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.

[Music]
good morning
Traders welcome to SPX
radio the Futures
Edition all right today’s quote is death
and life are in the power of the
tongue they that love it shall eat the
fruit
thereof be careful how you talk to
yourself words have immense power not
only how you talk to others but how do
you talk to yourself when you
struggle build yourself up no one else
will build yourself up you’re in my
group we definitely support each other
and um but the most important thing is
how you speak to
yourself watch your words closely
Encourage
Yourself challenge yourself and be kind
to
yourself all right let’s get into it so
welcome to the am briefing number 193
brought to you by micr trader.com we’re
together we trade better and it’s
absolutely true all right so what is the
tip of the day today break levels tell
the story forget the numbers on the
right hand side of the chart we trade
the candles as they
develop and what’s the number one saying
in our group Trends are hard to break
and the reason why that is is because
Traders instinctly love the shiny object
of counter trading
Trend get on the train which way is the
train
headed either get on the train or do
nothing
long or flat was the play all day
yesterday either be long or be flat and
as I said after about the fifth ladder I
tend
to I’m done I’m not going to chase
anymore I’m not going to chase anymore I
mean yesterday did exactly what and
we’ll we’ll go back over that on the
chart here in a minute but basically be
on the train news drivers level 10
trading for the next 8 Days today’s the
day before NFP tomorrow’s NFP um and
next Wednesday is
fomc so level 10 trading for sure adjust
appropriately maybe your adjustment is
going on
vacation maybe your adjustment
is I’m going to trade just one micro for
the
next um eight days and add to my winning
trade I’m not going to put my count at
Jeopardy I’m not going to put my mental
and emotional Equity at
Jeopardy so what is to today
unemployment claims but tomorrow nonfarm
payroll so be careful you have been
warned So Yesterday trade of the day was
that 31 long it’s nice whenever the
trade of the day I actually take it
stinks when the trade of the day is
something I didn’t take but I was very
pleased with that I told the group if it
gets over 31 comes back to 31 I’m going
long with a target of 50 and it did that
and more which we’ll see so in the
morning I put careful shorting small if
at
all there are no sellers you don’t need
to be the first longer flat is the play
top of the range is 50 on ES and that’s
where we went and then we went more so
when you get that close to the all-time
high it is a
magnet that your levels mean very
little and the magnet one yesterday
that’s for
sure so how do we trade alltime highs
it’s you know I I made that post
yesterday it’s so counter to my personal
opinion of the state of our country and
our economy to see all-time highs like
it really irks me and I lo all-time
highs right now for some reason but it’s
counter to how I personally feel how I
personally F doesn’t matter doesn’t
matter at all okay we trade the
candlesticks as they develop so how do
we trade at alltime highs number one no
Bulls are trapped everybody’s made money
nobody’s trapped they have no reason to
really get out and I use the word yet
and the reason why I use the word yet is
because for example right now what has
happened since we stopped trading the RT
session well we have an Asia High we’ve
got a London High we are in engering
liquidity as time moves on so we will
trade the levels as they develop sure we
have an all-time high up there in fact
it’s a it’s a double it’s a double high
it’s a double top whatever they want to
call it but as time moves on we are
manufacturing we’re engineering pools of
liquidity and as
price inevitably goes up and down there
will be a point that the longs are
trapped and they say up I’m out up I’m
out up I’m out much like when we when
the Market’s dropping okay more and more
short more and more short more and more
short there becomes a point when price
comes up that the shorts say let’s get
out and they all Run for the door and we
have a short covering
rally they got trapped right now there’s
no Bulls trapped but every session that
goes by the more they get trapped so for
get the numbers on the right hand side
of your chart 5300 5400 5700 4200 forget
those numbers the only thing we care
about are the session highs and session
lows and the levels as they develop
that’s what we care about there’s always
a risk of a liquidation break so as we
are trending up and the play is long or
flat it’s even more important when we’re
at these type of points to never add to
a losing trade never make things worse
so if you go long eventually it’s going
to go against you okay eventually it’s
going to go against you and you just get
out it’s no big deal there’s another
high probability trade right around the
corner now we just had what a 70
something Point move yesterday making
all-time highs the day before non-farm
payroll today would be a good day to not
trade or to trade one micro
small never make things worse never make
things worse dial it
down yes it can keep going we’re only 25
points from
5400 25 points it’s
nothing we did 70
yesterday so yes it can keep going but
now next week level 10 trading all-time
highs dial it down don’t allow this
location on the chart to hurt you dial
it
down that’s my advice guys if you like
what’s happening here at the am briefing
please like subscribe heck tell other
Traders about it if you think that
there’s value here and if you’re
interested in finding a group of es and
NQ traders to trade with check us out at
micr trader.com
so seasonality boy look at the beginning
of June there did we kind of is this
looking pretty
familiar interesting and then we got um
fomc of course we have no clue if
seasonality will match perfectly but it
is worthy of taking a Peak at in my
humble opinion so now let’s get to the
Chart all
right so where are we that’s the main
point of looking at the chart as where
are we well we made new
alltime highs around 63 somewhere in
there was the all-time high and where
are we right
now full and complete Acceptance in the
upper distribution of the day in fact at
the rth
high this is acceptance no one’s trapped
no one needs to get out fomo buying is a
thing 80% of the time the market goes up
so so we very well could have had this
move up we’re going to do this and then
we’re going to do that
again okay we’ll let the candles develop
it’ll tell us what to do if you made me
trade right now I would do nothing until
it took a session liquidity I would do
nothing I would just watch show me
you’re going to do something I have no
clue what you’re going to
do okay and I’m going to do it what
small small you do have two sets of
single prints from yesterday put those
on your chart I will update the uh voox
and single prints on the price map at
micr
trader.com uh this morning at some point
so let’s look at trend
lines so we have this major trend line
that we’ve had on our chart that we did
on the Sunday chart marking so don’t
miss this
Sunday’s chart tuneup on the es and inq
charts um we’ll get you ready for
trading for the week yesterday was this
trend line
initially then it got adapted out then
we got it adapted out okay and it’s no
big deal the play was long or flat now
when it hit the top of this range which
was really beautiful cuz I 50 was my
Target and we had a really nice move
there I know at least one or two of my
Traders took that short and that’s okay
it’s top of the range it’s a great trade
location to try a short then we got up
over the range and I told him hey 50
will be a great long and 50 turned out
to be a great long um and then this
stupid little move here at the end of
the day to make sure that it uh blew the
top and grabbed the all-time high so it
is what it is the O the all-time high is
right now done in the overnight session
not during r t h so this trend line is
obviously a delete
now and I would Mark the top of this
range at this 5350 we
nothing changes until we at least get
underneath here okay you want a new bull
bear line that’s it in my humble opinion
now let’s do this I’m going to turn
these off I’m going to bring on my
strong levels
here so here let me move these into my
sessions folder
so when we opened up yesterday I told
the group if we got down if we took out
this London low and we had this strong
level here I had a short setting right
there and it didn’t get me boy would
that have made a even a just a greater
day if it had gotten me in it was
against Trend pushing it just a little
bit more but I really thought it would
grab that London liquidity it did not so
I missed that long now for those who
couldn’t have attended Zoom I said
I wish it had taken it because I would
have certainly I’m going to put back in
this FIB I would have there there’s our
range I would have taken this long had
we taken this liquidity because this big
magnet was still present I chose not to
take this positional trade um of course
you can take anything with one
micro but the the danger of that is is
you do it too often and you die the
death of a th000 Cuts so I resisted just
jumping in there um had it taken this
overnight low liquidity I would have
100% been in that trade so I had to wait
until I got my 31 entry which was right
here and no big deal it was turned out
to be a great trade so we went
from the bottom of that
range to the top of that range and it
performed beautifully and then it broke
out over the range and continued so we
are in breakout mode to the
north um resist shorting resist shorting
when can you short you better have those
rules in place when can you short an
uptrend you need to have those rules in
place for yourself to me it’s until
something breaks or it’s a session high
or low well we don’t have any session
highs above us but this
one okay so if you wanted to try a small
short against the overnight high in the
all time time high there that’s the only
one and until we have weakness you don’t
short okay weakness so let’s go look at
the indices where are we right now in
relation to yesterday well it’s pretty
interesting Russell is obviously lading
down but still in the upper
distribution
um Dow looks minor ladder down but still
in the upper distribution NQ is still
above es is flirting with yesterday’s
high as we saw so we will monitor these
to see if we all get on the same train
so we were all on the same train
yesterday in fact
um if you load your Essentials indicator
this went
green what’s important about that box
going green that means each of the
indices were above their previous day
high that certainly
means uh don’t
counter don’t counter on the trading
floor you were getting alerts don’t
counter this
move you were getting alerts careful
counter trading careful counter
trading the trend is your friend so
what’s the game plan today well it’s to
know where we’re we’re at horizontally
that is tomorrow’s NFP level 10 for the
next week dial it down that’s the first
step dial it down second step we only
short weakness not strength and we are
in a very strong move with a strong
overnight in my humble opinion we will
trade the levels as they develop and
realizing every session that goes by New
Pools of liquidity are being engineered
and when will the Bulls feel like
they’re being trapped and they run out
the door and the final thing there is do
not make things worse
worse if you get into a trade okay do
not make things
worse it’s towards the end of the week
Friday Rules start today in my humble
opinion and so I would treat it as such
and be
very tight in my humble opinion and if
you get into a trade at a great trade
location try to milk it try to milk so
today is the day before NFP it is
certainly a day to not trade it’s
certainly a day to go fishing and drive
golf balls please dial it down and let’s
trade
great
together so guys I wish you good luck
today I want you to have just a
fantastic day and I can’t wait to trade
with my Traders this afternoon and I
will see you guys
later Stay Green my friends and to learn
more about our group go to microstrader.com