Thu AM Briefing Preparing For Our Emini Trading Room 09/12/2024
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! Good morning! Happy Thursday, September 12th. Today’s verse: “He who is often rebuked and stiffens his neck…” Don’t you love that? “…stiffens his neck will be destroyed suddenly with no remedy.” So, if you rebuke yourself for how you've been trading and you don’t listen, you become stiff-necked or hard-headed, thinking you know best. Well, expect your accounts to be destroyed, often with no remedy. Accept discipline so you can become a better trader. You don’t have to be right; you just have to do what’s right.
Alright, let’s get into it. Welcome to the AM briefing, brought to you by microtrader.com. Together, we trade better! This is episode number 259. We are an ES MES Futures trading room, and we have a solid system. So, if you're looking for a group, check us out at microstrader.com. We actually care about your trading and have a high-probability system. We don’t guess on our entries or predict prices. Our entries are very exact, which reduces the stress of trading. I can’t tell you how many people say that after joining our group, trading becomes stress-free. If you’d like some stress-free trading, check us out.
Tip of the Day
Yesterday, I mentioned 100-point candles being possible. Well, we had 100 points down and 150 points up. So, what’s the tip for today? The day after wild price action like that, you’d better be ready to fight if you want to gain some points. I give you extreme caution for trading today and tomorrow. There are timestamps below, likely with a chart and markers of what I’m looking at. If you're new to the group, grab a Zoom pass, check us out, like, subscribe, and share!
News Drivers
Today is the day after the CPI report and the day before contract rollovers, so expect some squirrely price action. Yesterday was a monster move both down and up. The expected move this week is twice as big as last week’s. I think we’ve seen it. Today might be a good day to dial it down, or better yet, go fishing. Like the cover of today’s video says: a good day to get out the golf clubs, hit some balls, have lunch. You don’t have to be glued to the charts.
Yesterday’s Review
Looking back at yesterday’s chart, our group absolutely crushed it. We had 30, 50, 80, and even 100-point moves. I forgot to include Casey in the leaderboard for his beautiful long off a strong level with multiple ES contracts. So, congratulations, Casey—make sure you post it on the leaderboard, my friend! Yesterday, I told the group to watch out for a liquidity grab and then ride the move when it came back in. It went further than expected, even filling the new week opening gap from Friday’s maintenance period to Sunday’s opening.
One of the things our group is fantastic at is trading turns like yesterday’s. We were short here and long there. About 90 points down, 150 points up—what a day! I told the group last night that my favorite days are V-shaped days, and we crushed it. Your only job is to wait for your wave. The money is in the waiting. Don’t rush to take profit. Let price move in your direction, develop protection layers, and look for ways to add to your entry.
Trade Execution
In the morning, after the turn, I felt like I didn’t need to say it, but I’ll say it again: Do not short this level. It’s important to play the price action perfectly. During the up move, I removed everything from my chart except strong levels. I gave the group some homework last night on perfect stop placement, and Scott did a great job with it. If you want to submit your own homework on the trading floor, I’ll personally look at it and offer feedback.
Yesterday was a day where a simple trend line could tell you the trade was long or flat. Keep waiting for your wave, and when you're in, don't rush to take profits.
ES Chart Analysis
Looking at the ES chart, we were short at a strong level and long at a strong turn. It was a beautiful V-shaped day. I gave the group a heads-up that when price hit a key level, I would TP (take profit). My 100-pointer was at 50, and though I took profit, I kept thinking, “Should I have kept my stop at 100?” In hindsight, I could’ve added another 20 points, but no regrets.
Today’s Setup
Today, after such a strong move, we're at a very interesting point on the chart. Will price break out and head higher, or will it reject and make new lows? We're in a tough position after a monster day, so remember, it might be a good day to go fishing.
Stay green, my friends! To learn more about our group, go to microtrader.com.
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