Mon AM Briefing Preparing For Our Emini Trading Room 09/30/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
For Our Emini and Micros Futures Trading Room
SUMMARY:
- Morning Update and Scripture: The day began with a reflection on the scripture from Leviticus, emphasizing loving one's neighbor and the positive impact it could have.
- Market Overview and Trading Tips: The morning is identified as the best trading opportunity due to the end of the month and quarter, while the afternoon is to be avoided.
- YouTube Reminder: The group will go live on YouTube tomorrow at 9:00 a.m. Eastern, following a brief training session on trading psychology.
- Key Market Levels: Important trading levels for ES MES are discussed, with a focus on avoiding risky trades during Powell's speech in the afternoon.
- Market Analysis and Trading Strategy: The day features a balanced market scenario, awaiting a breakout, with key levels identified at 7350 and 3450 for potential movement.
RESOURCES:
TRANSCRIPT:
Welcome ES MES Futures Traders
Good Morning, Everyone!
Happy last day of September! The weather is turning cooler in the mornings, and it’s great to be outside with a cup of coffee. I hope you're all having a wonderful morning.
Scripture of the Day
Today’s scripture comes from the Book of Leviticus:
"Do not seek revenge or bear a grudge against anyone among your people, but love your neighbor as yourself. I am the Lord."
This might sound familiar because Jesus was quoting Leviticus when he spoke about loving your neighbor as yourself. Imagine how much better the world would be if everyone truly loved their neighbor in the same way they love themselves. It's definitely one of the greatest of all commandments.
AM Briefing
Welcome to the morning briefing brought to you by MicrosTrader.com’s mobility system. We often say there's always another high-probability trade around the corner, and we mean it. We are an ES MES Futures Trading room. If you'd like to check us out, grab yourself a Zoom pass at MicrosTrader.com or join us live tomorrow for reminders via YouTube live.
YouTube Reminder
Remember, we’ll be going live tomorrow on YouTube at 9:00 a.m. Eastern time. This follows our morning training on trading psychology, which lasts for about half an hour. The live session on YouTube will start 30 minutes before the market opens.
Strong Levels Updated
If you’re a member of our group, the strong levels were updated yesterday, which is the 30th of September. Make sure your charts are up-to-date! If you like what we’re doing, please like, subscribe, comment, and consider becoming a member.
Tip of the Day
Today is the end of the month and the end of the quarter, which is why I consider the morning to be tradable while avoiding the afternoon. It’s important to be mindful of market dynamics, especially at the end of a period like today.
News Drivers
Today is Monday, and we have the Chicago PMI as the key economic indicator. Jerome Powell will also be giving a talk this afternoon. I personally will not be trading the afternoon, though I might be in the group posting charts, comments, feedback, and updating levels. Since it’s the end of the quarter, I’m focusing on trading the morning in a “green” state, while the afternoon is “red,” which means it’s best to dial down trading, possibly to level 10, or avoid it altogether. Watching the price action for learning can be insightful too.
Chart Analysis: ES Chart
Here’s an overview of where we are with the ES chart. On a large timeframe, we have a significant trendline. From the August lows, there’s an evident trendline I’d love to see tapped once more before we potentially head up to 5,900 for the election, aiming for some high levels before a potential downturn.
Today, being Monday, September 30th, we are focusing on the morning as the optimal trading period and being cautious in the afternoon. These key levels are important to have on your chart, even if you're not part of the group. Label them as “MicrosTrader” levels to see how these broader levels perform.
Session Levels
Let’s look at the levels from the weekend video. We had marked RTH half-back and value area high. Last night, we tapped out at the value area high, which was near the top of the chop zone. I’ve adjusted some levels from recent price action to reflect the changes that occurred during the overnight and London sessions.
Price Target
If we continue to explore further south, a target level of 3450 seems the most obvious. Below that, there's potential for some significant movement. We’ll continue to monitor the trendline, which still sits considerably lower.
Daily Overview and Strategies
It’s essential today to watch how price interacts with certain levels, particularly around 7350, which is a critical point. If we break below this level, 3450 might be the next target. With Powell speaking today, there could be significant movements, and the ideal scenario for me would be a decline followed by a reset to new highs. But as always, we’ll trade the levels as they develop.
For those not in my group, I recommend marking out these levels on your chart to see how they hold up against price action. Remember, every movement is a chance to learn.
Market Conditions
Currently, we see that prices are ranging. We're flat at VWAP, just under the value area high, and in balance across several days, indicating no clear trend for now. When trading, it’s vital to see where the market develops a bias first and adjust your trading strategy accordingly. We also need to watch how the price interacts with the 7350 level as a critical decision point.
With Powell scheduled to speak, anything can happen in the afternoon, especially with the end-of-quarter dynamics.
Good Luck and Stay Green!
I wish everyone good luck today! Remember to be cautious and patient. We’ll be going live tomorrow, so stay tuned for that, and as always—stay green, my friends. For more information about our group, visit MicrosTrader.com.
MORE INFORMATION:
Website: https://MicrosTrader.com
YouTube: https://www.youtube.com/@microstrader
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