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, the Euro and the crude futures. Today is Wednesday, February 19th, 2014.
The market opened up this morning here at 1832.50, represented by this white dotted line. We had a couple news reports out at 8:30 this morning. Housing stats was below consensus range, which generally would have a heavy selloff. The market continued to grind higher, so I was not looking to push any positions higher. We did have a nice little momentum move higher. Did not get into any trades. And generally if the market moves higher we tend to look for a selloff into the afternoon to meet the news report.
So with that, kind of had a negative bias. We stayed above the moving averages. Remember trade what you see, not what you believe. And the market just would not stop. Regardless of all the negative news we’ve seen this week and last week, the market continues to move higher. So the only good trade that we saw here is right there at about 10:22 or so, an opportunity to get target 1 and target 2. We have what are called trendline wave trades and extended wave trades. And then we had an opportunity to go short. I do not take huge profits on short and countertrend trades. I’m not a big proponent of trying to call a top or calling a bottom. So what we did is we had a little break below our moving average, nice pullback, continue. You know, quick $75 on 2 contracts, not a big deal.
And then we went into what’s called the lunchtime trading zone. No further trades at that point. We had a nice little selloff going into the lunchtime zone. Tested opening price, a lot of traders believe to buy off of the opening price or fade it. Coming out of the lunchtime trading zone, had an opportunity to get in long again it was right there after 2:00 and in this case I got my first target off, got stopped out for minus 3 ticks on that second contract.
Price came back down, retested opening price again. Again mostly chop. I mean, you can see this from a distance in hindsight. And there was one final opportunity to get in, doesn’t seem like much. I was going for 2 and 8 ticks on this particular trade, and then my market internal told me to get out, only to see the market continue in the direction of the selloff. Got a total of 4 ticks on that, so it was a slow day. It was a profitable day and that’s it for the day.
I want to remind everybody we had a couple challenging days especially happen during our trial period. Please feel free to check it out. If you have any questions email me and I’ll talk to you all bright and early in the morning. Thank you.
Link to Video and Transcription