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Cannon Futures Weekly Letter Issue # 1181
In this issue:
- Important Notices – 1099 Forms, Valentines Day, Chinese New year
- Trading Resource of the Week – Trade Alerts via Text/email
- Hot Market of the Week – March SoyMeal
- Broker’s Trading System of the Week – Unleaded Gasoline Swing Trading System
- Trading Levels for Next Week
- Trading Reports for Next Week
Important Notices –
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- 1099 forms will be generated for all futures trading accounts held by US clients that placed any trades during the 2023 calendar year. Traders should expect to receive their 1099 forms via mail, email or through their portal in early February.
1099 forms will be provided directly from the FCM to the client.
Important Events Coming Up:
- Chinese New Year
- CPI
- Valentines day
- Earnings
- Fed Speakers
- More Data including PPI
Trading Resource of the Week : Real Time Email Alerts Directly to your Phone!
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.
- You will receive an email each time there is an entry or exit in a simple language along with the current price for that specific market.
- A licensed series 3 broker at your fingertips
- Email alerts available to US and Canada and Int’l clients
- Alerts available for: Stock Indices, Grains, Metals, Rates, Currencies, Meats & Softs
- Open an account* and receive the Trade Alerts free for 3 months ($357 value)
- See an example of a recent trade alert for Coffee Futures in the image below
- Hot Market of the Week – March 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.
March Meal
March soymeal resumed its slide where the chart is approaching its third downside PriceCount objective in the $340 area. It would be normal to get a reaction after completing the objective in the form of a near term consolidation or corrective trade, at least. The low percentage fourth count to $231 is not shown here for relevancy but the weekly chart shows significant downside potential remains on a longer term basis.
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.
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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
Swing
COST
USD 160 / monthly
Recommended Cannon Trading Starting Capital
$20,000
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 February 5th 2024
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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.