Learn to Day-Trade the Emini S&P and Euro Futures – live with a full-time trader.
This video is designed for educational purposes only and to show some of our trade plan setups to reinforce our daily trade plan review.
To successful trading,
Good evening traders, this is Brian with TraderShark.com, an educational website to learn how to trade the emini S&P futures and the Euro futures. Today is Tuesday February 4th, 2014.
The market opened up this morning here at 1744.75 represented by this white dotted line. We don’t generally trade from 9:30 to 9:45. Just an area of time. And it was a broad opening range. That broad opening range, by 9:45 we knew that we were going to have a sideways choppy day. I did try for what’s called a pro-range reversal here at around 9:38 and I got stopped out for a total of minus 4 ticks, just on 1 contract. It’s a scalping trade.
Coming out of the no trade zone, we really didn’t have any pullbacks or opportunities to get in. And then we had the news out at 10:00, which is a non-market moving event. You can kind of tell the way price action moved sideways. Pullback into our moving average. But there really was no follow through above the opening price. And look at the sideways motion. Hindsight’s 20/20, right? We’re sitting back from an afternoon, it’s all flat. So we didn’t get into any trades. Nice little selloff. Continue. Still, no opportunities to get into any trades in through here.
Coming in we had a nice little pullback and then on the higher timeframe chart we had a little hook pattern setup. Got a total of 8 ticks off on T1 and T2. If you held on for T3, some larger traders in the room probably did, you would have pulled out about 21 ticks on that trade. And then the pullback here. First target off. Got stopped out for minus 2 ticks.
And look again, from hindsight, this is all sideways chop. Fortunately our indicators were telling us to stay out. We sat on the sidelines for the majority of the day.
From 11:30 until 1:15 Eastern Standard Time, that’s what’s called a lunchtime trading zone. Didn’t have any opportunities in through there. Came back in, didn’t see anything again. Remember our opening range was about 7.5 points and with that we chose, we already knew the market was going to be relatively flat to sideways chop today.
Little bit come up and test the moving average. Pullback. Opportunity to get long. Total of 12 ticks on this particular trade. That was right there at after 2:15. Continuation higher and then we found our test of the moving averages. Pullback. Continuation lower. There really was no opportunities to get any trade. Once we bounced off of opening price, little bit of a pullback for a continuation into the close. I think it was actually 3 trades that setup here. There was a hook pattern, there was a Fibonacci retracement, there was a wave trade. Anyways on these 2 trades, 11 ticks and 8 ticks on into the close.
To learn more about these and more advanced trade setups or to get a copy of the TraderShark trading manual, please visit TraderShark.com. Thank you. Have a great evening and I’ll see you in the Shark Den in the morning.
Link to Video and Transcription