Warrior Trading Blog

3 For 3 & Up Over $1K! | Steve’s Futures Pulse 133

That’s right traders, three trades, three wins and over $1,000 on the screen today. We took trades in the E-mini S&P, gold as well as the euro currency. And in today’s Futures pulse, I’m going to walk you through all the action and how it went down in the Futures trading chat room. Come on.

All right, you should see I’ve got my charts up here loaded in the order of which we took the trades here today. It was E-mini S&P chart on the left, that’s a 10 minute, the gold chart which you see in the middle here, and then we’ll get last but not least, to the euro currency. First, let me make this nice and big here the E-mini S&P as the markets are still alive and well here this afternoon. Let me recap what we did this morning, just before the opening bell this morning. We actually took a short position at a price of 2890 and a quarter. It was on this bar right here. And we saw the market give us the breakdown. Let me show you here, this bar right here. Now we put a stop up here, above here at the 95 and a quarter here. So we did start with a more liberal five point risk, I did see that we were going to likely have some volatility on the trade early on. So I wanted to give it enough breathing room to weather that.

We saw the market come up. So we need a little breathing room, certainly not the entire breadth of the initial stop loss. But then we saw the big market breakdown right here. And on the long range bar lower, we had a nice capitalization on the cover point at 2886 and a half, which comes in, I’ll show you right about here. And then we grabbed another lot down here at 85 and a half, we had trailed our stop now. Okay, we trailed it two times, one and two, two was at 87 and a quarter, which is right here. And that’s where we end up getting stopped out as the market kind of came back up here. So it was a nice example of basically putting on a breakout mode trade, which was established by that first bar closed back here. Being patient work a nice liberal stop initially during the most volatile part of the trade, and then trailing our stop down taking profits on two separate occasions on the way down and getting stopped out for a profit on the last unit of the trade.

So let’s move on over to the next trade, which was the gold. The goal was a fun trade here, you’ll see that in the middle chart. This was one that actually we capitalized on early on in the breakdown this morning. We took a short position on this one, if you focus your attention on the middle chart here at 13 or 14 which is right there. Okay, that’s where we put on the initial trade. This one again, we worked a liberal stop to start because it was the most volatile part of the trade. Put a stop initially appear 1308, 10. And then early on in the trade as we started to see the market penetrate down in our favor. We move that stop down here 1307, 10. And then we pulled it back down here 1305, 30. You can see right here, we can within one tick of our stop a little bit of Monday morning. We’re not going to call it luck because it was a strategic area that we put the stop two ticks outside that Technical High right here. And then the market gave us the sell off down below.

Now where we took profits on this one, on the right down, we wanted to pocket out of our three units on the trade. We wanted to quickly pocket a small game because it also allowed us to take risk also. So we did do that at $1 lower which is $100 per contract. Then we also scaled out unit number two $200 to the good. So we were up $300 at that time. And then we had trailed our stop down. So again, stop started here. Then we came here, here. And then last but not least, we had brought our stop down to 1302, 10. And in similar fashion, we saw the market come up and stop us out. But that was for a $200 profit added up that was $500 on top of the 575 that we had on the E-mini S&P that put us up to 1075 on the day. Now next, last but not least, I want to talk about the euro currency.

Okay. This was kind of an interesting chart. Let’s just say that here, we started to look for the short side play here as again, we saw in our third consecutive bearish breakdown, this time in the Euro took a short position at 113, 31 if you zoom in here, so you can see us a little bit better. There you go. There we go right here. So we started seeing the breakdown right here 113 31. Put a stop on this one at 41. So 10 point risk, that’s $125 risks a pretty modest risk early on in the trade. Market came down, down, down, down then we saw it moving back inside the value area. Okay, we saw a new set of value area lines up here. We also saw that there was a strong support that had developed over time to call it a volume aggregation zone. When you see the market really put in that sideways histogram right there. So we knew it was time to head for the exit and go into risk management mode and really work on protecting our capital.

Okay, we did exit two of the three positions on that one for just two ticks a piece. We made a whopping four ticks on that one. We will take that, it’s for $50. And then we end up getting stopped out as we dropped our risk down here to 113 34. So in the last three teaks. So we picked up one teak which we made a whopping $12 and 50 cents on that. So just barely keeping us in the three for three territory. But that did at $12 two or five or 1075 putting us at 1087 for the day and a three green trade day. So we’ll take it especially for a Monday. I’ll be back at it tomorrow morning. On Tuesday morning. I hope you can join me in the Futures trading chat room until then trade well.

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