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Home / Futures Blog / 12/10 Pre-Dawn Update

12/10 Pre-Dawn Update

December 10, 2014 by Brian Cullen

This is a sample of Brian’s email newsletter, The Cullen Outlook.  This is the Pre-Dawn Update portion for Wednesday December 10th.

To gain access to these charts and all of the trade ideas in full, sign up for a complimentary 30 day trial.


Good Morning-

It’s Webinar Wednesday!  Pull up a stool and join us at the CHART WATCH! webinar this afternoon at 2:00p (cst)

https://www.danielstrading.com/webinar/chart-watch-with-the-cullen-outlook/

Heads Up!  We have a USDA # this morning at 11:00a (cst)  I have a few ideas in the grain markets that I will be getting involved in after the number has been released.  I would like to look at getting short the Soybeans again if all goes well and I have a KC Wheat idea below.  If you have any grain positions, this morning you will want to be paying attention.

March Sugar:

After initially breaking through the support level of 15.50 we have seen very little follow through.  We failed to take out the 15.00 price and at the start of the week, the market has taken a turn back to the upside and I would like to get involved LONG.  The risk would be just below the 15.00 level and the objective would above the recent resistance of 16.40 (both depend on your level of aggressiveness)  The down trendline will come into play around 15.90 and this will be where I look to add an additional contract if we get the move we are looking for.

SUG_PDU

March Cocoa:

There are 2 bear flags on this chart, the last one being very long and drawn out (I still look at it as a flag).   It has been very steadily trading higher for the past 16 trading sessions…until yesterday when we saw it break out to the upside.  We were able to trade above the 29.20 level and touched just above the 29.50 level, which were both resistance levels in late October and early November.  If this move does continue into today’s trading session and the stochastic on the chart rolls over we begin to trade lower, I want to get involved in the downside move.  The risk will be just above the trendline at 30.00  OR, you can look at the OLD support level of 30.20 to see if this provides NEW resistance.   If this rally fails, I believe the first stop is 28.00 ultimately on its way to 26.50, old January support.

COCOA_PDU

Kansas City Wheat:

This market was fundamentally strong as it finished out November on an amazing run to 6.60 With the 3 days break we saw last week and the continuation so far this week, I would like to get involved LONG if we can see 6.15 level today. This is the OLD resistance from October and November. Let’s see if it becomes NEW support. The trendline is not very old but it may also be supportive at the 6.15 level as well.  I included the 20 day moving average as a blue dotted line and we are resting on that this morning at 6.18-ish.  The risk would be below the Thanksgiving week lows (green arrow on the chart) around 6.00 The objectives could be around 6.60 and up to the 7.00 level.

March Swiss Franc:

Yesterday’s positive price action took us back up to the down trendline that I have been paying attention to for the past month.  The 20 day moving average on the chart comes in around the 1.0350 level and this is where I would like to work orders to get SHORT.  With no mini contract available, my stop level will be close.  Over the trendline above the 1.0400 level I think is plenty.

SWISS_PDU

For both the Kansas City Wheat and the Swiss Franc ideas above, this may be perfect charts to make your stop order a 2 lot.  If those trendlines fail to hold both of these markets in check, we may see a breakout move opposite of what the initial idea is. I did a DT Broker Tip video on this topic of 2 lot stops recently.  This was my first attempt at doing a Broker Tip video.  Feedback is always welcome when new ideas are explored.

Check it out here: https://www.danielstrading.com/futures-trading-education/2014/11/25/broker-tip-brian-cullen-2-lot-stop-order/

Positions we currently have on:  Both of these ideas are relatively close to where we entered or better, so if you are still thinking of getting involved in them, the opportunity exists.

  • Short Cotton from 60.00
  • Long 2 mini Natty Gas from 3.70

Have a great Wednesday.  If you are trading with us today, we will speak with you later!

 

LET’S DO THIS!

BC

Brian Cullen

Learn Futures Technical Analysis from a Pro with The Cullen Outlook

The Cullen Outlook is a futures trading newsletter for those wishing to follow the moves of Brian Cullen, an experienced technical trader. He’ll identify charts setups, provide direct trade recommendations and plans, and share other useful insights to help you become a better technical trader.

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: The Cullen Outlook

About Brian Cullen

Brian’s career began working with equities and equity options at Charles Schwab. Since then he has held various positions within the financial industry, from head clerk on a high volume trading desk on the floor of the CBOE, to being a “market maker” for a proprietary trading firm in the SPX and OEX pits. Brian then branched off to expand his horizons and transitioned into the futures market as a retail broker. He was a Market Strategist for Lind-Waldock’s Private Client Group division, dealing exclusively in the commodity markets.

Brian joined Daniels Trading in early 2009 to expand his added value services as a broker, and to build his client base in new areas. With Daniels Trading’s diversified execution categories, the opportunities for Brian’s clients are endless.

Brian’s goal is to work with his clients to focus on one main principle: Staying true to the principles of successful trading.

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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