Tue AM Briefing Preparing For Our Emini Trading Room 04/30/2024

TRANSCRIPT:

"Welcome to the AM briefing video presented by MicrosTrader.com, where together, we trade better. Good morning, traders! This morning's quote says, 'But we also glory in our sufferings because we know that suffering produces perseverance, perseverance character, and character hope.' Yesterday's quote was, 'By perseverance the snail made it to the ark,' or something like that. So perseverance might be the theme this week. I don't know, but it's a theme every day, right? We have to persevere, and that shapes our character, and our character gives us hope because we know we're improving, we know we're moving in the right direction. And I pray that for you, that your trials, your suffering, is producing perseverance and your perseverance, hope. Alright, let's get into it.  So, this is the view I think we need. First of all, welcome to the AM briefing brought to you by MicrosTrader.com, where together, we trade better. Certainly a level 10 week. If there's a week to take off, it's this week, so take that into consideration when you are planning how you will trade this week, which is the tip of the day: How, if at all, will you trade the rest of the week? To me, this week deserves either zero leverage or like one contract type of leverage. Be careful coming to the plate with normal leverage on this week. Respect what is happening.  We are in a pressure cooker situation here, multiple sessions just right here going nowhere. So you take this session here: almost everything is combined or contained within the upper distribution of Friday's range. It's still bullish, but boy, it is just building to a pressure cooking situation because the storm is coming tomorrow afternoon, and it's going to be knocked off its pedestal here one way or the other.  So, let's go look at each of the indices real quick. Where is everybody here? Well, Russell is down in the lower distribution of yesterday; everybody else is in the upper distribution. No one's tipping their hand that we might go one direction or the other. We're just in this extreme balance area, and it's just wait time.  So what's today's game plan? Well, I believe tonight you've got Amazon earnings, tomorrow FOMC, Thursday is Apple earnings plus the day before non-farm payroll, and Friday is non-farm payroll. Today is usually exhibited by extreme boredom, but I have seen it run. It is Tuesday; Tuesday tends to be a trend day. We've been in this little tight area for a while. Will ES decide to run one way or the other? I don't know, of course, and we will trade the levels as they are developed.  Now, yesterday's trading presented very few opportunities, and in fact, there was only one trade yesterday that had an untested backup level at a reasonable distance. Alright, there was another level, a backside there towards the end of the day where the backup levels were way far away; it was a 13-point peak. I don't know if you want to trade with a 13-point stop loss. So, be careful; trading naked levels require there to be a backup level, in my humble opinion, in this environment.  Now, the beautiful thing about our system is here, let's go to a three-minute chart for a second, let's slide over here. Our system has you shorting up here and longing down here, and that's exactly what you need for a chop day. Yesterday, I actually went short at 54; I had a long here at 32, missed me by a tick. That was my only two entries into a trade that I had yesterday, worthy of a small day, being very picky, trading very small. To me, that's what was prudent at the time, and it's going to be prudent today, tomorrow, and Thursday should be a no trade day, and Friday should be a no trade day, but we will be live, but just know I will be small, I will be cautious, because there's no sense in getting hurt in a week like this. This is not the type of environment you want to hurt yourself in and try to make it back. Be picky, be picky.  So, if you don't mind, like and subscribe, and may price always bounce your direction. I'll see my traders live here soon."