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 Thursday June 28th, 2012.
The market opened up this morning at 1317. We had a couple news reports this morning at 8:30, the GDP and the jobless claims. Both within consensus range, so they really didn’t have much effect on the market. We don’t trade from 9:30 until 9:45.
Coming out of there we were choppy within an opening range. And I think it was mostly waiting for the court decision here at about 10:00 in reference to the Obamacare, which they upheld. And with that we had an immediate selloff. Now there’s probably a 50/50 consensus as to is it going to be good or is it going to be bad for the financial markets. So with that we didn’t jump on any trades at this point.
Now ordinarily on a news announcement, you’ll see a selloff, nice clean pullback and a continuation in the direction. In this particular case it continued to chop around sideways and work within our opening range. We really didn’t get interested until after we had a nice clean break down through our opening range. Pullback. Target 1, target 2 hit for a total of 10 ticks. Some people held this on for a total of 14 to 16 ticks. I did not. I got out and I ended up paying twice the amount of commissions. Not a big deal. Got 4 ticks on that final side before we went into a lot of sideways chop and consolidation.
There was a nice clean pullback to our moving average right here at around 11:10, but we do watch the clock. And in this particular case I did not take this trade. Worked its way up into the no trade zone from 11:30 until 1:15 Eastern Standard Time. Coming out of the no trade zone we had an opportunity to get short. A nice clean 10 ticks. Resistance level here on our moving average and did not have any further trade’s setup to the downside.
Notice price action worked its way back up through the moving average. A pullback. In this particular case we did have a couple traders that knocked out anywhere from 25 to 40 ticks just on this one trade. And we had a lot of market internal indicators telling us just to buy on and hold. And notice our first entry here, if you’re playing from a conservative static targets, target 1 and target 2 hit for a total of 9 ticks. Here, if you’re doing another static target, target 1 and target 2 for a total of 10 ticks. However, if you held on with maybe a trailing stop in behind the moving averages, you should have been fine. Working your way up into anywhere from 25 to almost 40 ticks on that particular move.
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
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.