Wed AM Briefing Preparing For Our Emini Trading Room 10/16/2024

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

MicrosTrader.com continues to offer valuable insights for futures traders focusing on ES and MES. Yesterday's session highlighted the importance of understanding market control between bulls and bears. Traders like Jackie capitalized on these insights, with standout performances even in volatile markets. As traders brace for the rest of the week, caution is advised, especially with key levels and the potential for Friday's Opex event to bring heightened risk. 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, and welcome to the AM Briefing brought to you by MicrosTrader.com, where together we trade better! Yesterday's market action offered some valuable lessons, so let's dive in.

Trust and Guidance

"Trust in the Lord with all your heart and do not rely on your own understanding. Think about Him in all your ways, and He will guide you on the right paths." This is a beautiful message, and I wanted to share it with you today as we kick off our briefing.

Why We Trade ES and MES Futures

At MicrosTrader.com, we primarily trade ES and MES futures 98% of the time. These instruments are highly exacting for our trading system, unlike the NQ, which can be unpredictable at times. Trading ES and MES makes the entire process a true pleasure for us.

Tip of the Day

Today's tip comes from a lesson we discussed yesterday: great bulls know where the bears are, and great bears know where the bulls are. This is key to understanding market control. Yesterday was a perfect example, showcasing how bulls and bears switch control.

Trend days can be deadly for counter-traders. One member commented on how many people likely lost trying to long the market yesterday, just as others had when shorting the day before. Knowing when to step back and reassess the market is crucial.

For just $5 a day, you can join our group and receive guidance to stay safe in these volatile markets. For example, Jackie, one of our members, made an impressive 50-point trade yesterday, keeping a runner contract throughout the day. We guided him along the way, but he managed the trade himself.

Upcoming Schedule and News Drivers

  • Our next YouTube Live session is in 6 days and 2 hours. You can join us next Tuesday or grab a Zoom pass for more direct engagement. We offer daily Zoom passes and weekly passes.
  • Our group meets 1 hour before market open for mental training, happening on Monday, Tuesday, and Wednesday. Afterward, we focus on managing our trades for the day.
  • News drivers: Today (Wednesday) is quiet. However, tomorrow, Thursday, brings retail sales data, and Friday is Opex Friday—potentially a no-trade day. It's shaping up to be a level 10 trading day on Friday, so plan accordingly for the long weekend.

Yesterday's Market Review

Yesterday saw back-to-back trend days, with Monday being a bank holiday. Even though the markets were open, Monday's trading conditions weren’t ideal. When banks are closed on Mondays, I typically recommend avoiding trading on Tuesdays. However, since the market was open, we proceeded with caution.

We called out some important levels during yesterday’s AM Briefing, including the IBL (Initial Balance Low), which proved to be a battleground. After losing the single prints, the market flushed down, and several traders, including myself, capitalized on the moves. Jackie’s 50-point trade was a standout, but it wasn’t the only opportunity.

ES Chart Analysis

Looking at the overnight session, the market moved sideways after a large downward move. Despite the volatility, the action felt controlled. We noted several single prints in the price action, and I highlighted important levels to watch: the 45 to 40 zone and the 34 area as the next potential stopping points.

Preparing for the Day Ahead

As we move into today’s trading, I recommend being cautious around the 93.25 level. If the market rises above this point, I would avoid shorts, as there could be a move higher. However, if the market retraces to the 40 level or below, we could see further downside potential.

Bull/Bear Analysis

The Bull/Bear line is at 93, putting us at risk for either a liquidation break or a short-covering rally. Stay vigilant, and I’ll see you live 1 hour before the market opens!

More Information

Website: https://MicrosTrader.com (Main Website)
YouTube: https://www.youtube.com/@microstrader

AM Breifing ES MES Futures Chart
Rumble ES MES Chart 

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