Thu AM Briefing Preparing For Our Emini Trading Room 10/03/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
RESOURCES:For Our Emini and Micros Futures Trading Room
TRANSCRIPT:
Welcome ES MES Futures Traders
Good morning, everyone! Happy Thursday, October 2nd. It's that time of year—you might be getting ready to drag out those Halloween decorations this weekend. Let’s dive in!
Today's Quote
"If you lack wisdom, you should ask God, who gives generously to all without finding fault, and it will be given to you." If you need wisdom, there's a source. Go check out James, Chapter 1, Verse 5. It’s awesome.
AM Briefing #274
Welcome to the AM Briefing number 274, brought to you by MicrosTrader.com, where together, we trade better.
Reminders
- Timestamps: Remember, there are timestamps below.
- Archives: There’s an archive of these videos on my website.
- Zoom Pass: You can grab a Zoom pass, but I have an even better special offer running between now and Friday—a trial membership.
If you like what we do, it costs you nothing to hit the "like" button. If you really appreciate it, leave a comment. If you see the value in what we do, consider becoming a member.
Membership Special: 7 for 7
Right now, until Friday, I'm offering a special trial membership: $7 for 7 days. This is to limit my exposure and test things out. If you visit MicrosTrader.com, click on the $7 for 7 offer, which also includes a video explaining it. Essentially, for seven days, you will get:
- Access to five Daily Zooms.
- Full access to our Discord group (Discord is mandatory for all members—it's the "secret sauce" to your success).
- Access to the "First Bounce" level in the boot camp.
- A chart evaluation if you submit your chart, allowing you to earn your first badge.
This program is perfect for those who have watched countless videos, tried numerous indicators, traded for a while, and aren’t giving up but need consistent guidance to stay on track to success. If you are interested, after the seven days, you’ll automatically move to the monthly membership unless you decide to cancel. Be sure to cancel if you don’t want to continue.
Tip of the Day
This is the same tip as yesterday, but it's important enough to repeat: You don’t need every move. You only need one to two good entries a day. Our system typically provides two to twelve setups daily, though there are rare days with zero setups. On those days, can you take no trades? Yes! The key is taking fewer, quality entries rather than trying to catch every move.
Most of your job is waiting, planning your entries, and then taking them. You don't need every single move. Last night in our homework, I asked, "How many legit entries do you think there were today? How many did you take?"
News Drivers: Thursday Before NFP
Today is Thursday, the day before the Non-Farm Payroll (NFP) report. It’s a level 10 trading day—a day where, in my opinion, you shouldn't be putting your account at risk. Take today and tomorrow off. Enjoy a 4-day weekend.
Friday Rules (Start Today)
- Smaller Daily Stop Limit: Take your weekly profits and only gamble a small percentage.
- Trade Small: Use the smallest leverage possible to protect yourself.
- Reduce Daily Loss Limit: If you trade on a cash account or a funded platform like TopStep, reduce your daily loss limit. Now is the time to do this—while you’re calm, not in the heat of trading.
Yesterday’s Review
Let’s do a quick review of yesterday. I had outlined a specific trade on YouTube, and when we went on Zoom, I provided more detail. We had an opportunity during the opening drop, and I took a small long position, making two points before it reversed. Later, I took another long at the strong range top, which ended as a break-even trade.
The price then skyrocketed back up, and I had hoped it would pull back into my orders, but it didn’t. I ended up frustrated but watched members make a successful 10-point long entry. At times, all you can do is observe; sometimes, the market just doesn’t give you the setup you expect.
Later in the day, I managed another short, making 10 points before it moved against me. My final result for the day was two points, one break-even, and 10 points on the last trade.
ES Chart: Where Are We Now?
We are back at the strong level, battling once again at the bull-bear line. We didn't take out the pool of liquidity, so be careful. On the 15-minute chart, I noted a chop range. It's critical to know when you're in chop and where the middle lies, as trading from the middle of chop can be risky. The best trades are usually made at the edges of chop.
Summary: Chop Range & Trading
Trading in chop requires patience and knowing the key areas:
- Edges: Trade from the edges, not the center.
- Trend Trading Limitations: If you limit yourself to only trading trends, you will miss opportunities—since 80-90% of the time, the market is in chop.
- Learn Chop: Learning how to trade chop effectively is crucial for success.
Indices Overview
We are under VWAP and back at the bull-bear line, trying to see if it will hold once again. The ES has defended this level around nine times—can it do it again? Absolutely. Mark up your chart properly and monitor closely.
Bull Bear Scorecard
- Bull-Bear Line: Bears have control.
- Session Stacking & VWAP: Bears have it.
- Overnight Halfback & Yesterday's Range: Slight edge to Bulls.
We’re in a deadlock—4 to 4 on the scorecard. It's the day before NFP. Trade small, if at all. Remember, continuation of a move is the exception, not the rule. Stay green, my friends.
For more information, visit MicrosTrader.com.
MORE INFORMATION:
Website: https://MicrosTrader.com
YouTube: https://www.youtube.com/@microstrader
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