Warrior Trading Blog

1 Minute Flash Scalp in Emini SP +$1,725 | Steve’s Futures Pulse 204


Hey, what’s up, fellow traders? Happy Thursday. I’ve got my hot sauce Hawaiian shirt on, as you can see, because the markets have been red hot. That trend continued today. We came into the day with six consecutive green days in the Futures Trading chat room, and guess what? Now it’s seven. I found in the market this morning, an awesome opportunity to structure what I like to call a breakdown flash move in the E-mini S&P. That’s where we have volume congestion up above. The market basically has made a big move earlier, and then it goes sideways for a period of time, amassing volume on the chart, and then we structure a trade with a sell stop, so it’s sitting there resting and waiting for the market to give us the break we’re looking for. And that’s exactly what happened.

You won’t believe it when you watch the recast today, because in under one minute, we grabbed 1725 on a six unit trade. Watch today’s recast. That’s all I can say. And if you’ve got any questions, be sure to comment down below. I’d love to respond to you. Look forward to meeting you back at the market soon, and until then, trade well.

Bum, bum, bum, bum, there we go. Now, watch this level here. I’ve got to move this off the screen for my own benefit. 2915 and three quarters. I’m watching this level here on the 15. Look, we’re starting to break down below this and you’re starting to come towards that master point of control. I’m going to do a quick little refresh over here on this chart. There we go. Here we go. We’re starting to come down. Now watch this low right here, 15 and three quarters. This is on that 60 minute timeframe. I’m also going to take a peak at the 240. Again, these are swing timeframes, so what I’m trying to pay attention to is what’s the lay of the land on these longer term timeframes. Look at this here, on the four hour timeframe, we’re pressed right up against that master point of control here.

Remember, these are swing time framed. These take precedence even on the 30 and you’ve got, again, you’re already in breakdown mode. Markets come back within the box, is still within the box, but the prevailing directional bias is actually still bearish on the 240. We’re just a little bit down below that master point of control right there. That yellow horizontal line right here, you see it? Okay.

And then, in similar fashion here again on the 60. Here you go, you got new levels. I’d still [inaudible 00:02:11], POC still comes in here at 15 and three quarters, so I’m watching that and you’re going to get on the short term, on the 10 minute. You do see that master point of control down below. Okay, so I’m just waiting for the right opportunity to possibly do the point of contact. I mean, the point of contact means when we enter the market, that’s our contact. That’s when the market feels our presence. Right now we’ve got an order that is not felt in the market. It’s there. It’s a sales stop, but it won’t appear on level two depth of market. Stops don’t appear. Limit orders do. So, it’s just kind of sitting there waiting to be filled and turned to a market order.

Be patient, okay. This is where point of contact is so important. If you had jumped the gun here, again, if you get support working against you here and let’s say you hit the sale button up above these key levels on a 60 even, you’re kind of setting the stage. Taking some… You got two men in the ring against you on that one. Okay? Kevin’s already short a little earlier than I’d be short here at 18 and a half, but time will be the judge. Maybe it’ll work out to be a good trade, but I like that you’re at least considering the short side.

You’re seeing here on the 30 minute timeframe, master point of controls continuing to grow. That yellow line at the close of each bar here will continue to grow as it digests all the volatility and volume that’s occurring right up here. Okay? This is not bad that the market’s kind of just sitting here sideways. Do not fight the temptation in the morning here when you’re, especially when you’re first looking for that very first trade to feel like you have to be in that market. Okay? And that’s what sometimes people do. Some of your traders get in and you feel like within five minutes you got to get, you got to put a trade on. So you do, you find some trade, but you’re trying to see something that’s not there because you’re not being patient. And then you maybe have a loser. Adam, you’re talking about in the chat and then maybe you do a little revenge trading. You want to quickly get it back so you kind of mentally can be at back to zero instead. Yeah, add a loser to a loser. Right? Be patient.

But I liked that you guys are thinking on this and these timeframes. Now everything’s timeframe specific when it comes to market profile and technical trading, right? We’re looking at 10 and 30. I was looking for a little reinforcement on 60 and 240. I got that and for me again, I’m seeing exhaustion warning here on the 30. Got that first red dot on the tip actually too, that little bear claw coming out on the 30 already for a long period of time here. The 10 has been ready and kind of willing to take the short side market. Starting to make that break here now. I’m going to bring this up, even the S&P up over here. Crude’s also starting to make a break as well. Give me just a moment. I want to take a quick little peek at crude, 5615 markets retreat and off its high here. We’re getting ready to possibly break down below 5595. Look where we are here now.

Crude oil might give us a break here as well. You remember these things are going to run parallel. Be careful if you’re taking both these trades. Remember, they could parallel track each other a little bit here. 5614, this one from a risk management standpoint, you’ve got to give this thing a little breathing room because it had some long range bars just prior here. Oops. Over here. I’m looking over. Okay. Right over here. So, be patient here.

Even the S&P, there it is at 15 and three quarters. We’re right at that level here now. I’m going to go look at ESU9. Here it comes. We’re starting to make that break down below the master point in control. Get ready. POC, 14 and three quarters. Don’t jump the gun. Some of you are going to start playing the the try to beat trader Steve to the punch that can bite you in the butt by the way, if you’re not careful. We’re getting ready to go. Even S&P is starting to make that break. Wait for that 13. There we go. We’re off to the races. All right. I’m short. I’m short. Well, I moved that thing… Okay. Okay, we’re off to the races. There we go. Boom. There’s a break on nine.

There we go. There’s that break on six. I’ve got just six units here. I’m short six. Wish I had more. Boom. Covered all six, just like that. 1725. Looks like 29, 29 on that break until I got 2907, looks like three quarters. So, I’m out just like that. 1725, got the mover looking for it. Got that break. Look at the chart here on the 10, just like that and the reason we were able to get into that trade here, right here, 29 on the 2913 sales stop. Look at this here and I’m going to show you what it looks like. Six by six, right there. 1725, and in just, what was that? A minute. 1725 and that’s just a six unit. Didn’t even have my 12 units. So, I’m kind of feeling bummed about that, but kudos. How’d you guys do? I’m all done for the day. 1725.

Sold six, bought six. I think it was less than a minute. How’d you guys do? You guys should do good and tell me in the chat room so I can give you a virtual thumbs up. All right, let’s see. Brent got 312. Dante got 225. Matt 250. Yeah, there was just a little slow. I had a little slow down. It looks like on the eSignal was a little blip. That’s why it caught me off guard. That’s why I was looking over here. You’re exactly right Brent. There was like a slight delay where I was like, the market had broken there and eSignal, for whatever reason… eSignal, you better call me. You’re going to get bad press. People might watch this.

For just a moment, there was a little delay where I was field over here in brokerage, but it was a delay here. So anyways, that’s a benefit of having some redundancy on your setup too. DG made 304. Jeff, $2,300, beautiful. [Tomorrow 00:07:33] 262. Zen made 1500. Who made 750? Karen made 400. Eric said, “Why? We caught it.” Well, we talked about it earlier, remember? I had a sell stop at 2913. It was sitting there. It was a sell stop. Check the alert I posted, I don’t know, it was like 10 minutes before the market even made the break. 2913 cell step. So, once the market trades at on that bar, as it did, it goes, that’s 2913 right there. It triggers a market order to sell. It was already sitting in the market, boom, fills. And for me, there was that little delay about five seconds, proof that I’m still human. I still have human eyes. I’m not a robot. I’m not Robo Steve, but the fact of the matter is, is even with that little human delay of me being like, “Whoa, what happened?” I had my order in. So, that was good. I had a little timing delay before I saw that on my eSignal this go around. Usually, it’s very good. I like eSignal. It’s very reliable. And then, just like that, we got the break to the downside. So, some air drums again.

All right guys, I’m done. I’m going to hit the tea time. Good luck the rest of the way. We’re going to try and go for a perfect green week again. We’re going to go for our second one in the last three weeks. Second, perfect, all green week in the last three. We had one two weeks ago as well. Green days for five days in that week. We’re going to see if we can do it again here today. Make sure you come back and see if we can’t find another lean green profit machine to finish the week and have a perfect green day tomorrow. I don’t know. We’re going to see. We got a nice buffer of profitability this week. It definitely is my intention not to be flag written in a risk, risk given back too much, but you got to always put a little bit at risk. Remember, to make money, you got to put some at large. Until I meet you back here tomorrow morning, trade well and be well everyone. So long.

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