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Pullback – Trading Video – April 16, 2013

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This video is designed for educational purposes only and to show some of our trade plan setups to reinforce our daily trade plan review.

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Good evening traders, this is Brian with TraderShark.com, an educational website to learn how to trade the emini S&P futures. Today is Tuesday, April 16th, 2013.
 
The market opened up this morning here at 1558.75 represented by this white dotted line. We generally don’t trade from 9:30 to 9:45 in the morning. Coming out of the no trade zone had an opportunity to get short. Got the first target off really easily and then we kept expecting for our second target to get hit. Got stopped out for minus 2 ticks.
 
And then as you can see here we have a directional indicator that continued to remain below its threshold and with that we had sideways movement, so there was actually no trades going on this morning. And we continued to watch as we continued through the morning. No trades.
 
And then we had a nice little push to the downside which was a head fake. If you got your first target off you would have taken a loss with minus 2 ticks on a second contract. However, on this particular case some traders did not get filled on their first target and the other market internal indicators would have got us out by around 4 ticks for 2 contracts, so that would be a total of minus 8 ticks on that particular trade.
 
We then had a nice little break through the moving average. Pull back here. I did not get in this first trade. Attempted the second pull back. And you’ll notice here our momentum indicator gave us a nice long signal. Got our first target out. Got stopped out for minus two ticks. However, just before going into the no trade zone there was another entrance on an extended wave trade long and we got in just before going into the no trade zone. The general rule is if you don’t have your first target off then you really need to exit your trade.
 
We generally don’t trade from 11:30 to 1:15 Eastern Standard Time. In this particular case the indicators were pushing higher and we figured we were going to be able to make our targets. In this case we got our target 1 and target 2. Got out just in time to go off to lunch.
 
Coming back after the no trade zone, market pulled back through. Had an opportunity to get short. Again, this is more of a counter-trend trade and a lot of traders may not have taken this one. I did not take the second entry, took the first entry. Got target 1 and target 2 for a total of 8 ticks. Generally we talk about when you do counter-trend trades, either you don’t do them or you go for shorter profit targets. And so this is a second opportunity to get in, right there at around 2:10. We don’t want to be caught long after 2:00 in the afternoon.
 
Coming back through we had a nice little bounce. Pulled back. Continuation. In this particular case the yellow arrows are trades that I did not take. We did talk about it in the room. I generally don’t trade from 2:30 to 3:30 in the afternoon, on rare situations I will. In this case, after we got outside the 3:30 timeframe, an opportunity to get long, total of 14 ticks all the way up in here to 1570.5. We then had another opportunity, nice pullback. Tried to get long, got our first target off, and got stopped out for minus 2 ticks. And that was pretty much it for 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.

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