Preparing ES Emini and MES Micros Traders
To Trade In Our S&P Trading Room

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 review yesterday. At our essence, we are bounce traders. We wait until price hits our levels and we’re very good at predicting where price will most likely bounce. So yesterday, I really had two main trades and did well on both. I shared this one with you yesterday. At lunch, I took this short here and then I took this short right there. Here were my two trades on that short at 47 and short at 66 and did well. Then after that short, we’re watching price. I thought most likely if I was going to be a little bit more of a gambling man, it’s going to bounce right back off the strong level. I did not take that long, but it was beautiful to see. And then I believe I shared this last week, but about our large four-hour range that we had. And it came back and tested the top of that range with a nice reaction. I didn’t take those trades. I wanted to see where things shook out. And then, I forget exactly where in here, actually I think it was here, this missed me by two ticks to go long. And so no big deal and I just stayed out of the way, basically watching price, waiting to see if there was going to be a breakdown and a retracement. And there was nothing of the sort. Instead, it just went up and up. And I’m like, ‘Holy cow guys, are we going to hit 5,300?’ And we certainly did overnight. I think it was this candle. Yeah, somewhere near 5,300 we hit it. So when price is parabolic, you better stay out of the way unless you are trading counter at a high timeframe level, then you do it small. Then you see money, take money. Like on this short here in the morning, I’m on a 10-minute timeframe now. I made five points on this one. I took my 10 points, see money, take money. Yeah, it could have kept going and maybe, you know, let’s say it went 100 points south and I only got 10. Yes, who cares? See money, take money. And then look at this, Asia is stacking on top of RTH. Yesterday, this is the maintenance period. And then London has stacked on top of Asia. The bulls are in control. And we continually say those words, ‘The bulls are in control.’ Shorting, you need to know it’s counter. One day that’s going to pay off. Will it be this day? I don’t know. We’re gapping up once again. We’re gapping up with strength. We just broke out of a big four-hour consolidation area. Will we go back and retest it? I personally hope so, but it doesn’t mean it’s going to happen. We’re going to trade the levels as they develop. That’s what we’re going to do. I traded morning and afternoon yesterday. When we got on Zoom, I mapped out a possible short and a possible long. We were given the possible short and that worked out well. I wish I would have taken the retest of my strong range, but that’s okay. So today, one hour before the market opens, we have unemployment claims and a Manufacturing Index 15 minutes after the market opens, a couple of PMI numbers, then 30 minutes after the market opens, existing home sales. So we’re in for quite a bit of a bumpy ride this morning after two expansive days of trading. Let’s go to a 30-minute chart. Expansion, consolidate, top of the distribution, expansion, opening up with a gap. Okay, this is strength. We don’t want to be shorting this. And in fact, on the 30-minute chart, I will certainly be marking this. I’m going to change this to orange. It’s my 30-minute chart. And then I’m going to come up here. In all honesty, and I like to put, if I can draw an overnight trendline, I kind of like to draw an overnight trendline. I’m going to make this one white, just a little bit of a lower timeframe. But you have to know you’re in a parabolic move. And in fact, what I’m going to do is I’m going to come in here on my 30-minute and I’m going to throw this on just because I want to remind myself this is really a parabolic move. If you’re going to short, you want to be small, small, small, or you wait till you take out a daily low. Like you really just, like I have no interest in shorting this at all. Shorts are not even in my repertoire until we actually start losing some session lows. It doesn’t make a whole lot of sense to be looking for shorts. If anything, when it takes out a session low, what should we be looking out for? If you’re a member of mine, we’re going to be looking for breakout trades to go back up. So it depends on the manner in which price is delivered that we make those types of decisions. So today is Thursday, tomorrow is going to be Friday. What are the news events tomorrow? Let’s just take a peek. Tomorrow morning, 30 minutes before the market opens, Powell speaks. Oh, fun. At the end of the day, we’re going to trade our levels as they develop, being cognizant of trade location and trend. See my traders live on Zoom.”