Tue AM Briefing Preparing For Our Emini Trading Room 10/01/2024
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!
Welcome to October! My goodness, I can't wait for that crisp October weather. Today’s quote is an oldie but a goodie, and one worth keeping in your memory: "I can do all things through Christ who strengthens me." (Philippians). There is so much wisdom in Philippians. I absolutely love it.
AM Briefing #272
Alright, guys, let’s get into it. Welcome to the AM briefing number 272 brought to you by MicrosTrader.com. Together, we trade better, and there is always another high-probability trade just around the corner. You don’t need every move, and you don’t need all of every move—you need one good trade a day if it’s presented. That's all you need: one or two good trades a day. Be patient, wait for your wave, and it will come.
Yesterday’s Updates and Today’s Plans
Yesterday, we updated those strong levels. Today, we will be doing a YouTube live session. If you're interested, there are timestamps below to help you skip ahead, and we have archives of these AM briefings on the website. If you're new, please make sure to earn those badges. Feel free to grab a Zoom pass and join us live in a couple of hours. We will be live 30 minutes before the market opens.
Tip of the Day
We’re going to talk about today’s review. Bulls are in control, and we squeezed up. What do you do when this happens?
News Drivers Today
Today is Tuesday. Fifteen minutes after the opening, we have a minor news driver, and at the top of the hour (30 minutes after we open), we’ll see the JOLTS job report. We’ll be live on YouTube, and the link will be in the description and in the first comment. It’s a green trading day, and I look forward to trading live with you.
Chart Review: Yesterday’s Action
Yesterday morning, in the AM briefing, I promised green price action in the morning and significant movement in the afternoon—and it delivered. At that exact moment, when we saw the nice down move, Caleb and Justin were both short. I had already taken a small loss in the morning and was ready to move on, but when we were flushing down, I made the remark, "I like 68," meaning that I expected it to grab liquidity at 68 and ladder back up. It went a little lower, but 68 was the key liquidity level.
I got long at 64 and did well. James was long too. The whole day, the key level was 73.50, a level we have been monitoring for the last couple of weeks. I was hoping it would reach 34.50 for those who were short, but even though I was cheering for that, I also countered their trade, making money long while others were profiting short. It was a lot of fun seeing everyone succeed.
Strong Levels Overview
That 73.50 level was critical. It was the "first warning shot" to bulls, and they responded every time. If we lose that level and fall below it, we’ll probably head down to the 34.50 level at the bottom of the range. But instead, the bulls squeezed, gaining 65 points.
Handling a Squeeze
Bulls are in control. How do we know? As long as we stay above 34.50, the bulls are in charge. They responded very well to that warning shot and squeezed up 65 points. When it squeezes like that, you don’t counter it. You’re either in it or you stand aside—you can’t predict where it will end.
Overnight Action and Today’s Strategy
Let's talk about what happened overnight. We grabbed another session of liquidity, hanging out at the strong level throughout the night. I had a couple of shorts last night, one of which worked out nicely. I went to bed without setting a stop on a single micro and wasn’t worried. Woke up for the London open and saw a nice move down but got stopped out for just one tick. Oh well, fresh start. There’s always another high-probability trade around the corner.
The strong level held throughout the night, and now it looks like we're marching up, targeting the overnight high. Today, it might be tough to trade—both longs and shorts are risky in this context. We’ll need to let the levels develop and let the chart guide our actions.
Bull Bear Scorecard
Overnight, we had a slight bullish bias. Technically, we are above VWAP, above the overnight halfback, and within the upper distribution of yesterday’s range. Overall, this is all bullish. The risk of a liquidation break remains high since we haven’t closed under a daily low for quite some time, but for now, the bulls are clearly in control.
Live Session Reminder
I'll see you live on YouTube 30 minutes before the market opens. For group members, I’ll see you one hour before the market opens for a half-hour session on the psychology of trading. 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
Keywords for Futures Day Traders
Futures trading, MES, ES futures, liquidity levels, trade signals, market analysis, VWAP, overnight halfback, liquidation break, bullish trend, resistance levels, support levels, high-probability trades, market open, job report, trading psychology, trade entry, strong levels, market squeeze, short trades, long trades, session levels, chart analysis, market distribution, risk management.
SUMMARY
- ✔ October Market Outlook: Welcoming traders to October with positivity and a motivational quote to start the day.
- ✔ AM Briefing Highlights: Discussing key levels, market expectations, and the importance of patience in trading.
- ✔ Yesterday’s Market Review: Recap of trades made, including successes and lessons learned, focusing on strong levels like 73.50.
- ✔ Overnight Market Update: Analysis of the overnight session, mentioning key levels and strategies to adapt to current conditions.
- ✔ Live Session and Scorecard: Providing a live YouTube trading session and a bull-bear scorecard indicating current market sentiment.
Comments
Post a Comment