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.
This morning the market opened up at 1379.25. It’s Tuesday, July 31st, 2012. We generally don’t trade from 9:30 until 9:45, just a period of higher volatility. And we want to allow the bulls or the bears to determine what direction they’re going to push the market.
In this particular case price action stayed relatively close to opening price for a good part of the morning. We had a couple news reports that came out better than expected to within consensus range. And so with that being said, we still saw a lot of sideways movement. No real opportunities to get into a good, solid trade.
We got a little bit anxious there towards 10:30. It did have a nice trade setup and we had an opportunity to get long. Target 1 was hit and got stopped out for minus 2 ticks. Not a big deal, but notice price action just kind of remained relatively flat. Within 1 point of opening price we tend not to take any trades. We had an opportunity to get a little bit of a break away from opening price. Target 1 was hit and got stopped out for minus 2 ticks before going into the no trade zone.
This is a no trade zone from 11:30 until 1:15 Eastern Standard Time. Coming out of the no trade zone, again you’ll notice that we really didn’t have any clear setups. Price action worked its way right back up to the opening price until right there going into the close we had an opportunity to get short. Target 1 was hit. Got stopped out right to the tick before it continued on in the direction we thought right into our no trade zone.
If you’re in a trade prior to a no trade zone, you stay with it until either you get stopped out or you accomplish your profit targets. In this particular case, I think a lot of the sideways motion is just the indecisiveness and the waiting for tomorrow’s FOMC announcement as well as the ECB announcements on Thursday. So today the name of the game was patience.
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 and I’ll see you in the Shark Den in the morning.
Link to Video and Transcription