Learn to Day-Trade the Emini S&P Futures

Head and Shoulders – Trading Video – June 24, 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 Monday, June 24th, 2013.
The market opened up this morning here at 1570 represented by this white dotted line. We then have an opening range that we generally do not trade in, or it just tends to be a little choppier than usual. But as soon as the market opened up we said watch for this 1556 to 1557 level. 1556.25 was the gap from April 24th. And the downside pressure from overnight, since Friday, expected our final target to be down around 1556.25.
We then had a nice little retracement back up to the opening range, resistance level. Pullback until about 10:30. At 10:30 we had the Dallas Fed Manufacturing Index came out much better than expected. So all of the sudden, we had a tidal wave setup to go to the downside, but we didn’t have that much reaction from the news until later on in the afternoon.
Coming in for a pullback back into the opening range. Continuation, we had what’s called a trendline wave trade and then an extended wave to the downside. Only to find our bottom here on a Shark band. Shark band took a final bounce and then never looked back.
Working its way from the low of the day right here during the no trade zone, we have a no trade zone from 11:30 to 1:15 Eastern Standard Time. For a 27 point move upward. Worked its way back into the opening range, through the opening price. Notice how they had initial retracement off of opening price for a continuation. And then it worked its way through this Shark band for another retracement to the down side.
For a trade of the day, we had what’s called a head and shoulders pattern. Pretty clear when you see the lines drawn. So there’s your first shoulder, there’s the head, second shoulder. And then what you do is you draw your distance from the head to the neck line, and that would be the final target. And so we had a break of this trendline. A retest even through it broke through the retest. And then there was a nice clean Fibonacci trade. The Fibonacci trade lined up with a continuation to the downside. The high to the low, retracement 50% for continuation. And we started drawing this potential target of 1566 back at 3:30, and the materialization occurred right about 4:00. So about a half hour before it actually hit our profit target.
To learn more about these and more advanced trade setups or to get a copy of the Trader Shark trading manual, please visit Trader Shark.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.