Fri AM Briefing Preparing For Our Emini Trading Room 07/12/2024

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! Let's get right into it. Today's quote is from the 10 Commandments: "Thou shalt not steal." This applies to everything, from taking a pen from work to stealing someone’s time or ideas. I believe everything belongs to God, and though I’m not perfect, it does make you think. Theft happens more than we realize—under-tipping a waitress, for example. Be generous and be the light. Alright, let's get into it. I'm ready to trade. This week has been tough; my biggest trade was holding a put into yesterday's trading. It was frustrating because I sold it too early. There wasn't a clear entry yesterday, and I had to remove myself from the trading floor due to unwarranted feelings. Remember, the casino is open tomorrow. Welcome to the AM briefing number 216, brought to you by microtrader.com. We feature a live trading room for Futures, particularly ES and NQ. We offer education on our trading system and indicators. If you’re interested in joining a group of ES and NQ Futures Traders, check us out at microtrader.com. News drivers today include the PPI and consumer sentiment 30 minutes after the opening. Looking ahead to next week, we have Powell speaking and retail sales data. FOMC is in three weeks, with the final day of the month on Wednesday, July 31st. Tip of the day: Do your job. I’ve been warning about an out-of-the-blue liquidation break, and it happened yesterday. If you get into a long trade and the price drops, take the loss and don’t add to the losing trade, especially on NQ. Protect your emotional and mental equity today. Friday rules: don't give back your weekly profit, and set a smaller daily stop limit. Go into the weekend as a winner. Yesterday, we discussed how we went up and back-tested the backside of a trend line. The price went parabolic and then vomited out of nowhere. If you went long, just take the loss. I analyzed the chart and saw no entry, so I removed myself. It’s frustrating not being in the move, but it's important to focus on your own results and not worry about others. In the overnight session, we’re in a consolidation phase. I’m looking for a break to the north or south. For my traders using session indicators, you can move the indicator to the top to see the price map better. Above us, we have three sets of single prints that could attract the price like a magnet. I’ll have them on the price map at microtrader.com. Focus on your results. Whatever happens today is not as important as the week's performance, and the week’s performance is not as important as the month’s. Russell is on a different train, but ES and NQ are in the same spot. ES is at a high time frame level, and I’m looking for a long opportunity. If the PPI number comes out and the price drops, I’ll be looking to go long. We are compacted tight in here, and I have no interest in trading inside this triangle or predicting price movement. We are bounce traders, not prediction traders. We put lines on our charts where the price bounces and play those bounces. If you want to learn our system, check us out at microtrader.com. I'll see my traders live on the charts soon. Have a green day, my friends!



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