Thu AM Briefing Preparing For Our Emini Trading Room 06/13/2024

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! Welcome to SPX Radio, the Futures Edition. Good morning, good morning. With this morning's quote: 'Whoever loves discipline loves knowledge, but whoever hates correction is a fool.' Always be searching to improve yourself. Learn more about yourself as a trader every day. What traps you as a trader? What is the biggest piece of temptation that exists on the chart for you? What's the one trade you need to get rid of? Love discipline, love knowledge. Learn everything you can about trading, everything you can about what we do. If you're in my group, learn everything about yourself, because the technical stuff is probably 10% of your success. Who you are as a trader is the other 90%. To increase your knowledge of yourself, all right, guys, let's get into it. Let me press play here so we can see the actual—this is the AM briefing number 198, almost 200. Kind of exciting! I started this as an experiment, and it's just something I've kind of kept doing, and I really enjoy it. I actually start preparing for this the night before, so I hope you enjoy what I do and like and subscribe. If you're interested in finding a group of ES and NQ Futures Traders with a very solid system behind them, check us out at microstrader.com, where together, we trade better. All right, tip of the day—not tip of the week, I keep saying tip of the week—I mean tip of the day: Did you trade small yesterday? You want to build a repeatable, risk-first trading system trading the same leverage, trading large leverage, anything but smaller. Yesterday, I think, was a trader error, and it's something that perhaps you should examine because your goal is to build a repeatable, risk-first trading system. And in our system, risk-first is where we try to start and emphasize every day in our group, as you've seen through these AM briefings the last week. So today's news drivers are PPI at 7:30 and unemployment claims. This is still a level 10 trading week. Alright, so when you get on your TradingView chart, you might be, 'Oh my gosh, we gapped up huge.' No, you didn't. TradingView went ahead and switched contracts to the September contract, but when you look at this top chart here, you'll see June and then you'll see September. Here's the volume; the June volume still far exceeds the September volume. That probably won't change till Monday to a degree, so I will still be trading the June contract. So, what does that mean? Well, for charting, I have now switched from the continuous contract, the ES1!, to the ESM2024, and I've gone ahead and drawn my levels this morning. Plus, you know, well, we're at all-time highs, so down about 100 points or so, I've drawn all my levels. And for some reason, we start vomiting through the levels; no big deal, you take a pause, and you draw more levels. It's okay. And on trading, I'm still going to trade the M contract. So the chart has all been switched to the M contract. So yesterday, we left a monster gap. Are we going to fill that gap? And seasonality, boy, we certainly seem to have hit a peak here at the first third of the month. Well, we're almost halfway through now, aren't we? So it'll be interesting to see what continues from there. All right, let's get to the chart. So yesterday in the AM briefing, I had you draw this pretty much expected move type of line, the 7% move up here, and we drew a 7% move down here, wherever it was. And I always like to say, how well did that work out? Worked out pretty well. Um, and in fact, I actually took a short right above it, and on this pullback here, I did very well. So um, that was pleasing to see. When we opened up in my group, in fact, one member messaged me and thanked me for um, calling this out. I told them, do not take the overnight high short. And what I actually drew is, I actually drew a 10-point move. I said I expected to go 10 points above the overnight high, and I took that short. So I was extremely counter yesterday um, but did very well with those two trades. After that, I basically um, stepped back and watched, and did not participate anymore. Once we it started doing this again, I went, 'Okay, guys, on a lower time frame, I feel like we're 5, six, seven ladders up. I'm not going to chase. I can't short this; who knows where this is going to top out? I'm just going to be out, and I'll come back in the afternoon and watch.' And you can of course see the craziness of—FC, a couple of my traders actually took this short, uh, congratulations Jackie, he nailed a 20-pointer on that, and did very well. So that is all good, and in fact, you know, one of the things that's difficult about doing anything on YouTube is like, I, you know, it takes time to build trust, I get it. And um, I just want to point this out for one second, give me a second here. I should have brought this up earlier. Um, here, let me just screenshot this real quick. Let me bring this over here. So this is where, in the group, not everyone can attend on Zoom. I have people from all over the world, some people are working and whatnot, but what I do is I go through, and I'll post things like this, and I didn't type out notes, but I said, 'That's where I expect the move to go beyond the overnight high.' I told the group, I said, 'If you take it, you want to take it quite a bit on the other side, but I recommend they don't cuz I believe there's going to be a 10-point move move beyond there.' And so that's what we do in our group. We try to keep everybody safe. Everybody safe. So very good day for a day that should be small. Um, yeah, would I like to have participated in that? Yes. Were there people who took half of their eval accounts and went long, and half the accounts went short, and they passed an eval in a single candle? Sure. Is that a repeatable risk-first strategy? No. So we don't do things like that in my group. So where are we? Well, let me turn on CU. I had to, this is the M contract. I believe you can see that up here, the M contract, and I went through and drew session levels that I want to make sure are on my chart. And so obviously denoted this monster gap. I even put the words 'top of gap, monster gap.' Um, so obviously a void here; no one is protecting price here, most likely. So this should be a relatively easy move through here, if they decide to do it. When I went to bed overnight, I had a short setting at 46 and 52, as I had two contracts there, I was willing to go uh, short with, but it didn't get there, so I removed those orders when I woke up. We are just in the middle of this mud, I mean literally in the middle. So I like to trade the edges. So if I was to trade right now, what would I do? I want to wait till we get to an edge. I want to see us get up here, or I want to see us get down here. I'm not interested in trading the muddy middle. Don't diddle in the middle, as my friend Dave Thomas says a lot. So if you hear this, Dave, there's your shout out, my friend. So we're just in the middle of all this, cognizant of this gap. We're going to see what's going to happen. Let's switch over, and by the way, if you're a member, switch to the M contract, and still throw on um, our suite of indicators, especially the strong indicator, cuz they're the same levels. Those levels were built off of the M contract. I have not updated the strong levels; there's no need to update the strong levels. The only thing important right now is this gap, and then when we get underneath there, there's other levels to worry about, and then we've got the strong levels as well that are still in place. Let's go take a peek at everyone else here on the chart. So I like to look at everybody else. I like to put the halfbacks in alignment, and look at that, well NQ is above yesterday's high. I had to double make sure I was on the M contract. CU I had to change that on every one of these as well is go and change it from the Perpetual to the M. So NQ is a beast, um, at yesterday's halfback, as we just discussed. Um, Russell is exploring below it. Right in, I'm so sorry, Dow is exploring below it. Now just to repeat, these two are the most important, and then maybe you look at Dal, maybe you look at Russell, but since we have the real estate on the screen, we might as well look at all three of them. So the game plan today, I want to trade an edge. Um, there's a high probability we take it all back. Um, so I can't wait to see what happens, and of course, there's a high probability we keep going up. I have no clue. I really don't. You've got to have a game plan. You got to look at the chart like a chessboard and say, 'If this happens, this is what I'm going to do. If that happens, this is what I'm going to do.' And for me, right now, I want to be on an edge, and I will wait till we're on an edge, and I'll take a no-trade day if I have to if price just wants to huddle right here. So we'll trade the levels as they develop, and that's what I told the group here yesterday when this straight up candle I said the only thing we can do is trade the levels as they develop, and then we'll get an idea of tempo and cadence and level development and go from there. That's all you can do. Patience. All right, I'll see you in my group live on Zoom here in a little while. You guys have a safe day. I will see you later. Stay green, my friends. And to learn more about our group, go to microstrader.com."