To become better short term day trader you have to get better looking at the bigger picture charts.
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In this week’s Ninja Trader’s charting edge, we have the E-mini S&P 500 for the 4th week in a row with the same old, same old indicators we use almost every week. Over the past 4 weeks we’ve keep seeing what I anticipated by growing more and more bearish every day. We are green light for shorts on the S&P 500 just like we talked about last week and as long as the Bollinger Band’s mouth doesn’t starts to come back in and we don’t regain the 10 day and 100 day moving average it’s green light for shorts. I’ll take you to something I tweeted this week, “The most common mistake I see short term traders make is just focusing on short term setups.
I believe it’s important to use the big picture charts for direction, then look at your short term setups. Use the target timeframe to become a better executor at the shorter timeframe. Doing this has helped me a lot with trading the E-Mini S&P in the shorter term. I love the to see how the daily sets up to help me execute in the shorter term time frame.
On the daily it’s green light for shorts but I take my positions more precisely using the 5 Minute, 30 Minute and 1 Hour charts. Another thing I might take into consideration is correlation of moves or momentum between indices like E-Mini Nasdaq 100 and the E-Mini Russell 2000 to further give me confidence in my trade, 10 Yields Futures are also useful for this same reason. Final thoughts for today ” Anthony look at the long term charts to become a better short term trader” food for thought and life changing advice.
This week we had 2nd Annual Traders Invitational and we had a blast, I would love for all of you to attend next year, so if you’re interested email me at email@example.com
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Develop Your Edge is a weekly YouTube show hosted by 22-year futures veteran and CME member Anthony Crudele, an ex-pit trader and one of the first to trade the E-Mini S&P. Each week Anthony and his guests discuss what they are doing to Develop Their Edge in trading futures! Past performance is no guarantee of future results