Mon AM Briefing Preparing For Our Emini Trading Room 08/05/2024

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, Traders! Good morning, good morning, good morning! Whoa, what an overnight! Woo! Finding the scripture for this morning was important. I'm sure there are a million of them I could have chosen, but "Commit everything you do to the Lord. Trust Him, and He will help you." That's in Psalm 37:5. I find that comforting, and hopefully, you do as well. Let's get right into it, guys. Welcome to the AM briefing brought to you by MicroTrader.com, where together we trade better. All right, why aren’t you advancing? There we go. Number 232. So, let's get into it. Tip of the day: well, there are lots of them, but never make things worse. I told the group last night, "This market cannot hurt you unless you make it. It can't hurt you unless you make it." The first rule is never to make things worse. If you choose to counter, do so small, if at all, and never make things worse. News drivers today: well, level 10 week was last week, and level 10 week is next week. Who knows? It might be this week too, with the high degree of uncertainty. The Japanese market could be level 10 week, but not because of news drivers themselves. I think it’s a green day every day this week to trade. And next week, just a glimpse ahead, is CPI. Before we actually get into the day, there are a couple of things I want to cover. Number one, we traded last night and did very well. I’ll show you a couple of my trades in a minute. One of my members said, "I never thought I’d say this, but I always thought I had to trade the big boy contracts," referring to the ES. But he learned to properly leverage, meaning micros. I know exactly what he meant to say. He should have listened to George a long time ago. John did very well last night trading as well, which is beautiful. Caleb did well, I did well, it was a nice assortment. Last night, I posted here on the price map in my group. I did three trades last night, but I only shared two of them here. I went long on this leading up sequence. This was my entry, showing you my stop. It came back and got me—hey, it happens. It broke protection layers, came back and got me. Then, on my strong levels, there was a strong level I indicated: if we break that, we’re going to 5300. I took the 5300 long and locked in four points. I believe that’s all I made on that, and then two points on a short. Just didn’t get in on time. Something you might want to know about: on the CME Group, they talk about limit downs. What's going to happen if we're down 7%? How do they halt at 13% and 20%? These might be things you want to be aware of. I will try to remember to put the link in the description and the first comment. Trading is optional this morning. I made this post: flat is a position. We had a beautiful short at the top, which we called out, but I had already stopped trading and said, "I’ve got to go to bed. I’ve got to get up at 5:00 and get the day going." First little note here: levels mean nothing. You don’t even need them on your chart. Remove them today because they might tempt you to do something dumb. Levels mean nothing when the market is in vomit mode. The Nikkei index, let's come over here. This is a weekly chart, gentlemen, a weekly chart. Using the measuring tool, from the top, it is down 28%, 29%, almost 30%. That is quite a move. It is at a technical level on the weekly, and we’ll see if that supports it or not. But when people are fearful, they get dumb. If you can’t trade today without fear, the answer to the following question is easy: Should I be trading? Should I remove myself from the chart? It’s no big deal, just move on. Your long-term money is probably fine if you believe in America and its ability to defend its economy, even if it has to use weapons to do so. The big talk right now is, of course, the Fed emergency meeting. They are always late, they are always wrong. I don’t know why this guy gets so much attention. So, the emergency Fed meeting is the big talk. Don’t expect that to immediately jolt prices straight up. We are in vomit mode. I told the group last night 5100, 83 would be a wonderful downside target. Maybe the word "wonderful" is wrong. I said that when we were up here, bouncing off 5300. We’re already at 5200. Would it be a shock to see it go another 100 points? Heck no, heck no. So, it is what it is. Strong levels were updated, and the essentials indicator was updated. Apparently, there is now supposed to be a purple circle indicating that the indicator has been updated. I believe there’s now a purple circle in the upper left-hand corner of your trading view chart. Caleb told me last night. So, the essentials indicator and strong levels indicator were updated. When you’re in vomit mode, your levels mean nothing. But I certainly want you to update the essentials indicator and strong indicator. If we start a bear market rally, which is just equally as vicious, reclaiming beyond strong ranges, you want to be with it. The number of 8:00 candles last night is insane. This looks like RTH. You don’t have to trade this, guys. We will be live. I will take trades. I’ve almost made my day's goal. Unfortunately, I didn’t make my week's goal last night. Otherwise, I would have taken the week off or applied Friday rules every day of the week. But that’s not what happened. I’m up a good day’s wage, and I’m excited about that. So, we will trade the levels as they develop. We will trade with the trend. We will not make things worse. We will not add to a losing trade. You will not make things worse—not in our group anyway. I wish you guys good luck today, and I’ll see my traders live here in a little while. Green, my friends! To learn more about our group, go to MicroTrader.com.