Mon AM Briefing Preparing For Our Emini Trading Room 09/16/2024
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 Monday! It's September 16th, and today is FOMC and triple witching day. The weather looks fine here in S&P Fighter Town, but the storms are moving in later this week. Honestly, it's a good week to take off, but we're here, and we're going to trade through it. Remember, sometimes no trade is a trade, and watching price for the love of price action is just as valuable.
Today's verse relates to my group and any group striving to improve together: "As iron sharpens iron, so one person sharpens another." This is true in our group—together we trade better, sharpening each other along the way. It’s a wonderful thing, and I hope you have a great experience with us, feeling challenged and continually growing as a trader.
Now, let’s get into it! Welcome to the AM Briefing #261, where together we trade better. We are an ES MES Futures Trading room, complete with a full training academy, daily Zoom meetings, Discord group, analytics, weekend homework, and badges to earn—everything you need. If you’re looking for a trading group, check out microstrader.com.
Tip of the Day:
Ignore the prognosticators! They’re everywhere, but we only trade the levels as they develop and the trend as it occurs. We excel at recognizing when things turn, and we adjust our strategy accordingly—long, short, or flat. I can't wait to trade!
Reminders:
Essentials 5.3 has been released.
I'm experimenting with a new tweak—it’s turned off by default, but there’s a video on the trading floor explaining it.
New strong levels were published on version 9.16, based on the date.
For new members, don’t forget to earn your badges. Also, we’ll be doing YouTube Lives every Tuesday in October—like, subscribe, and share!
News Drivers Today:
There’s not much news today—just a small orange folder before the opening. All eyes will be on tomorrow’s retail sales, then the FOMC, and Friday's triple witching day. Contract rollover happens tomorrow, so we’ll be on the U contract going forward. Honestly, it’s a good week to take off. FOMC, OPEC, and triple witching all in one week? If there’s ever a time to go on vacation, this is it. That said, Monday, Tuesday, and Wednesday are tradable—just dial down your leverage.
ES Chart: Where Are We At?
We’re on a 4-hour time frame, with a nice daily trend line, another daily trend line, and a chop zone. We’ve entered a parabolic move, and our group advises against countering such a move without specific rules. We’re watching for a turnaround before we trade it.
Based on the higher time frame, long or flat is the play for now. We’ve entered a multi-day chop zone, hovering at the top but not quite there yet. The trend line suggests we could hit around 5656. We’ve been parabolic, but be cautious in this chop zone.
Levels and Trend:
We’re still bullish based on the trend lines and session stacking. The bulls want to stay above the 5600 level—this is their first warning shot. Under that, we’ll start watching for changes. FOMC week, triple witching, and contract rollover increase the risk of liquidation breaks. We’ve had a straight-up move with no pullbacks, so a 20-30 point drop is possible.
Indices Overview:
Dow and ES are looking strong, but NQ is not quite on board. Last week, a weak NQ brought everything tumbling down—could we see a repeat? It’s hard to say.
Bull Bear Scorecard:
Let’s focus on today. Based on the overnight trend line, VWAP, and other indicators, it’s looking like a 50/50 split between bulls and bears. The bulls have a slight edge, but it’s a close call.
Good luck today! I can’t wait to trade with you live. Remember, this is a level 10 difficulty week, so trade cautiously. Stay green and profitable, my friends! For more about our group, visit microstrader.com.
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