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.
We had a free trial today and on Friday, October 4th, and so I wanted to show you some of the patterns that we were developing in the Shark Den. Now, while we did not necessarily get ahold of each one, they still are very consistent.
And so I want you to notice we have an opening range here. We are also guided by Shark bands. And once this trendline from overnight was broken, we were looking for short opportunities. However, at this time, I think there was a news report at 10:00. And so I was not able to take this 10:00 short opportunities in through here. And then I did a rookie mistake. I tried to play off of what looked like a bottom, and you can almost see the inverted head and shoulders developing. We also had what’s called a dive trade and we had a Fibonacci retracement. Tried to get into a long position in through here. Got stopped out.
But then in the afternoon, I’ll show you a little more. Couple of these hook patterns continued to develop to the downside. Found support, eventually as we continued to work our way up, I don’t take many counter trend trades. We did see a little bit of a development for a long position. Working our way back up to the opening price. And then on into the close, not much into the afternoon.
Let’s go ahead and look at the shorter time frame chart. Here’s a shorter timeframe chart where we don’t generally trade from 9:30 to 9:45. Coming out of the no trade zone, right here at almost 10:00. I don’t trade within three minutes of the news report. So I did not take this, but the setup was still good nonetheless, right. So just something, the reason I put a yellow arrow is there is because that is the one I did not take. But in hindsight it’s always clearer, it did look like a really good trade. So something to learn from in the future.
And then what I talked about on the longer timeframe chart, it was really kind of early for us to be trying to get into that. So there was no entry. And then over here to the right hand side we finally had an opportunity at 11:00 to get long and the first target got off, the second target did not get hit. Held on, I think it ran right up to within 1 tick and came back and stopped me out for minus 3 ticks.
Then had an opportunity to get short and we talked about this. Even in the Shark Den we have our little classes that we talk about wave patterns and Fibonacci levels and things like that. The opportunity was, we generally have like an 8 tick stop on this particular trade, it came all the way up to within 7 ticks and would not have stopped us out and it would have been a profitable target 1 and target 2. I actually took 4 ticks stop on that.
Then we go to the no trade zone from 11:30 to 1:15 Eastern Standard Time. And as you’ll notice coming out, I usually look for one trade from 1:20 to 2:00 long, and this consolidation range, saw it a mile away and just expecting a launch higher which it did from 1:27 approximately on up into, for a total of 13 ticks, on up into the overhead resistance level right there at 1677 I believe, 1677.5. And then at 2:00, the answers at 2:00, we don’t want to be caught in any long positions. Now sometimes it will continue to push higher, but the overall percentage of the time it will selloff. So we do look for a shorting opportunity, again, the yellow arrow I did not take. Another opportunity to get short right in here. Nice pullback. Also notice that our momentum indicator caught up with us and pushed us down for a nice full 12 ticks.
Into the close, look at this. Take a step back and look at the almost sideways motion right into the close. No further trades for the day.
Thank you for watching. If you have any questions, please feel free to check us out at 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.