Trading Tips Worth Repeating & Level 6.18.2024 - 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.

Trading Tips Worth Repeating & Level 6.18.2024

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A few Tips worth repeating as we go head on into the summer months

By John Thorpe, Senior Broker


From time to time I am asked by my clients for a viewpoint that is separate from the application of technical indicators to overcome some of their perceived, faulty analysis.


Without restructuring anyone’s methodology, I think it fair that a self-assessment applying some common biases that will easily reveal weaknesses in their trade and risk management selection process be applied to your decision making process.

If you practice exposing these biases during your trading decision process and write down in your journal when they occur with the net result of the trades, you can quickly tighten up your game plan.


It takes 21 days to create a habit according to Steven R. Covey in his  best seller “Seven Habits of Highly Effective People”


Technical analysis is not a flawless science and it can be prone to various biases.


I will try to make this brief; however, this topic requires a much deeper dive. Here is a list of some common biases.

1 Confirmation Bias-Preconceived notions about a market/ Actively seek out other technical signals.

2 Regency Bias-ignoring long term trends/ don’t rest your analysis simply on price action in shorter time frames.

3 Anchoring Bias-fixate on Price and refuse to adjust.

4 Availability Bias-rely too heavily on recent news.

5 Gamblers Fallacy- traders believe the past events increase the likelihood of future events. / eval trade independently.

6 Emotional Bias Fear, Greed clouds judgement.

Plan your trade and trade your plan



If you are a day trader, below you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side for the next trading session.

Questions? We are happy to help!



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* 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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