Fri AM Briefing Preparing For Our Emini Trading Room 09/13/2024
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! Do you know what today's date is? Friday the 13th—oh my goodness!
I wanted to create a different cover picture for today, Friday the 13th, but I thought it conflicted with my scriptural views. So, today's quote comes from Proverbs. What a rich book! If you've never read anything in the Bible and you're wondering about some of the Pearls of Wisdom, The Book of Proverbs is really fantastic.
"Commit to the Lord whatever you do, and He will establish your plans."
Have you committed your trading to the Lord? Seriously, have you had a talk with Him—many talks with Him? Is it in His will that you become a trader? Commit your trading to the Lord. May He guide you and help establish your plans so that you can become the success that you seek. That's my prayer for you today.
Let's Get into It
Welcome to the AM briefing number 260, brought to you by microtrader.com, where together we trade better. We are an ES MES Futures trading room, and we do it very well. If you're looking for a group that truly trades together with the same system, looking for the same trades on the same charts, drawing the same lines for the same reasons—consistently, day in and day out—check us out at microtrader.com.
Tip of the Day
Today's tip is cautionary: It's Friday the 13th, contract rollover, and FOMC next week. We're sandwiched right in the middle between CPI and FOMC, so be careful. Remember, Friday rules are in full effect today: trade smaller or not at all. Trade with a smaller daily loss limit, or take a percentage of your weekly profits and decide that you're not risking more than this amount.
Alternatively, commit to one setup. Look for that setup today, and exercise patience until you get it. Wait for that one trade, one entry, one shot, one kill—or one loss, and you're done. Just a few reminders.
Next YouTube Live
I'll be doing the Tuesday YouTube lives during the month of October, beginning in 18 days. Actually, October 1st is a Tuesday. Those sessions will be done on Tuesdays, so check the timestamps below to skip ahead. I'll also provide a link to a chart showing where my focus is. Yesterday’s levels paid off big time, so earn your badges!
Congratulations to John, who just earned his break-level badge this morning at 4:00 a.m.! If you want to check us out before Tuesday, October 1st, grab yourself a Zoom pass. Please like and share if you're a member of other groups, especially if you find this content valuable to other Futures traders. Let them know what we're doing here.
News Drivers Today
Thirty minutes after the open, we have sentiment and inflation expectations data. Remember, it's rollover Monday, so we’ll be trading the new contract. Next week is FOMC and option expiration. I recommend you dial it down—trade small, if at all.
ES Chart Review
Here’s the weekly chart. Last week’s candle was a monster down candle. This week, we’re seeing a monster up candle. Obviously, we have a cluster of highs here, and this looks like a delightful pullback to rip through. What happens at the trend line will be really important.
Today, it looks like 5658 is a key level to watch. Let's draw a horizontal line and line things up at 5658-5660. Make sure to put that on your chart. Let's zoom in on a three-minute chart and review yesterday’s action. Yesterday’s trend line was right above our heads, and I had my eyeballs on that level during the AM briefing. I gave a couple of targets below, one being 5578.25, which turned out to be a very strong level.
Yesterday’s Performance
I did very well yesterday. In fact, I did better than on the 100-point runner I had on CPI day. I went long and did great, but I made a trader mistake. After securing some gains, I got out at break-even because a wave of weakness overcame me. I should have held on, as it was a risk-free trade, but I didn’t follow my own rules.
Key Reminders
Do not short parabolic moves—it's high-risk trading. Overnight, we've gone parabolic, so no shorting! Mark your charts with key levels, and always know where you're at in the market. Draw your trend lines, and make sure they’re aligned correctly.
Today’s Focus
We have key levels on the chart, and the 7825 line is one to keep your eye on. The risk of a liquidation break is high, but the closer we get to an election, the more you can expect manipulation to push the market to all-time highs. Don't underestimate that.
If you're part of our group, let’s stay disciplined, patient, and focused. This is our market, and our system works perfectly for it. The money is in the waiting—wait for your setups, and stay long if you’re already long.
Finally, next time, I’ll aim for more than 100 points—150, 200, 300, or more! Let's focus on trading market structure rather than trading our P&L.
Stay green, my friends. To learn more about our group, visit microstrader.com.
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