Tue AM Briefing Preparing For Our Emini Trading Room 07/16/2024

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

https://www.youtube.com/watch?v=7iJtlQQz8T8 RESOURCES:
            ▶️ ES Price Map (Single Prints, VPOCS, News Drivers,...)

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


TRANSCRIPT:

Oh, yeah. Good morning, everybody! It's Tuesday, July 16th. Let's do it! All right, we've been going through the Ten Commandments, which has really been pretty awesome. I've enjoyed this little series, and hopefully, you have as well. "Thou shalt not covet" is the final one on the list. Most of these Commandments have an exterior and an interior component. For example, "Thou shalt not kill" includes physical killing and killing someone with your words. "Thou shalt not commit adultery," but you can commit adultery in your mind. However, the tenth commandment only deals with what's inside of you—your desire to own what is not yours, whether that's someone's wife or their home. God wants all of you—your actions and your heart. So, be on the lookout for that. Tomorrow, we'll be back to our regular scheduled program, but I thought it was kind of fun to go through the Ten Commandments and just give a little nugget on each of them. So, let's get right into it, guys! Let's get into the day. Welcome to AM Briefing number 218, brought to you by MicroTrader.com, where together we trade better. That is absolutely true. Let's get back to the slides. I'm getting a little excited and starting too early. So, what's driving the news today? Well, we've got some retail sales data coming in an hour before the market opens. Remember, it is Opex Friday, and prices will get more volatile as the week goes on. If you want a three-day weekend, it's built into your week, so take Friday off. Tip of the day: be greedy with your entries. A perfect entry solves nearly all of your problems. Dropping in time frames to get in early is not being patient. Now, if you have a clear three-minute level, like that is clear, there is nothing wrong with dropping to a one-minute time frame to look for a greedier entry from that three-minute level to the one-minute level, because that puts you trading closer to the edge. But what is wrong is thinking, "Oh, we're going up, I know we're going up," and dropping in time frames to try to find a level that corresponds with your thesis. That is what you shouldn't do. But you can always drop in time frames to find a greedier entry when one already exists on a higher time frame. Yesterday was really cool. I love these strong levels. Yesterday, I showed you the current strong levels on the screen and said, "Look at the line, and you can see the price on the far right." This level certainly proved to be a strong level, and we have now tested it several times. When we first touched the line, I put a circle in the group and said, "Okay, if we take out this strong level, not just break strong, 66 to 62 is the next stop down in my humble opinion." That 66 number will come into play here in a minute. We kept bouncing on this strong level. I remarked that the strong level does appear strong. I missed my entry there as I was talking to my wife. It is what it is, but our narrative was right. I gave two scenarios: if we get under, this is what we're going to do; if we get over, this is what we're going to do. We broke out over, almost matching my drawing exactly on that pullback. I wanted a little deeper pullback, but I missed that long. Misses happen. It's okay. What do you do? You wait for the next high probability trade. At the end of the day, we did fall down to 66, which was really cool. We're really good at knowing where the price bounces from that strong level to that 66 level. If you think something like that might help your trading, check us out at MicroTrader.com. Seasonality in July is strong. We are now halfway through the month, and the line looks still pretty steep. It's still an election year where manipulation will be through the roof. Today, we will be live on YouTube. I typically launch 30 to 60 minutes before the opening. I bet my wife sleeps in this morning, so I'll probably be on an hour early. I'll put the link in the description and in the first comment. If you like what we're doing, like and subscribe, and consider becoming a member. Let's get to the chart. Here we are yesterday, bouncing on the strong level right here, and this is where we went to the 66 level. These two things were really nice. What happened in the overnight session? Well, for the first time in a while, these sessions are stacking in this direction. The high halfback is right here, and look where we stopped. A really nice halfback here, and London is still under Asia. That doesn't mean it will stay there. We came and tested this strong level again, got over it, retested the top of it, and went towards the top. We are just in the meat of yesterday's range. I still think the bull-bear line is down here at this 5642. If we decide to lose this, the next most logical location to test is probably this zone here. Do something along these lines and perhaps give us an entry long. I'd like to be short on the way to it. We will see how that plays out. Let's look at the indices and see where everyone else is. Once again, this Russell. My goodness, Russell actually had a very important level this morning that we've been monitoring. It will be interesting to see if this tops it and pulls back in. We don't call tops and bottoms. We only know that price will have a reaction at certain levels. How large that reaction is, we don't control nor do we get upset and obsess about it. Russell is upward, slinging above everyone else. The others are just flirting here. This is very flatline, flatline, flatline, right at halfback. No one's really showing their hand. Russell is making all-time highs yesterday. That's been done, and all three of these guys' all-time highs are certainly within sight. In my opinion, NQ seems to be a little weaker. If there are to be shorts, I'll be focusing a little more on NQ. We'll see how that works. Yesterday, it seemed like the bulls might be losing their grip a little bit. That doesn't give us a trade because we trade bounce levels. If we don't have a level, we don't take a trade unless it's a nice high-timeframe trade location that we will play cheap guess with. Because of the trade location, we're going to play more of a positional trade. But 99% of our trades are bounce level trades. Here we are, back at the upper range of the overnight, highlighted by these yellow lines. If you have our indicator suite, these yellow lines denote the overnight range rather clearly. We are in the upper distribution. We took out everything here, tried this strong level, bought right back up. They went, "Nope, you're not going down there yet." One thing about it, the more this level is beat up, it doesn't mean they'll take it out and we'll fall. Think about the 5510 number we talked about for days and days a week or so ago. Couldn't take it out; the shorts got out, and we went to all-time highs. Just because it continues to test this level doesn't mean they'll rip below it, but if they lose it, it could get fun. We're still bull-bear; we have to get below this 42 to do any damage. I'll be looking for an opportunity to be short if we can break it down. We shall see because it didn't take out the RTH low. A beautiful opportunity to be short to at least the RTH low. Depending on what the RTH low does, if we come back in, I'll be getting long. We will be live on YouTube this morning. If you want to check us out, join us on YouTube. If you want a front-row seat and have me give you a guided tour, get yourself a Zoom pass. That's it. I'll see you, my traders, live on YouTube probably an hour before the market opens, and that's when the retail sales numbers are released. I'll probably be on just before that. All right, guys, I'll see you later. Bye!