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 TradeShark.com, an educational website to learn how to trade the emini S&P futures. Today is Friday, April 19th, 2013.
The market opened up this morning here at 1540 represented by this white dotted line. We don’t trade from 9:30 to 9:45 just a period of choppy timeframe if you will. Plus we had options expiration today. And today being Friday we knew we were going to have a lot of sideways movement. Get chopped up. The opening range was about, what, 10.5 points.
Little bit of a head fake there to the downside. We did try to get a setup, nothing occurred. And then price action worked its way back to within opening price. We generally know that within 1 point of opening price it’s going to be a choppy timeframe. So we want to be very careful. It blew right through opening price. Back through our opening range and nice little pullback. Look here 1543, that’s our weekly low from last week. We knew that was going to be an area of contention and sideways chop until a potential launch higher.
Notice we had this little indication here for a trendline wave trade, EWT, had like three or four different trades fire off, but it didn’t get the legs to push high enough. So we got into a trade. I missed my profit target and pulled back for a loss of 4 ticks on that one particular trade. And it was pretty safe getting out there because look, we had an even deeper pullback, back to test opening price. Nice bounce, pullback. Got into another nice trade. Trying to get long through last week’s low. Got our first target off and got stopped by a minus 2 ticks. Started out with two losing trades this morning.
Then we finally had a nice clean pullback to our moving average to take off. And this is a trade I missed. I think I stepped out of the room for a moment. When I came back in had another pullback. Opportunity to get in long here. Total of 8 ticks. Another pullback. Took off. This one got the first target and got stopped out for minus 4 ticks only to be setup for another long opportunity. And in this particular case we had two separate ones. You’ll notice it fired off for a total of 8 ticks and a total of 9 ticks. Going into a no trade zone. So what we do is, if you got to trade going into a no trade zone, you’re fine. If you, but we don’t initiate any new ones after 11:30 in the morning.
Going into the no trade zone, you can see the market tended to go to a sideways chop until about 1:30 in the afternoon. Another pullback. And we, again, did not seem to get any legs. So basically I flattened out at entry for zero. And then of course it moved in our direction.
At 2:00 we don’t want to be in any type of long positions. And in this case it didn’t get us any short setups either, so no trades in the middle part of the afternoon. And then going in towards the close, again patience pays off. I like to trade from 3:30 to 4:00 in the afternoon. And here we had just our auto waves were firing off. We had nice conformation with the sentiment indicator. Conformation with our directional. And our momentum fired off. And then we just held on. We actually had a discussion in the room. We had one trader expecting to go to 1550.5. I was expecting to go to 1551.5. He won, but we both ended up winners at the end of the day. I got a total of 28 ticks on that particular trade.
To learn more about these and more advanced trade setups, or to get a copy of the Trader Shark trading manuals, please visit TraderShark.com. Have a great weekend, and I’ll see you in the Shark Den on Monday 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.