The opening price on the E-mini S&P today was (1791.25). At 11:50 a.m. US/Eastern time, the market double bottomed at (1788). At 4:05 p.m. US/Eastern time the high price of the day (1796) was hit. Each month, the New York Fed conducts a monthly survey of manufacturers in New York State. Representatives from a variety of industries participate. About 175 manufacturing executives respond to the questionnaire, which is sent out on the first of each month. The questionnaire covers an assortment of indicators from the previous month. Respondents are also asked for their views about the likely direction of these same indicators six months ahead. In the month of November, the conditions have turned slightly negative in the New York manufacturing region. The General Business Conditions Index dropped to minus 2.21 from 1.52 in October. New orders are at minus 5.53, unfilled orders are at minus 17.11, shipments are at minus 0.53, and employees are at zero this month. These lacking numbers are pointing to further declines. This is the first time since May that the Empire State index is in the minus column, which indicates a flattening in growth, not a reversal.
Today’s E-mini S&P opening price was (1666.75). The lowest price occurred within the first five minutes of opening at (1666.50). For the most part, price steadily rose throughout the day. The high was hit at around 3:15 US Eastern of (1687.75). The market prices can have massive price fluctuations when there are significant news events such as big-headline world events, scheduled economic reports, and prominent political figures. The Bloomberg economic calendar is a recommended resource for staying on top of scheduled events. A red star next to an event means these cause volatile activity. It is advised to stay out of the markets until volatile activity subsides.
This site is entirely about price action and frankly, there hasn’t been much of it when trading the E-Mini S&P the last couple of months. Times like this require drastic measures: scalp trading.
Actually, learning to scalp trade is quite easy and it can be used with any market despite volatility levels. A few scalp trades (as shown in this “3×3 video” – three separate trades for three ticks each) is the best way to trade during a relatively flat market.
Where can you learn such day trading techniques? Well, you can start with the free Trade Scalper webinar held on Nov. 11 from 7 p.m. to 8 p.m. EST. Opt-in to the registration on the TS page to receive a link to the webinar. From there, consider enrolling in the course to learn all of the scalping methods. It’s better than losing your shirt by not knowing the proper rules to enter the market for scalping.
Here’s a couple summarized tips from the video:
– Keep your profit targets and stops in place – don’t move them – no slippage.
– Use a 1-minute chart (remember, smaller time frame = scalping!)
Atlas Line Webinar Video from September 20, 2010.
Click the links that appear in the video to jump to the next video.
When it comes to price action, we’ve tried all the indicators and found very few that can perform as well as promised. From our tests, the Atlas Line from DayTradeToWin provides the following:
– Easily work with nearly every instrument, from
– Cross-platform support (NinjaTrader, TradeStation, etc.)
– Compatible with the new NinjaTrader 7
– Consistent accuracy despite unpredictable market behavior
– Advance notice of order entries
– Easily to understand, install and use
– Free customer support
If price appears to be above the Atlas Line, go long. If price appears below the Atlas Line, go short. These two basic rules combined with the order entry signals and the free webinar for identifying trade setups will have to trading with great accuracy from the first day onward.
What is price telling you?
As the image says, when trading – do you know when to go long and short? Many traders think they do, but they’re relying on gut instinct, a horoscope, the tide levels, or an untrustworthy indicator. John Paul teaches you to trade exactly what you see – price as it appears on the E-Mini S&P chart. His clear, black and white rules outline every possible trading scenario: the Private Mentorship course teaches traders everything from using the Atlas Line™ to filtering trades, exiting and entering market strategies, scalping and much more.
Get a better idea of what is offered in the Private Mentorship course by watching this video: