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 Wednesday, April 3rd, 2013.
The market opened up this morning here at 1565 represented by the white dotted line. We immediately had a pro-range reversal here. I did not take it. The yellow arrows are trades that I did not take. I did jump into a pro-range reversal here. It is a counter-trend trade. So it’s very dangerous. Watch the market internals. And I forced myself out at minus 1 tick. I just realized that hey, going long in this type of environment was a mistake. Then quickly got on at a selling opportunity. Got our first target off and then got stopped out for minus 2 ticks here before I moved to the downside.
I had another opportunity to get in short here. Notice we had an auto wave short. Forced myself out for minus 4 ticks on that trade. Following through, I mean the pressure was still indicating, everything inside was telling us the market was going to selloff, but the indicators were, it was so choppy kind of coming, backing and filling, right? So tried to get into our position. Got our first target off. Got stopped out.
And then this was definitely a mistake. I knew it was a mistake when I entered the trade, so I quickly forced myself out. So far started out with a bad morning and tried to make it a little better here in the afternoon. Had a nice setup to get short in through here. Did not take this trade. Next pullback. Had an opportunity to get short and then only took 6 ticks on it for a continuation to the downside. And then you can see each one of these auto waves continue to fire off more rapidly in succession to the downside.
Waiting for a pullback and then by that time we got into the no trade zone. From 11:30 to 1:15 Eastern Standard Time I don’t trade during that timeframe. Coming out of 1:15 had another opportunity to get short. If you had a runner, I mean, conservatively 6 ticks, but it really could have run 8 to 10 ticks on this particular trade because we were trading against the clock at that time and I just wanted to make sure that we had our profit targets locked in. And then right there, just before 2:00, continuation was to the downside.
As price action came back and worked its way through the moving average, an opportunity to get long. And again, it was counter-trend because we had not broken our previous significant level. Counter-trend got a total of 6 ticks off to a long side. Nice little pullback. Again, auto wave fired off. Auto wave would have taken a reduce risk stop out, but did not jump on that one.
Came back through the moving averages, another opportunity to get short. Auto wave fired off short. Okay, I was not trading from 2:30 to 3:30, that’s why I missed these trades. And then, you know, we don’t ever try to call bottom. But once we get a little bit of a move and a pullback, another opportunity to get in and take 6 ticks into the close. Just barely profitable for the end of the day.
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 evening 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.