Preparing ES Emini and MES Micros Traders
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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.

Welcome to the AM briefing video presented by MicrosTrader.com, where together we trade better. Alright, let’s do something a little different this morning, mainly because I’m off to a late start. I literally just turned on my trading view, so let’s look at this chart together at the same time. So, let’s do this. Let’s go to a 30-minute chart. I always like to zoom out just a little bit first to get started. I want to remove our POC, which is way up here. So, let’s go ahead and mark this POC from yesterday, which is at 1750. So, we’re going to call this “Thursday POC.” Let’s make this white for informational labels for me. Now, let’s go down to a 10-minute chart. So, yesterday, the most important thing for the Bulls to hold was London’s low, Asia’s low, and then there was the overnight low in the maintenance period. It didn’t matter. And this high. These were the important areas when we got into the Asian London session. That’s what we were looking for in this session because we called a short at about 20. I told the group, “20 short. Set your profit at one tick and walk away.” Some people did well on that trade. Some people didn’t get in right at 20. They got wicked out. But 20 turned out to be the magic number yesterday. So, we had this trend line that was established in the overnight session, finally took it. So, we can remove you. And then Asia took out the RTH low. Then London took out Asia’s low and went and took out Asia’s high. Boy, if you could live in a time zone where you could trade London, it is unbelievable how it does that type of stuff all the time. My goodness, what a thing of beauty. So now, I’m going to take this London overnight low and move it here because now it’s what it’s the London overnight high. And we’re going… And I don’t need this for the Asia, but let’s go and move this up here. This is actually the new all-time high, right? RTH all-time high. Beautiful halfback for yesterday. Happens to be basically at the overnight high. Very interesting. RTH halfback and… So, March straight up took out the Asia here and now has vomited straight back down. Very interesting. Now, there is not a whole lot of support underneath here. There are several sets of single prints. There’s the previous all-time high. I believe this is probably the target. What do I know? I don’t trade based off possible targets necessarily. I’m not going to just go short because of that. I did make a put play yesterday when we took out the high there in the afternoon. So, I did do a put play up here expiring today. So, we’ll see how that works out. Let’s go back to a 30-minute chart here. Let’s look at this 30-minute trend line I have here. Okay, well, appears to be breaking that. And then if I expand this a little bit and go, “Well, this is something… I wouldn’t call this my trend line here. I like to see it touch it one more time.” But okay, we seem to be leading down from yesterday’s high. New York and Asia, then London. And there is not a whole lot in the way stopping this from coming down to the FOMC POC. So, this will be really interesting to watch. Our daily trend line here that we shot above, will we come back and touch that and have a move? I don’t know the answer to that question, but it would be an area I would be looking for. Am I interested in longing any of that? Probably not. My goal is to be on board, perhaps with a short, but knowing this high is going to be a stumbling block. Looks like we’re going to hit it here before the opening. What do I know? This might be a stumbling block. This one line here at 7425 might be a stumbling block. So, all these are to me are just little speed bumps in the road that if this thing’s going to go down, it seems like it’s going to go down pretty easy down here to the FOMC POC at 3975. But what do I know? We will just trade the levels as they develop, given trend and trade locations. Alright, the next thing we need to do is look at where are we based off time? Well, it’s Friday. What’s the number one thing about Friday? Friday rules. We do not give our week back on Friday. Use a smaller daily loss limit. Use a percentage of your weekly profits. Go into the weekend a winner. Well, this morning, Powell speaks. Looks like they changed the time of it. Yeah, yesterday, that was a different time. And then a couple more FOMC speakers spread throughout the day. It appears so Chairman Powell speaks this morning on Friday morning. So let’s tread carefully.