Wed ES MES Micros Technical Analysis 12/04/2024

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



The ES and NQ indices continued their climb to all-time highs in overnight trading, offering both opportunities and challenges for traders. The AM briefing from MicrosTrader emphasized the importance of discipline, risk management, and following a solid trading strategy. Projections suggest potential resistance near the 6100 level, signaling a slowing momentum in the current parabolic uptrend. As traders prepare for potential pullbacks, the focus remains on sticking to proven systems and avoiding impulsive decisions. RESOURCES:
            
▶️ Free "Futures Foundations Course"             
▶️ Membership Options      
▶️Youtube Community Updates             
▶️ Website for ES MES Trading Room (Back Up)


TRANSCRIPT:

Good Morning Update: Market Insights and Trading Tips

Overview of Market Movement

The ES and NQ indices hit all-time highs in the overnight session, continuing the upward trend that has characterized the market lately. These movements often create excitement in after-hours trading. As the year draws to a close, it's critical to remember the importance of risk management and a solid trading system.

Daily Reflection: John 3:16

Today's reflection centers on the Bible verse John 3:16:

"For God so loved the world that He gave His one and only Son, that whoever believes in Him shall not perish but have eternal life."

This timeless scripture is a powerful reminder of faith and love.

Episode Highlights: ES/MES Futures Trading Room

Welcome to Episode 316 of the AM Briefing from MicrosTrader.com, where we focus on futures trading. Key takeaways for traders today include:

  • The market is reaching new highs, but a pullback or downtrend is inevitable.
  • Chasing trades often leads to losses; discipline and a strong system are vital.
  • Traders on social media have shared stories of significant losses due to poor decision-making.

Tip of the Day: Stick to Your System

A successful trader knows when to act and when to wait. If there's no clear level, there's no trade. This discipline prevents unnecessary risks and ensures consistency in approach. Always avoid:

  • Adding to losing trades.
  • Moving stop losses.
  • Chasing trades impulsively.

Market News and Levels to Watch

Today's news drivers include data releases like ADP and PMI reports, as well as Powell's afternoon commentary. Levels are critical; trade setups rely on proper entries based on these benchmarks.

Insights on Recent Market Behavior

The market has displayed a parabolic move to the north, with continuous new highs making trading more challenging. Comparing recent daily charts reveals nearly identical patterns, emphasizing the need for a robust trading strategy.

Measured Moves and Market Projections

Using a "measured move" analysis, the upward momentum appears to be gradually decreasing with each subsequent rise. Projections suggest potential resistance around the 6100 level, which aligns with the current expected move for the week. This observation serves as a caution to counter-traders.

Final Thoughts and Reminders

Trading at all-time highs requires extreme caution. Always prioritize proper risk management and adhere to your system. The key to longevity as a trader is discipline and consistency.

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