Fri AM Briefing Preparing For Our Emini Trading Room 07/19/2024

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 good morning good morning good morning make sure this microphone is up and close good morning it is Friday Opex Friday oh oh oh you better be careful today today's quote dishonest money Windows quickly and I've seen other people say money earned too quickly that type of concept but he who gathers money little by little makes it grow that is the true way to build little by little base hits you do not need home runs every day sure it's nice to get those 10 20 30 40 pointers but you know two to four points a couple three times a day is all you really need and we always try to keep a runner just in case we get that 10 20 30 40 corner and you can be in that trade all day long or in a cash account you can be in that trade for multiple days that's the way to do it that is the way to do it all right guys let's get right into it let's do it welcome to the am briefing number 221 brought to you by micros sharer.com where we truly trade better we have a high propability system where we know where price bounces and we play those bounces we're always cognizant of trend and trade location keeping the Traders on the right side of trend so let's get into it let's start off with a tip of the day so if you have a fixed daily loss limit which you should and now the prop firms if you're prop trading will allow you to use the risk settings inside of trade evate if you're using trade ofate to say all right if I lose this number of dollars today lock my account and keep me out protect me from myself and that's really important if you are trading with a live cash account I recommend using those same risk settings CU you can break all rules you can add to loser you can move your stoploss you can trade too big but never ever violate your daily loss limit that is going to keep you trading another day what's the hardest thing about trading not trading that's the hardest thing so by having a system set in place that literally locks you out I believe is really smart and then you learn I can walk away it is okay I'm glad the damage I caused yesterday kept me from blowing my account because you need to keep trading another day no one's going to remember Thursday July the 18th okay but let me pause for one second go to the trading floor if you're in my group scroll up just a little bit and I share some screenshots of a guy who literally lost a million dollars trading the last two days fading this move I remove the guy's name it is not about him it's about going on tilt and continually adding to your losing trade against Trend and then I put another quote in there from a Trader that I respect and he said he's known a lot of guys that made a lot of money counter trading the market but he hasn't known any of them who kept the money there's a lesson there okay let's get back to the tip of the day so you got this fixed daily loss limit you know that you have to not violate that one rule that's the golden rule of all rules in my opinion for trading so we've got this amount that let's just use $300 okay you're you're not going to lose 300 bucks if you do lose 300 bucks the system locks you out cool you now have a losing trade well crap dang what do you do well you're going to sit here and you're going to be faced with the decision of something that you used to do maybe all the time do I want to add to my losing trade are you sure because here's the decision you have to make all right I'm down on this trade let's say I'm down let's just use a number 100 bucks so I've used a $1100 of the 300 before it locks me out I have a choice here do I want to give the trade more space I'm I'm I I've got high conviction about this trade but you know what I'm already down uh do I want to give the trade more space or does this trade need more leverage I really should add at this spot because of X reason now I know I'm adding to a loser so now I've added to a trade that's already a losing trade and because I added more leverage if price continues to go against me I'm now going to hit my $300 daily loss limit faster I choose more space because it gives me more time and sometimes you just need that more time plus there's something about not pressing a button again let me step back let's reanalyze this should I just hit exit and take the $100 loss go get some iced tea go get some coffee go for a walk around the block and come back and look at the chart with a fresh set of eyes was I counter was that not really a level in our group no level no trade period end of story okay so I rambled on about this tip of the day but it's really important I really care about you I really do want you to be successful and um adding to losing trades with a fixed daily loss limit will hit that daily loss limit quicker you're already in a losing trade something to think about so news drivers today well it is Opex Friday Jesse lore said there are days to go long there are days to go short and there are days to go fishing so get out that fishing pole guys this is next week's news drivers we got some PMI data we got some pce data some GDP data so next week will be fun the following week is fomc so it is Friday okay don't give your week back trade with a smaller daily loss limit certainly don't add to a losing trade today um take a percentage of your weekly profit if you're up nicely and say I'm only going to risk that portion I'm going to go into the weekend winner I'm going to protect my mental and emotional equity and here's the is it Opex Friday yes it is so uh be careful my friend so yesterday was fantastic this was a screenshot from the am briefing yesterday where I was highlighting a couple levels below us and did we get there h let's go take a peek at the chart so I'll put a little Jesse Li more here to remind you it's a good day to go fishing and if you notice let's go back for one second what was my screen saver I meant the thumbnail is what I meant to say yeah am briefing go fishing all right so let's take a peek at this cuz I think this was really important so number one like the guy who lost half a m yesterday and half a million the day before he's countering this move well one of the things I want you to be cognizant of is your Trend your Trend so when we were on zoom in the morning we were talking about this little up move and why I don't I didn't trust this and why we don't want to long if price comes back down and boy did that turn out to be true then at some point here you can throw on like this trend line okay and then we actually did what we went a little parabolic don't counter a parabolic move don't do it and it finally breaks the counter the parabolic move so you can come in here and say you know what I'm going to replace that and then we get additional information here and we can adjust this out here just a little bit and you can see how we uh skated along there till we broke it basically retested the back of it and then things type of It kind of changed now were there Longs in here and shorts in here absolutely one of my Traders yesterday said something awesome Scott he said you know some of us are long and some of us are short and we all made money yeah because price does bounce we're pretty good at where price bounces um the night before um so yesterday at the end of the closure I remarked about this trend line that it will be interesting to see if we get underneath this daily trend line and we have indeed gotten under this daily trend line um I was not in this move here we stayed out of the way we did not trust this up move uh just reading price action and a lot of hours of butt time on the seat and we did not counter this long either now we did go long here did very well that was my trade in the morning and did just fine with that um I did miss this short if I had not have been long I would have went short um so it was interesting cuz I'm like okay you did well on the long but you really missed out on the short uh but it was a perfect place to go long now let me tell you why I didn't go short why I went long so this is a daily trend line This acts like a bounce level okay there were other reasons we went long here but one thing I don't one tradeit I recommend you don't take is when it bounces off a trend line don't take the first counter to it um it's ripped too many faces off before I'd rather not take that trade there are better trades there are better trade locations than taking the first counter to a trend line bounce in my humble opinion your mileage may vary so I'll be honest that long was probably my best trade I would not have taken the short because that's exactly what I was telling my traders in all honesty be careful countering a high time frame trend line bounce sure it worked you could have done it you can do any trade small 1 Mees 10 points is only 50 bucks you're okay you can take that counter trade if you want but small if at all and never make things worse and if you do make things worse don't break that daily loss limit okay um so let's bring up the strong levels now cuz to me that played a really pivotal role let me remove this trend line so look how well we played with the with these strong levels okay both sides of it then this trend line right here I really should turn on my replayer tool let's bring this back to here because you're missing the words so this was our bull bear line we've had for a few days and then if we get underneath this is going to be careful cuz we could flush multiple levels underneath here we certainly did then we went to this next strong level and had a bounce I was excited for price to get back up to here I would have shorted on the back test of this strong level on the backside of trend um but it didn't get there so I didn't get that short many of us went long off this strong range that I had here fact Grandpa Roger congratulations had a 10-pointer there I wanted to make sure I gave you a shout out my friend uh fantastic 10-point trade there um and then we went back up to the strong range of Bounce went back to the strong level and bounced and that's how it ended so um as being a member you get this indicator where that puts out these strong levels and uh we play them very very well of course if you're an astute Watcher of the briefing you do get some of them because I share them and oh my goodness my phone just said hi I'm Siri how can I help that made me jump geez have no clue why that happened so it made me lose my train of thought so uh you get these as part of our uh Suite of indicators when you are a member so what has happened overnight now so let's bring this back in I want to remove you Jesse thank you you have served your purpose oh so here's our trend line for the overnight here so far and how well have we bounced off this strong level pretty good and this strong range is playing pretty good as well let's go ahead and remove these where are we well what did we do we grabbed the rth liquidity and we are laddering back up and this is to be respected until it is broken okay so certainly nice lading up up um on the trading floor I put where the perfect long was there um after I woke up um when I went to bed I debated on having a long at 68 I chose not to put that trade there it wouldn't have got me in anyway but the the logic there was right so let's go now let's turn on our levels that I want to make sure are on your chart so we got a couple more lows below us that haven't been taken out yet um I'd be real interested to see how that works if we decide to push back down right now the play is long or flat if I was to trade right now um but um yeah we'll we'll see how all that works you got this Asia overnight High you now have this New London low um you have a high time frame backside here um at 32 this multi- session Pock that we talked about the day before I'm still going to keep it on my chart and right here we've got the rth high the London High the overnight High what a cluster of highs here so if we keep laddering up this would be the most obvious Target with just tons of beautiful liquidity if you'd like to trade with us live grab you a zoom pass for for a day or for a week or go ahead and become a member and I'll teach you how we draw these levels um let's go take a peek at everybody else where is everybody else let's pull this in I should have aligned these a little bit they're aligned on my laptop but I forget that doesn't necessarily transfer over to here so where are we first of all is that you know what one thing I don't quite get I gested these lines on my laptop and I saved it and I don't know why it didn't bring it over here because this is messing with my mind now because it's not right so spend a couple seconds with me here let's adjust these that's weird because um Dal and inq and all right righty you are a weird monkey dude you are weird so everybody else is correct so where are we here here well we're all in the lower distribution um NQ and Es both grabed their liquidity and are lading back up both are over their vwap and now these two guys are the weak dudes all right so remember it is Opex Friday this is monkey Friday if you choose to trade today it is at your own risk we will be live on Zoom but um I will be very Surgical for my entries and I will not make things worse and if I have one loser I will be done for the day I wish you good luck and I'll see yall later a green my friends and to learn more about our group go to microstrader.com