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 S&P emini futures, the Euro and the crude futures. Today is Tuesday, February 18th, 2014.
The market opened up this morning here at 1837 represented by this white dotted line. We also had an opening range in through here, but a picture’s worth a thousand words. We actually see a higher timeframe chart here. A break out of our opening range after the news report, right? Housing market’s index came out and it was below consensus range, worse than expected. And with that I was expecting a continuation lower.
Came out of the opening range, had a nice little pullback on a lower timeframe chart to get in. Got stopped out for a total of minus 8 ticks. Price action worked its way back into the opening range. Consolidated around the opening price. I was telling traders that I was looking for a long opportunity above 1841. I was looking for a shorting opportunity down below 1833. And price action just continued to chop in between these Shark banks and opening price, not giving us any further trades. You can see kind of a mini megaphone pattern, that is higher highs and lower lows. And that was it for the day.
Here’s the irony. The irony is we were looking for a price pullback deeper. In other words, if news comes out and the market pushes higher, price action tends to materialize towards the news report in the afternoon. It didn’t actually occur until after market close.
Let’s go ahead and check out the Euro. This is the Euro futures. We tend to watch them from 8:30 in the morning until about 11:30 in the morning Eastern Standard Time. The European market closes down at about 11:30 Eastern Standard Time. It opens up at about 3 AM. Obviously we don’t watch it at 3 AM, we would not be able to get any sleep.
There was really no opportunities to get into any trades. We were letting the market kind of materialize. The first opportunity we really had to get into the Euro was after the news report in the U.S. market. An opportunity right here at about 10:04 or so, an opportunity to get long, target 1 and target 2 are hit. If you didn’t get that one, another opportunity arose down here with our momentum indicator for a continuation higher, T1 and T2.
And then as we go into 11:30 I did get into a trade. I did not realize the time, that was totally my mistake. So I flattened out of my position and I did get 2 ticks on it because I got in 1 tick better than the entry price. But aside from that I immediately flattened myself out because the European market had closed down and I did not want to be messing around with a lower volume timeframe.
As a reminder we still have the free trial going on this week in the S&P emini futures for today and tomorrow. The crude futures is for Thursday and Friday. Go to the home page of TraderShark.com. Click on Home. There’s the Webinar Specials. You actually have an opportunity to view a webinar previously recorded right here, right there. And then if you scroll down, go ahead and see the opportunity to log in for the free trial again for tomorrow. And also for Thursday and Friday for crude.
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. See you tomorrow morning.
Link to Video and Transcription