Fri AM Briefing Preparing For Our Emini Trading Room 05/24/2024

VIDEO:

ES Price Map (Single Prints, VPOCS, News Drivers,...)

Website for ES MES Trading Room (Back Up)


TRANSCRIPT:

"Good morning! Welcome to the AMM briefing, brought to you by MicroTrader.com. Together, we trade better. Today's quote: 'Six days of work, but on the seventh day, you shall rest.' Do you spend six days on the chart? Not a bad idea, but then, what's even a better idea is taking your rest. Well, this weekend we have built-in rest; the market is closed on Monday. We will not be live on Zoom, and there will not be an AM briefing. So make sure you take your rest—rest your eyes, rest your soul, rest your spirit—so you can come back fighting the good battle next week. Alright, let's get going.

So, yesterday was a nearly 100-point drop. Across five accounts, I managed about 140 ES points. It was just fantastic. I did a wrap-up show there; if you want to watch that from last night, now I want to cover one thing about yesterday. I gave a very detailed game plan. I didn't expect to be short up here, but when we came back into my range, I said, 'If we come back in and hit the top, I'm going short.' Well, it came back into the range. It did this first little hiccup, then it did another little hiccup, and then when it did this flush, I went, 'Okay, if it comes back to 48, I'm going to add,' and had my order there, but it didn't quite get me in, and man, that was disappointing. Because the initial drop on the add-on would have been—would have given me another 20 points. I would not have captured 20 points; I'd have been capturing something closer to 10 points, and that's okay. So I missed out on another 10 points in five accounts, and plus, if I had had that add-on, I would have managed my initial entry a little differently, and I would have had eight more points. My goodness, how one—I'm not going to call it a mistake—just I didn't get in on my runner. How much different the day could have looked, uh, because that would have been 80 more points. Yeah, whatever, it happens. What do you do? What do you do?

Okay, so where are we at? Let's go back to the 30-minute chart. We're in an interesting spot that is worthy of discussion. By the way, if you're in my group, I updated the strong indicator. So we are sandwiched between two clear, obvious um ranges, 'top zones,' for lack of a better word. Um, this one got moved just a little bit somewhere; there, it's fine. So, one of the things I want you to notice is we tend to bounce pretty well off these levels. Okay, also the gray areas, I want you to notice that. Okay, so all of those are levels in and of themselves, in my humble opinion. Let's come back over here; these are levels in and of themselves. So, when we were vomiting down last night, I was prepared to take an option type of play long here, um, but it didn't happen.

So, I would expect there to be a bounce off the top of this. I would expect there to be a bounce, um, actually off the bottom of this and off the top of that—whatever, you get what I'm saying; somewhere in there, those are levels, not to only mention that these are also levels as well. If you're in my group, in the boot camp, I give you the exact settings to how to set up those ranges. So what's happened overnight here is we've definitely been lading up. I also updated the Voox and single prints on my website if you want to check that out.

Monday is a holiday, so this is a Friday. So, it is capital preservation Friday, right? And it's the Friday before a holiday, and it's the Friday after a monster move. So, today would be a great day to go fishing, drive some golf balls, have you a nice 4-day weekend—absolutely nothing wrong with that. So, this is Friday, so Friday rules are 100% in place. Do not give your week back. Small stop loss, small daily stop loss. If you're saying, 'Hey, I'm usually willing to risk $500; today, it's $250,' or take a percentage of your weekly profits. I could take a percentage of yesterday; say, I'm out of those 140 points, I'm only willing to risk X.

Go into the weekend a winner, and Monday is a holiday, so it's a little bit of a special circumstance. Alright, so let's get back into it. So, what's today's tip? Well, today's tip was yesterday was a drug; when this thing wants to go down, it goes down hard, and it is beautiful and so wonderful. It is like a hot Krispy Kreme donut, it's like going to a good Chinese restaurant when you hadn't been in a long time. Well, it is for me. You hadn't had good barbecue, and you come to Texas. It's, you hadn't had ice cream all summer, and then you show up at a picnic, and somebody made a bucket of vanilla ice cream—that's the type of day this is. It was just delightful and fun, and you took a hit yesterday. Um, so moderate that mon day, yesterday, today is probably a rest complex day, plus Friday and Monday is a holiday. I think I have honed in on that. Oh, and like the miner said right there, 'If you like what I'm doing, like and subscribe, hook me up with a comment if you feel I deserve it.' So, uh, thank you very much.

So, what are the news drivers today? Let's go take a peek at that. So, what are the news drivers today? Today is Friday, so 1 hour before the market opens: durable goods, durable goods, and FOMC speaker. Then, 30 minutes after the open: revised consumer sentiment, revised consumer sentiment. Alright, let's get back to the briefing. What's happened overnight? Well, we are lading up, aren't we? One point from hitting that strong level and lading up. London has taken out Asia, and now we're coming back to the bottom of the strong range. What will happen? Well, we'll see, right? I expect there to be a bounce there. If we get back into the range, I want to see if it'll retest it and bounce up; then I would be very interested in another long. Now that's going to take a lot of energy. Is there that much energy today? Maybe, 'cause overall, the bulls are still in control as long as we're above this. I say the bulls are still in control. Um, I still call—here, let me remove a couple of things here, guys, clear up some of these lines. Yeah, your indicator should say 524 today, and where is my—writing, my indicators are not really loading well. For example, I can't get my sessions to uh, turn on, like they're on, where it shows me the, the, the boxes with the RTH and the overnight, so they're not all working. So, I still consider this, um, 09 here, the bull-bear line, although I still consider that the bulls are winning, but below here, I think you try to play the short game, my humble opinion. And then I added this strong level here at 18, this strong level here at 42, this strong range is from 60, uh, to 53, um, and that correlates very well to these strong, these strong ranges. See that? Overall, in all honesty, if you just had the chop zones on here, you could do very well, in my humble opinion.

Alright, let's go to the next thing. I'm trying to end this thing a little quicker and faster. Indices, let's go take a peek at the indices. Where is everybody at in relations to yesterday's monster vomit? Where are we in relation to the halfbacks? Well, we're still all under the halfbacks. We all have characteristics of lading up with an upward slanting VWAP, so at this point, I would have to say the trade is long or flat. But be careful when we get to the bottom of this range. Be careful when we get to the bottom of that range.

So, what's the game plan? That's all I've been talking about. So we've covered the game plan. Well, guys, if you're interested in trading with a group of newer and really experienced ES futures traders, check us out at MicroTrader.com. Otherwise, I wish you good luck, and I will see you later. Stay green, my friends! And to learn more about our group, go to MicrosTrader.com.