Tuesday Pre CPI Am Briefing | ES Emini Price Action Trading System Using MES Micro Futures
TRANSCRIPT:
Welcome to the AM briefing video presented by MicrosTrader.com, where together we trade better. Good morning, happy pre-CPI day, Tuesday, April 9th. I basically kept the same chart up from yesterday's wrap-up. Monster move, move inside of a move, move inside of a move, and overnight inside of that move. So, we are tightening up; we're coiling up. The pressure cooker is starting to steam. This thing is going to go hard one way or the other way, and on CPI, it can go both ways.
So, tomorrow is CPI and FOMC minutes. Okay, so tomorrow is a big day. Will we just tap dance right here in the middle? It's possible. Today, the odds are pretty good that's what it'll do. Sometimes, you will see, like this was the day before nonfarm payroll. Are you kidding me? So, here's a beautiful example. Can you get an end-of-the-day run to one side of the chart or the other side of the chart just so it can go and wreck the other side? Absolutely.
So, because of that, my tip of the day today is, don't make things worse. Of course, that's the tip every day in your trading. In other words, if you're in a trade and it starts running, do not make things worse. How do you make things worse? How do you do that? You do that by adding leverage when you are in a losing position. You don't dollar-cost average into a trade when you're scalping. Okay, you're either right or you're wrong. Get out. Because you don't want to be caught in one of these moves on the wrong side. Remember, this was the day before nonfarm payroll, and this was non-farm payroll.
So, do not make things worse, and do not anticipate trade. "Oh, I know it's going to come up here and take this high. I know it is. I'm going to go ahead and just get in right up here at the top." And then it reverses on you, and now you're in a horrible trade location because the price decided to go this way.
And then, don't make things worse. Patience, patience, patience. Today could be the most boring day in the world. We get a smaller RTH session if that's possible. So, just please don't make things worse, and don't anticipate trade. Trade the levels as they develop. We hardly got any level development yesterday in a way that got us into trades. It's just that type of day. Look how small that is. It just happens. What do you do? Do you wait? That's what you do. You wait.
Trend lines, there's nothing new to add. They're still here. We're still inside of them. Now, time will eventually take out, but right now, we are still stuck inside.
News drivers: CPI and FOMC minutes tomorrow. Overnight, well, overnight London did what London does. It took out Asia's high, and it took out Asia's low, which is usually signifying a day of chop. So, we shall see.
Now, yesterday, you know, I mentioned that we're in the middle of the middle of the middle. So, if we were going to chop today, what does ES do? ES takes out. ES is going to make its money. It is going to make its money. So, it took out its high, it took out its low. When I mean by its high, it took out the London high, and then it took out its low, and then it finished right at POC. It's the recipe; that's what it does. And usually, it's going to run from one side of the chart to the other side of the chart during New York lunch. So, yesterday was a very recipe-type of day that just worked out, and today I'm just going to be extremely careful.
I'm going to trade small. There's no sense in leveraging up the day before CPI and FOMC minutes. If I was to draw a trend line here for the overnight session, you'd have to come in and draw this. What's going to happen up here at the top? Is it going to take it out and keep leading? I mean, we still have, well, first of all, let's adjust this here. Let's adjust this here. So, you got the RTH high, RTH low. This RTH high, make sure those are on your chart. You have this London low; make sure that's on your chart. Make sure this RTH low is on your chart. Each of these sessions, if you're in my group, it makes it real easy. Make sure that you have all the session highs and lows marked. Look at this stair-stepping here. So, make sure that all of those are marked.
And I am not updating the strong indicator today. If you want to know the current nearby strong levels and single prints and VX, go view the price map at MicrTrader.com, and it will give you that information. If you'd like to join us on Zoom, grab a Zoom pass or become a full member at MicrTrader.com. Thanks for listening. I'll see my traders live here in a couple of hours. All right, bye. Stay green, my friends. And to learn more about our group, go to MicrosTrader.com.
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