Learn to Day-Trade the Emini S&P Futures

Daily Trading Video – Oct 4, 2012

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.

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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, October 4th, 2012.
The market opened up here at 1450.50. And we had a news report at 8:30 and at 10:00. I don’t know as though the news report was what actually pushed this market. I know the ECU was also meeting. But we had a quick move to the upside. Now the challenge here that we’re looking at a higher timeframe chart is these Shark bands were so close. It really didn’t give us any opportunities for pullbacks. We are pullback traders.
And this break out, you’re going to see here when I show you a lower timeframe chart kind of waffled back and forth between these two Shark bands all day. So it was a pretty choppy day. We ended up positive, but all in all, when you look at the Shark bands, bring the Shark bands into the picture we really like for price action to pull out. Nice little pullback and continuation to the next Shark band. Same here at the low side. Break down to the downside. Pullback. And continue to the Shark band. We didn’t really see that. We saw a lot of sideways chop. So let’s go ahead and go on to the lower timeframe chart.
So from our lower timeframe chart, we generally don’t trade from 9:30 until 9:45. And then we really didn’t have any trade setups up until the 10:00 news report. So with that we saw some sideways movement. The breakout, again, I’m not a breakout trader so I did not have an opportunity to get on to this run. We were waiting for our pullback. You’ll notice here our momentum indicator we got into an extended position or an overbought position, which could have allowed you to do a market order, a little more aggressive traders.
But I had a nice pullback here. It happened so fast we did not have an opportunity to get on to it. We did talk about it in the room. We even had a wave trade indication in that direction. But I colored it yellow because I didn’t get a hold of that trade.
Then we had a pullback. Now remember now we’re at the top of our fifth wave, right. You got your one, you got a two, three, four and your top of your fifth wave. Never buy at the top of a fifth wave. In this particular case we bought in at the highs. Little bit of a mistake there. In hindsight 20/20. We got our first target off and got stopped out for minus 2 ticks. I held on for a little longer. I took a minus 6 tick stop on this until it crossed my moving average. And also my anchor charts also indicated to exit the position.
Then immediately after that we broke through our moving average. Crossed to the downside. Target 1 and target 2 hit for a total of 6 ticks. Tried it again. Another pullback. You notice our wave trade indicators firing off to the downside. Tried it again. Target 1 was hit and got stopped out for minus 2 ticks only to see it continue on into the downside motion. Now remember these were wrapped between the two Shark bands so we had a lot of congestion and sideways movement.
And then there was no trades until we went 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. You’ll notice that the market pushed up, bounced off of our moving average. Had a nice pullback. And generally at the highs of the day we’re not quite at the highs of the day. At 4:00 we look for opportunities to get short. Had a nice wave trade indication setup. Took it. Took a total of 6 ticks. Probably could have held on a little longer. Generally you’ll see this thing run to 10 to 12 ticks or more. And then we went into some sideways consolidation.
So that’s pretty much the way the rest of the day wrapped itself up. There’s another opportunity, I didn’t fill it in there, there’s another 6 ticks here going to the downside. Another wave trade indication. Broke through the moving average. Pulled back. Kind of a questionable whether somebody would have shorted here, but once we got a breakthrough of our moving average and a pullback we had the opportunity to short into the close.
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.