ES Levels To Mark: Fri "AM Briefing" | Preparing ES & MES S&P Traders | Futures Trading Room [09/06]
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
RESOURCES:For Our Emini and Micros Futures Trading Room
TRANSCRIPT:
Welcome ES MES Futures Traders
Good morning, everybody! Happy Friday!
It’s Nonfarm Payroll Friday, a no-trade Friday, level 10. It's the Friday of a shortened holiday week.
All right, let’s get into it.
A cheerful heart is good medicine, but a broken spirit zaps a person’s energy. Don’t let these level 10 days sap your energy. Learn to tell the market, "No, I am not trading you. Bye-bye. See you tomorrow."
Now, let's get into Briefing #255, brought to you by microtrader.com where "together, we trade better." And that is so true—it really is. If you’re looking for an ES Futures trading group, check us out at microtrader.com.
Today's Tip of the Day
I’ve already given it to you: learn to say "no" to the market if necessary. If you trade every single day, every single minute, you will lose. Just a reminder, there are timestamps, a chart, and I give you eyeballs—and we’ll talk about those eyeballs today. They came into play yesterday. Those are levels that I am looking at. It’s not my prediction of highs and lows; it’s just where my eyeballs are.
If you’re new to the group, make sure you earn your badges. That means I’ll be checking your charts to ensure you’re drawing your levels correctly. If you’d like to check us out, grab yourself a Zoom pass. Like, share, and subscribe—it’s free, and it's a great way to say thank you for what I’ve put together here. I would appreciate that—thank you!
News Drivers
Yesterday was a red folder day; today is another red folder day, level 10. The suggestion? Dial it down, just like yesterday. The great economist Clubber Lang still has a message for you:
Prediction
Pain.
Prediction & Friday Rules
Yesterday, I said Friday Rules start today. Well, today is Friday. Go into the weekend a winner. If you’re up, even just a little, today is not the day to trade. Just say, "I’m going into the weekend a winner." Either tell the charts "no" today or watch price action purely for the love of price action. We often say in our group, "I’m watching purely for the love of price action," because there’s so much to learn from price action that you’re not trading.
Yesterday Review
Looking at the main chart, there’s a lot to talk about. Yesterday in the briefing, I gave two levels: 52 and 87. I highlighted them with green circles. Again, I’m not predicting highs and lows; I’m just showing you where my eyeballs should be.
At this particular candle, I closed my DOM and said, "I am not trading this." Not only were we having 8-tick candles, but also 15-point candles. I did take one trade, a 52 short. I told the group if we can’t ladder above 52, we’ll rotate back to the bottom of the range, and we did.
On a one-minute chart, it looked like we were breaking 52 and about to ladder. I would have taken a 52 long with a 6-point stop loss. If I had a smaller stop loss, I’d have been stopped out, but it came back and gave the gift of break-even. I told the group to take the gift of break-even, because I didn’t want to see the price dip below 52, but I allowed those strong levels to provide protection. If you didn’t take the gift of break-even, what happened to you? You experienced pain—Clubber Lang’s prediction. I thought it was more prudent to close the DOM, and I was done. We walked through this example, and it turned out well.
Lessons Learned
At the end of the day, I asked, “What lesson did you learn from the price action?” The day before Nonfarm Payroll, I recommended one win, one loss, and you're done. I also recommended closing your chart and coming back on Monday.
Before the market closed, I posted, “Where did things change?” Feel free to post your chart, and I’ll share where I think things changed. At 9:50 AM, I drew through two magnets because I believed we’d rotate back to the bottom of the range. We didn’t hit my big magnet exactly, but close enough that I’ll claim it.
Overnight Action
In the overnight session, we finally looked like we were going to make it down to 86, where I had a long position yesterday. Scott and a few others were in the trade too. It missed me and went back to the strong level. Now, if we come back down, my guess is watch out below. I’m not taking that trade again—I expect price to vomit through this time, and it did. Now, we’re flirting with the bottom of the range at a strong level.
Strong Levels
I wanted to check how the strong levels performed yesterday. They played well—I'm excited about that. Remember, these strong levels are part of an indicator you get as a group member. They represent the most important high time frame market profile nuanced levels that you should have on your chart to assist your trading.
What do I know today?
Don’t trade today. Stay green, my friends.
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