Tue AM Briefing Preparing For Our Emini Trading Room 10/15/2024

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

This morning's trading session highlights the importance of sticking with the dominant trend rather than counter-trading in volatile markets. ES and MES Futures traders are reminded to carefully assess who controls the market—bulls or bears—before making any moves. The advice emphasizes evidence-based trading strategies to minimize emotional and financial strain. With the upcoming election three weeks away, traders are advised to remain cautious as market manipulation and trend shifts could influence the trading landscape. 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, everyone! Feeling a little off today? Maybe it's the font, or perhaps it’s just one of those mornings. Here's today’s quote: “May the God of Hope fill you with joy and peace.” True joy and peace come from above, not from getting other people's approval or obsessing over your P&L. I sincerely hope that the God of Hope will fill you with joy and peace today.

Introduction

Welcome to the AM briefing brought to you by MicrosTrader.com, where together, we trade better. We are an ES and MES Futures Trading room, offering a high-probability trading system, and there's always a high-probability trade around the corner.

Tip of the Day

Today's tip: Who controls? This is a critical question, and I saw another trader say, "You can either be a lover or a fighter." When it comes to trend days, which we experienced yesterday from open to close, the play was to stay long or stay flat. Counter-trading can be tempting, but on trend days, it's where counter traders often suffer. They may keep doubling down, waiting for a reversal that never comes, only to get wiped out. Know when to go with the trend.

On trend days, it's long or flat. Traders often hurt themselves by fighting the market, thinking they know better. But the market doesn’t care what you think—what matters is who is in control: the bulls or the bears. At the end of each AM briefing, we do a bull-bear scorecard unless there's a major event like CPI data.

Understanding Market Control

It’s vital to know who controls the market. Fighting this drains your emotional and mental equity, not just your P&L. Every day, I try to establish where I think the bull-bear line is, which is crucial to trading successfully. The key to successful trading is knowing where the bulls and bears are. Ask yourself: Am I a lover or a fighter? Am I with the trend or against it?

If you keep shorting an uptrend without solid evidence, it will erode your mental strength, and by the time the market turns, you might be too scared to act. Stay with the trend as long as the bulls are in control.

The Importance of Evidence

In my trading group, we believe in staying long or flat until proven otherwise. What does "proven otherwise" mean? Think of a courtroom—evidence must be presented to prove a case. Similarly, in trading, you need evidence to justify a short in an uptrend. For instance, just because the market is rounding over doesn't mean it's time to short.

Yesterday, all indicators pointed upwards. If you’re going to short in an uptrend, what evidence will you present to justify your trade?

Trading Schedule and Routine

If you want to join us live, we go live 30 minutes before the market opens. We have a calm, focused trading room where we all look at the same charts and aim for the same setups, increasing our success as a group.

Schedule:

  • 1 hour before market open: Mental training.
  • 30 minutes before market open: We go live.
  • 10 minutes before the open: A final chart review and reminder.

We strive for consistent trading based on our system. Trading is more enjoyable when everyone is aligned, working together.

News Drivers

Today’s news is light. Yesterday was a low-volume day with the bond market closed. The election is three weeks away, and it's possible the market could just keep climbing. Counter-trade cautiously, if at all.

ES Chart – Where Are We At?

In terms of market structure, we are still in a strong uptrend, but it's essential to know who controls on a higher time frame. Even if we see a 100-point drop, it doesn’t necessarily signal a reversal. We tend to focus on lower time frames during our AM briefings, but it’s crucial to look at the larger picture.

Yesterday, we saw a parabolic move north. Should you counter a parabolic move? If you do, it should be small, if at all. A parabolic trend will continue until something breaks, and even when something breaks, it needs to be significant enough to warrant a change in direction.

Bull-Bear Scorecard

At the end of each session, we check the bull-bear scorecard to understand who is in control. Bulls have been defending key levels, and it’s important to monitor those carefully.

Final Thoughts

Successful trading relies on knowing when to go with the trend and when to step aside. Stay long or flat until proven otherwise, and always look for the evidence before counter-trading. Join us live on YouTube, and if you'd like to learn more about our trading group, visit MicrosTrader.com.

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