Hello everyone I’m Candace from 123 Easy Trade and today is Monday April 16th. In this video you’ll see we have the ES by the throat holding him down! He failed at the dots as he broke support in an up channel.
Now remember what is an A trade is… An A trade is failure of price action at support or resistance in the direction of the trend or the counter trend.
So here this is a counter trend trade at 10:48. We know the Europeans are closing up their trading day at 11:30 Eastern, so they’re starting to just close their trades for the day. This doesn’t mean there’s a reversal, it just means that they are just taking the profit out of their long trades. In order to close a long position they have to cover it with a short.
So here we have the ES two contracts short… we’re going to sell two more which I want you to understand is to reduce the risk increase the size or your position. This is how you reduce the risk but only taking A trades.
When you have a good looking A trade and you know it’s going to fulfill my trading plan says that I can add on a contract or two or whatever my risk tolerance is so I can maximize my winning trade.
With the ES, his day trading margin is $500 per contract, and then you need to add a little bit of a cushion. So in order to take put on four contracts in the ES, I would need a $2,000 account plus a little cushion of let’s say $500. So you need a $2500 to trade four contracts on the ES.
So ES is falling out right now and will probably hit the next level of support. This is what they do! They run from one level of support to the next and bounce like ping pong balls back and forth.
I’m going to teach you guys how to day trade using these day trading strategies that are so easy to learn and follow. See, a day trading strategy is just a setup you learn and if it’s very successful, you never forget it.
That’s because we are pattern day traders with certain pattern rules that never change.
Alright so right now we have one hundred and forty-four ticks as fourteen hundred dollars. My daily goal is about a hundred ticks so I’ve exceeded my goal today I’m gonna call it quits today so I don’t give it back. It’s now ten minutes to 11 price action gets a little funky in the afternoon so I’m gonna call it a day. I’m Candice signing out for 123 Easy Trade and come on down here I’ll teach you how to day trade using these really simple strategies.
I’ll see you when you get here!
Candace