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. Today is Friday, November 22nd, 2013.
The market opened up this morning here at 1794.50 represented by this white dotted line. And I want to tell you, they talk about a picture is worth a thousand words, and in this case this is the whole days’ worth of trading. And what we have is an opening range. Once we break out of our opening range we look for what’s called a hook pattern. Some people call it a flag pattern, but we do have a couple nuances that must occur in order for it to be called a hook pattern, so I’m going to continue to call it a hook pattern.
We have a nice little pullback for a continuation. This, you know what, if you have to squint your eyes to see it, than to me it doesn’t exist, but this candle closed above this trendline. As a result this could have been a valid hook pattern. I did not take it. Another pullback. This could have been a valid hook pattern, notice how it broke above the trendline. I did not take it. The next one was clearly a nice break above the trendline, and you simply take the prior swing low to the current high to get these target levels.
If you did not get in to this, right, because you’re trading into a Shark band, it’s very dangerous to trade into a Shark band. Break out of the Shark band, pullback. We talked about this all morning. What time did this happen? This happened in a lunchtime zone. This pullback, nice clear candle broke above the trendline for a continuation. Did you get it? No. This could have been a stop out on a lot of the hook pattern trades. However, shortly thereafter there’s another opportunity for a hook pattern to develop, and then I want you to gradually see how this, throughout the rest of the day, this was right about 2:30 in the afternoon. We had a nice anchor wave kick off for a continuation higher up into the Shark band.
Once you get into the Shark band, a lot of the traders going into the close were saying, hey, this thing is going to go higher. Well, you know what, it may go higher, but these Shark bands operate like magnets. And so once price action gets up there, stalls. I wouldn’t be looking to go long until we got a pop above this Shark bank, pullback and continuation higher.
Anyway I hope that helps for the day. Have a great weekend. Thank you all for watching. To learn more these and more advanced trade setups, or to get a copy of the TraderShark trading manual, please visit TraderShark.com. Thank you.
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.