Tue ES MES Micros Technical Analysis 12/03/2024

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



The ES MES Futures Trading Room remains focused on structure-based strategies as bulls continue to dominate the market. Key drivers today include the JOLTS Job Report, which traders are monitoring for potential volatility. Yesterday’s session highlighted the importance of avoiding shorts in mixed indices and adhering to structured plays, with a preference for long or flat positions. Traders are advised to watch critical levels, such as trend lines and halfbacks, while remaining patient for signs of trapped bulls to signal shorting opportunities. 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, traders! I hope you're enjoying your coffee and charts—perhaps that could be the name of the show: Coffee and Charts. Let's dive in! Today, we'll continue exploring the theme of Jesus’s birth, focusing on Micah 5:2:

"But you, O Bethlehem Ephrathah, are only a small village among all the people of Judah. Yet a ruler of Israel, whose origins are in the distant past, will come from you on my behalf."

The key part here is the prophecy: a ruler of Israel will emerge from Bethlehem. With that in mind, let’s get into today’s Briefing #315 for the ES MES Futures Trading Room, where we focus on a high-probability trading system. There’s always another high-probability trade just around the corner—whether in 6 minutes or 6 hours. If the price doesn’t touch and go, step aside, wait, and be ready for the next trade. Together, we trade better.

Today's Tip of the Day

When bulls are in control, as they have been recently, don’t overreact to down candles. Instead, trade the structure. Yesterday's ES play emphasized this point: ignore price specifics, such as 650 or 6750, and focus on the structure instead. Bulls remain dominant until proven otherwise.

News Drivers

  • Today: Thirty minutes after the market opens, we’ll watch the JOLTS Job Report for potential volatility. Update your levels beforehand, and hop on Zoom to trade together.
  • Tomorrow: Expect PMI data, job statistics, and a speech from Powell in the afternoon.

Yesterday's Review

During yesterday’s trading session, the key lesson was to focus on structure, not candles. Blue candles (representing down candles) are part of the process. The group successfully avoided shorts when indices were mixed and bulls remained dominant. The primary play was long or flat, with only one legitimate short opportunity.

ES Chart: Key Levels and Analysis

Overnight, the price stayed in the upper distribution. We are monitoring several key levels:

  1. Trend Line and Halfback: These remain critical zones for bulls to defend.
  2. London Low: Holds importance as a bull/bear line, with a critical zone between 56 and 59.

For now, bulls are in control until we see a break of significant levels. Watch for a liquidation break to indicate trapped bulls and signal a potential strong move downward.

When Can You Short This?

Shorting becomes viable when bulls are trapped. For that to happen:

  • Daily lows need to be taken out.
  • Price must break levels decisively, without bouncing back.

Currently, there’s no sign of trapped bulls, so the focus remains on defending the key levels mentioned above. Bulls likely control for the next 200-300 points unless proven otherwise.

Stay Green

Remember, patience and structure are key. To learn more about our trading group, visit MicrosTrader.com.

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