Thu AM Briefing Preparing For Our Emini Trading Room 05/30/2024

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

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

            ▶️ Website for ES MES Trading Room (Back Up)


TRANSCRIPT:

"Good morning. [Music] Traders, welcome to SPX Radio where it's always sunny and 72 if you trade the overnight. If you trade the RTH, well, not pretty. So, today's quote relates to my tip of the week—or tip of the day, whoever is patient has great understanding. Oh, I hope so, but one who is quick-tempered displays folly. And I can say that being quick-tempered is just not patient. So, be patient; it'll help you with your understanding. And if you can't be patient, you allow your emotions to get the best of you. Folly will surely follow. All right, let's get into it, guys. Welcome to the AM briefing number 188, brought to you by MicrosTrader.com, where together we truly trade better. So, if you're interested in finding a group that you can call home, that's got a high probability trading system that trades bounce levels where, when price touches our level, price bounces, check us out at MicrosTrader.com. So, what happened yesterday? Well, in the I did a wrap-up video and I talked about how in yesterday's AM briefing I was talking about this sticky range here at the upper yellow box, and I felt that if we lost that, we were going to go down to the next strong range you see below. And the edge of that is 62, and I said I'll probably do that overnight, and we'll see what happened, and, well, we did, so I'm very happy about that. So let's get into it. Where are we? Well, from Tuesday night, because Monday was really nothing, we were able to establish this trend line that we had on our chart since Tuesday, and look where it tapped out—right here. I mean, that is just really cool that that's where that tapped out. Yesterday's morning briefing, we're talking about this trend line—you can go check that out. They're at, it's either on my YouTube channel, or if you go to the Price Map, I have all the videos for the entire week on there, and on the weekend I clear those out. We talked about how we probably went parabolic, but this angle just wasn't really very parabolic to me. I prefer something a little steeper, but we did go parabolic; multiple touches, yeah, you honor that. And in the RTH, we were just in this stupid little 10-11 point range; gave there were in our core strategy at. So, if you're in my group on the trading floor, I did a quick video. I missed the front side, but if you look at the chart right underneath it, I marked the front side I missed in the video. But, just chop—not the funnest price action to trade, and then at the end, it just vomited down. Are you kidding me? But I think the neat point here is how it came back to this trend line with great rejection the last time we had a beautiful downtrend. We talked about how it would vomit, come back to the line, vomit, come back to the line, vomit, come back to the line. Okay, and this was not a 'I can't say this was a vomit, come back to the line'—it was a consolidation and then just gave it up. And now you could even say, 'Boy, have the over, this was really a strong move.' So yesterday's chop range here, I want to just measure out this chop range, and I want to compare it for you to the overnight range that existed. Just this is disgusting price action, and you just have to learn, do I want to trade that? And for me, my answer is no, I just don't want to trade that, and I chose not to. I have not really been able to sink my teeth into a trade this week, which really stinks, and my big mistake was here. I mentioned in, that I thought this move here was just a 'we're going to make sure nobody's short, and we're going to take this down.' That's how I described this move. And I should have, watching this overnight price action, I should have been a little more aggressive and gone ahead and found a bounce level and gotten short in this. And instead, I got short somewhere in here, and I just felt like I was really chasing; it was about 78 ladders down already. You can see the monster consolidation after that many ladder downs. We talked about that in yesterday's AM briefing, and, uh, so my mistake this week was not trading this overnight and recognizing what happened; I just didn't participate. So, oh well, I look forward to sinking my teeth into a trade, hopefully today. So we are still laddering down, and I said in these moves here, let's go to... Let's zoom in a little bit more, actually. I want to do one more thing while we're over here. So, on Sunday night, I published my strong levels. In fact, let's just go back to here. I want to go back to there, there in time, and these were the strong levels that I put in the group. So if you're a member of mine, you get a group of indicators. If you're not in my group, you get a suite of indicators, by the way, that helps you trade, and part of that is the strong levels that I believe price will be strong. I thought this would still be the bull-bear line. I was saying, 'Be careful with longs below this,' and if we get past this sticky level, are we going to go to 62? And those were my notes going into the week; those are like mile markers on a journey. And, um, luckily, it pretty much played out very well. So we had this level that, um, was just a, we just kept tap dancing on it, and then to me, this was the bull-bear line. 'Careful with longs below,' did that turn out to be a pretty good piece of advice? And then I said, 'If we get here, it's going to be sticky. If we lose that, we're probably going to come down here,' which is what we talked about earlier today. Um, I also want to show, because a part of where are we at, there's our ranges. So we left that one, and here we are, battling the top of this one. This is a monster range that we have been in. In fact, let's do this; let's go to an hourly chart. Let's go back over here. Um, we can see these tap dancings here, and um, we can go way back in time. This is a big range that has been here, and we're just tapping right back into it. I mentioned yesterday in the AM briefing that I felt if we got, if we dug into this, has the character of the market changed? Well, this line is everything, in my humble opinion. Now, the top of this range, what happens here? We've got a daily low here, we got a London low here, so make sure you, on your session levels, have those marked out. I was hoping I had it marked out before I pressed the button. Um, this is the RTH halfback of this day, and so we have the daily low, another daily halfback, um, the London low, and the monster wick for PPI. This is why I make notes like that, cuz I, I would never remember that today. I wouldn't know that was the PPI monster wick when it wicked down, and then we skyrocketed up. So, that's where we're at here. Um, what happens here? Do, are we going to get back into the range? Two things: are we going to come into here and just come back in? Are we going to get over this? Maybe we retest it to say, 'Yeah, we're good now. Let's go.' The other characteristic of where we're at right now is the risk of short covering is high. The risk of short covering is high. So that is something to be denoted. If you take a short, and price rips against you, don't be dumb and compound the mistake by making things worse. So, let's not make things worse. If you choose to short this, because we've had a beautiful move already, and we have come to a very significant trade location, okay? All right, so let's move on. So today's tip—I like that little guy. Um, been playing with AI images, it's fun. So if you like what I'm doing, guys, like and subscribe, and if you're looking for a home as a trader, check us out at MicrosTrader.com. So sometimes you wait for nothing, and that's what yesterday felt like, just waiting for nothing. And it's frustrating because you see it really well, you see it very well, and then when it's over, it vomits down. Like, are you kidding me? It just happens. It's only frustrating because you're seeing it well. You know I shouldn't be trading this. You don't need to be dropping, and you don't need to be trading that, my humble opinion. There are trades in there, there are—you want to be shorting the top and longing the bottom with a clean, clear, crisp level that we teach in boot camp. Other than that, you just stay clear, and I chose to stay clear. So I look forward to hopefully being able to, uh, trade today. So, what are the news drivers today? Well, today and tomorrow, we certainly got stuff going on, and so I want you to make sure that you know what those are. If you go to MicrosTrader.com and click Price Map, the Forex Factory, that's all this is, is a Forex Factory for the week, uh, cleared out out here. So we got some, uh, GDP, unemployment claims, and um, pending home sales. So we definitely have some action going on this morning and tomorrow. Of course, tomorrow is the bigger number, PCE. So we've had a nice strong move already. We've had a nice move. So are we going to rest here now? I mean, look at this move. Let's pull this back in. Let's go to a higher time frame. Let's measure this out this week. Okay, so we've had a 90-point move. Is it time for ES to rest? Certainly, we're at a great trade location for there to be some rest. But we will see, and once again, is the world just resting on the shoulders of Nvidia? So, what's happened in the overnight session? Well, boy, they're just um, filling it out. One's not stacking on top of the other. I am a little surprised London didn't take out the Asia low if they were going to bring this thing back up. So, is that a little telltale that it didn't take it out and, uh, go to the next side of the overnight range? It will be interesting. So let's check out our indices. So, where are we in relation to our halfback in general? Whoa, look at that. Um, ENQ went back and retested yesterday's low. That's interesting. Um, Dow is way down here. My goodness, I'd have to adjust these way up here to even get Dow in. So let's adjust the halfbacks, and look at this. Russell is, um, in the middle of yesterday's range. So, are we all on the same train? We are not all on the same train. That's the purpose of this page. Are we on the same train? So what is today's game plan? Well, we're going to be cognizant of our trade location. We're going to be cognizant of that we are definitely in this downtrend. We're going to be cognizant of that somehow we've went some kind of parabolic here. We've also going to be cognizant of that we are right here at the base of this range and bigger news events are tomorrow. Could we possibly just base out and wait for the bigger news event? It is very possible, and the risk of short covering is high. Well, guys, I wish you good luck today, and I can't wait to trade with my traders today, and hopefully, I can sink my teeth into a trade. Finally, stay green, my friends, and to learn more about our group, go to MicrosTrader.com."