Tue AM Briefing Preparing For Our Emini Trading Room 07/02/2024

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:

The AM Briefing is designed to prepare our Emini and Micros Futures Traders. to trade live in our trade room today. I Want my bounce traders to be the best prepared possible to trade our Core Strategy. Good morning, everybody. Happy Powell Day and JOLT Job Report Day! Before a two-day break, my goodness, well, it's Tuesday, July 2nd. This is the AM briefing brought to you by MicrTrader.com. Today's quote: we're going to go through the Ten Commandments, like I said yesterday. Why not? The second commandment—well, let's go over the first one again: "I am the Lord your God; you shall not have any other gods besides me." Second commandment: "You shall not take the name of the Lord your God in vain." I use Logos software for my biblical studies and was just referencing some of my notes here about taking God's name in vain. That also means lightly on the lips, in false affirmation, profanely, or to misuse it. Don't empty God's name of its meaning. Just some notes for you. All right, guys, let's get right into it because today is going to be a big day, that's for sure. Let's get on it. So, welcome to the AM briefing number 210, brought to you by MicrTrader.com, where truly together we trade better. News Drivers: It's all about Powell today. One hour after the opening, when the IB range is established, um, and then right after that, um, actually, that's not true, that is at the opening. I didn't reset my time on the Forex Factory. This is normally my time, so that's why I was thinking it was an hour, but this is Eastern. I made that actual note. So, at the opening, Powell is speaking, and I knew that mistake because the JOLT Job Report is 30 minutes after the opening. So, I knew I screwed up there a little bit, so I apologize. But at the opening: Powell. 30 minutes after: JOLT Job Report. CPI tomorrow, of course. We will certainly be live this morning and live on YouTube, which we'll discuss here in one second. Tip of the Day: Since I'm not going to do an AM briefing for the next two days, I'm going to give you three tips here. These were all in my mind. I was like, "Which one do I pick?" All of them, how about that? One good trade a day is all you need, and then scale down if you are going to trade in the afternoon. I had a fantastic morning—a beautiful ES short. It's put on the price map; we're going to talk about it here in a second. But then, when I came back in the afternoon, I knew I was just going to trade one micro. No sense in giving back the morning. Give preferential treatment to preserving your gains over trying to gain more. Trade location is king. If you are in a chop day, be careful going long at the top of the range, and be careful going short at the bottom of the range. Recognize when those days are happening and make sure you have a good trade location because if you go long at the top of the range, you have to be perfect and 100% right, or it's a loser. If you go short at the bottom of the range, you have to be 100% right, or it's going to be a loser. And remember to always protect your king, which is your capital. So yesterday, this is the chart I shared on the price map at MicrTrader.com. I was thinking if we took out the London overnight low, we would have a really nice flush, and I was hoping that it came to my next strong level. Well, my next strong level is actually the bull-bear, but I was hoping it ripped out the bull-bear line at 5510 and came down to the next level, and that's not quite what happened. But I did very well on that short. You can go to the price map at MicrTrader.com if you'd like to see. I think I have two screenshots of this trade. It was so quick that I really didn't have time to take screenshots and document it, but it was a beautiful short. Took it with some size there and did very, very well. Then what I did is I locked in my 10-pointer right here, okay? Final runner, 10-pointer. I did it with three contracts and then I deleveraged all the way down to one micro contract because drawdowns are a real thing. I got out at a 10-pointer on this ES, dropped to one micro, and of course, the price came back in, and I actually took a full loss on that, but who cares? I scaled down properly, captured the profit, and saw the market very, very well. So that was fun, to say the least. Today we will be going live on YouTube 30 to 60 minutes before the opening. It depends on how my morning shapes up over here with my wife, getting pre-flight, and kids and all that good stuff. So, at some point, 30 minutes to an hour before the opening, we will be doing a YouTube live. I'll post a link in the description and the first comment below. The seasonality—we'll see what happens here in July. It looks bullish, and don't forget we are in an election year. Let's go to the chart right here. Let's go to this one. Thank you, system, a little slow. This is the view I think that matters. Look at us back here, tap dancing on this 5510 this morning. One reason I'm putting this video out earlier is because if we decide to flush, I want to be in it. And if we break this trend line, I want to be long. So that's what I'm watching for. So, I'm kind of doing this AM briefing early in case I can be into a pre-Powell trade. Yeah, for sure. So, this was the line I presented yesterday that if we took out this overnight low, it didn't quite happen. Once again, this bull-bear line defended. I think I've counted this as the 13th defense of this level. Each time the defense seems to be a little less effective. At this moment, you can kind of see that it did this, and now we're actually doing this. Yesterday I told the group, I said, "What's unusual right now is this is the first time we've hung out at this level." We normally have had a strong move of polarity off of this line, but yesterday we had a nice little camp out here. Look at this, we couldn't even get up here and take out the overnight high. We did, at the very last little second, grab the RTH liquidity, and we have landed down all night since, back to the bull-bear line. Basically, the entire London session so far has been kissing this thing, so I'm real excited to see what's going to happen. Let's go look at our indices here. Where is everybody? Well, the two majors here are still within yesterday's range. ES is near the bottom; NQ is at its half-back. These two lesser ones are hanging out at the bottom. We all have downward-slanting VWAPs, and we're all under the VWAP. So, what's the game plan today? What's going to happen here? Are they going to defend it again, and we go make all-time highs? Powell's going to say something, and we skyrocket up? Possibly. We push down to here, and I'm not in that short. I'll probably be looking for a long off of it. We have more strong levels underneath here, but that's fine. We'll see what happens. If we break this trend line here and it gives me an opportunity to be long, I'm going to be long. And once again, we will be live on YouTube 30 minutes to 1 hour before, and I'll see you guys then. Green, my friends, and to learn more about our group, go to MicrosTrader.com