Wed AM Briefing Preparing For Our Emini Trading Room 05/22/2024
https://www.youtube.com/watch?v=mzbpCeRKLnA
ES Price Map (Single Prints, VPOCS, News Drivers,...)
Website for ES MES Trading Room (Back Up)
TRANSCRIPT:
"Good morning, everybody. Hopefully, it's a good morning for you. It's a good morning over here. Excited to trade. Yesterday could have put a little fear in some people, that's for sure. Let us not be weary in doing good, for we will reap in due season if we do not give up. Don't give up. You've come too far; you've worked too hard. There's nothing better than sitting here trading, analyzing these charts, being on the right side of the chart. Don't give up now; you've worked too hard. Don't do it. You will reap; you will keep planting like a good farmer. You've got to get up early; you've got to do the basics right, and you've got to do them over and over. Alright, let's get into it. So we're going to talk about yesterday, and I did a video last night with this cover image: the ES wrap-up show. I encourage you to go watch that, and what we're going to do now is we're going to dive deeper into yesterday. One of the benefits of being in our group is we live zoom in the morning where we're calling out the price action in the morning, which was all of this, and it was just the sloppiest, disgusting up move with no entries. I even went back to a one-minute chart, and there was just nothing really there. I called out one entry right here that I said if you wanted to be aggressive and go long, and some of my traders took that and made small, I mean it came right back on you, not getting any level development, uh, leaving fair value, gapping candles until here where it's running to the overnight high, and you go, 'Oh well, it is what it is.' But in the afternoon, we make posts inside of the group, and so what I thought I'd do is I'd take some screenshots of what kind of posts we were making. So at this moment in time, I was basically telling the group the all-time high seems to be in sight until we get under the VWAP, which was down here. Um, the IB low is, uh, safe, and then I'm showing them all the indices of how we're up, up, up, up, and then the power of being, respecting this green area of this range that it is better to be looking for longs than shorts, and that continues to be true at this point in time. I'm making the comment there are easier days to trade, no sellers. So in other words, uh, be careful shorting this. Like right here, I said right here, I would not be shorting this, I would not be shorting this. That's my humble opinion; you're a grown man or a grown woman, do what you wish. I talked about this trade right here, um, I need a fast reaction or I'm out. I did not get a fast reaction; I'm out. I'd rather take a break-even trade. Couple of my traders took it and made a little bit as well. So in the afternoon, we are here to support each other because, once again, together we trade better. Alright, so let me hide this group. Let's go to a higher time frame level, and let's talk about where we are at because that is the next topic. Let me squish this a little bit more, a little bit more, and the reason why is I want that next range down there, I'm going to remove all that to so I want that next range to be visible down there. So what's the most important key level today? Key level today is the bottom of this range; this is the bull bear line, it's the key level, it's the bull bear line. Nothing changes to the south till we take that out. We're in a multi-day consolidation as we discussed yesterday, where it's better to look for longs at the bottom and shorts at the top. Did that prove true again? Absolutely, it proved true again. I actually went to bed with some shorts lined up up here at the 55 area, um, hoping it would get me in because I would expect a pull back in, but it didn't quite extend that far. It literally just took out the high by the tiniest little of bits. I believe I'd have to zoom in, but I'm pretty sure it took out the all-time high but buy a little bit. It doesn't matter cuz what really matters is this, um, zone, that range, and this range that begins down here. Okay, and when we had this range, if you've been following me for a while, this is what we had up here at the top. Every time we got here, I said, 'Okay, watch out, watch out,' and finally, it had the fair value gap through it. This is a common characteristic of when it's going to leave one of my ranges. Same thing is probably going to happen here when it takes this out. It could be a really strong move, and the levels that I want to make sure are on your chart because I haven't put any strong levels up here, I very well could have. It would have been here at, uh, 2350 is where I would have put it. Just know that this is the bull bear line now, the bottom of this range here. Okay, if we take that out, there might be a pit stop here. If there's not a pit stop here, it's coming to here, and below that, watch out below, and then very well, we could be coming to, uh, the next range, which is, uh, would not be surprising. Nvidia earnings is, I believe, after the close, so who knows what today is going to look like. You know, we just trade the levels as they are presented, and if it's like yesterday where the levels were disgusting, where it was just disgusting and it wiggle, wiggle, wiggles. I know when I take two or three break-even trades, I need to be pulled away from the chart. I need to remove myself, and sometimes you have to physically leave your computer, you turn it off, you get in the car, and you go run a couple of errands. Okay, don't be afraid to do that. So, where are we at? We just discussed that, um, and remember, Monday is a holiday, so trading could get even weirder towards the end of the week, but I don't think it's anything we have to worry about today. Key level, I just gave it to you. Uh, to me, it's that RTH low yesterday, which barely took out the previous day's low, so that 22 to 24 area is absolutely key. So, what's today's tip? Besides the hobo telling you to subscribe to the channel or become a member of our group at micrtrader.com. The basics: wake up early, got to do the basics like Lombardi at the beginning of a football season. 'Gentlemen, this is a football.' Wake up early, do a thorough pre-flight; you cannot skip pre-flight and expect to fly your airplane. You cannot skip pre-flight and trading and expect to trade the charts really well when you are not in tune with where you are at. The entire purpose of even our pre-flight indicator, I even called the indicator pre-flight cuz I want you to know where you are at. The purpose of these AM briefings is to know where you are at. If you're skipping your pre-flight, you do not deserve to be on the chart trading; you deserve to lose because you're not prepared. Be prepared. Don't come into our group and not be prepared. I'm doing everything I can to help you know where you're at. I am proud to be part of your trading team, but you have to do your part also, and do your end of the day charts. Do your end of the day charts. When trading starts getting sloppy, first thing I ask people, 'Are you doing your end of the day charts?' And it's shocking how nearly 100% of the time the answer is no. You got complacent. In our group, it's not unusual to have 30, 60, 90 months of zero losses, and you get sloppy; you get sloppy. This, okay, I wanted to see where that trend line was cuz now I would come in here, and a new trend line that I personally probably going to throw on here is this because I want to know when we cross it, so I would put that trend line on your turn. Oh, you can't see that yet. So let's go on to the next thing. Let me get rid of the tip box. So I would come in here and draw this trend line here just to know when we break it to give it an additional confluence which happens to be probably at this halfback of this day, which is the middle of the range as well. You kind of want to know when that's going to happen. Uh, having this RTH halfback will probably tell you, but halfback plus trend line should be a powerful location, uh, to support price going back up. And who knows what's going to happen above there. We cannot think we're not going to go to 5400; it's only 50 points away, so I don't think this thing has to come down. So what's today's news drivers? Well, let's take a peek here, back on micrTrader. Today is, T no, today is Wednesday. Oh, you got FOMC minutes this afternoon. That shouldn't be a driver, but it probably will be. Um, maybe we'll need something to shake things loose, and 30 minutes after the opening, we have existing home sales, and don't forget about the summer intensive. If you become a member before the end of May, you'll get that complimentary. If you're a member of mine, and things are getting a little loose, you need to tighten them up. Check out the summer intensive as a way to get back on board, or you can also purchase one of the previous workshops, like the Back to Basics Workshop, if you wanted. But why not attend live? And it's an extra class as well. Alright, so let's move on. Let's get back to the AM breathing. So, what's happened overnight right here? Well, London is stacking under Asia after Asia took out the all-time high, which we said last night in the wrap-up video. Asia's probably going to take out the high; it did. We're lading back in. I wish it had gotten my short up here that I had it, um, 55 area. I had several of them lined up. I posted it on the trading floor, and that would have been nice. That have been a good morning right there, woo, wake up to that, my goodness, that have been fun. So where are we on the indices? You know what, this is even doing this video is part of my pre-flight in the morning, and um, I have not adjusted these levels yet, so let's come in and adjust these levels. Let's do it together. Should be part of your, uh, pre-flight. Got to be up early enough to do it though; you don't want to do this when the market opens, you want to do this now. You want to do this now, boy, um, what about DA there yesterday? It had a small little range, my goodness. And that's one of the benefits of doing this is you get to do the small ranges, uh, NQ took out its high overnight, that was the all-time high. Let's come in here and put the half back, and let's put in yesterday's low. And I want to know, um, I, I want to know, oh my goodness, why, oh I'm hitting the wrong button, that would make sense. Let's bring in Q there; let's bring this back in. Okay, let's slide you over, and Es, let's fix you as well. Sorry guys, we got to do this live. I just did not do it before our video, which is fine, we can do it together. Heck, maybe I should record an entire pre-flights every day so you can do it with me, but my goal here on these AM briefings is to be a little more bigger picture, uh, than um, individually marking levels. So where are we based off our halfback, which is something we like to to look at? Well, one of us is under the halfback, one is at the halfback, above, and above. Okay, I'm not trading right now anyway, I'm not looking to trade right now, but if it had gotten me into my short, um, I would be managing the trade and building out protection layers, and looking for places to add. When you're in a winning trade, the first thing you need to be asking yourself, in my humble opinion, is where's a protection layer so I can keep my stop behind it, and two, where can I add to my trade TR and um, compound the winning of this entry. That's my humble opinion; it's a fantastic strategy. Um, let me do one more thing, let me turn this off because I forgot to turn that off to show you these. So righty is down here, under the halfback, at the halfback, above it, andove, and and we're above it. So I'm still getting used to this new software for doing these AM briefings, and um, I forgot to remove that panel, so I apologize. I'm getting better at it. So what's the game plan today? Number one is keeping our eyeballs here. What's going to happen here, and we seem to be definitely moving that direction. Um, we are now halfway here, in the middle, so I'm not looking to trade in the middle of the range. I like to trade the edges, as we discussed yesterday, talked about longs here and shorts up here, and uh, that worked out beautifully. Now we're back in the middle of the middle; it's a no thank you zone for me. We're coming to the halfback, and we got that trend line there, so it's a beautiful place for price to come back. However, price is already Pac-Man, already ate and took all the liquidity up here. We'll trade the levels as they are presented, looking for good trade locations and being cognizant of trend. Yesterday, the trend was sloppy up, and looking for longs in the green area was certainly the right move. And then above that, guys, that are no sellers, do not short this, and um, hopefully, that kept some people safe. So guys, I wish you good luck today, and if you're interested in trading with a group of professional ES and MES Futures Traders, check us out at microstrader.com. Good luck today, and I'll see you later. Stay green, my friends, and to learn more about our group, go to microstrader.com."
Website for ES MES Trading Room (Back Up)
TRANSCRIPT:
"Good morning, everybody. Hopefully, it's a good morning for you. It's a good morning over here. Excited to trade. Yesterday could have put a little fear in some people, that's for sure. Let us not be weary in doing good, for we will reap in due season if we do not give up. Don't give up. You've come too far; you've worked too hard. There's nothing better than sitting here trading, analyzing these charts, being on the right side of the chart. Don't give up now; you've worked too hard. Don't do it. You will reap; you will keep planting like a good farmer. You've got to get up early; you've got to do the basics right, and you've got to do them over and over. Alright, let's get into it. So we're going to talk about yesterday, and I did a video last night with this cover image: the ES wrap-up show. I encourage you to go watch that, and what we're going to do now is we're going to dive deeper into yesterday. One of the benefits of being in our group is we live zoom in the morning where we're calling out the price action in the morning, which was all of this, and it was just the sloppiest, disgusting up move with no entries. I even went back to a one-minute chart, and there was just nothing really there. I called out one entry right here that I said if you wanted to be aggressive and go long, and some of my traders took that and made small, I mean it came right back on you, not getting any level development, uh, leaving fair value, gapping candles until here where it's running to the overnight high, and you go, 'Oh well, it is what it is.' But in the afternoon, we make posts inside of the group, and so what I thought I'd do is I'd take some screenshots of what kind of posts we were making. So at this moment in time, I was basically telling the group the all-time high seems to be in sight until we get under the VWAP, which was down here. Um, the IB low is, uh, safe, and then I'm showing them all the indices of how we're up, up, up, up, and then the power of being, respecting this green area of this range that it is better to be looking for longs than shorts, and that continues to be true at this point in time. I'm making the comment there are easier days to trade, no sellers. So in other words, uh, be careful shorting this. Like right here, I said right here, I would not be shorting this, I would not be shorting this. That's my humble opinion; you're a grown man or a grown woman, do what you wish. I talked about this trade right here, um, I need a fast reaction or I'm out. I did not get a fast reaction; I'm out. I'd rather take a break-even trade. Couple of my traders took it and made a little bit as well. So in the afternoon, we are here to support each other because, once again, together we trade better. Alright, so let me hide this group. Let's go to a higher time frame level, and let's talk about where we are at because that is the next topic. Let me squish this a little bit more, a little bit more, and the reason why is I want that next range down there, I'm going to remove all that to so I want that next range to be visible down there. So what's the most important key level today? Key level today is the bottom of this range; this is the bull bear line, it's the key level, it's the bull bear line. Nothing changes to the south till we take that out. We're in a multi-day consolidation as we discussed yesterday, where it's better to look for longs at the bottom and shorts at the top. Did that prove true again? Absolutely, it proved true again. I actually went to bed with some shorts lined up up here at the 55 area, um, hoping it would get me in because I would expect a pull back in, but it didn't quite extend that far. It literally just took out the high by the tiniest little of bits. I believe I'd have to zoom in, but I'm pretty sure it took out the all-time high but buy a little bit. It doesn't matter cuz what really matters is this, um, zone, that range, and this range that begins down here. Okay, and when we had this range, if you've been following me for a while, this is what we had up here at the top. Every time we got here, I said, 'Okay, watch out, watch out,' and finally, it had the fair value gap through it. This is a common characteristic of when it's going to leave one of my ranges. Same thing is probably going to happen here when it takes this out. It could be a really strong move, and the levels that I want to make sure are on your chart because I haven't put any strong levels up here, I very well could have. It would have been here at, uh, 2350 is where I would have put it. Just know that this is the bull bear line now, the bottom of this range here. Okay, if we take that out, there might be a pit stop here. If there's not a pit stop here, it's coming to here, and below that, watch out below, and then very well, we could be coming to, uh, the next range, which is, uh, would not be surprising. Nvidia earnings is, I believe, after the close, so who knows what today is going to look like. You know, we just trade the levels as they are presented, and if it's like yesterday where the levels were disgusting, where it was just disgusting and it wiggle, wiggle, wiggles. I know when I take two or three break-even trades, I need to be pulled away from the chart. I need to remove myself, and sometimes you have to physically leave your computer, you turn it off, you get in the car, and you go run a couple of errands. Okay, don't be afraid to do that. So, where are we at? We just discussed that, um, and remember, Monday is a holiday, so trading could get even weirder towards the end of the week, but I don't think it's anything we have to worry about today. Key level, I just gave it to you. Uh, to me, it's that RTH low yesterday, which barely took out the previous day's low, so that 22 to 24 area is absolutely key. So, what's today's tip? Besides the hobo telling you to subscribe to the channel or become a member of our group at micrtrader.com. The basics: wake up early, got to do the basics like Lombardi at the beginning of a football season. 'Gentlemen, this is a football.' Wake up early, do a thorough pre-flight; you cannot skip pre-flight and expect to fly your airplane. You cannot skip pre-flight and trading and expect to trade the charts really well when you are not in tune with where you are at. The entire purpose of even our pre-flight indicator, I even called the indicator pre-flight cuz I want you to know where you are at. The purpose of these AM briefings is to know where you are at. If you're skipping your pre-flight, you do not deserve to be on the chart trading; you deserve to lose because you're not prepared. Be prepared. Don't come into our group and not be prepared. I'm doing everything I can to help you know where you're at. I am proud to be part of your trading team, but you have to do your part also, and do your end of the day charts. Do your end of the day charts. When trading starts getting sloppy, first thing I ask people, 'Are you doing your end of the day charts?' And it's shocking how nearly 100% of the time the answer is no. You got complacent. In our group, it's not unusual to have 30, 60, 90 months of zero losses, and you get sloppy; you get sloppy. This, okay, I wanted to see where that trend line was cuz now I would come in here, and a new trend line that I personally probably going to throw on here is this because I want to know when we cross it, so I would put that trend line on your turn. Oh, you can't see that yet. So let's go on to the next thing. Let me get rid of the tip box. So I would come in here and draw this trend line here just to know when we break it to give it an additional confluence which happens to be probably at this halfback of this day, which is the middle of the range as well. You kind of want to know when that's going to happen. Uh, having this RTH halfback will probably tell you, but halfback plus trend line should be a powerful location, uh, to support price going back up. And who knows what's going to happen above there. We cannot think we're not going to go to 5400; it's only 50 points away, so I don't think this thing has to come down. So what's today's news drivers? Well, let's take a peek here, back on micrTrader. Today is, T no, today is Wednesday. Oh, you got FOMC minutes this afternoon. That shouldn't be a driver, but it probably will be. Um, maybe we'll need something to shake things loose, and 30 minutes after the opening, we have existing home sales, and don't forget about the summer intensive. If you become a member before the end of May, you'll get that complimentary. If you're a member of mine, and things are getting a little loose, you need to tighten them up. Check out the summer intensive as a way to get back on board, or you can also purchase one of the previous workshops, like the Back to Basics Workshop, if you wanted. But why not attend live? And it's an extra class as well. Alright, so let's move on. Let's get back to the AM breathing. So, what's happened overnight right here? Well, London is stacking under Asia after Asia took out the all-time high, which we said last night in the wrap-up video. Asia's probably going to take out the high; it did. We're lading back in. I wish it had gotten my short up here that I had it, um, 55 area. I had several of them lined up. I posted it on the trading floor, and that would have been nice. That have been a good morning right there, woo, wake up to that, my goodness, that have been fun. So where are we on the indices? You know what, this is even doing this video is part of my pre-flight in the morning, and um, I have not adjusted these levels yet, so let's come in and adjust these levels. Let's do it together. Should be part of your, uh, pre-flight. Got to be up early enough to do it though; you don't want to do this when the market opens, you want to do this now. You want to do this now, boy, um, what about DA there yesterday? It had a small little range, my goodness. And that's one of the benefits of doing this is you get to do the small ranges, uh, NQ took out its high overnight, that was the all-time high. Let's come in here and put the half back, and let's put in yesterday's low. And I want to know, um, I, I want to know, oh my goodness, why, oh I'm hitting the wrong button, that would make sense. Let's bring in Q there; let's bring this back in. Okay, let's slide you over, and Es, let's fix you as well. Sorry guys, we got to do this live. I just did not do it before our video, which is fine, we can do it together. Heck, maybe I should record an entire pre-flights every day so you can do it with me, but my goal here on these AM briefings is to be a little more bigger picture, uh, than um, individually marking levels. So where are we based off our halfback, which is something we like to to look at? Well, one of us is under the halfback, one is at the halfback, above, and above. Okay, I'm not trading right now anyway, I'm not looking to trade right now, but if it had gotten me into my short, um, I would be managing the trade and building out protection layers, and looking for places to add. When you're in a winning trade, the first thing you need to be asking yourself, in my humble opinion, is where's a protection layer so I can keep my stop behind it, and two, where can I add to my trade TR and um, compound the winning of this entry. That's my humble opinion; it's a fantastic strategy. Um, let me do one more thing, let me turn this off because I forgot to turn that off to show you these. So righty is down here, under the halfback, at the halfback, above it, andove, and and we're above it. So I'm still getting used to this new software for doing these AM briefings, and um, I forgot to remove that panel, so I apologize. I'm getting better at it. So what's the game plan today? Number one is keeping our eyeballs here. What's going to happen here, and we seem to be definitely moving that direction. Um, we are now halfway here, in the middle, so I'm not looking to trade in the middle of the range. I like to trade the edges, as we discussed yesterday, talked about longs here and shorts up here, and uh, that worked out beautifully. Now we're back in the middle of the middle; it's a no thank you zone for me. We're coming to the halfback, and we got that trend line there, so it's a beautiful place for price to come back. However, price is already Pac-Man, already ate and took all the liquidity up here. We'll trade the levels as they are presented, looking for good trade locations and being cognizant of trend. Yesterday, the trend was sloppy up, and looking for longs in the green area was certainly the right move. And then above that, guys, that are no sellers, do not short this, and um, hopefully, that kept some people safe. So guys, I wish you good luck today, and if you're interested in trading with a group of professional ES and MES Futures Traders, check us out at microstrader.com. Good luck today, and I'll see you later. Stay green, my friends, and to learn more about our group, go to microstrader.com."
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