Mon AM Briefing Preparing For Our Emini Trading Room 06/24/2024

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, traders! Happy Monday, June 24th. I hope you had a great weekend. It was hot around here, so today's quote is: "Be a blessing and you will be blessed. Be a blessing. Amen." I hope I am a blessing to my traders. I certainly put in my personal best to create the best experience and the best training. So, be a blessing and you will be blessed. I love that! Alright, guys, let's get into it. I want to get to the chart quickly today, so we just have a couple of things to cover. Welcome to the AM briefing number 24, brought to you by Microstr Docomo. We truly trade better. Today's tip of the day: did you do your weekend homework? Did you do it? Did you do end-of-the-day charts? I did Saturday morning. I posted a ton of statistics on the trading floor. So, if you're a member and you haven't looked at the trading floor, scroll up a bit and you'll see tons of statistics about our system. Make sure you do that. Did you do any candle-by-candle replays? The best weekend homework you can do is replay every day and go back and redo your end-of-the-day charts. I did my homework; I hope you did as well. Today's news driver: really nothing significant. The focus is on Friday with the core PCE. Realize this week is the end of the month, end of the quarter. Things can get a little squirrely, especially around the PCE. Last week, we had seven winners, no losers, and two break-evens. We had a holiday smacked right in the middle of the week. Then we had a big move Monday, Tuesday was a sandwich day, and Friday was quad witching—a wonderful week not to trade. The number of available trades indicated that as well. Now, let's get to the chart. I did not do a high time frame marking video yesterday. I don't think that needs to be done every weekend. I was looking at my chart and I'm like, there's only four or five things to update. So, if you're in my group, I posted them on the trading floor. I'm thinking I might only do that once a month—the high time frame tune-up. Here we are on a trend line on a 4-hour chart. It's pretty easy to see a trend line. Whoa, I didn't mean to do that. Well, I messed it up. Let's see what I need to do. Oh my goodness, what did I do? Are you kidding me? It wouldn't back it up for me. Oh well, I guess it is what it is. I'll have to go back and figure that out in a minute. I'm not going to waste our time here to fix that, but obviously, we have this main trend line here. We went a little parabolic and now we are challenging it again. Let's zoom in and look at that a little bit tighter. Sorry for all the movement, but you can see that over time, we seem to be pushing it out in this direction, and time can break trend lines as well. I'm keeping it on my chart because I was very interested in the back test, and boy, we almost got that this morning. Let's go to a 10-minute chart here, and boy, I'll tell you what—one of the cleanest Asia sessions I've seen in a long time. I posted in the group a beautiful three-minute backside short, so make sure you go look at that. Boy, we almost got back up here to this trend line. Did we take out that high? We didn't. We matched it, that's for sure. So, what's the high of this candle? 4575. What's the high of this candle? 46. So, one tick took out that high and is pulling back in. Very, very interesting. Let's turn off these trend lines. I'll have to go fix that one before I start trading. Let's turn on single prints and VOX, which is updated on the price map at Microtrader.com. If you're interested in seeing the single prints and VOX, if you haven't done that yet, you want to screenshot that. Go ahead and screenshot that. Let's bring on the session levels and all the other indicators. What you do on the weekend, in my opinion, is make sure you've got all the sessions and highs marked. I did update the strong indicator that says "careful with longs below and careful with shorts above." So make sure that you've updated your strong indicator. It should say 6/24 as the date. When we look at this, it took out this RTH high here, so what I'm going to do is slide this bad boy right over here to that 75. The Asia session did not get down here to this level, so let's go ahead and mark this as well. This is the RTH low, so we'll stick that there. We're going to put the Asia overnight low here. Okay, three pools of liquidity right there. It already took out an RTH high. Just amazing. What a big range! Typically, the overnight range is about 20 points or so. Let's see what this range was. Turn off the magnet tool to make our life a little easier. So, a little bit larger overnight range, but where are we? We are just in this disgusting chomp. Just like on Friday, I told the group I only want to trade outside of this. I'm in the same way now. No, thank you. I won't be trading here. We need to get to an edge. I prefer to trade the edge, and I recommend you trade the edge as well. So, yeah, I think that's what I wanted to point out. We've got this RTH IB high here, and we have the overnight high here, which is pretty insecure—easily can go back and get that. I believe all of this is bullish. I don't believe any of this is bearish. Yes, we came down a little bit, and yes, we've had acceptance here, but on a higher time frame, zoom out and we're just sitting on top of another structure. We've got structure, run, structure, run. Okay, and right now we're just sitting on top of that structure. We're just sitting there. Let's remove all the drawings so we can see this even more clearly. Structure, run, structure, run, and now we're just sitting on top of this structure. This is still all bullish. There's nothing that has stopped the lading up sequence. Now, on a high time frame, when we look at this after this pullback here, we are now one ladder, two ladders, three ladders, four ladders, and I'm in the 3-to-5 ladder category, which is typically where ladders tend to tap out. How many ladders down did we get here? Two, three, four, five, six, seven. Okay, that one did seven. How many ladder ups was it here? I'm going to say that was one—that's tough to count. That's two, three, four, maybe five ladders, and then it came back in. So where are we here? We're on this one, two, three, four. Very interesting. Doesn't mean a whole lot, but we want to know where we're at. We're on the one, two, three, the fourth ladder up on a high time frame. Three to five tends to be the mean average, and then sometimes you can get outliers at seven or more. But also, it's an election year. We have to take that into consideration. This is not a normal year. So, let's go look at the indices. Where are we in relation to Friday's range? Above? At? In the middle? How are we all in relation to VWAPs? Above, above, NQ is under. And, of course, profit-taking in the technology stocks is the biggest thing to be mindful of because that can certainly lead us in a short-term direction. But are we all on the same train? Which is the purpose of this chart. Are we all on the same train? We are not all on the same train, so we will be monitoring that. Let's go look at the weekly chart. We developed this weekly fair value gap here. You want to make sure that you've marked it. Dow has his weekly volume imbalance. Russell's just monster chop. And NQ, we've left this weekly fair value gap as well. You might want to come in here and mark 50% of that as another possible level to have on your chart. And NQ, same type of thing—come in here and get all these session highs and lows marked out. This one is the London overnight high, and London is stacking here under Asia. We'll mark that out. There we go. So now, NQ is set up for trading as well. Alright, guys, strong ladder up, and if you look at this on a more, you know, this major trend line here I have to go back and fix. We are still in a parabolic move. It's very challenging to want to be short in this market. We need something to break. Has anything broken on a high time frame? You know, we talk about when you can short an uptrend. Well, when things break. Has anything broken? Not really. So, be mindful of that. We're sitting on top of the structure. Be mindful of that. We very well could come up and make all-time highs. And let's not forget it is an election year. I can't wait to trade with my traders. Let's have a great week, guys. I'll see you all live on Zoom here in a little bit. And for people who aren't members, tomorrow we will be going live on YouTube. I'll include the link in the first comment if you want to join us for that experience. Alright, guys, that'll be it. Talk to you later. Bye.