Learn to Day-Trade the Emini S&P Futures

Shark Attack Trade – March 1, 2013

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Currently in the middle of a Shark Attack trade. I was not able to get the camera on any quicker than this. We had an entry down here at around 1508.5. We had a 4 point trailing stop. We are currently at, first target was hit at 1511.25. Second target we’re looking for is 1513.25. Gap fills at 1512.5. Also 1511.75 was the gap fill for a 4:00 gap fill.
We’re going to have a natural pullback. There’s your inverted head and shoulders pattern setup. Nice going right in to a Shark band between 1512 and 1513. I was good with watching the Shark Attack screen. You cannot see the other pattern that we have going on right now, which is an inverted head and shoulders as well as the Shark Attack trade is the break of the 1509.25 level.
Here’s your auto wave dot. Good call Ryan, yup. Little bit challenging if you’re trying to buy at the highs of the day, right? If you’re not already in this trade with a little bit of a protective stop on it, it’s a little bit of a challenge. But you do have an auto wave firing off with your ADX positive. Okay. Right, where? At the close at 1511.25. Risking absolutely nothing on this trade right now.
You have any other reasons. At what point would you exit this trade early? Well, we’re watching for our wave to be a counter-trend on our wave, right? Tap the bottom of our monitor, tap, tap, tap. We’re in the middle of an auto wave. Your auto wave has kicked off, two auto waves have kicked off to the long side. Where’s your inverted head and shoulders? Up there around 1518. If you’ve got a trailing stop, right now I’m at a 4 point trail stop.
Tap, tap, tap. Tap the bottom of the monitor. Push up 1513.25. It’s going to be a lot of short sellers here at 1512.5, which is the actual gap fill from 4:15 yesterday. I’m sorry, yeah, 4:15 yesterday. Got a lot of sellers here at 1512.5. And you’ve got a little more of a bundle up here around 1513.25. And we’re going to go in by 1 tick.
Now the one challenge you have here, again, those people watching the Shark Attack monitor, there are followers and a lot of things going on. There’s Fibonacci retracements. There’s extended Fibonacci levels. There’s second chance levels. Don’t get confused by that, just simply, if you’re following just the auto waves, you’re doing fine. If you’re following the trendline wave trade or the extended wave trade you’re doing fine.
This second contract, if you got three contracts on this, bring it as a trailing stop right down there around 14 trail stop. If I stop right now, right 1 tick in front, I risk nothing. Remember there’s a lot of, with all this sequester news and potential negative propaganda out there, traders are looking for reasons to short this market. The gap’s a great place for them to try to short it. At what point would the traders get hurt the most, is if this were to burst up through that 1512.50.
If you have a third contract trailing stop, bring it in to about 14 ticks. Let it run. Possibly working its way up to 1516. So where are we? 1516.50 to 1518.50. Okay. So 1516.50 to 1518.50 final alternate target if you got a third contract. Okay. I have three different trading platforms.
So tap the bottom of the monitor, tap, tap, tap. Speed up the sequence of the video for time purposes. Hope everybody understands why we pulled it in. We’ve got a lot of sellers, there’s a little bit of a sellers bundle right up here at around 1513, 1513.25, 1513.50. Tap the bottom of the monitor. Had everybody help. Mac computer users be careful, you don’t want to hurt your computer. We got it. We’ll take it.
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.