Fri AM Briefing Preparing For Our Emini Trading Room 05/10/2024

 

https://www.youtube.com/watch?v=QsH0zc4YfEc

Transcript:

Welcome to the AM briefing video presented by MicrosTrader.com, where together we trade better. Good morning, traders! Happy Friday, May 10th. The CPI excitement is inbound next week, and storms are moving in today. Today's quote: "Come to me, and I will give you rest." Boy, has it been a weary week of price action. In my opinion, Mother's Day weekend is a time to make sure you take a rest. Ensure you do something for Mother's Day. If you don't have a mother or a grandmother with you any longer, may the Lord bring you peace. You can still do something kind for another person. So, let's give rest and be kind this weekend, and especially be kind to yourself. This is not the easiest week of trading, but we're going to look at that here in a minute.  Alright, let's get down to business, but sometimes you gotta party first, right? We kind of got party in the front, business in the back. Alright, so here's the game plan for the AM briefing today. It's the same game plan outline that I pretty much do every day. Yesterday, in the core strategy, we had six for six trades. You just had to be patient. Next topic, where are we? Well, I wanted to start here; this made the most sense to me. We got an hourly trend line here, just a high timeframe, then it departed and went like this, right? We went parabolic. And then this was Monday, Tuesday, Wednesday, we just went sideways; what we talked about, it was complex chop. What are we typically going to do after strong moves? Consolidate. Bull consolidation balance, and it looks like we're going bull again. Main trend line, did we go parabolic? Yeah, and are we double parabolic right now? Very possible. So today's tip has to do with trend. If you're walking into today thinking this thing has to come down and you're wanting to play short, today might be a good day to take off. Go into the day with zero expectations. Who knows what it's going to do? We just trade the levels. Our system rocked this day, it rocked this day, it rocked this day, it rocked this day, it rocked this day, it rocked this day, and it rocked this day. This was the day I think I did that 80-point short. It rocks. All you got to do is trade the levels. So overnight, it looks like it took out this pool of liquidity, looks like it took out this RTH pool of liquidity, and I know I have another strong level, and boy, did the strong levels rock yesterday. Um, let me see, website, that's the one I wanted. Oh really? You're not going to work. Um, I don't know. Well, towards the end of the video there, I gave you a couple of strong levels, and uh, boy, did they play out really, really well. So, one of the things that I want to talk even further about trend, we talked about it in an hour group yesterday, uh, three minutes, I don't need to see three minutes, is price. Here's yesterday, so price doesn't really go bull bear, okay? Here's yesterday, okay, price doesn't really go bull bear, it goes so we had this trend line in the morning, morning performed beautifully by the way, go in there and draw this trend line, connect this point up, you can't see that, let me remove my AM briefing panel here, guys bear with me I'm learning to use this  new, oh how do I remove the briefing, there it goes, remove briefing, so go mark this trend line yesterday, and boy, trend, trend lines to me are non-entries, but if I have a trend line with a level, that's usually gold, and that's why I took this trade yesterday, in fact, I recorded a video on it, one trade, one contract, 10 points, um, and that's what I did because I had trend and I had a level, and boom, money. So what I was going to talk to you about trends here, is we don't go bull bear, we go bull to balance, and then it goes either bull or bear, that's the way it works. Don't try to think it goes bull bear cuz that will make you flip-flop sides way too quickly, look at this day, trends are hard to break, trends are hard to break, now when you see something like this at the end of the day and it goes straight up and straight down, is that bull bear? No, is this a series of of um, break levels, is this a series of ladders, these two candles? No, now sometimes can you have a v-shape? Yes, so let's look at this, so here's the trend, and then pull down, well, it needs to take out at least two break levels and then ladder, um, that's not really what happened here, so be careful thinking up, especially that we're going to go from bull to immediate bear, you'd better be careful with that philosophy, if you're going to have that type of philosophy it better be, we're going to go from bear to bull in an instant, that's probably the smarter, if we're lading down, it's probably pretty smart for you to think okay, uh, this could go from bear to bull, but rarely does it go from bull to bear, rarely, so allow yourself the balance period, okay boy, look at this overnight action, my goodness, so let's bring back our AM briefing, so today we do have news drivers, sentiment and expectations, 30 minutes after the opening, make sure those are on your chart, next week is CPI, I did update the single prints and the VX, they on the price map at MicrTrader.com, so if you want the updated VPX and single prints, it's on that chart, we left behind one set of single prints yesterday right here, uh, so if you want to put that on your chart, 15502, and then towards the end of the video I gave you one strong level and showed you the next one, so I gave you this strong level um, at the end of yesterday's briefing, and uh, I think that played a role, and then in the group, when we were, when we finally got on top and we were dancing here, I, I said, is this it's going to be the next target, and look what, how it performed inside of this strong range, so it went right to the top, um, if I'd have been watching I would have taken that short, um, because when we were down here, I'm like okay, I don't want to be long, I had no way to be long, this is disgusting price action, um, you needed to already be long, you know, when you look back and say man, how come I don't have my long from here, because I took my 10 points and uh, called it, um, so no big deal, and here's my next strong level, and then there's another one right here above it, I was wanting to see if we got there while we were live on Zoom together, not on Zoom, but on the AM briefing, because I might have taken that, okay, now let's go look at the indices, and we're going to play with these, so I like to leave yesterday's, here are the day before, this is the day before, and then the green is yesterday, so inq did not really play in the breakout, so we kept showing in the group like okay, three of us have broken out, one of us is not, one of these aren't like the other, and so inq finally in the overnight is reaching to new highs here, I think finally, it just has to adjust, and let's move these es levels into place, place, and then let's look at where everybody is based off yesterday's action cuz that's the that's the new reference point is yesterday's action, you know, some people watch market breath and advanced decline, and all I really watch to be honest, is where are we in relation to the session highs and lows, to me, that's the most important thing, are we lading one way or the other way, that's important, are we all on the same train, that's important, that is so easy for me to see, that's what I do, your mileage may vary, but we're really good at it, that's all I can say, we're really good at it, oops, sometimes I press my scroll will a little too much, so where are we, we are certainly on the same drain, are we not, we are certainly all on the same train, so be careful thinking this thing's got to come down, no it doesn't, we might be on the train to an all-time high, whether I agree with that macroeconomic or not, we appear to be steamrolling north, and that's all that you can do, so we come in, and you're going to pay attention to break levels, those are going to be your friends, that's going to be your trend, that's what you've got to pay attention to, and I'm sorry, let me go back one more time here, let me remove the AM briefing, I got to get better at that, when I switch over to the entire indices, here is removing that, and um, what I did is I resized my window to where you don't see my object tree, and so that cuts off a part of it, but right there is everybody, you can see we're all on the the same train heading the same direction with apparently the same pace, I remember my stepmom telling me once about relationships when I was younger, she says both of you need to be heading the same direction at the same speed for the relationship to have a chance, and I can see that relating to trading, that we all need to be on the same train heading the same direction, and it certainly makes trading easier, yes it does, so what's the game plan today, well we have had quite a little move here, and by the way, we're only 1.5% away from an all-time high, last night we're 1.6, this morning we're 1.5, I measured it away from an all-time high, look at this thing, my goodness, so what happened overnight, well we have this Asia that stacked on top of the RTH, okay, stacked on top, London did not raid the liquidity off Asia, London is stacking on top of Asia, the play is longer flat, the play is longer flat, this trend line here from the morning is still intact, I drew this white line yesterday morning, I like to draw a trend line from the overnight action, if I was just going to be sitting here and doing that as well, well I'd say okay, here's my trend line, we just went parabolic, what do you do when you go parabolic, you stay out of the way, you stay out of the way, here's the trend line, here's parabolic, I'm not going to chase that, I can't go long, but I do know, if I go short, I'm extremely counter, small if at all, do not make things worse, do not add to a loser, do not move your stop loss, if I was to short, I'd be more interested in my strong levels working out, let me give you these since they're here, uh, about 63, 7250, is, is what I have there, um, so we'll see how those behave, I have no clue if those will bounce or whatnot, but if I was going to want to play short, it'd be more based off my strong levels than anything else, and when you're a member, you get this indicator, in fact, one of my guys last night, he said your strong indicators rock, I think that's the word he used, um, strong levels, it, it, it's kind of shocking, I don't have an exact science for which ones I pick, um, it is certainly levels taught within the group, but on a higher time frame, sometimes they're more nuanced levels, um, on the chart, and uh, I'm going, I just want to see what he said there, I'm loading my Discord group, um, it was Kenny, one of my members, so it's one of the thing is really nice about our group guys, if you're looking for a group to trade with, we're very supportive, we're very kind, um, and I think that all is really nice, yeah, your strong levels rock, r o c k, exclamation, so I appreciate that Kenny, I really do, thank you sir, I put a lot of time into this, you can see what time I am up this morning, I am up early, early this morning, um, my time, it's 4:30, but I woke up an hour before my alarm, and I went, let's get up, let's go, te check the chart, let's do some analysis here, and this is exciting to watch, although I am not a part of it, it's okay, alright guys, we will be live on Zoom, thank you for the likes and subscribes, and may price always bounce your direction, stay green my friends, and to learn more about our group, go to MicrosTrader.com.