Fri AM Briefing Preparing For Our Emini MIcros Futrues Trading Room 11/08/2024

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



Futures traders are wrapping up an intense week with key focus points on discipline and patience as the markets maintain strong upward trends. Today marks the 300th trading session, reinforcing principles of trend alignment and risk management, especially with upcoming CPI data and Powell’s speech next week. This trading group prioritizes disciplined strategies and avoids prediction-based trades to stay on the profitable side of the markets. For Friday, traders are advised to reduce their loss limits, solidifying gains before the weekend. RESOURCES:
            
▶️ Free "Futures Foundations Course"             
▶️ Membership Options      
▶️Youtube Community Updates             
▶️ Website for ES MES Trading Room (Back Up)


TRANSCRIPT:

Welcome ES & MES Futures Traders

Good morning, everyone, and happy Friday, November 8th! It's been an intense week—a true level 10. Let's start today with a quote from James, Chapter 2: "Faith by itself, if it is not accompanied by action, is dead." In trading, this means that while having faith in what you're doing is essential, you must also follow through with the actions needed to make that faith worthwhile. Consistency and discipline are key; ensure you’re doing the right things repeatedly to achieve your desired results.

Welcome to the AM Briefing #300

Today marks the 300th session in the ES/MES Futures Trading Room. Together, we trade better, knowing there’s always another high-probability trade around the corner. The key is patience: let the market come to you and allow the charts to guide your trading.

Tip of the Day: When to Short an Uptrend

A frequent question in our trading room is, “When can you short an uptrend?” You should only consider shorting when there is a definitive break in the trend. In strong upward moves, unless there’s a clear reversal signal, the best approach is to stay aligned with the trend. Waiting for the right signal before attempting to short can prevent losses that come from trading against momentum.

News Drivers: End-of-Week Insights

As we close the week, keep in mind that yesterday was the FOMC announcement. Next week brings CPI data, and Fed Chair Powell will speak on Thursday. With this week’s level 10 volatility, the focus today should be on managing risk. In line with our “Friday rules,” consider setting a smaller daily loss limit. If you’re using TopStep or Tradeovate, adjust your risk protocols to limit the percentage of weekly profits you’re willing to risk today. The goal is to end the week as a winner and go into the weekend with gains intact.

Today's Schedule

We’ll be live on Zoom about 10 minutes before the market opens to review our Friday rules. I’ll trade until my quitting time, after which we’ll assess the afternoon’s market conditions. Mental training will resume next week with a new book, as we’ve wrapped up our current one.

ES Chart: Current Market Levels

On the SPX chart, we are approaching the 6,000 level. During yesterday’s session, we saw a strong, euphoric, parabolic move up. It's crucial to be cautious when anticipating a reversal. While a major level like 6,000 may seem like a logical target for a pullback, we need to wait for clear indicators. Following the “long or flat until proven otherwise” principle has helped us maintain our course. We’re watching for potential shifts that could signal a market turn, but for now, the trend remains upward.

Yesterday's Review

Yesterday, we saw a significant rally with the market making a notable pullback, though it quickly resumed its upward momentum. Despite the temptation, shorting was not the optimal strategy in a parabolic uptrend. The focus was on patience and discipline, staying aligned with the upward momentum.

Looking forward, with markets gapping up in recent sessions, we may see a return to normal trading conditions next week. As always, being aware of key levels and not initiating positions against strong trends is vital.

Reminder

Remember to get your hands on the free Foundations Course. Additionally, this month, we’re giving away a free Zoom pass. If you enjoy this content, please like, subscribe, and consider becoming a member. Your engagement helps support these efforts, and your comments and likes mean a lot. Stay green, and have a fantastic day!

MORE INFORMATION:

Website: https://MicrosTrader.com
YouTube: https://www.youtube.com/@microstrader
Free Foundations Course: https://academy.microstrader.com/foundations-dashboard/

SUMMARY:

  • ✅ Faith and Action in Trading: Belief in your strategy must be coupled with disciplined actions to achieve results.
  • ✅ Weekly Briefing Milestone: Celebrating the 300th trading session together in the ES/MES Futures Trading Room.
  • ✅ Patience with Trend Trading: Shorting requires clear trend breaks; stay aligned with the trend to minimize risk.
  • ✅ Risk Management for Friday: Reduce daily loss limits to protect weekly gains and enter the weekend in profit.
  • ✅ Market Review and Next Steps: Despite parabolic trends, we wait for indicators before shorting, keeping an eye on next week’s key economic events.


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