Tue AM Briefing Preparing For Our Emini Trading Room 09/10/2024

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

Prayer and Possibility: The passage emphasizes the power of prayer as a gift from God, highlighting that all things are possible through Him.

Trading Tip: Traders are advised to wait for the right market conditions that align with their style, stressing the importance of patience in trading.

Market Overview: Tuesday is marked as a slow day with no major events, except for the anticipation of the CPI report, FOMC, and upcoming contract rollovers.

Trade Review: The author shares their experience of several scratch trades during a choppy market, advising traders to assess price action carefully and avoid forced trades.

Technical Analysis: A broken trend line is highlighted, along with key levels like VWAP and point of control (POC), guiding traders on navigating inside days and preparing for major upcoming market moves.

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. Good morning! Welcome to the A.M. briefing for Tuesday, September 10th. Today's verse: Jesus looked at them and said, "With man, this is impossible, but not with God. All things are possible with God." So, all things are possible with God. You know how you access that? Through the blessing and the gift of prayer. Prayer is certainly a blessing and a gift from God Himself, so use it—it is a gift! Alright, let's get into it, guys. Welcome to the A.M. briefing brought to you by MicrTrader.com, where together we trade better. Episode number: Tip of the Day #257. Tip of the Day: Today's tip is: Wait for your wave. Sometimes, the market conditions and the personality of the price action match your trading style, and sometimes they don’t. You have to wait for your perfect wave. That’s what happened to me yesterday, and we’ll take a peek at that. Remember, below here are timestamps, a chart, and where my eyes are looking on the chart. If you’re new to my group, make sure to earn your badges. If you want to check us out, grab yourself a Zoom pass at MicrTrader.com. If you wouldn’t mind liking, subscribing, or making a comment, that would be wonderful. News Drivers: Here are today's news drivers. Once again, it’s Tuesday, and there’s nothing much going on. It’s the day before the CPI report—that’s the big driver. Tomorrow is another red-folder day, and at the end of the week, I had Friday marked as green, but I changed it to yellow due to contract rollover week. Tonight is the presidential debate, and we’ll see how that goes. The expected move for this week is twice what it was last week. We have CPI this week, FOMC next week, OPEX, and the presidential sentencing, which was moved to November. So, we no longer have that red-folder event on us. Get ready to move into level-10 territory and be prepared for it in a way that you know exactly what you’re going to do—not deciding on the day itself. Yesterday Review: When we opened up last night, we were laddering up, taking the move back, and going parabolic. We opened up, came back down into the opening, and I took a long scratch trade. Somewhere else in here, I made another long scratch trade. This is not clean or clear levels by any stretch of the imagination. If you’re going long here, you’re going with the trend and looking for a location that makes sense based on the price action, which was messy. Yesterday, the levels I gave you to the north were this zone here, where we eventually tapped out, followed by an aggressive move back. NQ offered a beautiful short in this area, but ES didn’t, so I did not participate in that move. Oh well—sometimes you don’t get to be in the move. We came down to the trend line, and one thing I don’t do is take the first counter-trade off the trend line. No matter how good the level to short is, I caution my traders against shorting right off the trend line. Then we lost it and came right to VWAP. From VWAP, I drew out two scenarios based on what I saw happening. We came to the next level I liked. If we lost the trend line, I was looking for this type of trade here, and it presented itself a few times, but it wasn’t clean price action. Scott mentioned this in the group, and one reason we’re on an hour before the market opens is to judge how the price is behaving. Is it touching and going, or is it sloppy and slow? Today, the sloppy price action from the overnight session certainly bled into the morning session. It was ugly. I had two or three scratch trades, and when I hit that limit, I closed my DOM and quit at my usual quitting time. The market made another push down to a high time-frame level, double-tapped, and then worked its way back up. I posted in Discord in the morning, where we are live on Zoom. For the rest of the day, we communicate via our Discord trading floor. When you join my group, the trading floor is the main meeting spot throughout the day. As the market moved, I said that 90-95 was the most likely target. 95 was here, and 90 was here. We tapped out around that level. As we approached that, I set up my 20-point short. I commented that if they couldn’t fill the single prints, we could see a move back to the point of control (POC). I waited for them to tip their hand, and I took a short. This short was a beautiful touch-and-go, unlike the morning trades. Afterward, I made a comment that I had a free trade, so to speak, but didn’t get another setup due to sloppy price action. The morning ended with break-even trades. It’s essential to wait for your wave, come back later in the day, and see if the market sets up how you like to trade. ES Chart: Where Are We At? On the higher time frame, we had a trend line that was broken. After adjusting, I concluded the trend line was broken by time. We had this monster Friday, and since then, we’ve been playing inside that day’s range. The middle of this range is crucial, so I’ve marked that as an important level. Indices: Looking at the indices, we see three of us are in the upper distribution, flirting with half-back and VWAP. It seems the market is in a standstill, waiting for the CPI report. It could be another inside day, preparing for the explosion of CPI. Bull-Bear Scorecard: Looking at the scorecard, we are in balance. VWAP and today's range lean bullish, while the session stacking favors the bulls as well. The trend line will tell us a lot about who’s in control. If we break the trend line with conviction and take out the overnight low, I’d look for the next entry. If you'd like to trade with us live, check us out at MicrTrader.com. Grab your Zoom pass or become a full member. Stay green, my friends! To learn more about our group, go to MicrosTrader.com.