Wed AM Briefing Preparing For Our Emini Trading Room 08/07/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
SUMMARY: For Our Emini and Micros Futures Trading Room
Daily Quote: Today's trading inspiration comes from Ecclesiastes: "Sow your seed in the morning, and at evening let your hands not be idle, for you do not know which will succeed." This reminds us to diversify our efforts and stay active throughout the day.
Trading Insights: Highlighting the importance of one good trade, not the number of trades. Yesterday, a trader in QTrader achieved success with one precise trade, emphasizing quality over quantity.
Market Strategy: Advised caution in trading, noting the importance of matching the market's personality to your own. If conditions aren't favorable, it's okay to step away and return the next day.
Bond Auction Alert: Traders should be mindful of today's bond auction at noon Central (1 PM Eastern), which could influence market movements.
Chart Analysis: Current trend shows strength with indices in the upper distribution and VWAP sloping up. Suggested strategy is to wait for better trade locations, preferring long positions above key ranges rather than chasing prices.
TRANSCRIPT:
Good morning, traders! Happy Wednesday, August 7th. Today's quote is from Ecclesiastes: "Sow your seed in the morning, and at evening let your hands not be idle, for you do not know which will succeed, whether this or that, or whether both will do equally well." This can relate to trading—sow your seeds in the morning, watch them in the afternoon, and perhaps reap rewards later. Yesterday, one of my traders in QTrader made an amazing trade: one shot, one kill. That’s the goal—you only need one good trade. While we get multiple setups a day, you don’t need them all. Welcome to the AM briefing, brought to you by Micro.com. Together, we trade better. This is episode 234. Tip of the day: There is always another trade and another day. On Monday, I made three days' worth of profit. Yesterday, I made enough to buy a cheeseburger. Not every day will be your day. The personality of the price action needs to match your personality as a trader. If it doesn't, it's okay to walk away. If you make a bad trade, take the loss and come back tomorrow. The market's personality changes daily, and your ultimate power is to walk away. I ended Zoom 10 minutes early yesterday because I knew it wasn't my day. Close the DOM and walk. Today, if you trade longer than we're on Zoom, be mindful of the bond auction around noon Central (1 PM Eastern). Next week, we have CPI data and seasonality to consider. Charts and Analysis: Yesterday morning, we discussed a gap and the Bulls being in control if the gap fills. When do things change? We had a setup in the morning that didn't play out as expected, so I walked away. The indices are showing strength. We're in the upper distribution, and VWAP is sloping up. If you were to trade right now, the play is long or flat. However, I don’t love the trade location right now. Yesterday's trade analysis: We mapped out two trades but didn’t get the entry we wanted. When we started moving up, I advised against getting excited about the blue candles and predicted the price would get back up over the range we discussed. It did, but not in a way that allowed for an optimal entry. We saw strength throughout the session, but it wasn’t our day to trade heavily. Looking forward: We're still lading up. The play remains long or flat, but wait for a better trade location. I would rather go long above a certain range than chase the price right now. Closing Thoughts: If you'd like to join a group of ES and NQ traders with a solid system, consider joining us at Microstrader.com. Yesterday, one of our group members mentioned how our Zoom sessions feel like a Gamblers Anonymous meeting, bringing calm and framework to trading. I appreciate that sentiment. Have a safe, green day, my friends!
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