Thu AM Briefing Preparing For Our Emini Trading Room 07/18/2024

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

https://www.youtube.com/watch?v=jPE9JNrg4Zw

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! It is Thursday, July 18th. Let's get into it. Today's verse: "Above all else, guard your heart, for everything you do flows from it." One of the things I tell my traders is that I manage my trades for my emotions first because I know if I guard my emotions, I will be a better trader. When do you get in trouble? When you probably get too emotional. So, guard your heart, guard your emotions because everything flows from it. Alright, let's get into it today, guys. Welcome to the AM briefing number 220, brought to you by MicroTrader.com, where together we trade better. We're really good at drawing bounce levels where the price is going to bounce, and we're also really good at predicting where the price is attracted to go. That’s going to be one of the themes today. News Drivers: Today, one hour before the open, some unemployment claims and a manufacturing index will be released. But the big news is tomorrow is Opex Friday. If you want a three-day weekend, it's built into this week's trading. Tip of the Day: I put this in the group yesterday morning: don’t get too excited about the color of candles. If you love shorts and you're seeing strong down candles, don’t get too excited because by the time you get excited, the price reverses. If you love longs and you're starting to get those strong up candles, don’t get too excited. What I want you to get excited about is the structure on the chart and trend. Structure and trend is what I want you to get excited about because therein lies a high probability system. So, be careful getting too excited about colors. Yesterday: Well, my put paid, that’s for sure. In futures, there was not enough follow-through during RTH. One of my traders said it perfectly yesterday: the overnight session had all the fun. In the AM briefing yesterday, we talked about if ES lost this strong level, we were going to the next strong range, the bull-bear line, and that is certainly what happened. We’ll see that on the chart here in a minute. Seasonality is still strong, plus it’s an election year, so let’s get to the chart. Since Monday, we have talked about this strong level. It’s been on our chart, and I was like, okay, if we lose this level, we’re going to come to here. We talked about that in the Monday AM briefing. We talked about that yesterday, and then yesterday it actually happened. We came and certainly hung out here at what I called the bull-bear line. To me, this is really where the bulls and the bears are going to wrestle, and it certainly appears that way. It wrestled and made it all the way down there. Now, what I noted here is from yesterday’s overnight high to the RTH low was about an 85-point range. Usually, what happens the day after a monster day, ES usually takes a break. I don’t know if it will, but it usually takes a break. So we need to be cognizant of that fact today. One of the things I want to make sure you have on your chart: I want these levels on your chart. I’m just going to put them out here. Okay, so we want this RTH low. Now, you’re like, why is that low? Because right after the market closed, we did a little bit of a push. I think it makes the most sense to just call this the RTH low in terms of pools of liquidity. This multi-session PO, yesterday when we got into the trading day, I said, okay, if it makes it down to here, it’s probably going to hang out here at this multi-session PO that we had on our chart just a couple of weeks ago. Mark this RTH IB high. I want you to mark this RTH IB low. Boy, get it spelled right there, buddy, IBL low, and that comes from this day. Okay, so I want that on your chart as well. In fact, you can just come in here and put high timeframe backside and then just have that note like that. Come on, you can do it. Very nice. Okay, so in the London overnight high, I want you to demark that. I don’t think we need this RTH half back. I’m going to delete that. I want this Asia high, and I want this all-time high, so make sure those levels are on your chart. And of course, if you’re in my group, you have that strong level already on your chart. So it seemed like last night we gapped up and we were being strong here, and I was like, great. Because we’re at the bull-bear line, I kept looking for opportunities to go long, and I just was not getting any follow-through. I was holding out for a little bit of a bigger move, and futures just really didn’t make me a whole lot. My put play is what paid yesterday. No big deal. These are all cash accounts, so which pocket is the jingle in? It doesn’t matter. So, put this half back here. This is from yesterday. Let’s move this over here, multi-session pocket. I’m going to go ahead and move this over here as well, just because I want to remember that. I don’t want to have to remember this in my brain. It’s on my dashboard like a pilot. You’re looking at your instruments here, so make sure that is on there. And then, boy, look at this push a little bit higher into that range and then vomit all the way back down, basically filling this opening gap that’s been here, playing around the bull-bear line. So we’re still here. I wish. So what I’ll be looking for, what’s my, well, let’s go to the indices first. So where is everyone based upon yesterday? Dow made a new all-time high. I had to bring that in. Russell is right in the middle. I thought I moved these. I am so, I know I did. You know, sometimes I do it on my laptop and I don’t press save, I think, and that might hit me a little bit. So let me see about that from yesterday. Yep, that’s yesterday. Yep, that’s correct. Okay, yeah, that’s all correct. So let’s just line back up the halfbacks right. For some reason, didn’t save. I don’t know. So RY’s in the lower distribution of yesterday’s range. Just tap dancing. First little kind of pullback on Dow. It’s like, alright, it has been such an incredible monster. It has been worthy of study. And so three of us are in the lower distribution, but we have not landed under yesterday’s low. So we are still all very much in balance, which we expect after a monster day. I was telling my group, I really think this RY chart is really important. It’s hard for us to make a further move south, which I honestly don’t expect as long as these two guys, Dow and Russell, are pushing to really highs. And boy, we did bounce off this 88 level we talked about on Monday. I mean, Tuesday on YouTube, and there are a couple more levels there to make sure are on your chart. I posted that on the trading floor yesterday. So what’s my game plan here? My game plan here is I’m going to lean into more longs. If we take out this RTH low, I’m going to be looking for reasons to get long. And if we make it down here to the next strong level, which could flush multiple levels here, I’m not really interested in a long. Let’s see what it does at 5600, but I would not be surprised to see us come and grab this liquidity here and then aggressively roll back up. If we open up and we just skyrocket up, well, obviously the strong range is going, the strong level is going to be where my next eyesight goes into. That actually might represent a nice short for me, depending on how we get there. Of course, I’d like to be long to it, but sometimes you’re not given that option. You’ve got to play. So for me, I’m looking for this low. I’m looking to see what happens here and then we monitor for continuation. Alright, guys, I wish you good luck today. I will see my traders live here soon. Green, my friends! And to learn more about our group, go to microtrader.com.