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Home / Futures Blog / Swing Trader’s Insight Futures Watch List for January 29

Swing Trader’s Insight Futures Watch List for January 29

January 29, 2015 by Scott Hoffman

Stocks are recovering after yesterday’s post- FOMC swoon. I thought the FOMC statement was actually stock friendly; there was nothing to indicate an acceleration of the timeframe to begin raising rates. Additionally, they said the Fed will factor the global economy into their analysis. With the degree of connection between the US and our trading partners, this move is overdue. For now, it means the weak economic conditions outside the US will be a factor in delaying rate hikes. In US news, jobless claims posted a huge drop last week; this was likely affected by the MLK holiday. At 9:30 AM CT is the weekly EIA natural gas storage report; traders look for a historically small draw of 120 bcf last week. The slow world economy is likely to continue to weigh on commodity prices, Fed news notwithstanding.

March EMini S&P Futures:  It’s a Taylor Trading Technique Buy day; reference prices are 1991.25 (Weds. low) and 1987.75 (overnight low). Be careful with the long side; it has tended to sell off into the close recently.

March EMini Russell Futures:  Another TTT Buy day; 1168.00 is the reference price.

March T Bonds:  It’s an “exit breakout buys” day so a Taylor Trading Sell Short day is anticipated.  Watch the 16 Jan. high of 151-10 as the reference price; 150-14 is the first downside target. It’s at an interesting point here- will it take out the double top? The 5 and 10 year T Notes appear to be making a lower high (for now).

March Yen:  Wednesday was a doji bar with range contraction- look for a breakout move today. Look to sell if it breaks under yesterday’s low of 8460.

March Euro:  Breakout setup (ID, NR4). For breakout reference prices use 1.1266 (session low); on the upside start with 1.1332 (session high).

March British Pound:  Wednesday was an inside day; we can look for either a Taylor Trading Buy day (1.5130 is the reference price) or a downside breakout (use the 1.5100 area for that).

March Canadian Dollar:  By the Taylor Trading Technique today is a Buy day, 7970 is the reference price. We’re fighting the longer term trend here, although the short term trends point up.

Feb. Gold: (I’m going to roll to April for tomorrow).  It sold off out of a breakout setup. Holding below 1272.00 should keep the pressure on; watch 1266.40 as a reference price. It looks like the bulls may be losing control.

March Cocoa:  It’s a “cover breakout sales” / TTT Buy day; I’d like to see a rally to short it higher.

March Sugar:  Look to be short if it stays below 14.93.

March Crude Oil:  It’s a TTT Buy day; watch 44.35 (26 Jan low) as the reference price. Conservative traders might want to wait for a rally to short it.

April Live Cattle:  Breakout setup (NR7, doji); use the Wednesday high and low as reference prices.

March Soybeans:  Breakout setup (NR7, doji).  977-6 is the reference price for an upside breakout; look to sell a rally.

March Wheat:  It’s a “cover breakout sales” day; 503-0 is the reference price for a Taylor Trading Buy day. I’d like to see a rally in order to short it at higher prices.

March Corn:  Yesterday saw a downside breakout below the recent low at 376-0; let’s see if we can get a rally to retest that level to get another opportunity to short it.

Swing Trader's Insight Essential Reference Guide Cover

Essential Guide for Futures Swing Trading

In this guide, experienced trader and broker Scott Hoffman explains the trading methods he uses to analyze and trade the futures markets and to publish his trade advisory, Swing Trader’s Insight.

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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: Swing Trader's Insight

About Scott Hoffman

Scott graduated from the University of Chicago in 1986 with a degree in Economics. After graduation, Scott worked on the floor of the Chicago Mercantile Exchange then moved upstairs, serving as the personal broker to a former chairman of the Chicago Board of Trade. There, he worked as a broker and margin manager, starting up the firm’s full service brokerage division.

Today, Scott serves as an educator and mentor for new traders, and as a trading partner and ally for experienced traders. The breadth and depth of Scott’s knowledge make him the “go to guy” for both retail and institutional traders.

Scott also publishes two futures advisories, Swing Trader’s Insight and Trade or Fade. He also writes the futures trading blog at www.futuresinsightblog.com. Scott has written articles for a number of futures publications and has done numerous futures trading seminars, including seminars for both the CBOT and CME.

Scott offers his customers the knowledge he has gained from his more than 25 years of experience in the futures business. Scott is accepting new clients at this time.

Scott lives in suburban Chicago with his wife and three children. In his free time he enjoys coaching his children’s sports and various other athletic activities.

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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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