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, August 20th, 2012.
The market opened up this morning here at 1413.25 represented by this white dotted line. You’ll notice that price action really continued to stay within our opening price range. We tend not to trade until we get a little bit of a break out of that range to the downside. We did have an opportunity here. With a narrow Globex range of only 6 points I figured we didn’t have much more range to the downside. A lot of uncertainty. A lot more of the same that we’ve seen over the last couple weeks of low volume and low range. So in the meantime we had an opportunity to get short. Just took a total of 5 ticks on this trade with 2 contracts.
Bottomed out here a little bit. Didn’t really see any further action to the downside. Kind of a risky trade working our way in towards the opening range. Took 6 ticks on that. And then got kind of scared out of this trade with some of the market internals got us out. We entered the trade. Got in. Filled. And then took no profits, so we lost too on the commission there.
Went into the no trade zone from 11:30 until 1:15 Eastern Standard Time. And then you see we worked our way back into the opening range. Had a little bit of a breakout to the upside. Thought we may have some follow through. Then you’ll notice that we did kind of, well, on a higher timeframe chart we had an inverted head and shoulders. We knew we were going to have a target up here around 1416. So we had one final shot. Just a total of 4 ticks with 1 contract here into the end. So, again we had a total range of 6.75. Kind of modeling the Globex range. And that’s it for the day.
To learn more about these and more advanced trade setups or to get a copy of the Trader Shark trading manuals, please visit TraderShark.com. Thank you and I’ll see you in the Shark Den in the 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.