Thu AM Briefing Preparing For Our Emini Trading Room 05/09/2024

 

https://www.youtube.com/watch?v=1VI1Pn7VQSM

ES Price Map

Transcript:

"Welcome to the AM briefing video presented by MicroTrader.com, where together, we trade better. Good morning, traders! Thursday, May 9th—don't forget Mother's Day is just around the corner.

Alright, well, today, our quote is going to relate to our tip, which relates to the post I made on the trading floor inside of Discord last night: 'Do your planning and prepare your fields before building your house.' And today's tip is going to relate to preparation—being prepared to trade, preparing your field. Your field of play is this chart. It's you against you, and you need to be thoroughly prepared for battle because that's what this is—a battle.

Alright, let's get into it.

So, welcome to the AM briefing brought to you by MicroTrader.com, where together, we trade better. We see it in our room all the time, how we trade better when we trade together. Yesterday gave you seven winners. It was a muddy day, and I'm very proud of one of my traders—um, you know exactly what I'm saying, Justin. Good job, my friend.

So, today—okay, so yesterday was just muddy at the beginning, seven trade days—I mean, seven entries—and it was a really nice day. I was up 24 points yesterday, I think—something like that. It was a nice little day, and I made all my points in the morning, which I actually prefer. Once again, the afternoon proved to not be fruitful.

So, where are we? Well, I've made all kinds of notes on here, and I'm going to bring those up.

So, what we're going to talk about first is this right here, and actually, to be honest, I could extend this a little further south. (Magnet tool, got to turn that off.)

So basically, we've had 190 points straight up, and what are we doing here? We're just basing out, getting ready for the next move. Could that next move be—I know it sounds so stupid—it can either be up or down, but it's basing for something. It's a pressure cooker here inside of a monster chop zone. You could take this day here, and take half of the day, and we're basically in every session that is touching that day. It's just massive, extreme chop.

Trade clean, clear, crisp levels. Try to have a backup level with you. Expect very little follow-through, okay? Because we're basing in—how many sessions? One, two, three, four, five, six, eight sessions now of just basing out in the upper distribution of this range. Basically, if you take this day, almost every session is—yeah, that's even better—day to choose, every session is within this day here, which was what day? Last Tuesday.

Um, I want my members to note this: 30 minutes on the front side of how well that played in the overnight session. I'm going to delete some of these now, so I know what I've talked about and what I haven't.

So, pressure cooker, monster chop, and 190 points straight up. My traders, go to your daily chart and look at everything we left behind. Sometimes, when you go to a daily chart, it can seem a little overwhelming, but don't treat it just like a three-minute chart. If I put that daily chart right in front of you, and I said, 'Here's a three-minute chart,' mark the backsides, front sides, break levels, volume imbalances, fair value gaps—it's the exact same thing, just on a higher time frame.

So, I encourage you to do that, and if you want to be brave, post your daily chart inside the group, and I promise to look at it, or maybe it is something we can discuss while we're on Zoom.

Also, uh, you should have received an update of the strong indicator yesterday. Our strong level was here in this vomit—I took, um, 89 long was the—was my best entry, unfortunately, it didn't behave in the manner to keep me in it, and I was just like, 'Ah, you're kidding me.' Um, but did get a nice long out of that and did well. In fact, I posted a video with one of the trades on it using the Top Step X software.

So, what is today's tip? It has to do with your morning routine. You have to be consistently getting up at the same time and consistently doing your checklist in your pre-flight indicator. I—I believe I actually removed it, but there used to be a checklist there, and of course, it's in boot camp, or create your own. What are the 10 things you do every day to have a perfect morning?

And for me, it—it—it revolves around a perfect morning. Um, because when my wife's in school, we have a different routine. When she's out for the summer, I'll be able to get up actually a little later and still have my perfect morning, but making sure I reference people who are on my trading team.

Okay, so I might be on my member trading team, but by surrogate, whoever's on my trading team is on theirs. So, I'm referencing other resources, I'm doing other research, I'm watching other videos, I'm checking my charts, I'm working my strong levels, I have other administrative duties for my group.

So, for me to have a perfect morning, I have to wake up three and a half hours before the market opens. When my wife is in school, and when she's not in school, I get to sleep in an extra hour. What is your perfect routine in the morning that needs to be done every day? You don't want to be skipping things, missing things, and haphazardly getting on the chart, knowing you did not have a thorough pre-flight.

I promise you, if you have a strong pre-flight, you'll feel more confident to fly your airplane, okay? Just like a pilot that does a pre-flight, checking the engine, checking the oil, draining some gas out of it, um, everything that has to be done to ensure the plane is ready to fly well, is your plane ready to fly today by doing a thorough, consistent, done the same way every day pre-flight?

This is a great checkup for my traders. We haven't talked about this in a while, but what is your pre-flight, and are you being consistent about it? If you're not consistent about your pre-flight, and every day you go into trading and it's a little haphazard, you should expect a haphazard day. You're not thoroughly prepared. Get up earlier, create your checklist, and do your checklist every day.

So, news drivers, we have one before the opening, then we have one around noon. These are Central times here, and then tomorrow, of course, you have more news drivers, and then next week, PPI and CPI.

So, what's happened overnight here? We're just inside of yesterday's range. I mean, you know, look where we're at. It's tightening up. It's a pressure cooker. Maybe this morning's news will do something, maybe not. We could just have another day of chop or two. Heck, we could chop all the way to next Tuesday for PPI, CPI.

So, have a good system. Realize you're not going to follow. Price is probably not going to follow through now on the strong levels. I did add some new levels. We got one level up here somewhere about 3375. I got another little strong range above that. Be careful with longs below here. Um, wonderful pools of liquidity right underneath it. I would expect it to run from there to the next strong range if it gets there. I have no clue if it will. Um, we don't predict price. We trade bounces. We trade bounces in our group, and we're very good at it.

If you'd like to learn how to be a bounce trader, check us out at MicroTrader.com. And, uh, so let's go look at all of the indices. Let's slide this over. Okay, so these lines here are from not yesterday but the day before, so we're way under uh the day's level, so let's adjust these. Let's pull these things in and get where we're at today.

Now, Dow had a monster day yesterday, and look how—I'm going to keep this here—look, price pushed above the previous day's high, came back, and retested it. This is why you want to have these levels on your chart. These session highs and lows are critical. Um, it's embedded in our um indicators. I believe I forgot who shared this code. One of the things that's nice about TradingView is the community is very open in sharing uh code, so these session blocks are not my invention, nor do I—I don't pretend anything's my invention. You see that on my website. Um, first lesson inside of boot camp, I say I didn't invent anything.

Now, there are a couple of things I have definitely tweaked. Um, I've probably invented one thing that I can think of that I'd never seen before that proves to be very true, and uh, it's very true over and over and over and over, and it's very reliable. But basically, our system is like gumbo. We took a little bit of this, a little bit of that, where it's confluent on top of confluence, and and we have a very nice high probability system, especially on the three-minute chart. Um, for intraday scalping, scalping is there every day, and it will continue to be there, and you can make your daily dollars by scalping the ES. ES performs so beautifully. It's a nice instrument to trade.

Okay, so what we got going on here, let's pull out the halfbacks. This is yesterday. First of all, everybody is just hovering inside of yesterday's range. Nobody's tipping their hand to anything. It is interesting to note, everyone's VWAP has a slight downward uh look to it, but we're still all within range.

Alright, so let's go back to here. Let's bring back the AM briefing. So, what's the game plan today, knowing and understanding you are in extreme chop, knowing you are under ex—you are in extreme chop? These two lows right here will be critical. Um, I'd love for us to come and get them and give me an opportunity to go long. That's where I lean. Why? Because we've went 190 points up, and we're just basing sideways here for a few sessions. You have to lean long, no matter how much you love shorts and they're your crack. You have to lean long. So, I would definitely be looking for breaking trades to the south.

When can you get short? When it becomes obvious. This here became obvious. One of my traders did awesome. He had a short up here to 18 um and did fine, and then he stayed along here and did great as well. He just rocked it yesterday.

Um, so we're in the middle. In fact, let's do this. Let's pull up um let's do a volume profile here. Where's PAC for all of this? So, that might be actually a worthy level to have on your chart. I'm going to put that on here. I'm going to call this multi-session POC, our prominent POC, and let's make it white because it's informational. I'm going to put that there, and I'm going to put this in my session levels.

So, put that there. I think that's a good level to have on your chart. That's a magnet where price wants to go to. Okay, uh, so just treat that as a magnet, not as a bounce level is how I would have that on your chart.

So, today's game plan: No, we're in extreme chop. I expect a little follow-through. We do have a red folder event today, two of them today, and red folder tomorrow. Maybe that'll knock price out, maybe it'll send it to one extreme to the other. Um, we do have this strong level right above our head here, and I have one more strong range right above there, so we will see what price is going to do today. We'll follow trend and trade location and clean, clear, crisp levels with backup levels. We'll trade small because we are in extreme chop, and then look to add in case we are right and we are in the breakout move because we add to winners in our group, which makes life so much better when you don't add to losers, and you only add to winners.

So, thank you. If you like and subscribe, may price always bounce your direction. Good luck today, traders. I'll see my traders live on Zoom here in about an hour and 15 minutes. Stay green, my friends, and to learn more about our group, go to MicroTrader.com."