Mon AM Briefing Preparing For Our Emini Trading Room 10/14/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
On October 14th, traders gathered for the daily briefing by MicrosTrader.com, where participants focused on foundational principles, such as trading real levels and reviewing end-of-day charts to build accountability. The session highlighted the importance of mental training before the market opens, aiming to prepare traders for the day ahead. Despite minimal market-moving news, the expectation is that markets will continue trending toward new all-time highs leading up to the election. Traders are advised to remain cautious in this bullish environment, focusing on market structure rather than specific price points.
RESOURCES:For Our Emini and Micros Futures Trading Room
TRANSCRIPT:
Welcome ES MES Futures Traders
Good morning, everyone! Happy Monday, October 14th. Can you believe half of the month is already over? My goodness! Today’s quote comes from the Bible: “In the beginning, God created the Heaven and the Earth.” This brings us back to basics, in my opinion. Where does it all begin? What is the foundation? That’s one of the things we’re going to discuss today in our "Tip of the Day"—some foundational principles and basics that need to be practiced and believed in from the start.
Let’s get into it.
AM Briefing #281
Welcome to the AM Briefing #281, brought to you by MicrosTrader.com. Our motto is, "Together, we trade better." We are an ES and MES Futures trading room with a high-probability system. If that interests you, check us out at MicrosTrader.com.
Tip of the Day: Back to Basics
The "Tip of the Day" today is about getting back to basics. Trade real levels. No level, no entry. Always leave a runner—you never know when the price will continue. While 90% of the time, the runner will get stopped out, 10% of the time, it will go and go like "Mr. Gadget." Don’t forget to complete your end-of-day charts and have a small discussion about them. Some traders have admitted they’ve slacked on their end-of-day charting, but are committed to getting back on track. Posting these charts in the group keeps you accountable, as does maintaining a trade journal and keeping it up-to-date.
Group Schedule
Here’s today’s schedule:
- 1 hour before the market opens, we’ll have a mental training session, which lasts for half an hour. I highly recommend you attend.
- 10 minutes before the market opens, we’ll have our daily reminder.
- At 11 AM Eastern, it’s time to manage a runner or be done. It’s a Monday, and we’ve broken out again overnight, heading north.
Nick, a previous member, rejoined last night, and he’s bringing his son into the training as well. Nick, note that this mental training session is new since you were last with us, and I recommend you join us today if you can.
News Drivers
Now, for the news: Today, we only have an FOMC speaker in the afternoon. It’s a green trading day in my opinion, though some people might call it a red day due to the lack of a red-folder event that typically brings volatility. But leading up to the election, the market seems poised to reach new all-time highs, so be careful fighting this irrational movement.
Last night, I posted a video about scalping SPY shares. If you’re interested in scalping but don’t want to trade futures, SPY shares or leveraged ETFs might be an option for you.
ES Chart: Where Are We?
Let’s review the ES chart. Over the weekend, I did an update on the levels. We’re still in a high-time-frame parabolic move, heading upward toward 5900, with 6000 potentially in sight. Don’t focus on the numbers too much, though—trade the structure, not the price. Overnight, we took out the all-time high in the RTH session, so the new all-time high is in the overnight session, which is less secure.
Three key levels are highlighted on the thumbnail. If you're not part of the group, add those levels to your chart. If you are, see the notes on the strong indicators. Be cautious countering this parabolic move; every long position has made money so far.
Indices Overview
Let’s look at the broader indices. Everyone is either in the upper distribution or higher than Friday’s highs, so it’s Bulls, Bulls, Bulls all the way.
Bull Bear Scorecard
For the Bull-Bear scorecard, let’s review the overnight trend line. The only trend line you could draw right now is an upward parabolic one. We’re above VWAP and yesterday’s halfback upper distribution. I’m using 4550 as today’s Bull-Bear line because we haven’t even reached it yet. The Bulls are certainly in control, and there’s no risk of short-covering right now.
We are, however, at risk of a liquidation break, which would favor the Bears. But until we see some trapped Bulls, the control remains firmly with the Bulls. I believe the significant level to watch right now is Friday’s RTH halfback.
Final Thoughts
Good luck trading today! We’ll be live tomorrow on YouTube. I’ll have the link in the description and in the first comment of this video—click "Notify Me" to be alerted when we go live. Remember, it’s all fun and games out there until the market opens. 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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