Mon AM Briefing Preparing For Our Emini Trading Room 08/26/2024

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 Monday, August 26th. Here's today's quote to start the week: "It is God who arms me with strength." A prayer for strength in trading this week would be, "Lord, please give me the strength to trade perfectly and keep my way secure." I appreciate those words deeply, and I hope you do too. Let's dive into the AM briefing brought to you by microtrader.com, where together we trade. Tip of the Day: Today's episode is number 247. The tip? Every trade should be a planned trade. On a three-minute chart, we aim to see our trades 6 to 9 minutes before they happen. Every trade is meticulously planned and scrutinized, especially concerning leverage. Ask yourself: How much do I love this trade? Is my trade location with the trend or against it? These are crucial for analyzing leverage. News Drivers: Over the weekend, we reviewed the ES and NQ charts, marking significant levels and discussing news drivers. This week, NVIDIA's event on Wednesday and PCE on Friday are key. Remember, Monday is a Labor Day holiday, expect low volume trading. We'll be live on YouTube tomorrow if you're interested in learning more about our trading system. Chart Analysis: We spent considerable time on the charts this weekend. Let's look at the ES chart: ES Chart: We're in a northerly move, possibly parabolic, but essentially, we're in a multi-day balance at its top. If we break above this, we might see a pullback to explore the lower end of this balance. Given it's a holiday week, a slow grind upward is possible. We're at a critical point where we could either break out or revert to the mean. NQ Chart: NQ also shows a northerly move but remains in the middle of its multi-day balance. It hasn't tested recent highs, suggesting a wait-and-see approach. NQ seems to be coiling, waiting for more market information, especially with the election year favoring bullish trends. Trading Strategy: Given where we are, ES might be easier to trade due to its position at the edge of its balance. If it drops back in, expect a test of the lower range, potentially offering buying opportunities. Indices Overview: All indices are above yesterday's halfback and VWAP, with most teetering over Friday's highs. This setup leans towards a bullish scenario, though always consider the risk of short covering or liquidation breaks. Bull Bear Discussion: With overnight trends, session stacking, and VWAP considerations, the market leans towards the bulls. The bulls are firmly in control, and with an election year, this trend might continue. I wish you all good luck today and look forward to trading live with our group on Zoom. Stay green, my friends! For more about our trading community, visit microtrader.com.



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