Tue AM Briefing Preparing For Our Emini Trading Room 10/08/2024

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

Today’s trading session for ES and MES futures traders will focus on discipline, following key levels, and adapting to shifting market conditions. While no significant news drivers are expected, traders should stay prepared for potential movements later in the day. The 3450 and 6350 levels are critical, with caution advised below. With CPI and PPI reports on the horizon, short covering is a key risk that could influence market action. The group emphasizes mental preparation and adapting to changing price action throughout the day. 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

Set your mind on things above, not on earthly things. This comes from Colossians 3:2, a beautiful reminder, much like the beauty of the empty tomb. Now, let's get into today’s discussion.

Episode 277 - AM Briefing

Welcome to the AM briefing, brought to you by MicrosTrader.com, where together we trade better. Our group focuses on ES and MES Futures Trading with a high-probability system. This system is designed to help you achieve laser-precise entries while maintaining discipline. Without discipline, even the best system in the world is useless. If you're new to the group, ensure that you earn your badges, and check out the timestamps below for daily reminders. There's an archive of all AM briefings on my website.

Today, we will also be conducting a live YouTube session. If you enjoy what we do here, please like, subscribe, and consider becoming a member.

Tip of the Day

The personality of price action can change, just like the weather. In many regions, people say, "If you don't like the weather now, just wait 30 minutes, and it will change." Similarly, if you don’t like the price action in the morning, take a break, come back, and you might notice a shift. Each trading session has its own unique personality, so be ready to adapt.

Today’s Schedule

One hour before the market opens, we will begin with mental training. If you’re a member of our group, please be present. We’ll be listening to The Best Loser Wins, a book I almost consider a prerequisite for joining the group. After 30 minutes of this session, we will begin our YouTube live stream, updating our levels and plotting initial trades.

At 11:00 AM Eastern, we will either manage our runners or stop trading. If we're on the edge where price might flip, as it did yesterday at the 6350 level, I’ll stay on longer to take advantage of additional opportunities. Personally, at 1:30 PM Eastern, I will check the charts again and prepare for the "Silver Bullet" hour.

News Drivers

There are no significant news drivers today, but it’s still a green trading day for me. Some may call it a no-trade day due to the absence of news, but as we saw yesterday, sometimes the market moves in the afternoon. I’ll trade both sessions because of this potential.

The eyeballs will be on Thursday’s CPI and Friday’s PPI reports. We will also have a YouTube live session 30 minutes before the market opens, and I will share the link in the description and first comment once it’s created.

Yesterday’s Review

In the AM briefing yesterday, I highlighted the 6350 level and emphasized caution with longs below that level. I mentioned that if we broke below it, we were likely heading to the next key level. Indeed, we dropped as expected, and although I missed the short trade, I capitalized on a bounce trade later.

I had multiple setups yesterday, including one where I went short, but it moved too fast, and I ended up getting stopped out. Still, I managed to make just as much profit on the long bounce trade as I would have on the short. There were opportunities throughout the day, even though I missed some quick moves due to tight stops.

ES Chart – Current Situation

Overnight, the market had a significant 20-point drop, and while I tried to go long at certain levels, I wasn’t able to capitalize on all the moves due to their speed. The market grabbed liquidity in the London session and made a nice move up to where the bulls lost ground yesterday.

While I’m not concerned about making all-time highs today, I will watch closely to see if we can get above critical levels. If we break below the 3450 level, we could head toward the 5679 target I’ve been mentioning.

Bull Bear Scorecard

  • Overnight Trendline: Bulls have control with an upward trendline.
  • VWAP: Bulls are above VWAP, giving them the edge.
  • Yesterday's Range: We're within yesterday’s range and above halfback, which is bullish.
  • Risk of Short Covering: There is a risk of short covering, favoring the bulls.
  • Bull Bear Line: As long as we stay above 63, we’re bullish.

We'll follow the trend and levels as they develop, focusing on disciplined entries.

MORE INFORMATION

Website: https://MicrosTrader.com

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





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