Fri AM Briefing Preparing For Our Emini Trading Room 08/23/2024

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:

Welcome ES NQ Futures Traders Good morning, everybody! Today is Friday, August 23rd, 2024, and it's all about capital preservation. Remember, today's quote: "Everything is possible for the one who believes it is possible." Don't give up on yourself. You've worked too hard to get this far. Friday Rules & Tip of the Day Today, brought to you by MicrosTrader.com, we emphasize not giving back your week's gains. Use a smaller daily stop loss, perhaps a percentage of your weekly profit, and aim to go into the weekend a winner. Here's a personal tip: I hit my daily loss limit yesterday. Despite trading with tight rules, I made a mistake by taking a trade that didn't align with our strategy. The key rule you must never break is your daily loss limit. It's crucial to have a broker like myTrade that locks you out once you hit that limit. After yesterday's loss, I reflected on how a trader handles drawdowns, not just the wins. That's the true measure of a trader. News Drivers Today, with Powell speaking, it's marked as a red folder event. Trading today is at your own risk. Personally, I'm stepping back from trading today to reassess and will be live on Zoom to guide traders through the price action, but my trading DOM will remain closed. Yesterday's Chart Review Yesterday started with us watching a trend line and a strong range, anticipating price movements. Despite my expectations of a bullish move due to political news, the market had other plans with a significant liquidation break. I highlighted potential entry and exit points for longs, which some traders capitalized on, but I erred by going long on a one-minute chart against the trend, leading to my daily loss limit. Where Are We At? Overnight, we've seen aggressive moves towards strong levels, with bounces and rejections. The market is currently within a three-day trading range, suggesting a sloppy middle. With Powell's speech today, it's wise to stay cautious unless a clear trend emerges. Bull Bear Discussion Overnight Trend Line: Bullish Session Stacking: Bullish VWAP: Bullish Yesterday's Range: Bearish Indices: Bearish Bull Bear Line: Bullish Risk of Short Covering vs. Liquidation: Bullish Despite some bearish signals, the overall trend leans towards the bulls. Good luck trading today, and remember, stay green! For more on our trading strategies, visit MicrosTrader.com.



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