Fri AM Briefing Preparing For Our Emini Trading Room 10/25/2024

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



In today’s trading session, futures traders are advised to plan ahead for next week’s key economic events, including the Non-Farm Payroll (NFP) report. Caution is urged as traders should avoid over-risking their weekly gains on a Friday. Despite a pullback in yesterday’s trades, optimism remains as bullish trends continue to dominate. With parabolic moves in sight, MicrosTrader encourages participants to prepare carefully and review updated educational resources in their Foundations Course. RESOURCES:
            
▶️ Membership Options      
▶️Youtube Community Updates             
▶️ Website for ES MES Trading Room (Back Up)


TRANSCRIPT:

Welcome ES MES Futures Traders

Good morning, everybody! Happy Friday, October 25th. Today's wisdom comes from Proverbs: "Wealth gotten by vanity shall be diminished, but he that gathereth by labor shall increase." In simpler terms, if you make your money too quickly, it can disappear. However, if you earn it steadily by doing it the right way, you shall increase your wealth.

Welcome to the AM Briefing #290, brought to you by MicrosTrader.com, where we trade better together. We are an ES MES futures trading room, so check us out!

Tip of the Day

Plan for next week. Next week is NFP (Non-Farm Payroll) at the end of the week. How are you going to trade at the end of next week? Are you taking a 3-day weekend? A 4-day week? Go ahead and plan for it now—don’t wait until Thursday or Friday. Pre-plan exactly what you’re going to do next week and stick to your plan. Traders who can’t stick to their plan won’t be traders for long. We will be live on Tuesday, so if you'd like to join us, we’ll be live 30 minutes before the market opens.

Friday Reminder

It’s Friday, folks! A friendly reminder: don’t give your week back. I’ve had a great week, and I can’t afford to give it back. Have a smaller daily loss or take a percentage of your weekly profit, and don’t risk more than that. Go into the weekend a winner—it’s not worth giving your week back on Friday!

News Drivers

Skipping the detailed schedule for today, let’s move right to the news. There are a couple of significant events today, though not too major. One hour before the market opens, and then 30 minutes before the open, we have the revised consumer sentiment numbers. Keep an eye on that.

Looking Ahead to Next Week

Next week has a lot of important news: on Tuesday, we have JOLTS; Wednesday brings GDP and nonfarm employment change; Thursday brings PCE; and Friday caps it off with the big Non-Farm Payroll (NFP) report. How are you going to trade Thursday and Friday? Think about it this weekend and plan accordingly.

Yesterday’s Review

Now let’s talk about yesterday's trade. I had set my stop behind the halfback and the overnight low. My stop was taken out, but I still managed to collect 30 points, though at one point I was up by 60 points. I’m disappointed that it pulled back, but I’m not upset with how I traded. I did the right thing with my stop. We even discussed it as a group, and it was a good discussion overall.

ES Chart: Where Are We At?

There’s a high-time-frame trend line we need to be aware of. Make sure you have that on your chart, as it might bump against the RTH high. It will be interesting to see what happens there—will we get over it or bounce off the top and keep going? My focus is on that point today, around the 58.75-70 zone at the market open.

Parabolic Move?

Looking at the broader picture, it certainly seems like we’ve entered a bit of a parabolic move. Be careful countering such a move—if you do, keep it small, if at all.

Foundations Course Update

This morning, I added more material to the free Foundations Course, including a whole section on prop trading. Click here to check it out. If you're interested in learning more about our group’s market philosophy and getting great advice, I highly recommend it.

At this point, I’d say the bulls are in control until proven otherwise. Keep an eye on that 70-75 zone as a key target today. I wish you good luck, and I’ll see my traders live 30 minutes before the market opens. Stay green, my friends!

For more information about our group, visit MicrosTrader.com.

MORE INFORMATION:

Website: https://MicrosTrader.com
YouTube: https://www.youtube.com/@microstrader
Free Foundations Course: https://academy.microstrader.com/foundations-dashboard/



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