{"id":14417,"date":"2018-07-11T12:24:22","date_gmt":"2018-07-11T20:24:22","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=14417"},"modified":"2018-07-11T12:24:22","modified_gmt":"2018-07-11T20:24:22","slug":"like-use-stops-support-resistance-levels-7-12-2018","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/like-use-stops-support-resistance-levels-7-12-2018\/","title":{"rendered":"Why I like to use STOPS & Support & Resistance Levels 7.12.2018"},"content":{"rendered":"

____________________________________________________________________<\/span><\/b><\/em><\/p>\n

Voted #1 Blog and #1 Brokerage Services on\u00a0TraderPlanet\u00a0<\/a>for 2016!!\u00a0\u00a0<\/span><\/b><\/em><\/p>\n

____________________________________________________________________<\/span><\/b><\/em><\/p>\n

Dear Traders,<\/p>\n

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Today’s market actions on a few different levels lead me to writing this and sharing a few thoughts about\u00a0why I personally believe a trader should use stops.*<\/strong><\/div>\n
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A couple of events took place today:<\/div>\n
The first<\/strong>\u00a0were the\u00a0large moves in the energy sector including the very popular crude oil contract.<\/div>\n
Crude oil had a range of $4.24 from high to low. That translates to $4240 of\u00a0a\u00a0\u00a0loss if you were unlucky to buy the high and sell the low…..Not sure why the CME overnight margin for this market is still ONLY $3200 but if you traded futures before you can see where I am going with this. You could have had enough margin to carry long position overnight and find yourself in deficit if you (or the risk manager\/your broker) did not take you out of the position in time.<\/div>\n
The other meaningful event was that the CME had connection issues<\/strong>\u00a0across many FCM’s, and routing connections which lead to a situation where certain traders were not able to get out of a position via their trading software (I am proud to say that the majority of our clients had the ability to call us and get help via phone). Its not a good feeling to say the least, to feel that you are “stuck” in the market. However, in this specific case, if you had stops already working on the exchange, you at least had that level of protection.<\/div>\n
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The moral of the story? Learn to use stops each time you trade. You can get away 9 times (luck, deep pockets etc.) but all it takes is that one time where either your trading capital or luck runs out to destroy your trading account.<\/div>\n
As always, we are here to assist and answer any\u00a0questions via email, phone or chat!<\/a><\/div>\n<\/div>\n
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*\u00a0Note about stops:\u00a0THE\u00a0PLACEMENT OF CONTINGENT ORDERS BY YOU OR\u00a0YOUR TRADING ADVISOR, SUCH AS A ”STOP-LOSS”OR ”STOP-LIMIT” ORDER, WILL NOT NECESSARILY LIMIT\u00a0YOUR LOSSES TO THE INTENDED AMOUNTS, SINCE MARKET\u00a0CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH\u00a0ORDERS.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Good Trading<\/strong><\/p>\n

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.\u00a0 You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.<\/p>\n

Futures Trading Levels<\/strong><\/p>\n

07-12-2018<\/p>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Contract September 2018<\/td>\n\u00a0SP500 #ES_F<\/td>\nNasdaq100\u00a0 #NQ_F<\/td>\nDow Jones\u00a0 #YM_F<\/td>\nMini Russell #RTY_F<\/td>\nBitCoin Index #XBT_F<\/td>\n<\/tr>\n
Resistance 3<\/td>\n2808.42<\/td>\n7382.00<\/td>\n24986<\/td>\n1717.17<\/td>\n6532.06<\/td>\n<\/tr>\n
Resistance 2<\/td>\n2798.08<\/td>\n7336.00<\/td>\n24896<\/td>\n1709.63<\/td>\n6464.69<\/td>\n<\/tr>\n
Resistance 1<\/td>\n2786.42<\/td>\n7296.50<\/td>\n24792<\/td>\n1698.67<\/td>\n6409.88<\/td>\n<\/tr>\n
Pivot<\/td>\n2776.08<\/td>\n7250.50<\/td>\n24702<\/td>\n1691.13<\/td>\n6342.51<\/td>\n<\/tr>\n
Support 1<\/td>\n2764.42<\/td>\n7211.00<\/td>\n24598<\/td>\n1680.17<\/td>\n6287.70<\/td>\n<\/tr>\n
Support 2<\/td>\n2754.08<\/td>\n7165.00<\/td>\n24508<\/td>\n1672.63<\/td>\n6220.33<\/td>\n<\/tr>\n
Support 3<\/td>\n2742.42<\/td>\n7125.50<\/td>\n24404<\/td>\n1661.67<\/td>\n6165.52<\/td>\n<\/tr>\n
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Contract<\/td>\nAugust Gold #GC_F<\/td>\nSept. Silver #SI-F<\/td>\nAug. Crude Oil #CL-F<\/td>\nSept.\u00a0 Bonds\u00a0 #ZB_F<\/td>\nSept.\u00a0 Euro #6E_F<\/td>\n<\/tr>\n
Resistance 3<\/td>\n1267.7<\/td>\n16.33<\/td>\n77.39<\/td>\n146 15\/32<\/td>\n1.1885<\/td>\n<\/tr>\n
Resistance 2<\/td>\n1262.5<\/td>\n16.22<\/td>\n75.83<\/td>\n146\u00a0 3\/32<\/td>\n1.1851<\/td>\n<\/tr>\n
Resistance 1<\/td>\n1252.5<\/td>\n16.02<\/td>\n73.15<\/td>\n145 26\/32<\/td>\n1.1791<\/td>\n<\/tr>\n
Pivot<\/td>\n1247.3<\/td>\n15.91<\/td>\n71.59<\/td>\n145 14\/32<\/td>\n1.1757<\/td>\n<\/tr>\n
Support 1<\/td>\n1237.3<\/td>\n15.72<\/td>\n68.91<\/td>\n145\u00a0 5\/32<\/td>\n1.1697<\/td>\n<\/tr>\n
Support 2<\/td>\n1232.1<\/td>\n15.61<\/td>\n67.35<\/td>\n144 25\/32<\/td>\n1.1663<\/td>\n<\/tr>\n
Support 3<\/td>\n1222.1<\/td>\n15.41<\/td>\n64.67<\/td>\n144 16\/32<\/td>\n1.1603<\/td>\n<\/tr>\n
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Contract<\/td>\nDec.\u00a0 Corn #ZC_F<\/td>\nSept. Wheat #ZW_F<\/td>\nNov. Beans #ZS_F<\/td>\nDec. SoyMeal #ZM_F<\/td>\nAug. Nat Gas #NG_F<\/td>\n<\/tr>\n
Resistance 3<\/td>\n366.0<\/td>\n503.3<\/td>\n873.00<\/td>\n334.67<\/td>\n2.90<\/td>\n<\/tr>\n
Resistance 2<\/td>\n363.3<\/td>\n496.8<\/td>\n867.75<\/td>\n332.83<\/td>\n2.86<\/td>\n<\/tr>\n
Resistance 1<\/td>\n358.3<\/td>\n484.3<\/td>\n858.00<\/td>\n330.27<\/td>\n2.84<\/td>\n<\/tr>\n
Pivot<\/td>\n355.5<\/td>\n477.8<\/td>\n852.75<\/td>\n328.43<\/td>\n2.81<\/td>\n<\/tr>\n
Support 1<\/td>\n350.5<\/td>\n465.3<\/td>\n843.0<\/td>\n325.9<\/td>\n2.8<\/td>\n<\/tr>\n
Support 2<\/td>\n347.8<\/td>\n458.8<\/td>\n837.75<\/td>\n324.03<\/td>\n2.76<\/td>\n<\/tr>\n
Support 3<\/td>\n342.8<\/td>\n446.3<\/td>\n828.00<\/td>\n321.47<\/td>\n2.74<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Economic Reports, source:\u00a0<\/strong><\/p>\n

http:\/\/app.bettertrader.co\u00a0<\/a><\/p>\n

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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\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, 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\u00a0judgement\u00a0in trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

____________________________________________________________________ Voted #1 Blog and #1 Brokerage Services on\u00a0TraderPlanet\u00a0for 2016!!\u00a0\u00a0 ____________________________________________________________________ Dear Traders, Like us on Facebook! www.facebook.com\/CannonTrading Today’s market actions on a few different levels lead me to writing this and sharing a few thoughts about\u00a0why I personally believe a trader should use stops.* A couple of events took place today: The first\u00a0were the\u00a0large […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[],"class_list":["post-14417","post","type-post","status-publish","format-standard","hentry","category-future-trading-news"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/14417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=14417"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/14417\/revisions"}],"predecessor-version":[{"id":14418,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/14417\/revisions\/14418"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=14417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=14417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=14417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}