Fri AM Briefing Preparing For Our Emini Trading Room 05/31/2024

Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room

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

            ▶️Youtube Community Updates             ▶️ Website for ES MES Trading Room (Back Up)


TRANSCRIPT:

"Happy Friday, everybody! Good morning. Monday, May 31st. I thought today's quote was a needed one for today: 'A cheerful heart is good medicine, but a crushed spirit dries up the bones.' We know about them dry bones, don't we? So have a cheerful heart today, no matter what may have happened in the world or our country. Have a cheerful heart. We know the one who's truly in control. That's right. All right, well, let's get into it, guys, let's get into it. So today is Friday. Rules: that means don't give your wheat back. Trade with a smaller daily stop limit. Maybe take a percentage of your weekly profits and only be willing to risk that percentage. The goal is to go into the weekend a winner. Now we don't have to worry about it being Opex Friday or a holiday on Monday, but it is still Friday with a major news event today that will move the market. Now, speaking of that movement, today's AM briefing is brought to you by our sponsor, 'Trap the Trader.' Now it's time for America's favorite game show, 'Trap the Trader.' Now it's time for everyone's favorite categories: Check it out—Overleveraging, Revenge Trading, Blowing Your Accounts, I Just Love Resets, and F.A.Foo. And now, let's meet today's contestants: Johnny 'I Just Have to Trade Every Day' Johnson. Hey, Bob, happy to be here! Sam 'Never Saw a Short I Didn't Short' Stevens. Hey! And Malcolm 'Make Matters Worse' Montgomery. Who told you that? And everyone's favorite, back with a fresh set of 10 accounts, Rusty 'Reset' Roberts. Not today, Bob! And Freddy 'FOMO' Frederickson, FOMO! And, of course, our returning champion, Patrick 'Predict Price' Patterson. It's going up today, Bob! Remember, TRS, it's all fun and games till the market opens, and until next time, don't become a victim of 'Trap the Trader.' Alright, that's something me and my wife and daughters put together a couple of weekends ago. We were waiting for the right news day where 'Trap the Trader' was probably going to be a major theme. So, yesterday I did a wrap-up video. I don't really feel like I need to go over that, but it was a nice day. I traded small, multiple accounts, and it's amazing how trading small, leveraged over multiple accounts can really make a great day. Now, down here at the bottom, you'll see that every Tuesday we're doing a livestream in the morning, so it's like getting a free Zoom pass each week—each Tuesday, that is, 4 days away. So, take a look out for that, and this weekend I'm also going to do a chart tune-up. I've been doing those on Sunday afternoon. Got to look at my weekend with my wife and see if I'm going to do that Saturday or Sunday. But if you want to attend that live, you should get a notification if you've subscribed and hit the notification bell. If you don't hit the notification bell, I don't believe you get notified when there are lives going on. Alright, so let's go to... Where are we? Well, let's go take a peek at this. I'm on a 4-hour chart here, and you can see this strong, amazing trend line here. We appear to be flirting with it, we appear to be coming back into it, and of course, the same thing can be said for this line here. And then, as we've talked about the last couple of days, did we go parabolic? Now, this is a high-time-frame range here. We've gotten into it, we dipped, we came back out, bears won. We came right to the middle—see that line right there?—and bounced right here at the edge of the middle. Now we're coming back up to either test this trend line or the top of the range. This red zone represents an area that, if you have a bounce level to go short, makes the most sense to short at that level. So, where are we at? We're dipping back into the range, we're obviously leading down multiple 4-hour fair value gaps going south, and so that is all important. So what is the tip of the week here? Don't take the trade opposing a liquidity grab. If the price grabs a session liquidity and it's coming back into the range, let that happen. And hopefully, you were in the trade for the liquidity grab. Don't let the liquidity grab trap the trader. Okay, so what are our news drivers today? Well, here in about 2 minutes—this is why I'm doing this live right now—in about 2 minutes, we're going to get a news event. And uh, let's watch that together. So I delayed a little bit of this morning's briefing to be able to do that. So, what's happened overnight? Well, let's actually go look real quick. Overnight, let's bring this here. What has, uh, London done? It's trapped traders is what it's done. It set this liquidity, it set this liquidity, and it took out its own liquidity. Isn't that interesting? Alright, so I want to bring back on this. I want to go to a 30-minute chart here. Let's squeeze this in, and let's watch what happens here. I do not have my DOM open. I will not be taking a trade, but I am interested to see what happens here on this opening candle, and then we'll wrap up the AM briefing. So, just remember, it's Friday, don't be a victim of a trap, and then we'll look—yeah, we'll just watch this opening candle here for this news driver and see what happens. You know, too bad it's coming to the top of the range here at the news candle. I mean, if you were willing to trade really small, uh, the top of this could represent a good short, but it's just too close. I mean, I typically, if I'm interested in doing something on a news release, I'm looking for 30 points away before I would do something, not 10 points. 10 points is nothing. But let's see what happens here. Um, the red zone is typically a good place to look for a short. Top of the range is an area, but your levels mean nothing on a red folder news event. They mean nothing. So what do you do? You stay out of the way, or you find an extreme point that, if the price went there, you might be willing to take a small risk on. Maybe I'm real interested to see what's going to happen here. I was somewhat expecting a larger reaction here. There we go, that's—that's what I was looking for. So, we kind of got this high-time-frame trend line here, then where we went parabolic. This is the first time we're really punching past it. So when we touched it here, we came right back in, but we are at the top of the range. Um, let's see what happens. Just give it another minute, and then we'll wrap it up here today, so I can get onto Zoom with my traders. Let me come in here. I'm going to hit my strong levels. Okay, well, I mean, went to the top of the range there, and um, looks like that might be all it's going to do. So, very interesting to say the least. Alright, so we just watched the news driver. What's the game plan today, my goodness? There we go, and my goodness, my Stream Deck is a little delayed, and it's making me push the button too many times. So, what's the game plan today? We know it's Friday. We know it's PCE. We know that it's going to be a 'Trap the Trader' type of day, and so we want to just be careful, trade smaller. Friday rules. Capital preservation, all of that matters more than anything else. Well, guys, I wish you good luck today, and I will see you live on Zoom. Stay green, my friends, and to learn more about our group, go to microstrader.com. "