Thu AM Briefing Preparing For Our Emini Trading Room 10/31/2024

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



Futures traders are reacting to an overnight sell-off that aligned well with predictions discussed in yesterday’s briefing. MicrosTrader’s Foundations Course now includes a Trader Test aimed at refining trading behaviors, with a Zoom pass incentive for November sign-ups. Economic drivers, including PCE and nonfarm payroll reports, are expected to contribute to a volatile two weeks in the markets. With Bears currently in control, traders are closely watching key support levels as potential points for rebound amidst the ongoing “ladder down” pattern. RESOURCES:
            
▶️ Membership Options      
▶️Youtube Community Updates             
▶️ Website for ES MES Trading Room (Back Up)


TRANSCRIPT:

Welcome ES/MES Futures Traders

Good morning, everyone! What an overnight session we had. We saw a bit of a sell-off, and we'll dive into that shortly. But first, let’s start with our quote of the day:

As a father shows compassion to his children, so the Lord shows compassion to those who fear Him.

Compassion is a powerful value. Let your children know how much you love them; don’t hold back. Show them, tell them, and demonstrate your love every day.

AM Briefing - Brought to You by MicrosTrader.com

Welcome to the AM Briefing, brought to you by MicrosTrader.com, where we trade better together. In our ES/MES Futures Trading Room, we believe in supporting each other and finding high-probability trades. Let’s get into today’s Tip of the Day.

Tip of the Day: The Foundations Course Trader Test

I've recently added a Trader Test to the Foundations Course. If you haven’t signed up yet, head over to MicrosTrader.com and grab the free course. The first question on the Trader Test asks, “Do you return shopping carts?” It might seem unrelated to trading, but there’s a deeper meaning. The test has 10 questions designed to make you think. And as an added incentive, I’m offering a free Zoom pass for November to anyone who registers for the course. Join us for a more interactive trading experience on Zoom rather than YouTube this month.

News Drivers and Market Dynamics

Let’s look at the news drivers. Last night, big earnings from companies like Meta came in, and this morning we have PCE data. It’s going to be a packed two weeks with major market movers, including today’s PCE data, tomorrow's nonfarm payroll, Tuesday’s elections, FOMC mid-week, and CPI data next week. This intense news cycle could result in volatile conditions, so remember to pick your spots and trade carefully. As always, prioritize adding to winning trades only.

Today, one hour before market open, we have PCE data, and Chicago PMI will be released shortly after the open. Even though it’s a high-risk trading day, we’ll be live on Zoom analyzing price action.

Yesterday’s Review and Market Levels

In yesterday’s AM briefing, I outlined a plan for the market to capture liquidity pools and then attempt to reach new highs heading into the election. And, indeed, that’s what we saw overnight. I took several shorts, one of which paid off nicely, hitting the levels I had marked on the chart as significant.

Overnight, I took a small loss on a long position while sleeping, as the market hit my stop. But in trading, it’s essential to position at a leverage where losses remain manageable. Overnight, I went long twice at significant support levels, reflecting the strength we’re seeing there. Yesterday, multiple traders in our group took advantage of these levels, and the market responded well.

ES Chart - Current Market Conditions

Looking at the ES chart, it’s evident that the Bears are currently in control. However, as we approach last week’s lows, I’m watching closely for signs of a potential bounce. Ideally, I’d like to see the market flush slightly below last week’s low, then rebound, signaling a long entry. We’re seeing a notable pattern of "ladder downs"—a series of downward moves—over the past 18 hours. While the selloff has been substantial, we may be approaching levels where high time-frame buyers will step in. I’ll be monitoring for these signs closely.

Stay green, my friends! For more information about our trading group, visit MicrosTrader.com.

MORE INFORMATION:

Keywords

ES futures, MES futures, day trading, foundations course, high-probability trades, PCE data, nonfarm payroll, election trading, FOMC, CPI, support levels, resistance levels, market profile, trading levels, liquidity pools, short covering, price action, Zoom pass, MicrosTrader.com

SUMMARY:

  • ✅ Overnight Session Recap: The overnight session saw a sell-off, which aligns with the trading plan discussed in yesterday’s briefing.
  • ✅ Trader Test and Free Foundations Course: A new Trader Test in the free Foundations Course provides insights on trading attitudes; a free Zoom pass for November is available for those who sign up.
  • ✅ News Drivers Impacting Volatility: Key economic releases, including PCE, nonfarm payroll, elections, FOMC, and CPI, are expected to impact markets heavily over the next two weeks.
  • ✅ Market Levels Update: Bears are currently dominating, with strong support levels offering potential bounce opportunities.
  • ✅ Ladder Downs and Support Monitoring: After multiple ladder-down moves, a rebound at high time-frame support levels could be imminent.


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