2nd October – S&P emini futures, how to trade it!
Support and resistance especially if you’re looking at daytrading is the main thing to look at. I’ve looked at all sorts of things to try and decide where to place an entry and exit.
Now if you break down day trading, you have position trading and scalping. Scalping is something which I am unable to do, it means you’re entering and exiting taking few prices here and there. You do this many many times throughout the trading day. You need to be pretty skillful and quick to get in and out.
Anyway, I try and position trade.. I ride out the short term ‘noise’ with the market and trade off support and resistance levels.
Anyway, I made two trades today.. an entry at 155250 which was a bounce of the support level 155200 (this was the resistance level on the 19th Sept). I targetted 155550 which hit target for +14. There was a bit where I thought it may fall from here as it fell to 155325 before heading straight back up). If you looked at the chart, the 5 EMA serves as a good support/resistance leve).
My second trade was a long above 155650. I got in at 155700. It was shy of 155800 but soon dropped and hit my stop at 155525 for a -7 loss.
Overall +7 for the day.
