Wed AM Briefing Preparing For Our Emini MIcros Futrues Trading Room 11/20/2024

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



On a bullish Wednesday morning, ES MES futures traders gathered for an insightful session emphasizing gratitude and discipline. The key takeaway for day traders was patience: wait for setups, avoid revenge trading, and stay disciplined. Nvidia earnings after-market and bullish momentum were identified as key market drivers, with scenarios for both pullbacks and resistance levels outlined. With members achieving milestones and live trading ahead, MicrosTrader.com continues to champion structured, disciplined trading. 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, everybody! Happy Wednesday, November 20th.

Today's Verse:

In line with Thanksgiving, let's reflect: "How do you show your Thanksgiving?" Daniel went into his house, and three times a day, he got down on his knees, prayed, and gave thanks to his Lord. It's a beautiful and instructive practice that aligns well with the spirit of gratitude.

AM Briefing: Brought to You by MicrosTrader.com

Welcome to the ES MES Futures Trading Room, where together, we trade better. There's always another high-probability trade around the corner. Don’t miss out on our Free Foundations Course available at MicrosTrader.com!

Tip of the Day:

A trader must learn to willingly say "no" to a chart. If you don't, the market may force you into poor decisions. Discipline is key:

  • Price Action Rule: Price either delivers your setup or it doesn't. If not, walk away.
  • Avoid Revenge Trading: Be okay missing a trade or letting price move without you.
  • Patience Matters: Wait for your setup. Don’t chase trades or settle for less.

As I like to joke with the group, I might change my username to "Two-Tick Trader" since many great trades seem to miss my entry by just two ticks. It’s a principle test in patience: If price doesn’t deliver, you move on.

News Drivers:

The main event today is Nvidia earnings scheduled 20 minutes after the market close. Price action has been strong all week, with members of our group enjoying incredible results over the last few trading days.

Today's Schedule:

  • Mental Training: 30 minutes before the market opens.
  • Daily Reminders:
    • Stay disciplined.
    • Look for opportunities to manage runners throughout the day.

Yesterday's Review:

In the AM briefing, I hoped price would reach a strong level in the 80s, offering a ladder back up. However, the pullback didn’t materialize as I anticipated. While I had several missed trades due to small gaps in entry levels (the infamous "two ticks"), it reinforced the importance of waiting for the perfect setup.

One highlight: Caleb, a member of our group, achieved his first "hat trick" (three trades capturing 10+ points each). Congratulations to him on a phenomenal week!

Current Market Levels & Scenarios:

ES Chart Highlights:

  • The bull-bear line remains pivotal. Bulls are above, bears are below.
  • Overnight price action has been bullish, with indices hanging near highs.

Key Levels to Watch:

  1. Bull-Bear Line: A critical zone for directional shifts.
  2. Strong Support Levels: Areas to watch for bounce opportunities.
  3. Potential Short Triggers: If price tests and rejects certain levels, shorting opportunities could arise.

Scenarios to Prepare For:

  • If the market climbs above the bull-bear line, the next resistance is at 6850, a key gap-fill level.
  • Watch for pullbacks into strong liquidity zones for long entries.
  • In the case of a sharp drop, focus on identifying structured shifts for short setups.

Bull-Bear Scorecard:

  • VWAP: Currently flat.
  • Overnight Halfback: Neutral positioning.
  • Indices & Ranges: Bulls remain in control across most levels.

Quote of the Day:

"Great Bulls know where the Bears are, and great Bears know where the Bulls are."

If you want to sharpen your trading skills, check us out at MicrosTrader.com and join us on Zoom for live trading sessions every day. Stay green, my friends!

MORE INFORMATION:



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