1 Short 23 ES Emini Points
Trading MES Micros

Transcript

Price Action Bounce Trading System. How To Scalp ES Emini or MES Micros Futures.

Helping Futures Traders Via Our Core Strategy Academy Training Program and Futures Trading Group – The Best Emini Group IMHO.

“[Music]

All right, good afternoon. I want to show you this trade we did this morning on Zoom together as a group. I was trading it on Zoom and on my trade of eight and forgot to press record on Top Step here, so I did it a little late. I’m going to show you this trade as it develops. We were in this strong uptrend where it took out the previous all-time high. Then we had a shift in market structure, and it gave us a beautiful short that you see I entered at 4575. I really like this trade location, so I’m trying to stay in it and milk as much as I can of this trade. You’ll see it almost got me out a couple of times, so I’m taking contracts off as things move into profit because it’s a prudent thing to do.

There’s the IBL low I marked and a bounce level right there. I expect the price to bounce out, and I think I actually removed it before it got there. I should have kept it there because that’s exactly where the price bounced, as you will see. So I’ve got five contracts left. I’ve got orders to get out of the contracts, and one will be left in the negative category. Why? Because I’ve taken profit on several of them, so now it’s financed. I don’t mind at this point that the lotto runner is in the negative category.

As this is going, I’m calling out additional places where traders who aren’t short can go short. I haven’t yet got enough distance from my initial entry to want to add. In fact, I didn’t add at all today. This trade took so long, eventually, I was just exhausted. You hit a point where you’re like, just take me out. Now I’ve got four contracts left, with three lined up to get me out, and then that final one all the way at the top. Now I’m putting an order here to add, so I did try to add. I forgot about that, but the price did not behave the way I wanted it. It didn’t go and get me in, so no big deal. It turns out if I hadn’t been so greedy, that would have been absolutely beautiful. I was telling the other traders that’s a perfect place for them to enter if they wanted to get short.

What’s not happening here, if you’re in my group, is backside development. No backside development. This is a super high resistance move to the IB low. You would think that it would have been a little quicker, but man, the bulls are still in control and they do not want to give it up. So what do you do? You play perfect chess here. You had a great entry, and now you just move your stops to stay behind bounce levels, and that’s what I did—just play perfect chess. I think this was a three and a half hour long trade; I forget now. You just stay behind where the price is going to bounce and hopefully you get a move, because we’re having evidence here of lading down.

All right, get me out, no problem. I now have three contracts left. It really doesn’t need to get any higher. Right there, that’s as high as I wanted to go. Sometimes it just doesn’t do exactly what you tell it to do. You just stay patient. You go, oh well, if it gets me out, it gets me out. I’ll wait for the next setup. But we do have evidence of lading down. After it took out the all-time high, it made sure no one was short, and then here we go. You go, yeah, and then you get this big wick, and you’re like, man, the buyers are still buying it up. But all I can do is play perfect chess, try to stay behind bounce levels. So as price comes towards my stops, the price will bounce away—that’s the goal.

I used the tippy tip of that wick there to move that stop. It’s like, if it gets me out, oh well, great move on. It shouldn’t break it, and if it does break it, get me out. I’m okay with it. And you just be patient. This is stress-free trading. It’s stress-free. You’re taking contracts off in the profit. You go, all right, you got me out. Now I’ve got two contracts remaining. I’m going to keep them where they’re at on the chart. I’m in a great trade location. I’ve locked in my profit for the day. I don’t need another trade. All I need to do is be patient, and you go, heck yeah, beautiful, right to the IBL low. Love it, and immediately bought up. I’m locking in 10 points on this trade, on this contract. You’ll see me measure out 10 points, 20 points, and I think even 30 points, because this morning I gave out a bull/bear line, and I was hoping we went to the bull/bear line, but that didn’t happen when I was in this trade.

Come on, push it down. Now it grabbed the IB low liquidity. It very well could start lading back up and go take out the high. We know how ES performs, but I’m already short, and I’m trying to go for a bigger move. So now here I am, marking the overnight low. That gives me a 20 pointer. It seems very likely with this lading down sequence it’s going to hit that level. That’s the bull/bear line I gave in the AM briefing, hoping it would get there. That’s why my eyeball is there. That’s where I’m hoping it goes. That’ll give me a 30 pointer. In fact, you’ll see that I put an order right there, so if it flushes down to that, get me out at 30 points. Here I’m either going to take a 10 pointer or a 30 pointer. I’m fine with either, of course. All you can do is play perfect chess. Just wait, just wait—that’s all you can do. It’s boring, but it’s better than digging ditches.

So, still got two contracts. Now I move both of them to a 10-pointer. I’m like, I’m totally cool with that. Now let’s flush the overnight low. Let’s get down there to the bull/bear line. No problem. If it gets me, it gets me. I’m behind a bounce level, so I’m okay with that. Plus, I’m locking in 10 points, and I love 10 points. Once again, we have evidence of lading down. We have left behind a couple of fair value gaps. We have two really nice strong moves down, and we still have the overnight low liquidity. I feel quite certain we’re going to go get it, but that doesn’t mean I just go short. We trade balance levels, so it has to hit a line so the price can bounce. We don’t predict trade and go, okay, let’s go flush it, get down there. The bulls are strong, man. No level development, really. There’s one backside development, but man, this is just sloppy. Every push down is getting bought, every push down. Now I move it to one contract, to a 20-pointer. I’m like, okay, so one contract is going to get out at 20, hoping it would just flush all the way down to that bull/bear line down there at 5310. But that’s not what happened. Overnight low liquidity grabbed, they’re buying it back up, or people are getting out of their shorts, whatever. It’s going back up. If I wasn’t short, I would be looking for opportunities to be going long here, by the way. But I’m short, so I’m going to stay in it. I’m going to stay in it. In the worst case, you make 10 points. Yeah, I could have had 20, but who’s to say it doesn’t go 30, 40, 50, 60, 70, like an 80 pointer I had a couple of weeks ago. That video is on the YouTube channel. So I have to play perfect chess, and now it’s having that evidence of lading back up. If I wasn’t short, I would be long right there already, but it’s fine. I’m short. I’m not looking for an additional trade. I’m going to milk this one. We still have evidence of lading down, but every push down is getting bought up. We’re having almost no level development; it’s just complex chop. As I said in the AM briefing, this is CPI hangover day, and it certainly seems to be having a hangover today—the type of day you trade small. You don’t need to trade big today. The day before a big news driver, the day of the news driver, and the day after—you should probably scale down this week. Hopefully, you did that, or you had a great entry, and the price moved in your direction quickly, and you were able to do very well. We had multiple short trades here. In fact, we had one amazing long one, but I didn’t take it. I wasn’t looking for longs today. I wanted to see—I actually outlined it right before the market opened—I wanted the price to go do this and then this, and then I wanted to go short, and that’s exactly what happened here. Exactly what happened here. This morning’s AM briefing talked about when you can go short in an up move, and we had that perfect setup here. I’m really glad we got to do it live and get to take the short, and boom, it works. We’re staying behind protection layers. We’re getting 10, 20 pointers. It’s absolutely fantastic. If you’d like to learn how we do this, check us out at microtrader.com, and you can join us live on Zoom as well and learn how to draw these levels that bounce and how to stay in the trade.”