Wed AM Briefing Preparing For Our Emini Trading Room 07/31/2024

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:

Good morning, everybody! Good morning, good morning! Happy FOMC day! May interest rates always go in your direction. Absolutely, what a big day today is! We will be live this morning and this afternoon. Today's quote is from the Amplified Bible. The only reason I use this version today is that I want to make sure you know about the Amplified Bible. It adds extra information for clarity, providing synonyms and similar words. "He chose us in Christ," and then you see the brackets: " before the foundation of the world so that we would be holy." You might wonder, what does "holy" mean? It means "consecrated, set apart for Him, purpose-driven, and blameless in His sight, in love." I use the Amplified Bible in my Logos Bible study software. In fact, one of my members gifted me a Logos gift card to help build my biblical library, and I appreciate that very much. So, that's today's quote: "He chose us in Christ before the foundation of the world so that we would be holy and blameless in His sight." That's beautiful, beautiful, beautiful! Alright, let's get into it, but before we do, a word from our sponsor. Now it's time for America's favorite game show, "Trap the Trader!" Now it's time for everyone's favorite category—check it out: overleveraging, revenge trading, blowing your accounts. I just love resets and FOMO! And now, let's meet today's contestants: Johnny "I just have to trade every day" Johnson, Sam "never saw a short I didn't short" Stevens, and Malcolm "make matters worse" Montgomery. Who told you that? And everyone's favorite, back with a fresh set of accounts, Rusty "reset" Roberts! Not today, Bob! And Freddy "FOMO" Frederickson! And, of course, our returning champion, Patrick "predict price" Patterson! "It's going up today, Bob!" Remember, traders, it's all fun and games till the market opens. And until next time, don't become a victim of "Trap the Trader!" Alright, guys, don't become a victim of the trap. Let's get into it. Welcome to the briefing, brought to you by microtrader.com, where together we trade better. Episode 228. So, today should be pretty quick. By the way, let's just get right into it. Yes, price can go there. It was great because last night I produced a video that showed all my trades on YouTube Live yesterday, and one of my members made a comment on the video. He said, "Sometimes you'll point out these locations, and it's like we're not going that far, and then all of a sudden, we're there." So, yes, price can go there. Don’t just focus on a three-minute chart, you know what I mean? Sometimes, all the time, you have to zoom out and look at the bigger picture. Today's news driver: well, guys, we have red folders all day long. Today is the level 10 of all level 10 trading days, with extra bonus points, I think. And of course, a special message from Powell: he wishes you good luck today! Alright, so let's get to the chart, but the first thing I want to make sure you know about is the TradingView paper trading competition. I've joined it two or three times, and to be honest, I kind of forget about it. So this time, as a group, we're going to try to trade this little competition and not forget about it. It's called "The Leap," and it's free to sign up for on TradingView. I encourage my members to sign up. You get to trade additional or different instruments. Here, let’s read the contest rules real quick. What instruments are available to trade? It's over here on the side. Sorry, you can’t see it. Here, let me slide that over. There we go. You've got the S&P, a couple of currencies, natural gas, and oil. So, if you've always wanted to trade oil, you know, with our system, and see how that works, maybe you can trade oil as part of this competition. Something to consider. So, let's get on the chart. Last night, I put up a poll in our Discord group: "What do you think is going to happen today? Less than 50 points, 50 to 100, more than 100, or as a bonus category, 100 in both directions?" It's kind of funny because what happened yesterday? Well, let's look at this: we went down about 100 points, and then what did we do? We came back 100 points. This wasn't even FOMC day! We went from strong level to strong level to strong level, like to the tick. To the tick! If you were live on my Zoom yesterday, we talked about this a couple of times, and I recapped it in the video yesterday showing my trades. And look at us, we're right back at this strong level. And above here, I have other strong levels that we'll see while we're live on Zoom. Certainly, this is not a short; you'd better have some solid rules in place for when you can short in an uptrend. And of course, we're going to have a monster gap up. My goodness, you're talking about level 10 trading conditions on steroids. Today might be the day you say no to the chart because if you can’t say no to the chart one day, you might be forced to learn to walk away. Learn to watch price action without having your DOM open, or say, "You know what? Today, I’m going to come into TradingView, go to the trading panel, and go paper trading. I'm going to practice chart trading today." What a great day to practice chart trading! Do you have to be in your cash account today? Do you have to be in your funded accounts today? Heck, do you even have to be in an eval account today? You certainly don’t. It’s certainly a day many people are going to YOLO evaluation accounts and pass with one trade in one day. Is that a repeatable model over time? No, and I think anything you do with that contributes to improper money management and improper risk management. It is a detriment to you long-term, that's my humble opinion. I’m not going to go any deeper on the chart than this, other than wishing you good luck and to be careful today. Let’s take one peek at everybody else. So, NQ—once again, not NQ, ES is the strongest, but we're all upward slanting VWAPs. We all seem to be laddering down; of course, Dow’s having a bit of a move back to VWAP, but none of this tells you to be short, does it? So be careful countering this type of move because it certainly looks like strength is on their side. I mean, look at all these irrational movements in price that aren't being retested. This signifies the strength of the move. It's one of the little tells we look at in our group: is irrational price action occurring directionally? If it is, should you be countering it? It's really easy to come here and say, "You know what? Here’s kind of this trend line," in fact, what I would do—this is exactly what I’m going to do—I would draw this on here, and go, "Yep, I can’t counter until something breaks." Now, what's happening here that’s interesting? Well, on a 30-minute chart, this might be nothing more than—well, I take that back, we've spent a lot of time up here. I don't know why I was going to say that this could just be a wick on this high time frame level. Let’s go to an hour. Here, let me delete this. Let me remove this. Let me remove the strong levels, which, by the way, you get as a member of my group. I update the strong levels once or twice a week; it’s not something that changes daily. So, here are the high time frame trend lines, and yesterday we touched that to the penny. We've had this on here now, and it looks like we’re getting up over it. So what would I be looking for here? I'll tell you what I’d be looking for: if I wanted to go long—now, this is also going long at the top of—I mean, this is pretty easy to see, right? This is a back-and-forth range. But if price decided to come back and back-test this, this could—if I have a level there, I'll have to drill down in time frames—this could represent a good long. But you are going long at the top of the range, not the best trade location. What do I do if I’m going to enter a trade not in the best trade location? Small, if at all, and never make things worse by adding to a loser because I know this is not the greatest trade location. Plus, it’s hard to ignore FOMC and non-farm payroll in two days. The morning should represent some opportunities, but we have had a 100-point run. I don’t know what’s going to happen. If I trade, it will be small if at all, and I will be very protective. If it doesn’t touch and go, I’m out. I’m out, I’m out. I’m not going to be in a hope-and-a-prayer trade, and I don’t recommend you do that either. So, may interest rates go your direction, guys. Have a great day! I’ll see my traders live on Zoom here soon. Stay green, my friends! To learn more about our group, go to microstrader.com.