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 Brain with TraderShark.com, an educational website to learn how to trade the emini S&P futures, the Euro and crude futures. Today is Monday, February 24th, 2014.
The market opened up here at 1837.75, represented by this white dotted line. We had a few technical challenges this morning. It seemed like the traders were having difficulties accessing the room. We had to change over our servers, and as a result while I was maintaining the emails and helping everybody get into the room, I was not able to take these first two trades.
There was a nice EWT, extend wave trade, long right there at about 10:48 or so. Shortly after that another opportunity right there going into the 10:00 time frame. There was no news reports, but we did have a reversal zone. So two opportunities to get into a long position. After the 10:00 reversal zone there was no pull-back, it did not break the significant level, likely a continuation higher. Three more opportunities to get into a long position. I was able to jump on for one real quick 9 tick trade.
Once we got up into the 1852 level, remember between 1850s kind of a natural magnetic number. It draws the people into it. And a lot of sellers are sitting up here. So what it will do is it will tend to spread by as much as two points and then consolidation. We talked about that in the room. And then I want you to notice our auto waves kicking off here, just helping reinforce our continuation higher.
Going into the lunchtime trade zone from 11:30 to 1:15 Eastern Standard Time, a lot of sideways motion. One of the primary reasons I don’t like to trade during that timeframe. I want you to notice price action continue to maintain below the moving averages. Any of these pull-backs could have been met with selling opportunities if you were a counter-trend trader, until it finally broke this line. Broke this line, a nice little pull-back, a continuation. Nice setup for continuation lower.
Now remember on the higher timeframe chart our Shark bands were very tight in through here. So once you get the Shark bands real tight it’s considered an aggressive trade. One opportunity to get long, anywhere from 6 to 10 ticks; 6 conservatively, 10 would have been more aggressively. And that was it for the day.
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 night and I’ll see you in the Shark Den in the morning.
Link to Video and Transcription