Tue AM Briefing Preparing For Our Emini Trading Room 09/24/2024
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! Happy Tuesday, September 24th. Are you ready to trade? Yesterday was horrible—horrible price action. You were tested yesterday, and we're going to talk about that here in a minute.
Today's scripture has to do with God, your body of armor. Ephesians 6:14 says, "Stand therefore, having your loins gird about with the truth." Other versions say, "Put on the belt of truth." I’m going to look at my Logos notes here; I use the Logos software to help me in my biblical study. I took a few notes last night on the belt of truth: Soldiers tighten their belt when they are ready for battle. If you think about it, if you ever played a sport, there's something you probably tightened before you hit the field. If it was soccer, it was probably your shoelaces. If it was football, it was probably your chin strap. Well, if you were a soldier back in the Roman days, you tightened your belt because it held everything together. Truth holds everything together.
What truth? Spiritual truth—the truth about God. No lies in your life, no deceit in your life. Truthful character, along with the knowledge of the truth, holds one together in a fight. So, be determined to be truthful, honest, and sincere.
Alright, let’s get into it, guys. Welcome to the AM briefing brought to you by microstrader.com, where together we trade better. This is episode number 267. We are an ES MES Futures trading room. If you're looking for a group of traders to trade with, check us out at microstrader.com.
Tip of the Day
Can you say "no thank you" to the market? If you can't walk away, if you can’t say "no thank you," if you just have to trade every single day, that could be dangerous for you. Learn to tell the market "no" when you don’t like the price action. Learn to walk away. That is one of the things we’re good at in our room; we are good at hanging up our cleats, untying our belts, undoing our shoelaces, taking off our chin straps, and saying, "No thank you, we're not trading today." But before the market opens, we tighten our belts, our shoelaces, and our chin straps, and we’re ready to fight. We are ready for that battle. But yesterday was a day to say "no thank you."
News Drivers Today
There are some news drivers coming up today. A little before the market opens and a little after the market opens—30 minutes after, specifically—is the Consumer Confidence report. There is also one Fed speaker today. To me, it is a total tradable day, and I look forward to us getting out of this three-day balance.
Yesterday’s Review
So, what did yesterday look like? These red candles you see here are candles that I consider irrational price action on the ES chart. As you can tell here at the very beginning, you got all these big eight-point candles, and you went nowhere. Danger, danger, danger. We did call out one trade here: we said you could short between 83 and 85. I took 85, but it didn’t get me in. I know one of my traders, Scott, took 83, got in, made a little something, and it was just a small content day. The only trade I made yesterday was my short in the overnight session. Too bad I didn’t wake up early enough; at one point, it was up 30 points. I ended up getting less than a third of that because, by the time I got back to the computer, it almost retraced the whole move. It is what it is. I only made a few points less, but that’s okay.
ES Chart: Where Are We At?
Overnight, let’s tighten this thing up a little bit. Let’s pull everything in. I think it’s important to keep perspective here. Let me turn off this Essentials indicator and turn on our session levels. So, overnight, we’ve taken out this IB high. I’m going to move these levels over to my quitting time—that is 7275. I want to move it to my quit time at 11, and the same thing for this 8450. Moving on over here to my quitting time at 11 o’clock. Couldn’t take out the low, and we are leading up.
You can come in here, throw on this trend line, and see what’s happening. We’ve gone a little parabolic, and one could say it’s a double parabolic move. If you’re trading on your own, you’re in a parabolic move. What does that mean? You don’t counter a parabolic move. Even if you think I’m exaggerating, it’s still a parabolic move at this point, targeting the all-time high. Don’t short on this side of it.
Indices
Let’s take a peek at everybody else. The Dow made an all-time high in the overnight session. When we look at this, are we all headed in the same direction? We are certainly all headed in the same direction. We all have a pretty nice distance from our VWAPs, all of which are pointing up. We are obviously leading up. Should you be countering this? The answer is no. The play is either long or flat. We are in a parabolic move—stay out of the way if you’re not already long and wait for a new setup.
If you’d like to join a group of ES and MES Futures traders with that system in place, check us out at microstrader.com. Stay green, my friends! To learn more about our group, visit microstrader.com.
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