Wednesday AM Briefing Preparing Emini Traders For Our Live Trading Room
"Welcome to the AM briefing video presented by MicrosTrader.com, where together we trade better. Alright, good morning traders, and it's a very early morning for me. I was up at 3 a.m. this morning, hoping to get a little London session price action, but London has been contained inside of Asia, so there's been nothing other than me doing my pre-flight, getting my levels. I'm updating the strong indicator today, and I'll reveal some of that to YouTube as well.
Yesterday was absolutely, honestly, a beautiful day, just beautiful. Unfortunately, it was all in London, and unless you were up early to trade in here and get a good trade location, I just watched it. Oh well, sometimes it moves without you. Yesterday, we said, 'Are we going to go to 44 here?' We went down to 44, we camped out forever, then we went back up. And what's this line right here? Anybody know what this line is? That is last week's low, and is it any wonder we came back to last week's low and came back in? We've spent the entire night session basically in the middle of yesterday's range. This dashed line, this dotted line here, is the opening. We spent basically the whole night at yesterday's opening.
So, we do have this first primary 30-minute trend line, and then this is another primary trend line as well. I don't know if this is the parabolic of this. It's fine because what did ES do? ES did exactly what it needed to do; it defended exactly where it needed to defend. We have this beautiful range on our chart, in our group, of where price is, and it came and bounced off the top of it and did exactly what it was supposed to. And this gave me the confidence to be looking for longs here, so that's why that happened.
So, since we're here, a couple of new strong levels. This 52350 is, I'm considering, this the bull bear zone. As long as the bulls hold above that, I believe they're still firmly in control. If we get below that, I have another strong level here, a strong range. Be careful with longs below 520475, and then, where's my next strong level? Right here, at 7275.
Then, we have a couple more session levels here that you might want to make sure are on your chart. They're probably already on your chart, but I'm just pointing them out.
So, what has ES done overnight? We've basically just camped out at yesterday's opening. Nothing that exciting to look at. Let's pull up Forex Factory. Let's take a peek at today. I know Powell speaks today, so let's take a peek at this.
So, we got a red folder here, such a weird time, and then we got an FOMC speaker, then we got an orange folder event, then we got a red folder event 30 minutes after opening, then Powell speaks. Plenty of news drivers today, plenty of FOMC speakers today to throw a monkey wrench, and then tomorrow is the day before nonfarm payroll. Today is probably, in all honesty, the last day to trade this week, and then Friday is non-farm payroll.
So, that's one reason I woke up early today. I was hoping that perhaps I could get some action for the London session, but that doesn't appear that that's going to happen for me, so no big deal.
Now, I will say, be careful with shorts above. Okay, this is the line that talked about going to 44. Well, if we get back over that, be careful with shorts above. And then I also have a 'careful with longs below' here. Okay, we get below here, watch out that we very well might come to that next strong level, which is right down here, about the 7275 area.
Now, we've had two nice down days. Okay, take these three sessions into consideration. Take these three sessions into consideration. So, we very well, it's Wednesday before nonfarm payroll, we very well have a disgusting extreme chop day. What do I know? But I wouldn't be shocked because of the trade location and because of the timing of the news events for the rest of the week.
Stay green, my friends, and to learn more about our group, go to MicrosTrader.com
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