Trading Levels for 9.26.2018 + A look at Grains Report

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Dear Traders,

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FOMC Tomorrow.
We speculate there is over 90% chance the Fed will raise interest rates by 0.25% based on the Fed funds Futures contract.
FOMC days are quite different in their behavior:
** The FOMC interest rate decision is due at 2:00 ET in the US tomorrow. This is followed by the conference which will provide more clues ( volatility).
FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.
If you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market.
The following are suggestions on trading during FOMC days:
  • Reduce trading size
  • Be extra picky = no trade is better than a bad trade
  • Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 2925.00 with a stop at 2919.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 2919.75 and place a stop a few points below in this hypothetical example ( consider current volatility along with support and resistance levels).
  • Expect the higher volatility during and right after the announcement
  • Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
  • Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
  • Know what the market was expecting, learn what came out and observe market reaction for clues
  • Be patient and be disciplined
  • If in doubt, stay out!!

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

09-26-2018

 

Contract December 2018  SP500 #ES_F Nasdaq100  #NQ_F Dow Jones  #YM_F Mini Russell #RTY_F BitCoin Index #XBT_F
Resistance 3 2947.08 7668.58 26855 1727.90 6841.00
Resistance 2 2940.67 7635.92 26780 1722.80 6723.06
Resistance 1 2931.08 7615.83 26652 1718.60 6563.76
Pivot 2924.67 7583.17 26577 1713.50 6445.82
Support 1 2915.08 7563.08 26449 1709.30 6286.52
Support 2 2908.67 7530.42 26374 1704.20 6168.58
Support 3 2899.08 7510.33 26246 1700.00 6009.28
Contract December Gold #GC_F Dec. Silver #SI-F Nov. Crude Oil #CL-F Dec.  Bonds  #ZB_F Dec.  Euro #6E_F
Resistance 3 1215.1 14.99 73.66 140 14/32 1.1936
Resistance 2 1211.5 14.79 73.22 140  7/32 1.1903
Resistance 1 1208.5 14.64 72.77 140  3/32 1.1874
Pivot 1204.9 14.45 72.33 139 28/32 1.1840
Support 1 1201.9 14.30 71.88 139 24/32 1.1811
Support 2 1198.3 14.10 71.44 139 17/32 1.1778
Support 3 1195.3 13.95 70.99 139 13/32 1.1749
Contract Dec.  Corn #ZC_F Dec. Wheat #ZW_F Nov. Beans #ZS_F Dec. SoyMeal #ZM_F Oct. Nat Gas #NG_F
Resistance 3 371.3 535.1 871.83 324.77 3.12
Resistance 2 367.8 530.4 864.92 320.53 3.09
Resistance 1 365.8 525.6 855.33 314.87 3.07
Pivot 362.3 520.9 848.42 310.63 3.04
Support 1 360.3 516.1 838.8 305.0 3.0
Support 2 356.8 511.4 831.92 300.73 2.99
Support 3 354.8 506.6 822.33 295.07 2.97

Economic Reports, source: 

www.forexfactory.com

 

Date 3:52pm Currency Impact Detail Actual Forecast Previous Graph
WedSep 26  4:30am GBP
High Street Lending
39.7K 39.6K
6:00am GBP
CBI Realized Sales
18 29
10:00am USD
New Home Sales
630K 627K
10:30am USD
Crude Oil Inventories
-0.7M -2.1M
2:00pm USD
FOMC Economic Projections
USD
FOMC Statement
USD
Federal Funds Rate
<2.25% <2.00%
2:30pm USD
FOMC Press Conference

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.

Posted in: Future Trading News  

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