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. Today is Thursday, April 4th, 2013.
The market opened up this morning here at 1550.25, right in the middle of our opening range. I want to show you the higher timeframe chart, just to give you a rough idea. I want you to see how price action really used these Shark bands to its benefit when they opened up this morning; we saw the Shark bands were very tight. And so didn’t really want to be taking any further long positions unless we got above this second Shark band. And then we ended up staying in the consolidation range most of the morning in the opening range. Notice how they respected these Shark bands.
These hook patterns did not develop to the long side. Hook patterns did not develop to the short side. Inverted head and shoulders did not develop. It never broke through the neck line for a continuation. Let’s go look over on a lower timeframe chart.
Okay, from our lower timeframe chart you can see our opening price was here at 1550.25. Price action, we had a news report this morning, I think 20,000 more on the jobless claims issue, which is bad news and the market moves up, which we see happen quite often. Expecting the news to follow through to the news report in the afternoon. Moving into the upside, had an opportunity to get long right there at about 10 minutes before 10. Rode it out for a total of 9 ticks.
You see some of these auto waves firing off. Did not want to take them, they’re going right in the middle of Shark bands. On that previous screen I showed you where the Shark bands were causing resistance. We did not want to go long into that. Price action worked its way down below the moving average. Had a nice opportunity to get short. Pull back. Continuation long. And in this particular setup we were coming off of opening price, anywhere from 9 to 21 ticks on this particular move depending on where you had your stop and what your ultimate targets were. In this particular case our target was up there around 1555.5 with a trans stop.
Price action eventually worked its way up to this area, no further trades for this morning. There was one little setup that fired off here going into a no trade zone, but fortunately it was in a no trade zone, nobody took it. Otherwise that would have been a first opportunity for a potential full stop out.
No trade zone from 11:30 until 1:15 Eastern Standard Time. And then I did try to take, price action dropped below the moving average, I tried to take it short and then did not like the price action, got out over here for minus zero ticks. That was it for the day. We had a lot of sideways movement. And it kind of just waffled in between the two Shark bands for the rest of the day.
To learn more about these and more advanced trade setups, or to get a copy of the Trader Shark 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
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. 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. Past performance is not an indication of future results.