Fri AM Briefing Preparing For Our Emini Trading Room 10/04/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
RESOURCES:For Our Emini and Micros Futures Trading Room
TRANSCRIPT:
Good Morning, Everyone. Happy Friday!
NFP - Not For Professionals
Let's start today with a quote: "Don't be afraid of them. Remember the Lord, who is great and awesome, and fight for your families, your sons, your daughters, your wives, and your homes." What really stood out to me from this quote is the call to fight for your families. Today, I encourage you to put a picture of your family between your keyboard and monitor. If you're deciding to press the button today, especially on NFP Friday, ask yourself: Are you being a good steward of the resources God has given you to protect your family? Is today really the day you want to trade?
AM Briefing #275
Welcome to AM briefing number 275, brought to you by MicrosTrader.com, where we trade better together. Just a reminder, there are timestamps below. We have a free YouTube stream on Tuesday, and today is the last day for our $7 for 7 Days promotion. I may not continue this offer, so if you’re interested in trying us out, today is the final chance. After today, the pricing will revert to regular rates at some point, possibly later today. If you appreciate what we do, please like, subscribe, share, and consider becoming a member.
Tip of the Day: Do You Need to Trade Today?
Today’s tip is simple: Do you need any of the moves today on NFP Friday? I've been emphasizing this – it’s okay to not trade today. You can sit back and watch the market for the love of price action. If you see the perfect setup at the edge and decide to trade, have a plan – take just one loss and stop. By doing this, you avoid causing emotional harm to yourself and protect your family's resources. It’s Friday, and Friday rules are in effect: End the week as a winner. Don’t give back what you've earned this week. Let’s stick to those rules.
Friday Rules for NFP
Remember the Friday rules:
- Don't give your week back.
- Trade with a smaller daily loss limit.
- One loser and you’re done.
- Enter the weekend as a winner.
Prediction of the Day
Do I have any predictions for today? The great "Economist" Clubber Lang sums it up with one word: Pain. Now, it’s time for America’s favorite game show: Trap the Trader! Let’s meet today’s contestants – from "Overleveraging" to "Revenge Trading," and even "Blowing Your Accounts." It’s all fun and games until the market opens. Remember, don’t become a victim of the trap.
Trading Strategy Recap
The best advice I gave yesterday was to recognize that the market had been stuck in a big, volatile range. The odds of breaking out were small. The strategy was clear: trade the edges, avoid the muddy middle. Yesterday, we executed this plan well. We took advantage of the high points of the Asian overnight session and made some quick trades, such as John’s instant 20-point trade, and I called out a trade where we earned 10 points. Overall, it was a solid day with 20 points net across 2-3 trades.
NFP Trading Today
Today is NFP Friday, and the expected move is 55 points. Let’s measure out 55 points in either direction. If we zoom out, we see this potential to take back an entire previous move. It’s an election year, and reaching all-time highs within the next four weeks wouldn't be unrealistic. Personally, I’d prefer to see the market come down, flush through a few daily lows, and then move back up. While there’s no guarantee this will happen, it would make for an interesting setup.
Trading Levels Don’t Matter Today
It’s NFP Friday, which means today, levels don’t matter. There’s no point in even having them on your chart. Let the reaction happen, then decide if you really want to trade in this environment. Yesterday was a level 10 day – as I promised, it was wild and crazy. If you didn’t trade yesterday, you probably did better than those of us who did. If you can’t voluntarily say no to the market, one day you’ll be forced to, because you won’t be a trader anymore.
Market Context and Final Advice
We’re currently in the middle of yesterday’s range. To summarize, the market has spent the last eight and a half sessions in a tightly wound, ready-to-explode state. If I were to give one last piece of advice for today, it would be: Stay green, my friends. To learn more about our group, visit MicrosTrader.com.
More Information:
Website: https://MicrosTrader.com
YouTube: https://www.youtube.com/@microstrader
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