Fri AM Briefing Preparing For Our Emini Trading Room 11/01/2024

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



In the final months of the year, ES & MES futures traders are encouraged to set specific trading goals, especially in the volatile early days of November. The Friday briefing from MicrosTrader highlights the risks of trading during Non-Farm Payroll (NFP) days and advises a conservative approach to protect gains. A free Foundations Course offers traders a structured way to enhance discipline and technical skills, while critical chart levels are identified to assist in navigating today’s market. RESOURCES:
            
▶️ Membership Options      
▶️Youtube Community Updates             
▶️ Website for ES MES Trading Room (Back Up)


TRANSCRIPT:

Welcome, ES & MES Futures Traders

Good morning, everyone, and happy November 1st! As we enter the last two months of the year, it’s a good time to reflect and set new goals. What are you hoping to accomplish this month? Remember, the first seven to eight trading days can be especially challenging. Keep your strategies sharp, and keep your capital secure.

Daily Wisdom

Today’s quote: “Come to me, all who labor and are heavy laden, and I will give you rest.” Remember, just because the market is open, it doesn’t mean you have to trade today. If you’re feeling worn down, consider taking a break. Trading requires a fresh mind, and sometimes rest is the best strategy.

AM Briefing #295 by MicrosTrader.com

Welcome to today’s AM briefing, brought to you by MicrosTrader.com, where our mission is to trade better together. This briefing is part of our ES & MES Futures Trading Room, a community dedicated to disciplined, high-probability trading. If you’re seeking a supportive trading group, consider joining us at MicrosTrader.com.

Friday Rules & Tips

Today’s special Friday rules are also NFP (Non-Farm Payroll) rules. NFP Friday is sometimes known as “Not for Professionals,” as it can be a volatile day that may not suit all traders. If you do choose to trade, limit your losses to a small percentage of weekly profits. Consider treating it as a low-risk session, with only minimal engagement to manage your exposure effectively.

Tip of the day: Approach today with a "take it or leave it" attitude. Remember, not every day is a trading day. We’ll be live for the 7:30 candle session to watch price action, but keep a relaxed approach. You don’t have to have your hand on the trigger to gain value from watching the market.

Free Foundations Course & Resources

We’re excited to offer a new free Foundations Course, complete with a Day Trader’s Pledge and a Trader Test to help identify areas for growth. The course also includes segments on technical analysis, S&P contract risk, and extensive guidance on making trading easier. By enrolling, you’ll also receive a Zoom pass for this month’s live sessions, bonus Academy training on risk management, and access to our Mini Membership, which provides a sneak peek into our trading group.

Key News Drivers

Today’s market catalyst is the NFP report. It’s a high-volatility event, and it may be wise to avoid trading altogether. If possible, take the opportunity for a break, as we also have the election and FOMC events ahead. We’ll reconvene next week to navigate CPI data in a more stable environment.

Chart Analysis

Looking at the ES chart, we’ve observed several trend adjustments and potential parabolic moves. With caution advised, especially in a highly volatile setup, it’s essential to recognize the risk of short squeezes. Our significant levels today include 6375 as a first warning for bears, followed by the halfback level, which could signal high short-covering risk. We’ll monitor these key levels, with adjustments made for clear and prudent trade decisions.

If you’re enjoying our briefings and analysis, please like, subscribe, and share with fellow traders.

MORE INFORMATION:

Website: MicrosTrader.com
YouTube: MicrosTrader on YouTube
Free Foundations Course: Foundations Dashboard

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Keywords:

ES futures, MES futures, NFP trading, parabolic move, short covering, risk management, technical analysis, day trading discipline, S&P contract, market catalysts

SUMMARY:

  • ✅ Monthly Goals and November Focus: Reflect on trading goals for November as we approach the year’s end.
  • ✅ Friday and NFP Rules: Approach NFP Friday with caution, using low-risk strategies and a “take it or leave it” mindset.
  • ✅ Foundations Course: A free course offers valuable insights, including a Trader's Pledge, character-building exercises, and technical analysis.
  • ✅ Market Drivers: NFP and other high-impact events suggest a hands-off approach; CPI data next week may offer a better environment.
  • ✅ Chart Observations: Key levels today, including 6375 and the halfback level, should be watched closely for shifts in momentum.


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