Fri AM Briefing Preparing For Our Emini Trading Room 06/14/2024

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:

Good morning, everybody! Happy Friday! I can't believe it's here. We're halfway through June. We're done with non-farm payroll, CPI, and FOMC, but the effects last through today for sure. Alright, today's quote: "Do everything in love. Do everything in love." That's even trading. Trade with love. What does that mean? It means respecting your capital, respecting yourself, knowing that you and your family deserve your best. Love your family so much that you protect your capital. You respect your risk. Love the game, love drawing these lines that bounce, love perfect trade management, love perfect entry. This is a beautiful business. Love it! Alright, guys, let's get into it. So, it is Friday, so do not give your week back. Trade with a daily, a smaller daily stop limit, or use a percentage of your weekly profits. If you're up really nice for the week, pick a percentage and say, "That's all I'm willing to bet on a Friday on the week of CPI and FOMC. Go into the weekend a winner." That's my suggestion, that's how one trader sees it. Alright, let's get into the AM briefing that says 199. I'm excited for Monday, 200, brought to you by micrtrader.com where together we trade better. We trade the ES and NQ charts live every morning on Zoom. So today's tip of the week: "Trap the Trader" price action. Boy, did we have "Trap the Trader" price action yesterday, and you have to expect that. How do you know you are in "Trap the Trader" mode? No follow-through to create eight back-sides. Yesterday crushed people who were breakout traders, who were prediction trading. Okay, and you also have to know, after a gorilla-sized move up, you are going to get Gorilla chop, and that's what we got yesterday. News drivers, so level 10 trading this week, today is uh, sentiment and inflation expectations 30 minutes after the market opens, and we're taking a look here at next week. Next week also throws in one extra monkey wrench towards the end of the week: option expiration, end of the first half of the year, and end of the, you know, towards the end of the month. So, end of the quarter, everything is coming to a head here in the next two weeks, so it'll be interesting to see what happens. Retail sales and some PMI numbers next week is what stands out to me in addition to the option expiration. Next Friday would be a great Friday to take a 3-day weekend, so contract roll over. Let's look at this again, this is the updated numbers. You can see the September contracts have increased in their volume. I am still trading the M contract this week, trading the M levels, and next week we'll switch to the U contract, trading the levels created during the U contract session. That's a very important distinction to note. So yesterday, we got a partial gap fill. I was really surprised we didn't take the entire gap, only a partial. There are no sellers, there have been no sellers for a long time. Uh-oh, so subscribe if you like what we do here. I forgot that was going to fly across there, to be honest. So yeah, so I took one short yesterday, one contract made 10 points on five accounts, so that was a nice day, and uh, I had no RTH, the RTH was just ugly, ugly, ugly. So seasonality is looking interesting going towards the last part of June. Who knows if that will actually happen, but it's something that I look at. So let's go to the Chart. So here's the one trade I did yesterday, as you can tell, I captured my 10 points. I did it in five accounts, I traded one contract, took basically no drawdown, and did well. That was a pre, that was in the London session during the news release. Here I took this short up here, and as it pulled back into the middle, I took my 10 points and was happy. Now, I only did that with one contract. Had I done it with three contracts using our three-contract system, the final contract would have gotten out at 20 points. But it was a news release, it wasn't worth higher leverage in my humble opinion, so I didn't trade higher leverage. So where are we? Well, darn, look at this. London has had all the fun and has almost filled this monster gap where I had my magnet yesterday. And um, look at this, it still can't finish it. There are no bears. They're asleep, they're hibernating. I don't know where they're at, but beautiful move in the London session. Drop to a three-minute chart, you'll see plenty of opportunities to have been part of that, at least two that I identified this morning that would have been uh, rather easy to identify with our system. So I have international members that trade the London session, so I know they did very well. I received an email from one this morning. Week into the system and has just totally revolutionized the way he looks at the chart. Of course, I mean, you know, one of the things I, I promise people is, once you get through the training, you will swear you have X-ray vision on this chart. It no longer looks random, it is really really cool. So let's take a peek at everybody else here. So let me slide this over just a little bit more. There we go, so we can see everything. So are we all on the same train? Well, these VWs look very similar, we're all under VWs, um, one of us is clearly Russell is clearly under yesterday's low, DA is as well, uh we are still inside of yesterday's range but in the lower distribution and under vwap, lading down. Let me slide this over just a little bit more, as well noticed yesterday my numbers weren't on there. I got to adjust that just a little bit. So once again, monster gap, what do we do under it? There could be a change of tone if we get underneath this gap and start lading, not just wicked, I mean lading. Alright, because if we start lading, I would think that the top of this range again, remember this beautiful 50 line, and we talked about that all last week, that was last, was all about this 50 line, can we make it back down to here, and will we bounce off of it if we do. So I want to make sure that you have, you want to mark this London high, you want to mark this Asia high, you want to mark this RTH high. Now the now we're starting to stack highs above us and leaving them behind, which is interesting, but the first thing is we got to take this gap. What happens when we take that gap, I don't know, but I can't wait to trade it. So I'll see my traders live here in a little bit. You guys have a great day, thank you for listening. Stay green, my friends, and to learn more about our group, go to microstrader.com.