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 and the Euro futures. Today is Friday, August 24th, 2012.
The market opened up this morning at 1396.5 represented by this white dotted line. We generally don’t trade for the first 15 minutes of the day unless we have a setup in the direction of the gap fill, which is up around 1400. We did have a nice setup. We got target 1 off. Got stopped out for minus 2 ticks.
As the market continued we had a nice pullback. Again, this is Friday morning, so we are expecting a choppy environment. Market crossed above our moving average. A nice pullback. Notice we had a double green dot for a wave trade entry. If you’re conservative you pulled off 7 ticks relatively easy. If you’re aggressive and you’re holding on for a type of Great White trade, you’re about 18 ticks on this particular trade.
If you got in those, you would have held onto this trade through the pullbacks. Or the yellow arrow is a trade that I did not take because I was already in on this trade down here. Target 1 and target 2 were hit for a total of 6 ticks. Once you get up to these key resistance levels, 1402 is a key resistance level then you really want to scale back on your second target.
We had another pullback here to the, it didn’t quite work its way to the moving average, but our wave trade setup. Nice clean continuation. Target 1 and target 2 for a total of 10 ticks. And then we went into what’s called a no trade zone. No trade zone is from 11:30 until 1:15 Eastern Standard Time. We’re still operating on low volume markets.
Market came back up. Now what’s in range is the gap fill from Wednesday which is 1412.5. Broke out of the no trade zone. Moved higher. Did not really have an opportunity. Had a pullback. A breakthrough, what you don’t see in here is the other moving averages. We had a breakthrough our moving averages. Pullback. Target 1 and target 2.
When you’re going countertrend, we have shorter profit targets. Got our profit targets filled and then worked our way back up through the moving averages. Pullback. Nice opportunity to work our way into the close. Target 1 and target 2 a total for 10 ticks. I think almost everybody that was in the room got on that one.
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 on Monday 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.