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 and the Euro futures and the crude futures. Today is Wednesday, September 18, 2013.
The market opened up this morning here at 1697.75 represented by this white dotted line. At 8:30 we had housing starts that were within consensus range. So there really was no market movement for us to take advantage of. At this time we had a nice little selloff, working our way to the downside. This happened relatively fast. This is also called a breakout trade. I’m more of a pullback trader, so I didn’t get into these first extensions, but I had a nice little pullback here. And again, once you got to the third extension I kept my profit targets real tight, 2 ticks and 4 ticks. Plus we had FOMC announcement coming out this afternoon.
So in the meantime we come into the no trade zone here from 11:30 to 1:15 Eastern Standard Time. Coming out of the no trade zone a little bit of upside pressure. Again, not too much activity that I was interested in getting into. Working our way back to opening price until right here at exactly 2:00, I want you to notice this launch higher, from here until there. It stopped exactly 60 seconds later. Go back and look at it. 2:00, 2:01.
At that point, you know, it’s just like a runner. Once you get a nice strong move, they’re going to take a breather, and that’s exactly what this market did. Took a breather all the way back to its support level. And another thing about the FOMC announcement at this timeframe we were also preparing for the Fed Chairman to speak at around 2:30. I did not get into any trades. I was pretty much on the sidelines waiting at this point.
As the market continues sideways, I know it seems like there’s an awful lot of opportunities being missed, but generally on an FOMC day you’ll see a pullback. And I was really expecting a much deeper pullback. Did not occur, continued to push up higher. At that point there was one little pullback that gave us a nice clean auto wave as well as a Fibonacci retracement, took 11 ticks on that trade.
And as we went forward, there was no letting up, once we broke these highs. The pressure was pushing up into an extended wave trade long. Target 1, target 2, and target 3 were hit for a total of 26 ticks. And that was pretty much it for the day. I know it seems like there was a nice selling pressure here. I don’t want to be shorting or above the moving averages.
Working our way to the downside. Nothing really, retraced. I did try one final Fibonacci retracement here for a continuation. And got stung. Didn’t quite get my first target off. First target was hit, but did not get filled. Forced myself out at minus 4 ticks times 2 contracts for minus 8.
Over the next two weeks we have some free trials coming up for the Shark Den in the crude room and also for the S&P and the Euro. If you go and go ahead to the website, TraderShark.com. Go to the News and go to the Blog Archive. At the Blog Archive you will go ahead and see we have listed right now, we have three events going on. Five-day free trial beginning September 23rd and 27th. Go ahead and register on that link right there. And then I’ve got a ‘How the S&P and Euro Shark Den Works’ on October 1st for about 45 minutes. And then we have two free days in the Shark Den from October 3rd and October 4th.
Link to Video and Transcription