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 Friday, August 9th, 2013.
The market opened up this morning here at 1691 represented by this white dotted line. We generally don’t trade from 9:30 to 9:45, except in a case of what’s called a pro-range reversal. I got in short here as a pro-range reversal and I got stopped out with 2 contracts at minus 5 ticks. And then just as I exited the 5 ticks we started to get a reversal. The pullback I thought was long enough for a push up into the next news report. And I got stopped out with 2 contracts at minus 4 ticks each. So I took 2 stops starting out on a Friday morning.
Market continued to work its way sideways. We had news come out at 10:00. It was outside of consensus range to the bearish side, to the downside. Market sold off, worked our way back towards the opening price. Lot of traders try to fade opening price. I think it’s very dangerous, very choppy to try to trade within one point of either side of opening price. So there was no further trades at this point.
Worked our way through. Kind of a slow grind. Volume was coming back in, but still, sideways motion, messing with our moving average. Couple of opportunities here to go short. I think I was probably, at that time I was probably trading either the Euro and watching it, so I missed these trades in the Shark Den. I don’t know if anybody else was able to pick those up or not. But then we did have a nice little pullback here for an opportunity to get short. In this particular case I popped on 3 contracts, one for 4 ticks, one for 9, another for 9.
Going into the next no trade zone from 11:30 to 1:15 Eastern Standard Time. This was a period of lower volume, and higher volatility I tend not to trade. And we had a push right back up to the opening price. Coming out of the no trade zone we had an opportunity to get long. Again, it was trading up into the open. Very dangerous. Very risky. I went for real short targets, 2 ticks and 4 ticks back up into the open and then I went flat.
For the rest of the day, pretty much we saw a little bit of a selloff here at 2:00 with a 5 point pullback. I was expecting us to have a run up into the highs of the day into the close. We need to see a pullback after this 2:00 timeframe in order for us to potentially push higher into the close. Other indicators were all running into what’s called a tangled net, so there’s no further traders for the rest of the day.
Hope everybody has an awesome weekend. Thank you for watching. To learn more about these and more advanced trade setups, please visit TraderShark.com. Thank you, have a great weekend and I’ll talk to you on Monday morning.
Link to Video and Transcription