Fri AM Briefing Preparing For Our Emini Trading Room 10/18/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
For Our Emini and Micros Futures Trading Room
On this OPEX Friday, futures traders are advised to trade cautiously or avoid the market altogether. The tip of the day highlights the importance of reducing daily loss limits to protect gains made during the week. Yesterday's trading level of 9550 was critical, offering traders solid entries, while today's bull-bear scorecard indicates that the bulls remain in control. Traders are encouraged to reset their minds and prepare for next week, with light economic news expected. RESOURCES:
TRANSCRIPT:
Welcome ES MES Futures Traders
Good morning, everybody! I hope you had a wonderful 3-day weekend. It's OPEX Friday—are you going to risk your capital today? Well, let's get into it.
Remember, "I will never leave you nor forsake you." He's always with you, and I know you, my favorite YouTube listener, are going through something. We're all going through something, and that's why we must treat everyone with kindness—a kind voice, a gentle hand. Everyone has some form of personal pain or suffering, but I believe He will not forsake us.
AM Briefing #285
Welcome to the AM Briefing number 285, brought to you by MicrosTrader.com with a high-probability system. Why do we trade ES? If you go to MicrosTrader.com, you'll see an explanation on why ES is a great option. There's also a new training academy with a few options for you. If you've been thinking about joining, check us out. You can always start with the mini-membership and upgrade later.
Tip of the Day: OPEX Friday Rules
It’s OPEX Friday, and the tip of the day is: Is it worth risking your capital on this type of day? If you are going to trade, the rule is "small, if at all." And it’s Friday, so Friday rules are in full effect—on OPEX Friday, it's like they're on steroids. If you take one micro loss, you’re done. Move on! Or take a 3-day weekend, refresh your mind, and recharge. Maybe clean out the garage or hit some golf balls. You don't have to trade today.
Remember, Friday rules are all about protecting your week. Don't give your week back. If you've had a good week, don’t let today ruin it. Use a smaller daily loss limit. For example, if your usual number is $600, today it might be $200. Or if you’re up, say, $1,000 for the week, only be willing to give back 10% of that. Go into the weekend as a winner—don’t let the week’s gains slip away, as it can take a toll on your mental health.
Join Us on YouTube or Zoom
If you'd like to join us for a YouTube Live, we will be live on Tuesday. You can also grab a Zoom pass and join us for the day or even the whole week with a weekly pass. We’ll show you how we draw lines that bounce in real-time.
Market Review & News
Today's schedule: I will be live about 15 minutes before the market opens. We’ll start with a reminder—it’s Friday, OPEX Friday. Do you really want to be here? As for the news, today is quiet. It's a level 10 day, but not much news is expected. Next week looks light, too—a little PMI and some unemployment data toward the end of the week. Monday should be quiet as well, with it being the final week of October.
Chart Review
Looking at yesterday's chart, I left you with the 9550 level, which proved pivotal. Several traders took that long position and did well. The level played a critical role yesterday, providing a backtest and confirming its importance. Our core strategy, as always, is about high-probability entries. Yesterday, we had nine entries, two of which were fantastic.
One aspect of yesterday’s price action that was challenging was the lack of follow-through, leading to some choppy trades. Taking the gift of break-even when presented is important—it resets your mind and allows you to see the charts with a fresh perspective.
ES Chart Update
Let’s look at where we stand now. We had a nice push down from the RTH lows, and we're bouncing back. The bulls remain in control. Remember, trading near all-time highs can be tricky—both going long and short at these levels can be difficult. My advice: Dial it down and trade smaller.
Bull-Bear Scorecard
For today, we give the advantage to the bulls. They’ve maintained control over several indicators like VWAP and overnight trends. While there’s always risk of a liquidation break, the bulls are in control of today’s market. Stay cautious but green, my friends!
MORE INFORMATION:
Website: https://MicrosTrader.com
YouTube: https://www.youtube.com/@microstrader
SUMMARY:
- ✅ OPEX Friday Reminder: It’s OPEX Friday, and trading small or not at all is key to protecting your week’s gains.
- ✅ Protect Your Profits: Use a smaller daily loss limit to avoid giving back your week’s profit and maintain mental clarity.
- ✅ Market Review: Yesterday’s 9550 level was pivotal, offering great entries for traders. The market remains bullish today.
- ✅ Bull-Bear Scorecard: Indicators like VWAP and overnight trends favor the bulls, keeping them in control.
- ✅ Join Us Live: Participate in YouTube Live sessions or grab a Zoom pass to join our group and learn trading strategies in real-time.
ADDITIONAL LINKS:
- Friday AM Briefing: Preparing for Our Emini Trading Room (Blog Post) - A detailed breakdown of key strategies and levels to focus on during OPEX Friday, shared through the MicrosTrader blog.
- Friday AM Briefing (MicrosTrader Website) - The official MicrosTrader briefing for Friday, October 18th, 2024, providing insights into the Emini trading room setup and key market drivers.
- ES/MES Chart: Mark These Levels (Rumble Video) - A video highlighting critical chart levels for ES and MES traders, offering insights into Friday's market dynamics and setups.
Comments
Post a Comment