Mon AM Briefing Preparing For Our Emini Trading Room 10/21/2024

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



Futures traders should be prepared for potential market volatility as the election approaches, with six consecutive green weeks indicating possible movement in either direction. The key to success will be practicing discipline and patience, with traders advised to avoid shorting in the current uptrend. Traders are also advised to watch for liquidity levels and market developments as daily lows are tested. Wednesday’s Beige Book release could be the week's most significant market driver. RESOURCES:
            
▶️ ES Price Map (Single Prints, VPOCS, News Drivers,...)      
▶️Youtube Community Updates             
▶️ Website for ES MES Trading Room (Back Up)


TRANSCRIPT:

Welcome ES MES Futures Traders

Good morning, everybody! It's Monday, October 21st. Let's start today's session with a scripture from Psalm: "Your word is a lamp to my feet and a light to my path" — one of my favorites, so I wanted to share it with you this morning.

AM Briefing

Today's briefing is brought to you by MicrosTrader.com, where we believe "together we trade better." We are an ES MES Futures Trading room, and by the way, I’ll be releasing a new free course called the Foundations Course, designed for newer Futures Traders. Stay tuned for that at MicrosTrader.com.

Tip of the Day

Let's aim for perfect discipline and perfect leverage this week. With two weeks before the election, I expect some major market volatility. There aren't many sellers right now, so be cautious with short selling. In our group, we will trade with the trend and focus on the levels as they develop. We typically see 2 to 12 setups a day, so patience is key.

Tomorrow, we will stream on YouTube for a sneak peek into what we do. I'll include the link in the description and the first comment.

Schedule for Today

  • One hour before the market opens: Mental training
  • Ten minutes before the market opens: Reminder of the day
  • At 11 AM Eastern: Either done for the day or managing a runner

If you’re Scott, you’re probably waking up to a 20-point short, so congratulations on that overnight move!

News Drivers

There is no significant news today, but Wednesday could be pivotal with the release of the Beige Book, which may impact the market more than any other news this week.

ES Chart: Where Are We At?

Now, let's look at the chart. I’ve screenshotted the weekly chart to speed things up. We’ve had six consecutive positive weeks. How does that compare to the past? Well, historically, three to five green weeks are typical before we see a red candle.

Considering it’s an election year, I expect we might chop around for the next two weeks before making new all-time highs. Here are some key levels you should have on your chart. If you're in my group, these levels are already on your chart.

We’re currently in a parabolic move north. Be cautious when shorting in an uptrend and avoid countering parabolic moves at all-time highs.

Market Analysis

Looking at the shorter time frame, we gapped up overnight, and Scott took a nice short last night, waking up to a 20-point gain. We’ve broken a trendline and are waiting to see if we will back-test that line and continue downward, or if we will push back above it.

In terms of other indices, we're seeing weakness across the board. We are all under VWAP, which suggests the market is favoring the bears. Remember, however, that lower prices may attract buyers since there are currently very few sellers.

Scenarios to Watch

Nothing major will change until we start taking out daily lows. My focus will be on the 81 level, which I mentioned earlier. If we get below this, I'll look for a short targeting more liquidity beneath it. However, I’m not trading at this pre-market stage; I’ll wait for the regular trading hours (RTH) to see how the volume comes in.

Bull Bear Scorecard

Overnight, the scorecard leans towards the bears:

  • TR line: Bears
  • Session stacking: Bears
  • VWAP: Bears
  • Halfback: Bears

Despite this, we are still inside yesterday’s range. The Russell Index is pushing higher, but it’s close to turning bearish. Overall, the market is showing some weakness, and I would give a slight edge to the bears right now. However, without significant selling pressure, it's important not to short near the bottom of the range.

If you want to learn more about our trading group, visit MicrosTrader.com.

MORE INFORMATION:

Website: https://MicrosTrader.com
YouTube: https://www.youtube.com/@microstrader



ADDITIONAL LINKS:





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