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Cannon Futures Weekly Letter Issue # 1193
In this issue:
- Important Notices – Trading Challenge, CPI, PPI
- Futures 101 – NEW Podcast on Futures Spreads
- Hot Market of the Week – July Cotton
- Broker’s Trading System of the Week – Gold Swing System
- Trading Levels for Next Week
- Trading Reports for Next Week
Important Notices – Next Week Highlights:
- Commodity Trading Challenge! Starting this Sunday! $2500 first prize! Register now.
- A number of fed speakers throughout the week
- Tues. Fed Chair Powell at the annual Foreign Bankers Assoc. roundtable 9a.m. Central
- Heavy Data week, T-PPI pre-open, W-CPI, Retail Sales pre-open, Th- Housing starts, Jobless Claims pre-open, Capacity utilization
- Earnings headliners: Walmart, Tencent, Home Depot, Cisco, Applied Materials.
Futures 101 :
Futures Spreads Podcast!
In this podcast, two of Cannon Trading Co.’s most experienced trading brokers – both with 20+ years in the profession – sit down to discuss futures spread trading: one of the most underrepresented approaches to trading the futures markets among retail traders, yet regularly employed by some of the most invested and arguably the most sophisticated players in futures trading, including large speculators and commercial firms.
They dig into the important reasons why spread trading should be considered if you’re looking for an approach to trading futures, including lower volatility, lower margins and increased staying power. They also delve into the recurring market conditions, i.e., weather, supply & demand ebbs and flows and global financial shifts when spreads can be deployed. They make the case that spread trading is used as a strategy by some very sophisticated participants and it should be viewed as a trading approach worthy of investigation by retail futures traders.
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- Hot Market of the Week – July Cotton
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 CottonThe break in July cotton satisfied its second downside PriceCount objective and now the chart is correcting. From there, IF you can resume the slide with new sustained lows, the third count would project a possible run to the 65.17 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.
Treasury Bond Auctions and Price Action Watch video below.
https://youtu.be/t-r3Q4VVkvM
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.
EagleTRM Cont. v.22 _ Gold
PRODUCT
GC – Gold
SYSTEM TYPE
Swing
Recommended Cannon Trading Starting Capital
$30,000
COST
USD 150 / monthly
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.
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.
Daily Levels for May 13th 2024
Trading Reports for Next Week
First Notice (FN), Last trading (LT) Days for the Week:
Improve Your Trading Skills
Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.
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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.