Tue AM Briefing Preparing For Our Emini Trading Room 07/30/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
For Our Emini and Micros Futures Trading Room
Weather and Forecast: The speaker starts by discussing the weather, noting that storms are expected to move in, although it's currently sunny and 72 degrees in SPX town. They mention preparing for FC tomorrow.
Scripture Reflection: A scripture from the first chapter of Ephesians is shared, focusing on the phrase "eyes of the heart" and the importance of asking for enlightenment when studying scripture.
Trading Strategy: The main advice given is to be patient and consider a "one trade and done" strategy, aiming to finish trading by 10:00 AM to have the rest of the day free. The importance of not over-trading and being content with a successful single trade is emphasized.
Market Outlook: The speaker notes that it's a level 10 trading week with significant market events like the consumer confidence report, JOLTS job report, and FOMC announcement. They advise caution, particularly during the afternoon trading session.
Trade Review and Advice: A review of recent trades includes a successful long trade and discussions about potential setups. The concept of a "double inside day" is introduced, indicating potential for a significant market move. The speaker stresses the importance of not adding to a losing trade and following the market's direction cautiously.
▶️ 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. How are you today? Well, I'm looking at the forecast for the rest of the week; it looks like storms are moving in. It's sunny and 72 here in SPX town, but the clouds will start rolling in this afternoon, preparing for FC tomorrow. Today's scripture—and I love this—actually, I studied this in the first chapter of Ephesians. Paul says, "I pray that the eyes of the heart may be enlightened." I love that phrase, "eyes of the heart." Eyes need light to see, so whenever you study scripture on your own, it's a great idea to always ask God to open the eyes of your heart so that you may be enlightened, so the light may enter your heart. That's today's scripture. So let's get into it, guys. Welcome to AMM Briefing number 227, brought to you by MicrTrader.com, where together we trade better. Actually, I went to the wrong thing—let's go to the next slide. So today's tip of the day is: be patient. Sometimes one trade and done is good. Think about the perfect trading life. For example, I only want to trade the morning hours. When I look at my perfect trading life, I want to be done by 10:00 AM, which is my time, 11:00 AM Eastern, and have the rest of the day free. If I can do that, one trade in the morning—one and done—wouldn't that be perfect? Do we really need 10 trades today? Do you need five trades today, or can you be content with one trade and done? One shot, one kill, and walk. I'm telling you, the hardest thing about trading is not trading. So I think that's actually the perfect model: AM one trade, knock it out of the ballpark, done, and walk. So, news drivers today—something we go over every day. Once again, this is a level 10 trading week. If you didn't believe me, I present yesterday's price action to you as evidence. Today is Tuesday; we've got consumer confidence and JOLTS job report half an hour after the market opens. Then, of course, this afternoon, the market's going to be waiting with bated breath for the FOMC. So it's either going to be mind-numbingly boring, or the price is going to run to a certain location. If you decide to trade the afternoon, it's one of those environments where, if you get into a trade and it goes against you, do not make things worse. Don't do it. So, green light trading this morning for sure. And to mention that, we will be live—dang, I hit the wrong button again, guys—we will be live on YouTube 30 minutes to an hour before the market opens. The link will be in the description and in the first comment. If you like what we're doing, like and subscribe; consider becoming a member. So now we can get over here. So, on my website at micrtrader.com, then click Price Map. I did one trade yesterday—three contracts with our three-contract system—and I'm going to talk a little bit about that. I just want you to zoom into this part here. You know, one micro, and you're up 80 bucks—that's not bad. It's not bad. I took this trade literally right here. I called out two longs yesterday that I thought really worked out—well, not think; they worked out amazing. This was the first one. I honestly didn't think we were going to push down here. I told the group, "I'm interested in a long here, and I'm interested in a long here," and I'm going to show you those two positions as well. So let's actually get to the chart. So, this is yesterday and overnight. We are playing beautifully inside two of our strong levels, which is really cool. When you're a member, you get the strong levels indicator; you can turn them on or off. I update it once or twice a week, and that's how we do it. So now let me come over here and turn on my AM briefing folder. So I was telling the group, the traders, if we push down to here, I am interested in this trade. Why am I interested in this trade? Well, this is a high time frame level; this would be a really nice push after the London session took out Asia and pushed back into a high time frame level against the trend that we talked about yesterday morning. The sessions were stacking on top of each other, so I felt this was a great high time frame trade location. We touched it and bounced, and then I said, "Okay, it was my quitting time," and I said, "If we get down to here, this is where I would be interested in another long, probably with options, because that might be a great trade location for a multiple-day move." But, of course, it is FOMC tomorrow. If you took it with futures and just got out, I don't blame you. So when I saw that, I went to the group and said, "Did anyone take that?" This was the long we called out yesterday; this was the long we called out yesterday also. This was a long that I said, "Okay, I'd just gotten out of my trade," and you know when you're on a high, it's not the time to re-enter a trade, so I chose not to take that. One of my traders did, and I think that's—I think he had a 20-pointer. Did that go 20 points? Sorry, Jackie, I'm trying to remember what you had on that. I don't think you made TW; it must have been a 10-pointer. Maybe you did a different trade, but I know you posted a 10 or 20-pointer, but good job. But I know Jackie was in that trade and did very, very well with multiple contracts. So we went long here, we went long here, we went long here, and one of my other traders actually went short here. Now, this was a short that we talked about in the group. I said, "I'm not going to take this one." One of my traders did and had a really nice move there; I think it was Caleb. So congratulations, Caleb—a nice move on that one. Just because I don't take a trade doesn't mean you shouldn't take a trade. You can almost take any trade you want with one of these, with a reasonable stop loss. It's not going to ruin your week; it's not going to ruin your account. It was certainly a level that we talked about and that it would probably have a bounce, but I gave the reasons why I wasn't interested in it. But you might say, "I don't care if you're not interested in it; I want that trade because, at this point, we seem to be laddering back down." No problem. You can be short when I'm long, and we both make money. That's one of the cool things about our system. Alright, so let me—so, double inside day, that's the other note I wanted to make here. So let me turn this off and let's talk about the double inside day. Let me turn off my trend lines. Let's come over here—come on. Alright, let's turn off the trend lines now. So we have this day here, then we have this day inside of that day, and now we have this day inside of that day—a double inside day. This is a pressure cooker building up for a big move. If you're on the wrong side of the move, do not make things worse because you will blow your account or accounts if you're trade copying. So know that this thing is building—FOMC and non-farm payroll. This price will not stay here. Which way will it shoot, up or down? I have no clue. I don't even have an inkling, so I'm not even going to make those predictions. The only thing I know for sure is that we've got major news drivers, and we're having a double inside day—a monster move is coming. And if I'm on the wrong side of it, I will not make things worse by adding to a losing trade. Just make it a mantra: "I don't add to a losing trade. I will not add to a losing trade. I will not add to a losing trade." Ever hear my voice in your head: "Do not add to a losing trade." I wish I could stand behind you, and if you touch the mouse to add to a losing trade, well...yeah. So, double inside day—there, that's something to pay attention to. So yesterday we had this trend line on our chart, which served us well. That was the one we drew on—where's my trend lines? Here we go, trend lines. Alright, so now this gets removed because either time or price kills a trend line, and that certainly got taken out. Now, if you really wanted, you can come in here and draw this and say, "You know what? I just want to be constantly aware of where I'm at." The other thing I wanted to mention about this long I took—let's go back to—let's just go back to a five-minute chart. When I took this long here, my target, in all honesty, my target was here. But you know what? I don't know what the price is going to do. We had a beautiful bounce; it got up over the VWAP, it got over the opening. Why wouldn't I think we would at least target the London liquidity and then perhaps this opposite TRN line? But the truth is, we don't know how far the price is going to go, so all we can do is follow the price and try to build some protection layers. It just didn't happen. Oh well, you wait for the next trade, or you look at that trade and go, "You did really well with one trade, and now I want an A+ setup." I didn't have another one before my quitting time, so one trade, one shot, one kill, done. So, we will be live on YouTube 30 minutes to an hour before the market opens. If you'd like to join us, the link is in the description, the link is in the first comment. We'll go over GAML and all that stuff live on Zoom, so I hope you check it out. I will talk to you later. A green, my friends. And to learn more about our group, go to microstrader.com.
TRANSCRIPT:
Good morning, everybody! Good morning, good morning. How are you today? Well, I'm looking at the forecast for the rest of the week; it looks like storms are moving in. It's sunny and 72 here in SPX town, but the clouds will start rolling in this afternoon, preparing for FC tomorrow. Today's scripture—and I love this—actually, I studied this in the first chapter of Ephesians. Paul says, "I pray that the eyes of the heart may be enlightened." I love that phrase, "eyes of the heart." Eyes need light to see, so whenever you study scripture on your own, it's a great idea to always ask God to open the eyes of your heart so that you may be enlightened, so the light may enter your heart. That's today's scripture. So let's get into it, guys. Welcome to AMM Briefing number 227, brought to you by MicrTrader.com, where together we trade better. Actually, I went to the wrong thing—let's go to the next slide. So today's tip of the day is: be patient. Sometimes one trade and done is good. Think about the perfect trading life. For example, I only want to trade the morning hours. When I look at my perfect trading life, I want to be done by 10:00 AM, which is my time, 11:00 AM Eastern, and have the rest of the day free. If I can do that, one trade in the morning—one and done—wouldn't that be perfect? Do we really need 10 trades today? Do you need five trades today, or can you be content with one trade and done? One shot, one kill, and walk. I'm telling you, the hardest thing about trading is not trading. So I think that's actually the perfect model: AM one trade, knock it out of the ballpark, done, and walk. So, news drivers today—something we go over every day. Once again, this is a level 10 trading week. If you didn't believe me, I present yesterday's price action to you as evidence. Today is Tuesday; we've got consumer confidence and JOLTS job report half an hour after the market opens. Then, of course, this afternoon, the market's going to be waiting with bated breath for the FOMC. So it's either going to be mind-numbingly boring, or the price is going to run to a certain location. If you decide to trade the afternoon, it's one of those environments where, if you get into a trade and it goes against you, do not make things worse. Don't do it. So, green light trading this morning for sure. And to mention that, we will be live—dang, I hit the wrong button again, guys—we will be live on YouTube 30 minutes to an hour before the market opens. The link will be in the description and in the first comment. If you like what we're doing, like and subscribe; consider becoming a member. So now we can get over here. So, on my website at micrtrader.com, then click Price Map. I did one trade yesterday—three contracts with our three-contract system—and I'm going to talk a little bit about that. I just want you to zoom into this part here. You know, one micro, and you're up 80 bucks—that's not bad. It's not bad. I took this trade literally right here. I called out two longs yesterday that I thought really worked out—well, not think; they worked out amazing. This was the first one. I honestly didn't think we were going to push down here. I told the group, "I'm interested in a long here, and I'm interested in a long here," and I'm going to show you those two positions as well. So let's actually get to the chart. So, this is yesterday and overnight. We are playing beautifully inside two of our strong levels, which is really cool. When you're a member, you get the strong levels indicator; you can turn them on or off. I update it once or twice a week, and that's how we do it. So now let me come over here and turn on my AM briefing folder. So I was telling the group, the traders, if we push down to here, I am interested in this trade. Why am I interested in this trade? Well, this is a high time frame level; this would be a really nice push after the London session took out Asia and pushed back into a high time frame level against the trend that we talked about yesterday morning. The sessions were stacking on top of each other, so I felt this was a great high time frame trade location. We touched it and bounced, and then I said, "Okay, it was my quitting time," and I said, "If we get down to here, this is where I would be interested in another long, probably with options, because that might be a great trade location for a multiple-day move." But, of course, it is FOMC tomorrow. If you took it with futures and just got out, I don't blame you. So when I saw that, I went to the group and said, "Did anyone take that?" This was the long we called out yesterday; this was the long we called out yesterday also. This was a long that I said, "Okay, I'd just gotten out of my trade," and you know when you're on a high, it's not the time to re-enter a trade, so I chose not to take that. One of my traders did, and I think that's—I think he had a 20-pointer. Did that go 20 points? Sorry, Jackie, I'm trying to remember what you had on that. I don't think you made TW; it must have been a 10-pointer. Maybe you did a different trade, but I know you posted a 10 or 20-pointer, but good job. But I know Jackie was in that trade and did very, very well with multiple contracts. So we went long here, we went long here, we went long here, and one of my other traders actually went short here. Now, this was a short that we talked about in the group. I said, "I'm not going to take this one." One of my traders did and had a really nice move there; I think it was Caleb. So congratulations, Caleb—a nice move on that one. Just because I don't take a trade doesn't mean you shouldn't take a trade. You can almost take any trade you want with one of these, with a reasonable stop loss. It's not going to ruin your week; it's not going to ruin your account. It was certainly a level that we talked about and that it would probably have a bounce, but I gave the reasons why I wasn't interested in it. But you might say, "I don't care if you're not interested in it; I want that trade because, at this point, we seem to be laddering back down." No problem. You can be short when I'm long, and we both make money. That's one of the cool things about our system. Alright, so let me—so, double inside day, that's the other note I wanted to make here. So let me turn this off and let's talk about the double inside day. Let me turn off my trend lines. Let's come over here—come on. Alright, let's turn off the trend lines now. So we have this day here, then we have this day inside of that day, and now we have this day inside of that day—a double inside day. This is a pressure cooker building up for a big move. If you're on the wrong side of the move, do not make things worse because you will blow your account or accounts if you're trade copying. So know that this thing is building—FOMC and non-farm payroll. This price will not stay here. Which way will it shoot, up or down? I have no clue. I don't even have an inkling, so I'm not even going to make those predictions. The only thing I know for sure is that we've got major news drivers, and we're having a double inside day—a monster move is coming. And if I'm on the wrong side of it, I will not make things worse by adding to a losing trade. Just make it a mantra: "I don't add to a losing trade. I will not add to a losing trade. I will not add to a losing trade." Ever hear my voice in your head: "Do not add to a losing trade." I wish I could stand behind you, and if you touch the mouse to add to a losing trade, well...yeah. So, double inside day—there, that's something to pay attention to. So yesterday we had this trend line on our chart, which served us well. That was the one we drew on—where's my trend lines? Here we go, trend lines. Alright, so now this gets removed because either time or price kills a trend line, and that certainly got taken out. Now, if you really wanted, you can come in here and draw this and say, "You know what? I just want to be constantly aware of where I'm at." The other thing I wanted to mention about this long I took—let's go back to—let's just go back to a five-minute chart. When I took this long here, my target, in all honesty, my target was here. But you know what? I don't know what the price is going to do. We had a beautiful bounce; it got up over the VWAP, it got over the opening. Why wouldn't I think we would at least target the London liquidity and then perhaps this opposite TRN line? But the truth is, we don't know how far the price is going to go, so all we can do is follow the price and try to build some protection layers. It just didn't happen. Oh well, you wait for the next trade, or you look at that trade and go, "You did really well with one trade, and now I want an A+ setup." I didn't have another one before my quitting time, so one trade, one shot, one kill, done. So, we will be live on YouTube 30 minutes to an hour before the market opens. If you'd like to join us, the link is in the description, the link is in the first comment. We'll go over GAML and all that stuff live on Zoom, so I hope you check it out. I will talk to you later. A green, my friends. And to learn more about our group, go to microstrader.com.
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