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 Monday, September 30th, 2013.
The market opened up this morning here at around 1670 which you don’t see yet. I just want to show you quickly from a higher timeframe chart. Again, I want to show you the Shark bands. Notice how these Shark bands to the high side were tighter. And again, the trading has been very minimal. But I want you to see how they just kind of continue to jam in between these bands. We did talk about a hook pattern with a potential target up here around 1680, which eventually hit right in here through a no trade zone. And then I’m going to show you on a lower timeframe chart how they all materialized. But again, notice how they oppose support and resistance and why it is very important, I like these areas up above. Where we get these nice black areas, we call open water.
Let’s go onto the lower timeframe chart. Okay, so here we are on a lower timeframe chart. I want you to notice that the opening price was 1670 represented by this white dotted line. We don’t trade from 9:30 to 9:45. Coming out of the no trade zone a little bit of a pullback. Continuation. We had a news report at 10:00, I think it was within consensus range. Not much opportunity. We did have one shot right here at about 10:10 or 10:09 for a long opportunity. Target 1 and target 2, another pullback, opportunity to get off for another 10 ticks. Target 1 and target 2 hit. Again that’s the first part of the morning and we’re pretty much done at this point.
And then we had what’s called a hook pattern. Now this particular hook pattern had 3 contracts in there. First contract target was 4 ticks, second contract was 4 ticks, came right back out and stopped me out for minus 8 ticks because I had a trail stop. I didn’t get stopped here. It actually got stopped over a little further to the right hand side. And that was it for the morning.
Going into the no trade zone from 11:30 to 1:15 Eastern Standard Time, saw a lot of sideways motion. Coming out of the no trade zone here. I want you to notice we had an auto wave fire off long. Really nice. Really quick. Kept the profit targets tighter than usual just because we weren’t sure. It was a little bit shaky. Everybody started talking about the government shutdown, which pretty much has already been calculated into the market. In fact you should see that by tomorrow morning, how it opens up.
Here, I don’t know if you can see this. This nice opportunity, we broke below our other lines in the Shark Den. And as we did, an opportunity to get short. I don’t hold counter trend trades for very long. Very quick scalp for a total of 6 ticks. But then we notice, this is called a dive trade. And the dive trade itself found support at another Shark line, not a Shark band, a Shark line. It occurred down here. I did not hold on that long. I only got 6 ticks. It says 6 to 10. And then a nice little pullback. Opportunity to get off the first target and got stopped out for minus 2 ticks there.
And then notice the sideways motion. Little bit of a pullback. I did not get this shorting opportunity. I generally don’t trade from 2:30 until 3:30 in the afternoon Eastern Standard Time. Notice the sideways motion. And then getting ready to go into the close, we did have a nice little auto wave fire off. Follow up, opportunity to get long. Got my first target off, got stopped out. Just to watch it continue on. I don’t like to enter any new trades here into the last final no trade zone of the day.
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. Have a good evening and I’ll see you in the Shark Den on government shut down 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.