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 Tuesday, October 2nd, 2012.
This morning I’m going to focus on something just a little bit different. I’m going to go ahead and show you the 30 minute chart. And I want you to notice we had talked about this potential support line all morning. And it’s right down here around 1432. We talked about it. Once it started to hit there we said we wanted to be careful. Even though it took 30, 60, 90 minutes this is a longer timeframe chart. So when you’re a little bit uncertain about a trade direction move to your higher timeframe charts. Take a step back and it will give you a better perspective. Now let’s go ahead and look at the lower timeframe chart.
The market opened up this morning here at 1443.25 represented by this white dotted line. We generally don’t trade from 9:30 to 9:45. Immediately coming out of the no trade zone we had downside pressure. An opportunity to get short. Target 1 and target 2 hit for a total of 11 ticks.
Continuing on into the morning we had a nice little pullback. An opportunity to get short again ride it down. Target 1 was hit. We got stopped out. We saw in market internal indicators as well as a wave trade crossed against us here. Exited for a loss of 1 tick.
Market continued. Even though we had a cross of the moving averages to the upside, we found resistance on the opening price for a selloff retracement. Continuation. A total of 7 ticks. Target 1 and target 2 hit for a total of 7 ticks.
Then, you know, hindsight’s always 20/20. You can see even some of our momentum indicators are pointing down. Tried an opportunity to get long here and the market internals went against us quickly we took a loss of minus 8 ticks total.
Then we went into a no trade zone from 11:30 until 1:15 Eastern Standard Time. Notice the sideways movement in this particular market. Coming out of the no trade zone an opportunity to get long. Got target 1 off and go stopped out for minus 2 ticks only to be followed through. When you get a stop out be aware of where your price action’s working in relationship to the moving average. An opportunity to get short. Target 1 was hit. Took a little pressure before it dropped off for a total of 13 ticks on that particular trade.
We then, I want you to notice something here. We’re going to pop on, you can see a channel developing very nicely here. And when it did, the high right here at 1434.5. I was telling people that I’m looking at putting a buy order above the 1434.5 or below the low here at 1432.25 for this to continue lower. But remember the 30 minute chart we just looked at, 1432 was a key support level. It went on for about an hour and a half before we had a nice little breakthrough. The upside, a little bit of downside pressure before it launched off. Easily 4 ticks for 1 point, 8 ticks for 2 points. We eventually hit our ultimate target of 4 points. So on this particular trade, it’s called a Shark Attack trade 2 point and 4 points, total of 6 points on that particular trade. And then we went into the no trade zone.
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 night 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.