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. Good morning, happy Monday, May the 6th—yes, the 6th. All right, today’s quote is, ‘Behold, I have created new heavens and a new earth; the former things will not be remembered, nor will they come to mind.’ I chose that scripture for the second part of that—the former things will not be remembered, nor will they come to mind. Whatever you did last week in your trading, don’t even let it come to your mind today. This is a new week. Everything starts afresh. You’ve worked too hard for too long to allow anything that you might have done last week, in a level 10 week, to hurt you. So, new week, new trader, new perspective, new self. All right, let’s get into our briefing here.

So, last week, our core strategy had 21 wins, no losers, and five break-evens. Now, the break-evens are critical, in my humble opinion. Let’s take a little deeper look into the break-evens. Well, two of them gave you the gift of break-even for sure—GBE. It was just obvious that’s what you do. It’s wiggle, wiggle, wiggle for 10 minutes at your level; there’s no sense in hoping it’s going to bounce because it didn’t bounce. Just get out. One of them, if you’d have done nothing, you would have had full profit, and two of them, you would have had a full loser. So, once again, on the break-even trades, it seems to me that taking the gift of break-even is a very smart thing to do. Price touches and goes too many times to just stay in a wiggle, wiggle, wiggle.

So, where are we on the chart? Well, we’re up 133 straight points—straight up 133 points. Play as long or flat now; we are bumping our head against an old established range. So if you’re in my group, go to the trading floor, and you’ll see some charts I posted last night, and you’ll see exactly what I’m talking about. But if we get above that line up here where it says, ‘Careful with shorts above,’ I would listen to that, in my humble opinion. I would be careful with longs below this 5108, and if we get underneath here, it is pretty much ‘watch out below,’ in my humble opinion. Once again, what do I know? We’re just trying to read the chart the best we can.

So, what’s today’s tip? Today’s tip is: What one or two trades can you get rid of that just tempt you too much and end up hurting you too much? It’s like that girlfriend you kept going back to that you couldn’t resist but you knew she was bad for you. Well, what is that in your trading repertoire? What’s in your playbook that you need to get rid of? That is today’s tip. What one or two trades do you need to just stop taking? For example, we’re obviously in a move of strength as price continues to go up here. Don’t be shorting that. Don’t short strength, in my humble opinion.

What have we done here in the overnight? Well, we’ll get to that here in a second. We’ll get to that in a second. So, what about the news drivers this week? Well, I’ll tell you, it’s very thin. It’s a weak week of news events. So there’s nothing here Monday, Tuesday. I think an orange on Wednesday, Thursday, Friday’s got some red folder. So certainly not in the level 10 category as far as news drivers inducing extreme volatility in the market. I mean, just look at last week there. In fact, last night—or not last night, yesterday—I recorded about an hour video just going through marking levels. I think that was pretty good. I wasn’t sure if I was going to keep that recording. I didn’t know what it was going to look like, but I think it was pretty good. We talked a lot about, uh, levels to have on your chart. So I encourage you, um, that if you want to watch that, um, watch it.

So, let’s take a peek here at the website because on the price menu page, scroll down just a little bit, and um, there where it says single prints, I now put a chart there. Okay, you can click that image, and it will enlarge for you, and it’ll show you the single prints and the VPO. If you’re in my group, I put it on the trading floor—no need to come here.

And as far as the news drivers, like you see, nothing Monday, Tuesday, Wednesday, just an orange folder event. It’s loaded towards the end of the week, so it will be interesting to see what happens. Let’s get back into the AM briefing here.

So, what happened overnight? Well, we had a gap up; it filled it, it went back through it, now we’re making new highs in the overnight session. London did not take out Asia. So, what’s the play? If we popped on the chart right now and we’re literally just trading what’s on the chart, you’ve got to say the trade is long or flat. You may not want to go long here; you might say, you know what, I’m just going to wait and see what happens, especially if we get above the ‘careful with shorts above.’ We kind of need to get into this area and laddering above this, in my opinion, or just, you know, the next ladder over here. I would take a long in this area here and see what happens, knowing that I got one more strong level right above it. But that’s what I’d be looking for. If I wanted to be short, I need to be short under here. It needs to break this; it needs to break something. We don’t predict short trades unless it’s an untested strong level, then I like those, but if you do it, do it small, if at all. Do not make things worse. Do not add to a losing trade. Do not move your stop loss. Look for opportunities to add if you’re correct. That’s what I did on this short on Friday. Luckily, I got a good movement. I did get an add; the add didn’t make me anything in this case, but that’s what I’m looking for. I want to add when I’m in the profit, never adding when I’m in a loser.

So, let’s go look at all the other indices here. And once again, yesterday we marked these things up. Um, Russell is in the upper distribution. Dow’s in the upper distribution. INQ and ES—well, ES is the strong one. ES is actually above Friday’s high. INQ has flirted with it, came back in a little bit, but all everyone is above their halfback, which is bullish. Everyone is above their overnight halfback—bullish. Everyone has an upward slanting VWAP—bullish. Can that change in the next three hours before the market opens? Absolutely. But if you made me trade right now, the play is long or flat. But I do know I’m bumping my head against a strong level here, and I would want to see what happens. In fact, let’s just zoom in for a second. It almost touched it; it got right there next to it, coming in. So we’ll see what happens. I have no clue; it’s too early for me to be wanting to trade on a Monday.

So, where are we? We’re at the beginning of the week after two days of straight up 130-something points. So, be careful. Does the market maybe want to rest here today and just complex ugly chop going up nowhere? Boy, that seems very, very likely, doesn’t it? So we’ll see what actually presents itself today and trade the levels as they are presented.

So, what’s my game plan today? I want to see what we do here at this level, ‘careful with shorts above this 72 level.’ I want to see what happens. Are they going to try to get over that and ladder up? If so, we’re going to have a pretty decent move above that, in my humble opinion. Will that happen today? I do not know, but this is kind of the line in the sand, in my view. If I had to make a bull-bear line, um, I don’t know if that would be it, but I’m not going to short above there. I’m going to just be looking for longs above there if presented. Um, so once again, we’re above Friday’s high. We’re definitely above the halfback; all of this is bullish. And to play anything different than that, I think, would be a mistake.

So, if you like what I’m doing, like and subscribe, and may price always bounce your direction. Stay green, my friends, and to learn more about our group, go to MicrosTrader.com.”