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, May 3rd, 2013.
The market opened up this morning here at 1606.5. I’m not going to draw the horizontal line of the opening. You can see our opening range here. Opening price is right here at 1606.5. We generally don’t trade the first 15 minutes of the trading day. In this particular case we had what’s called a tidal wave. And a tidal wave is simply this. We wait for an opportunity to pullback. Get on the trade for, you can use 1 contract or more, and hold it for the majority of the day. In this particular case we had quite a strong Shark band real close to where we jumped in.
So here at 9:32 this morning, jumped in one trade. You can see we got 14 ticks with 2 contracts. Had a nice pullback. Had an additional contract that I had thrown on and then an additional contract got thrown on. And then it just continued to ride it up into this Shark band. This is a very thick Shark band. This is from 1612 to 1615. There was the hourly range high sitting up there. There’s the weekly resistance. There’s monthly resistance. There’s absolutely no reason to be going long. On our lower timeframe chart we had an auto wave firing off long and I was asked in the Shark Den why I didn’t take it long. I wasn’t going to take it long into this kind of overhead resistance. Even our hook patterns were developing to the long side. No further long trades at this point.
And then we got into what’s called a no trade zone from 11:30 until 1:15 Eastern Standard Time. Coming out of the no trade zone we don’t want to be in any type of long positions after 2:00. A nice clean opportunity to get on right at the, we had our anchor charts setting up. Trigger charts began to fire off right there at about 2:00. I think this trade went on at 2 minutes before 2. Jumped on. I’m not much of a countertrend trader, so in this case I just took a quick scalp of 8 ticks to the downside. And what do we have, we have a good 5, I think 6 point pullback all the way down here to what’s called a Shark line. And support, see these little ellipses, support for nice clean bounce, total of 10 ticks going 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.
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.