Unemployment Tomorrow & Futures Levels 3.06.2020
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!
Due to the start of Daylight Savings Time starting in the U.S. on March 8 (this weekend), and British Summer Time not starting until March 29, European markets will open and close one hour later in the US during this time. Also, Coffee, Cocoa, and Sugar
will open an hour later, but will close at their normal times.
Tomorrow we have monthly unemployment numbers in addition to the chaos in the markets…..
The following are my PERSONAL suggestions on trading during these 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).
· Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
IMPORTANT – second round of equity margin increases, this week
ES, $7920 –> $8360
NQ, $9350 –> $9900
YM, $6820 –> $7480
RTY, $3960 –> 4125
Sometimes no trade is better than a bad trade.
MICROS are a good smaller alternative!!
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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