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Cannon Futures Weekly Letter Issue # 1192
In this issue:
- Important Notices – First Notice & Last Trading Days
- Futures 101 – Hedging Guide
- Hot Market of the Week – July Soymeal
- Broker’s Trading System of the Week – ES Swing System
- Trading Levels for Next Week
- Trading Reports for Next Week
Important Notices – Next Week Highlights:
- Fed Governors to speak: Cook on Financial Stability Wed. Afternoon – Bowman on Financial Stability Risks Fri. Morning
- A Very Light Data Week, Jobless claims Thursday Pre Market
- Additional Agricultural Market Volatility on the horizon: USDA Crop Production and Supply/Demand Estimates Fri. 11am Central
- Earnings next week include Disney, Uber and Air BNB as the largest cap stocks featured.
Futures 101 : Futures Hedging Self Study Guide!
Self-Study Guide to Hedging with Grain and Oilseed Futures and Options. Regardless if you are a farmer, rancher or simply looking to trade grains and livestock futures, this guide will help you understand the ins and outs of trading and hedging using futures and options.
- Hot Market of the Week – July Soymeal
Hot market of the week is provided by QT Market Center, A Swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
July Soymeal
July meal stabilized its slide after completing its third downside PriceCount objective and developed an extended sideway trading range. The chart broke out of its range to the topside and activated upside counts in the process. On the rally, the first count to the $368 area has been satisfied where it would be normal to see a near term reaction in the form of a consolidation or corrective trade. From here, if you can sustain further strength, the second count would project a run to the $382 area.
PriceCounts – Not about where we’ve been , but where we might be going next!
The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
Where do I exit My Trade?? Watch video below.
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Broker’s Trading System of the Week
With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
PRODUCT
SYSTEM TYPE
Intraday
COST
USD 127 / monthly
Recommended Cannon Trading Starting Capital
$30,000
The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on back adjusted data. Please read full disclaimer HERE.
Daily Levels for May 6th 2024
Trading Reports for Next Week
First Notice (FN), Last trading (LT) Days for the Week:
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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.