Fri AM Briefing Preparing For Our Emini Trading Room 06/21/2024

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! Welcome to Opex Friday, June 21st. Rejoice and always pray continually; that is today's verse from First Thessalonians. Rejoice means be happy and celebrate. Always pray continually. If you don't know what to pray for, pray for wisdom. It seems like that's all I do—pray for wisdom. Alright, guys, let's get into it. Good morning! Welcome to the AM briefing brought to you by MicrTrader.com. Together, we trade better. We're on episode number 203. My goodness! Today's tip of the day: when can you short an uptrend? We talked about this in yesterday's AM briefing. When things break, it was great because one of my traders got on Zoom yesterday. He's got a set of funded accounts this week, and I encouraged him not to trade this week. Wait till next week. When he got on Zoom, I said, "I bet you're itching to trade," and he said, "I am, but I have to wait till something breaks like you said in the AM briefing." Yes, when things break, and we played the break masterfully, we're going to talk about that. News drivers today: we have some stuff after the opening, 15 minutes after the opening, and half an hour after the opening. Some PMI data and existing home sales. Next week at a glance: new home sales, some consumer confidence, final GDP quarter-over-quarter, final GDP, and pending home sales. Durable goods orders, PCE, and Chicago PMI. So, we have some things going on next week but no major events, though it's still pretty good. Today is the quarterly quad witching. One thing to expect today is weird price behavior. Yesterday performed beautifully and was fairly easy. Today, I don't expect it to be the same, but we will trade the levels, trend, and trade location as they are presented to us. Alright, where are you, Mr. Slide? There you are. Yesterday was so much fun; it was a monster day. I took three gifts to break even. If you're in my group, go to the trading floor. Last night, I posted a chart for each of them and briefly discussed the gift of break even on those trades. Make sure you go look at those. In my humble opinion, one of the things you have to be really good at is knowing when to take the gift of break even. Friday rules: yes, Friday does rule. Don't give your week back. Smaller daily stop-loss, maybe only a percentage of your weekly profit. Take 10-20% and say, "That's all I'm doing today," or "I'm just taking one loss. If I take one loss, I'm out." Go into the weekend a winner and dial it down. This is Opex, so scale it down. Do you really need to trade 10 accounts today? Or can you just pick one? Dial it down, is my advice. Seasonality here towards the end of the month certainly gave an interesting start. We'll see how that works. Now, let's go to the chart. So, what I'm going to do is start off with yesterday. I've done this a couple of times this week where I've put in my pre-market chart and gave you the link to it. Yesterday, I really wanted to share this scenario. We had a Watch Out Below line as well. Let me move this up a little bit more; it's out of your screen now. That's what we got. I was very happy with that. Here was the note: I added this to the single prints here, and that drop right there made my day. We had several confluences there. I made a positional trade for it, and it was with the trend, and boy, did that pay well. We bounced down here off one of our high time frame levels. I had an alert set in the group, and that worked out very well. It's interesting how we drew the trend line in the morning and stayed with that. So, that was really nice to see. We had a liquidation break, which let the steam out of the market. We closed below the low of the baby session on Wednesday and below the low on Tuesday. We didn't go anywhere but took the steam out of the market, which was fantastic to see. Shorts are Fool's Gold—they pay the best and hardest but are addicting. Know when you can short. The market goes up 80% of the time, so 80% of your trades should be longs. Let's look at the hourly chart. We still have this major trend line on the hourly and 4-hourly chart. What can break it? Either a move or time. We had a little bit of a move, then tap-danced with it before releasing it in the London session. Yesterday, we drew this primary trend line from the top of overnight, and then we went parabolic. You can't long until we break parabolic. Don't counter parabolic. If you do, do it small and at a perfect location. I'll remove unnecessary lines but keep the important ones for resistance. It was nice yesterday as we had drawn a triangle for the group, indicating we weren't interested in trading within that range, just waiting until we got outside of it. Now, we have a new set of single prints updated on the price map at MicrTrader.com. I changed a few things on that page. I removed the updates and decided to put them in the YouTube Community tab. I'm also keeping just the current video instead of the whole week's videos. If you want to see the archives, they're available on my website or YouTube channel. So, that covers it, guys. Good luck today. Be careful on Opex Friday. Four days from now is the next YouTube live. I'll create that link this weekend and share it. You can get a Zoom pass and attend a day of your preference for a front-row seat, or you can watch us trade live on YouTube. We do it live! Alright, guys, good luck today. See you soon. Bye-bye.