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. I’m going to go over four days, Monday, Tuesday, Wednesday and Thursday in this particular video.
I want you just to see the consistency of, we had a relatively narrow Globex range and a narrow opening range, which clearly indicated a choppy market. Fake out break out to the upside. Again, this right here is on November 26th, on Monday. Fake out break out to the upside. Fake out break out to the downside. Fake out break out to the upside for a continuation into the close. So it was a pretty choppy day. We knew it. We knew it the opening range timeframe. We knew exactly what we were going to see.
Tuesday, November 27th, we had almost an identical setup. Fake out break out to the upside. Fake out break out to the downside. Another fake out break out to the upside before it broke to the downside and on into the close.
On Wednesday we had a little better action. Little broader Globex range. The opening range here we did have a nice breakout to the downside with a hook pattern. Start out, did not quite reach the end. We then found ourselves back into the opening range for a breakout. Nice little hook pattern setup. Failed hook pattern setup. Another follow on hook pattern setup for a continuation and found resistance right in this Shark band.
We then had a nice pullback going on into the previous day’s lows. I think it was like 1395.50 at that point. Get a nice clean entry down here. Took a little bit of heat. For a launch. This particular trade I took 3 contracts. First contract off at 8 ticks. Second contract off at 14 ticks. And the third contract off at 18 ticks. The targets were 1397.5 and 1399.5. And then we’re out.
We let the market run sideways as it usually will do. And then there was a nice little pullback here. Anybody else if you would have held on to that with a trailing stop you had an ultimate target up here around 1406, 1407, actually 1407.50 I think was the final. And then let everybody else do all the fighting into the close.
So for Thursday, November 29th, we had a pretty decent size Globex range. Narrowing opening range. Expecting another type of choppy day. And we had a hook pattern setup, failed. Another hook pattern setup, but in this particular case we had a news report, not actually news report, we had Boehner came out and indicated they were still having a challenge trying to come to some type of resolution. And the market dropped off relatively quickly. So in our particular setup we may have gotten 3 ticks, 5 ticks, possibly even up to 8 ticks and then we’re out. We did not know this thing was going to follow through so quick.
And then Harry Reid came out and did a follow on commentary. So we got the battle on the political hill there. And price action immediately retraced and worked its way back up into the opening range. So we knew this was just a type of shakeout before it was going to continue higher. And we just went sideways on into the close.
And that was it for the week. So we had a pretty choppy week. I think we have a lot of conflict between the uncertainty. Market does not like uncertainty and you’ve got the fiscal cliff that they don’t know about. Yet we’re right in the middle of a Santa rally where the retailers are supposed to be going from their red numbers to their black numbers. So exercise caution in each one of your trades. It’s okay sometimes to take smaller scales. Taking your 3 ticks, 5 ticks, 8 ticks. Unless of course you have something a little more prominent setup where you can hold on with a trailing stop. I hope that adds to your arsenal of ideas on how to trade this market.
To learn more about these and more advanced trade setups, or to get a copy of the Trader Shark trading manual, please visit TraderShark.com. Thank you . Have a great evening and I’ll see you in the Shark Den tomorrow 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.