not look good from technical standpoint but in today’s blog I actually wanted to share the daily chart for the gold market. (see below)

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

Contract (Dec. 2011) SP500
(big & Mini)		 Nasdaq100
(big & Mini)		 Dow Jones
(big & Mini)		 Mini Russell
Resistance Level 3 1269.33 2394.67 12138 778.13
Resistance Level 2 1259.17 2373.33 12037 765.67
Resistance Level 1 1243.83 2344.67 11898 741.63
Pivot Point 1233.67 2323.33 11797 729.17
Support Level 1 1218.33 2294.67 11658 705.13
Support Level 2 1208.17 2273.33 11557 692.67
Support Level 3 1192.83 2244.67 11418 668.63

Continue reading “Daily Chart Gold Market | Support and Resistance Levels”

Daily Live Chart Service | Support and Resistance Levels

Posted on by Ilan

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. Daily Mini S&P Chart
5. Economic Reports for Wednesday November 2, 2011

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I share my studies and ALGO in two ways.

The first is by having a daily live chart service, where subscribers/ trial members get a unique invitation to view my screen along with live charts, trade signals and trade philosophy. I call it live webinar.

The second method is available for sierra charts / ATcharts users . Those who are interested will get my ALGO/ study pac via email and will be able to apply it on their sierra charts for different markets, different time frames etc.

Both methods are available for a free trial if you did not have one yet.
To read more and request a trial, visit: http://www.cannontrading.com/education-day-trading-webinar.php or simply send me an email with your sierra/ATcharts user name at ilan(at)cannontrading.com Continue reading “Daily Live Chart Service | Support and Resistance Levels”

Trading Multiple Time Frames | Support and Resistance Levels

Posted on by Ilan

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. Daily Mini S&P Chart
5. Economic Reports for Wednesday November 2, 2011

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Market Commentary

DAYLIGHT SAVING ends this weekend!

International traders especially, please pay attention we are moving the clocks an hour back. Continue reading “Trading Multiple Time Frames | Support and Resistance Levels”

RISK DISCLOSURE: Past results are not necessarily indicative of future results. The risk of loss in futures trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.