Mon AM Briefing Preparing For Our Emini Trading Room 07/08/2024

Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room

https://www.youtube.com/watch?v=le9zCO7YeSI RESOURCES:
            ▶️ ES Price Map (Single Prints, VPOCS, News Drivers,...)

            ▶️Youtube Community Updates             ▶️ Website for ES MES Trading Room (Back Up)


TRANSCRIPT:

Good morning, traders! It’s Monday, July 8th, the second half of the year. What are you going to accomplish? Exciting, exciting, exciting! Alright, guys, I'm ready to trade. Let's take care of business first. We’re going through these Ten Commandments, and today we are on the fourth: Remember the Sabbath day, to keep it holy. Work six, take one off. They also talk about working the land for six years, then giving it a year's rest. How could we apply that to trading? Honestly, it seems like a pretty good idea. Trade six weeks, take a week off. It’s good for the mind, good for the spirit, and good for your vision on the chart when you take those breaks. When the market gives us built-in breaks like last week, you could have taken a nice five-day break. Take it! Alright, let's get into it, guys. We’ve got a big week in front of us. Storms on the horizon, that is for sure. Well, welcome to the Micro Trader AM briefing number 210, brought to you by MicroTrader.com, where together we trade better. We are bounce level traders; we draw lines on the chart where price bounces and we play those bounces. So, what are the news drivers this week? They are plentiful. Nothing today, though, and it’s Monday. It’s Monday after a big move on Friday—new all-time highs on Friday. It’s the Monday before Powell speaks, it’s the Monday before CPI, so trade accordingly, my friend. Certainly a good day to dial it in. For the love of price action, we will be live. Which reminds me, tomorrow we'll be live on YouTube. If you're interested in checking out our group, you can always get a Zoom pass or just watch us live on Tuesday morning. Well, tip of the day: Level 10 week. How is it not level 10 week? Dial it down, in my humble opinion. So, where are we? Last week, we made an all-time high in a super low-volume week. You want to be careful. Longs are risky here, shorts are risky here, which we’ll see here in a minute. Expect liquidation breaks out of nowhere. We are up 110 points since that 5510 defense with no real pullback, straight up consolidation, straight up consolidation. We’ll see that here in a second on the chart. Seasonality—boy, does that look like it’s pretty dialed in here. And remember, I need to put it on this slide: for the next several months, it’s an election year. Powers that be are going to make sure this thing is going up, up, up and away. Don’t fight it. So, let's get to the chart. One of the things we’re always trying to be cognizant of is where are we horizontally in time. Powell speaking, CPI. Where are we vertically, and where are we diagonally? Well, as far as vertical goes, guys, I can tell you, just forget what these numbers are. They don’t matter. We shouldn’t be at 5600, 5800, whatever these numbers are. It doesn’t matter. The only thing that matters, in my opinion, are these structures here. Where are we horizontally, where are we vertically, because that’s part of our bounce levels, and where are we diagonally? So, this red line you see here is my daily trend line. You can go to your daily chart; there’s no magic, but it’s always a wonderful reminder. Where are we? And then, have we gone parabolic off of that daily trend line? We’ve had one, two, three sessions above it. Are we going to get some sort of mean reversion? We’re not mean reversion traders, but we see it all the time, coming back and testing this level. But realize we are in a vertical parabolic move, and I recommend not countering parabolic moves. Once again, as we have iterated for months now almost, you have to know when you can short an uptrend. If you keep shorting this up move, you’re missing out on the good long moves. Now, I don’t say that to preach to you as much as it is to preach to myself. On the price map at my website, I do have the VPOC and single prints if you want to see a more complete list of that here. The overnight session does not take back the single prints, so these single prints are still active. If you want to get a list of those, go to MicroTrader.com and click the price map. So, let's come in here and dial this in a little bit more. What have we done since this 5510 level that we had on our chart for a couple of weeks there that we talked about every single day? Well, straight up, then a little consolidation, straight up, little consolidation, straight up, little consolidation. I think I’ve seen a pattern. Straight up, and now are we going to have a little consolidation? Seems like a rest day for ES with Powell testifying in the next two days, CPI this week as well, and PPI. So, we’re going to see what’s going to happen. Once again, it’s hard to go long here, it’s hard to go short here, so it’s going to be small, if at all, with clear, clean, crisp, beautiful levels. Levels that I would tell the group on Zoom: I have to take this. If I don’t take this, what am I doing? I want that kind of level—the kind of pickiness that says I only get two trades today, and is this setup worthy of one of those two punches on my trade card? That’s what I’m looking for today. So, where are we in relation to all of the indices? Well, let's flip over here. Russell’s at Friday’s high, Friday’s high, Friday’s high, Friday’s high, all-time high. Does any of this look bearish? No. Are we all above our VWAPs? Yes. Are those VWAPs all upward slanting? Yes. So, are we all on the same train? It’s looking like it. Did we have acceptance in the upper distribution of Friday’s range? Absolutely. Should I be shorting this? Be careful. Know when you should short an uptrend. Let's turn on the session levels here real quick. Once again, no brain surgery here, but these are definitely markers that we look for. It’s so funny—we kept making all-time highs, I kept moving this higher because I got tired of the alert going off. I’m going to delete that. So, I’m glad I turned on that session. This halfback would definitely be something that I would have on your chart. You’re in my group; we did publish the strong levels. It should say strong level 7.8 there. So, the two strong lines that I have here for people who aren’t members are this: 5600.25, I believe, and then just a watch out below here. To me, the bull-bear line is further down. We could retrace quite a bit, and to be honest, the bulls are still in control because we’ve had no pullback. All we’ve had was straight up, consolidate, straight up, consolidate, straight up, consolidate. At some point, as I mentioned earlier, a liquidation break out of nowhere will come, and it will be violent. When should you short it? When it becomes obvious. So, we will be live on Zoom today, live on YouTube tomorrow. I wish you the best of luck, guys. I will see my traders here live on Zoom soon. Green, my friends. To learn more about our group, go to MicrosTrader.com.