Mon AM Briefing Preparing For Our Emini Trading Room 09/23/2024

Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room

SUMMARY:

✅ Theme of the Week: The focus for the week is the quote, "Put on the whole armor of God," with each day dedicated to discussing a different piece of that armor during the morning scripture segment.

✅ AM Briefing Overview: This briefing (#266) by Microstrader.com caters to a mix of beginner and advanced traders in the ES MES Futures market, offering insights, coaching, and market updates. New members are encouraged to participate, earn badges, and join live sessions starting next month on YouTube.

✅ Key Market Insights: This week’s market is expected to move about 75 points, with heavy FOMC speaker activity that could impact trading. The first three days look positive, but caution is advised later in the week due to Powell’s speech and PCE data releases.

✅ Trading Levels and Strategies: The market is in a two-day balance range, making it ideal to consider shorts at the top and longs at the bottom. Key levels to monitor include the 3350 and 3450 marks, which are critical for positioning trades effectively.

✅ Market Context and Caution: Despite being in a bull market with the risk of a liquidation break, the primary trend favors long positions. Traders are advised to be patient, mark key levels, and avoid trading in the middle of ranges, aiming for optimal trade entries at market edges.

RESOURCES:
            

▶️ ES Price Map (Single Prints, VPOCS, News Drivers,...)      

▶️Youtube Community Updates             

▶️ Website for ES MES Trading Room (Back Up)


TRANSCRIPT:

Welcome ES MES Futures Traders Good morning, everybody! Happy Monday, September 23rd. Theme of the Week: "Put on the Whole Armor of God" Today's quote, and the theme for the week, is: "Put on the whole armor of God, that you may be able to stand against the schemes of the devil." Each day this week, we will cover one piece of that armor, so that's our focus for this week's morning scripture. AM Briefing #266 Welcome to the AM Briefing number 266, brought to you by Microstrader.com, where together we trade better. We are an ES MES Futures Trading room with a mix of beginners and advanced traders, ranging from those new to trading to veterans who have been trading the ES chart for 20 years. If you're looking for an ES Trading Group, check us out at Microstrader.com. Reminders for Today Remember there are timestamps below. For archives of these AM briefings, visit my website at Microstrader.com. If you're brand new, make sure you earn your badges. It's free coaching—well, coaching you've actually paid for—so make use of it. If you're interested in joining us, grab a Zoom pass. There are a couple of options available. Starting next Tuesday, for the month of October, we will go live on YouTube every Tuesday. For group members, I've updated the strong levels as of 9.23. If you like what we’re doing, like, subscribe, and consider becoming a "Tip of The Day" member. Tip of the Day Pretend you only get two trades a day. Imagine you have a punch card with only two punches allowed for the day—make those trades count. News Drivers for Today Today, let's focus on the news drivers. First, notice the number of FOMC speakers this week. They've been in a blackout period where they couldn't speak, but now that it’s lifted, they’re speaking nonstop. While these are typically marked by yellow folders, the sheer volume of speakers this week is noteworthy. It’s possible that their comments could influence trading, even though they may mainly be defending the reasons behind recent market moves. Expected Market Movements and Key Events This week’s expected move is about 75 points. Today, Monday, we have two red folder events 15 minutes after the opening. If you prefer to enter the Zoom room later, that's understandable—let those events pass, and then we’ll analyze the charts. I expect the first three days of the week to be relatively green, while the latter two may be more volatile due to Powell’s speech and PCE data. Keep your eyes on these events and approach with caution. Yesterday's Review I didn't conduct a review of Friday, but I did highlight one of the levels I gave you in the thumbnail, which performed well. This 3450 level is still on my chart, and I recommend keeping it on yours as well. Trading Insights from the Group One of our newer traders, who is here for missionary work while his wife attends ES Chart school, and I were discussing high-time frame lines that performed nicely. Last night, I went to bed short and was up 30 points at one point. Unfortunately, I didn’t set a take-profit (TP) at the overnight low, so I’m still in the trade, though it looks like it might reverse. Always set your TPs, especially when up significantly, to ensure you lock in gains. Chart Analysis and Key Levels Let’s move on to chart analysis: Mark the overnight highs and lows (Asia and London) on your chart. Ensure your RTH half-back is noted as well, though we've already tested it once. Key levels include the 3350 and 3450, which I consider strong. We’re currently in a two-day balance range—consider looking for shorts at the top and longs at the bottom of this range. Bull Bear Scorecard and Trend Insights As for trend lines, we broke a high-time frame trend line last night, which triggered a quick sell-off. The market could retest this line, so stay vigilant. Remember, we are in a bull market, and despite no proper pullback, longs are generally more favorable than shorts. Overall Market Context We are in an environment with a high risk of liquidation breaks, though the broader trend remains bullish. Tons of FOMC speakers this week could sway the market, but the long-term monthly charts still favor buyers over short sellers. Final Thoughts The key is to stay disciplined—keep positions small if you're trading against the trend, and never make things worse if a trade goes against you. As always, stay green, and if you want to learn more about our group, visit Microstrader.com.