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, February 15, 2013.
The market opened up this morning here at around 1520.25. Right in the middle of our opening range. This is a higher timeframe chart. These horizontal lines are called Shark bands. What I want you to see is after we get out of this opening range we actually develop a head and shoulders. There’s your first shoulder. There’s your head. There’s your next shoulder. You simply draw a neckline across those. And how’s your target? You bring your target from the head to the neckline and then you simply move it down here to your breakout of the head and shoulders pattern for a potential target of 1514.75.
Now it didn’t quite make it down there on the first move, but you do take your profits on your way down. Target 1 and target 2 would have been hit. If you didn’t get your final target you possibly could have gotten stopped out for a continuation down to the next Shark band. Notice we had a green Shark band. This is a buying opportunity. You don’t just buy because this is a Shark band. You wait for a nice clean setup. So what we had is lower lows on price action. Higher lows on momentum for a nice reversal on up 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. Have a great weekend and I’ll see you in the Shark Den on Monday morning, which is President’s Day. We’ll be here for about a couple of hours, otherwise I’ll see you bright and early Tuesday morning in the Shark Den.
Link to Video and Transcription
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.
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.