Thu AM Briefing Preparing For Our Emini Trading Room 09/05/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
Rumble Link
RESOURCES:For Our Emini and Micros Futures Trading Room
TRANSCRIPT:
çWelcome, ES MES Futures Traders!
Good morning, everybody. Welcome to Thursday, September 5th. Man, the week is almost done. When you have a holiday, it goes quick, doesn't it?
Today's Quote:
"Do not give the devil a foothold, don't give the devil a stronghold, don't give the devil an opportunity." Just say, "Not today, devil," and guard your mind. Guard your mind because he's on the prowl, looking and waiting for you to slip up so he can call you a "big fat dummy." Again, don't let him do it. Say, "No, thank you—not today." Know who you are, have confidence in yourself, and be the best trader possible.
Let's get into it! Welcome to the AM Briefing, number 254, where together we trade better. If you're looking for a futures trading group that focuses primarily on the ES and MES Futures Contracts, check us out at microstrader.com. We do have traders who trade NQ exclusively and use what I say to help them with their NQ trading as well. But I focus primarily on the ES, with Indy Confluence to improve our win rate, in all honesty.
Tip of the Day:
The personality of price action is something we talk about in our group. Do you like the personality of this price action? Does it match your trading style? Yesterday was a day after a big move, so I warned the group: "Hey, remember, the day after a big move is usually characterized by low-quality, disgusting chop."
At the end of the day, I used the word "wishy-washy." Sometimes, I make the analogy that trading the chart is like dating. Is the person you're dating someone you actually like? Sometimes, you don't get along, and you just realize, "This isn't the one," and you move on to the next person. It's the same with trading: if you don't like the personality of the price action, just move on. Yesterday was certainly characterized by a lack of follow-through, but we did get one miniature short-covering rally, which we will talk about.
Remember, below there are time stamps, a chart, and a place where my eyeballs are. Congratulations to Ron for earning a badge yesterday. Another trader earned a badge a few days ago, so make sure if you're new to my group, you work toward earning those badges. And if you wouldn't mind, it costs you nothing to like, share, and comment.
News Drivers:
Well, today is the day before non-farm payroll. This is certainly a level 10 trading day historically. All eyes are on tomorrow. Be a good sniper, be a good surfer, and wait for your shot—wait for your wave. You might have to wait all day, but patience is key.
Next week's CPI, next week's FOMC, and possibly the imprisonment of a president—so dial it down. If you can’t, the great economist Clubber Lang has a prediction for you: pain. Today isn't Friday, but I would definitely follow Friday rules. Shortened weeks are typically harder to trade. If you're up nicely, please don’t give the week back. Maybe trade with a smaller daily stop-loss, or take just one loss and be done. You could also trade just one micro for the next two days, or take a small percentage of your weekly profit to gamble on. And yes, I use the word gamble on purpose because Thursday and Friday of non-farm payroll are definitely not the easiest trading conditions.
There are two Fridays every month when I encourage you not to trade: non-farm payroll Friday and OPEX Fridays. Tomorrow is non-farm payroll day, so let's get on the chart!
Yesterday’s Review:
In the AM briefing, I gave you these levels, along with my chart and where my eyes were. That 54.87 level is where I wanted the price to go, but it didn’t come close. The next place I focused on was 52, and I wanted to be long for the move if we hit that level. That’s where I made my money yesterday—I made 15 points.
We got this move here, but there was no follow-through. You know, it's the day after a big move, and if they were going to push this all the way back, the overnight session would have continued stacking. However, it didn’t. I hoped for it off the 5510 level, which held beautifully all night, but it wasn't meant to be.
We traded long at that break, and that’s when our trading time ended. We retested this level. Make sure it's on your chart. If you’re in my group, you already have it as a strong level, but that 52 level should still be on your chart. It’s the line where the risk of short covering is high.
I was hoping we’d make it to my next strong range, but the follow-through wasn't there—just wishy-washy price action.
Where Are We Now?
Let’s pull up a 10-minute chart. Previously, we shot up, did this 10-day consolidation, and now we’re hovering here, building out. We're in five sessions of lower distribution. The bears can’t push it further, but the bulls can’t lift it either.
Today and tomorrow are red folder days. Lots of red folders today, and tomorrow is non-farm payroll. We won’t stay here, but which way are we going? I don’t know. I’d still like to see us push down to 87 and then go up to make an all-time high, perhaps for the presidential election. That’s what I envision happening. I'm not predicting price, but I am looking at where the price is likely to go based on high-time-frame levels.
Bull/Bear Scorecard:
At this point, it seems like the bulls are in control, but that could change at any moment. We're just in chop at the bottom of the range. Use 40 and 52 as your key levels. Good luck trading! I can’t wait to see my traders live.
Stay green, my friends, and to learn more about our group, visit microstrader.com.
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