Trade Management is more important than Market Analysis-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.

Trade Management is more important than Market Analysis….

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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Thursday February 25, 2016

Hello Traders,

For 2016 I would like to wish all of you discipline and patience in your trading!


Trade management is more important than Market Analysis….

I have done this so many times before, my colleagues tell me when it happens to them as well as some of my clients….You have the perfect read on the market. The market actually ends up doing what you thought it would and in a BIG way…yet somehow you manage to LOSE money despite your perfect analysis. To me this is sometimes more frustrating than having a bad losing day.

What happened?

Poor trade management, that’s what happened.

Yes, reading the market well is a much needed quality if you plan on making money rather than contributing donations to the market but more important is how you manage the trade / position once you read the market. Much easier said than done, especially after the fact but here are some tips that I am hoping will assist you in the next time you have a good market read.

By the way, the reason to this quick trading tidbit is the stock market rally we saw today in stock indices. Both my colleague and I “had the right analysis” on this possible rally yet he managed to lose and get stopped out twice while I took a small piece of the rally BUT not nearly as much as I should have….

  1. You don’t have a crystal ball. To think you can buy an ES contract in this volatility and use a 2 point stop in hopes of making 20 points profit is a very low probability event…you would need to buy it at the PEREFECT time for this to happen.  Point is, with higher volatility you need to use WIDER stops to give yourself a chance. That may mean using SMALLER trade size.
  2. If you are able to, share your read with another trader, it may provide you with a better perspective just by sharing.
  3. If you think there is room for a big move or what we call a “runner”  – be prepared to for the pullbacks. Use multiple time frames to gain a better perspective and hang in there for the big move, if this is what you think can happen.
  4. If you have enough risk capital, try to use multiple contracts, example buying 2 rather than 1. Taking profit on the first part of the position will help you relax and look at what the market is really telling you rather than what you would like it to say. It helps reduce both the fear and the greed.
  5. “Plan your trade, trade your plan”

Again these are just some short pointers, written quickly after today’s session in hopes of helping you when you face a similar situation.

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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

Contract March 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 1989.92 4377.50 16943 1061.30 98.56
Resistance 2 1960.58 4294.00 16711 1042.00 98.24
Resistance 1 1945.42 4251.75 16594 1031.80 97.87
Pivot 1916.08 4168.25 16362 1012.50 97.56
Support 1 1900.92 4126.00 16245 1002.30 97.19
Support 2 1871.58 4042.50 16013 983.00 96.87
Support 3 1856.42 4000.25 15896 972.80 96.50
Contract Apr. Gold March Silver Apr. Crude Oil Mar. Bonds March   Euro
Resistance 3 1280.6 15.92 34.73 170 3/32 1.1147
Resistance 2 1267.4 15.76 33.56 169 14/32 1.1099
Resistance 1 1248.7 15.51 32.89 167 30/32 1.1057
Pivot 1235.5 15.35 31.72 167 9/32 1.1009
Support 1 1216.8 15.10 31.05 165 25/32 1.0967
Support 2 1203.6 14.94 29.88 165 4/32 1.0919
Support 3 1184.9 14.69 29.21 163 20/32 1.0877
Contract May Corn May Wheat May Beans May SoyMeal April Nat Gas
Resistance 3 366.1 465.9 880.83 269.13 1.92
Resistance 2 364.4 461.1 877.92 267.87 1.89
Resistance 1 362.1 456.2 875.08 266.23 1.86
Pivot 360.4 451.3 872.17 264.97 1.83
Support 1 358.1 446.4 869.3 263.3 1.8
Support 2 356.4 441.6 866.42 262.07 1.78
Support 3 354.1 436.7 863.58 260.43 1.75
Economic Reports


All times are Eastern time Zone (EST)

Date 4:06pm Currency Impact Detail Actual Forecast Previous Graph
ThuFeb 25 2:00am EUR GfK German Consumer Climate 9.2 9.4
4:00am EUR M3 Money Supply y/y 4.7% 4.7%
EUR Private Loans y/y 1.5% 1.4%
4:30am GBP Second Estimate GDP q/q 0.5% 0.5%
GBP Prelim Business Investment q/q 0.6% 2.2%
GBP Index of Services 3m/3m 0.7% 0.6%
5:00am EUR Final CPI y/y 0.4% 0.4%
EUR Final Core CPI y/y 1.0% 1.0%
EUR Italian Retail Sales m/m 0.5% 0.3%
8:30am USD Core Durable Goods Orders m/m 0.2% -1.0%
USD Unemployment Claims 271K 262K
USD Durable Goods Orders m/m 3.0% -5.0%
9:00am USD HPI m/m 0.5% 0.5%
10:30am USD Natural Gas Storage -125B -158B
7:05pm GBP GfK Consumer Confidence 3 4

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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