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ES Futures Day Trading Recap Friday February 16, 2024

ES Futures Day Trading Recap Friday February 16, 2024 When day trading, we only want to focus on the news that will move markets during that hour. Therefore, it is important to check the economic calendar daily. Monday is a holiday, so markets will be closed. On Tuesday, there is no important economic news. We aim to tune out the macro picture when day trading. Discipline is the most important factor in day trading.

Day Trading is an art, much like painting. Each trader must paint their own canvas. Just as painters have rules, day traders must also adhere to these rules to achieve success.

Day Trading Rules, have a detailed trading plan in place, which is crucial for consistency and risk management in stock trading.

17 Day Trading Rules:

1. Beginners should use a sim account and start with 1 micro contract per trade.

2. Require 2 or more factors before entering a trade.

3. Use the momentum algorithm to enter trades with 2 or more factors.

4. Trade in the direction of the trend on the larger time frame.

5. The larger time frame, 30-minute ES chart gives us the trend for the day.

6. Focusing on one setup aids in specialization and expertise.

7. Aim for an established target to maintain emotional discipline.

8. Have an established stop loss to minimize potential losses.

9. Trade the same setup daily to promote consistency.

10. Every trader must go flat at the end of the day.

11. Y-High, Y-Low, Y-Close are the first support/resistance levels.

12. S1, S2, S3, R1, R2, R3 are the second support/resistance levels.

13. Do not buy in the red zone.

14. Do not sell in the green zone.

15. Time pivots can inverse, trade them with two or more factors.

16. Two winners and you’re done curtails overtrading.

17. Do not over trade.

SPY ETF Chart, we use our proprietary algorithm momentum indicator to enter positions.

Weekly Performance Monday February 12, 2024 Through Friday February 16, 2024

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