Friday AM Briefing OPEX Plus SPY Ex-Dividend

 

https://www.youtube.com/watch?v=GGErqql8TKY

Transcript:

Welcome to the AM briefing video presented by MicrosTrader.com, where together we trade better. Okay, let’s review our Friday rules. First thing is, do not give your week back on Friday. Don’t do it, don’t do it. Use a smaller daily stop limit, only risk a percentage of your weekly profits. Go into the weekend a winner.

Well, good morning, good morning. Sorry for the late start. Obviously, I’m not feeling that great this morning, sure you can hear it in my voice. I can certainly hear it in my voice and feel it in my body. So what happened yesterday? Yesterday, we opened up with vomit candles, and I was advising my guys, my traders, do not trade this, do not trade this, do not trade this. We had two massive candles in a row and then we played very well, in my opinion, with the strong levels that I gave you. I gave them to you on Wednesday, so I feel like we played very well with these strong levels, which I was pleased with.

Now, with our strict core strategy, if you would have followed the eight-point candle rule and required a bounce level, a backup bounce level, you would have had zero trades yesterday. It’s just the way it worked out yesterday, which would have helped you.

Now, today is a day after a wild, crazy, seemingly uncontrollable day of back and forth and ripping people’s faces off in both directions. So, it’s a day after a big move. It’s OPC, option expiration. It’s also SPY ex-dividend and it’s Friday, so lots of things going on. Today’s tip would be in relation to yesterday. When price seems out of control, just walk. Walk. Be done. Walking is okay.

News drivers today, 30 minutes after the opening, we have sentiment, not 309 minutes, 30 minutes. We have customer sentiment and inflation expectations, and what has happened overnight. And the last thing is the strong levels. I’m not adding anything new. These played really nice, so I don’t have anything new to add to that. Let’s go to a 10-minute chart so we can see. Actually, let’s go to a three-minute real quick because on a three-minute chart, I want to point out the eight-point candles: two in a row to the strong level, to the strong level, another eight-point, and then at the end of the day, the bears just cannot get it done. They can’t get it done, gets bought right back up, and comes back to the top line of chop that we had all day.

Now, let’s scroll over. What have we done well? Some of the things I want to make sure you mark on your chart: make sure you have this London high, make sure you have New York. Now, I posted a video yesterday where I traded this area for about an hour and took two trades, one on ES and one on NQ. And boy, if I could have that ES short back up here, right? So go watch that if you want. I give a lot of talk about how to trade sloppy sideways chop. I give a lot of great advice, in my opinion, in that, which is a lot like how our zooms go.

So, have this London high, have the New York high, have the New York low, have this Asia low, have the London high and London low. London is stacked on top of Asia, but we’re still in the middle of the meat of yesterday’s range. In fact, I’d probably draw it somewhere in here. So not a whole lot going on here, plus Friday, plus a day after a big move, plus OpEx, plus SPY expiration, and the day after wild price action. So, careful trading today. I do have another strong level down here just below. What level is that? About 7450. If you didn’t mark those levels that I gave you earlier, 7450 is the next strong level below.

All right, that’ll do it for me. I will see y’all later.