Fri AM Briefing Preparing For Our Emini Trading Room 08/02/2024

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:

Good morning, everybody. Happy Friday, August 2nd. In FP Friday, I promised a level 10 week. I believe the week delivered. The market does not like uncertainty; we are surrounded by it. Is the writing on the wall for a recession? Is the Fed too late, like they always are? Today's quote: "In this world, you will have trouble. But take heart, I have overcome the world." Keep your eyes on something bigger. If you had a bad week, even if you had a great week, you always want to keep it on something bigger. Know that there's something bigger and more important than us. The uncertainty in the world is high. According to U.S. officials, Iran and its allies will launch a full-scale attack on Israel. I believe this is of a Biblical type of proportion event, perhaps this weekend. I will be going into the weekend flat and will tread carefully. I recommend you do as well. Not that it's trading advice, right? This is just for entertainment purposes. Alright guys, let's get into it. Welcome to the AM Briefing number 231, where together we trade better. Actually, let me go back. I'm getting a little ahead of myself here. So, the tip of the day. What is the tip of the day? I made this last night. Ah, never make things worse. You know, yesterday I posted in the group, "This is the type of day that if you chose to add to a losing trade and allow things to get worse instead of being a professional trader, which is how you were treated from day one in our group. From day one in our group, you are a professional trader. You should study like one, you should train like one, you should act like one, and you should manage risk like one." Yesterday was a prime example. It was a historic type of day, one of the biggest ranges of all time, in one direction only with no reprieve. There was no coming back to get you out at break-even, no matter how much you leveraged. Yesterday was a perfect example of "do not make things worse." It will ruin your chances of being a professional trader. This week I gave the little quote: "If you can't walk away from the chart one day, you'll be forced to." News drivers: we know what it is today. It is NFP Friday. This is a no-trade day. This is a one-loss-and-you're-done day. This is if you take a couple of break-evens, you're done. Next week should return to some normal volatility, assuming nuclear weapons haven't been launched. So we will see what happens next week. Now let's get to the chart. One of the things I want to point out to you is today I opened the slides with a casino. That's what today represents to me. Two days ago, I used this slide to represent this move, and then yesterday I used "You dropped the bomb on me, baby," and it dropped the bomb on you. Just interesting, just interesting. We'll take note of that. Yeah, take note of that. So now let's come into the AM briefing here. I want to talk about yesterday's price action and show you what I want to talk about for this. First thing here is "one loser and done" type of day. That's what I told the group. I said, "One loser and I'm done." I was in a trade, it went against me, it came back, gave me the gift of break-even, I took it. I did not count that as my loser, but I counted that as one of my break-evens. Then I got into a second trade, which I'll show you. It became a break-even. I said, "I'm done." So I started out the day wanting to take an O2 short against my strong level. I was front-running the strong level just by a little bit. I felt like we had gotten really overextended, and I was willing to take an external level to go short. You can see here, I can't show you the trade because I didn't get in it, but I had a short setting here at 5602. Here was the time in which I did that, and I had to end up canceling it because it never got me into the trade. So it is what it is, and this is how I finished the day. Two break-even trades and I'm done. Oh well, not every day is an amazing day. Some days you have errands you have to run; some days you have to take your daughter to go see the college she's going to, which is what I did. So, then we called out a 3298 short. I didn't take it because I was still focused on the O2 short. That's the short I wanted. I was getting greedy. It was extremely counter, so I wanted to be greedy. How do you not look at what's been going on and say, "Hey, a short is a counter, buddy. It's very counter." But I was being greedy, and I did not take the 98 short. But one of my traders did. He was still short when we got off of Zoom, and he could have had potentially 10 protection layers. If you're a member of mine, I created a new channel called "Days to Study," and I'm going to start putting in days that I went "man." Even when someone joins a year from now, they can go back and have an archive of days, once they finish boot camp, to go back and study. So this is one of the days I want you to go back and study, with the eyes on entry and protection layers. So, fantastic for there. There was my long right there. Let's drill down to a one-minute chart because I went long somewhere. I tried to be exact on it on the 3-minute; I didn't actually drill down to the one-minute when I marked this trade. Here we go. Yeah, so I went long here, and in the profit, put my stop at a tick. Yeah, no big deal. Oh well, I'm counter. Then I did another long here, same type of thing. It was actually 56. I remember 56. So it took a little heat, and when it came back, I took the gift of break-even. Why? Because I'm starting to realize we're counter. We're getting into the area where, okay, longs may not be the play here, boys. Longs may not be the play. Then right here, we switched from looking for longs to shorts only. That's where we made the switch in our group. Were there opportunities where price rebounds off high-time frame levels? Of course. But what's the easy trade: with the current or against the current? Then I made this note in the group, kind of what I was talking about earlier. Today is the day adding to losers wipes you out. Today is a career-ending day for many traders. Recognize when things turn. Get with the trend or walk. If you can't walk one day, you'll be forced to. Why force trading today of all days? Do you need to trade on August 1, 2024? No, just walk. Counter trading lading moves is rarely fruitful, and adding to a counter loser is deadly. This day might be worth printing out and putting next to your computer. Yes, price can keep going. Be careful. Alright, let me zoom out here for a second. Let me delete this. I don't need you anymore. Come on, get out of here. Alright, this call-out must be further down this image. I put this image here because I was pointing out, I told the group, "5400 on ES is probably the next stop south." So we'll see how that works. Let me put my arrow. Okay, I got that trend line. Okay, now I know where I'm at. Sorry, I put a lot of notes on there. Let's turn this on and see where we're at. We almost have hit 5400. That's where my eyeballs were as a potential place where price could maybe have a bounce or put in a low. But we are so close to non-farm payroll, you would think it rips this level a new one. So let's turn on our strong levels here, and you'll see what I was talking about. This strong level right here, if we go to an hourly chart: big reaction, big reaction. Now we're back at it, and now we're back under it. This is why I talk about trading fresh levels. Now we've come down to the next strong level, and we're hanging out here. What's going to happen when we get to the next strong level? It will be interesting to see. So it is non-farm payroll. It is Friday, non-farm payroll. It is protect yourself from yourself. It is go into the weekend a winner. Don't do anything to give your week back. Don't be stupid. Be smart. Be a professional trader and play the game right. I'll see you, my traders, for the NFP candle live on Zoom here in 25 minutes. Green, my friends. To learn more about our group, go to microstrader.com.