Thu AM Briefing Preparing For Our Emini Trading Room 11/07/2024

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

Welcome ES MES Futures Traders

The Man in the Arena

“It is not the critic who counts, not the one who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the one actually in the arena, whose face is marred by dust, sweat, and blood, who strives valiantly, who errs and comes up short again and again because there is no effort without error and shortcoming. The one who does strive to do the deeds, who knows great enthusiasms, great devotions, and spends themselves in a worthy cause. At best, they know the triumph of high achievement; at worst, if they fail, they fail while daring greatly, so their place will never be with those cold and timid souls who know neither victory nor defeat.”
– Theodore Roosevelt, April 23, 1910

Daily Inspiration

Today’s inspiration is about perseverance: “Blessed is the one who perseveres under trial because, having stood the test, that person will receive the crown of life that the Lord has promised to those who love Him.” – James 1:12

The Book of James is filled with wisdom and strength—one of my favorites for sure.

AM Briefing and Trading Tips

Welcome to the morning briefing, number 299! Tomorrow will mark the 300th session, and I’m excited for this milestone. Here in the ES MES Futures Trading room, we trade better together, and there’s always another high-probability trade just around the corner. Patience is key; wait for the right moment.

Tip of the Day

Keep striving and pushing forward. Remember, you are the person in the arena. Not everyone understands the trials a trader faces to be victorious, but we do here at MicrosTrader.

Market Drivers This Week

Today’s key drivers include:

Unemployment Claims (1 hour before market open)
FOMC Meeting (this afternoon)

We’ll be watching the FOMC announcements live on Zoom. Join us for both the morning and afternoon sessions, starting 30 minutes before market open.

Schedule:

Mental Training: 10 minutes before market open
Market Reminder: 11:00 AM
FOMC Fireworks: Orange level in the morning, red in the afternoon

Be cautious when trading around the FOMC. The market can create traps, so stay vigilant.

Trap the Trader

We all know the game: overleveraging, revenge trading, blowing accounts—avoiding these traps is key. Let’s meet today’s “contestants” in the world of trading pitfalls: “Johnny I-Just-Have-to-Trade Johnson,” “Sam I-Never-Saw-a-Short-I-Didn’t-Short Stevens,” and our returning champion, “Patrick Predict-Price Patterson.” Remember, it’s all fun and games until the market opens!

Chart Analysis

Let’s start with the high time frame. Yesterday, we saw a parabolic trend, and it’s essential to remember that countering a parabolic move can be risky. Bulls are in control, with both Asia and London sessions hitting new all-time highs. The previous all-time high should be marked on your charts as a potential backtest zone.

For today, focus on the horizontal lines, such as the high, halfback, and low of yesterday, along with the London and Asia lows. Avoid getting too excited by blue candles, as they can lead to impulsive decisions. Yesterday was a break-even day for me, with three entries, but staying disciplined kept me in the game.

Until we see a daily low taken out, this is a bullish market. Remember to respect the bull/bear line on your charts and be cautious of shorts until that line is challenged. A measured approach will help keep you out of counter-trend traps, especially with strong inflows coming into the market from mutual funds and retirement accounts focused on the S&P 500.

In short, don’t “whiz on the electric fence”—trade with the trend!

Final Notes

If you haven’t yet, check out the free Foundations Course available at MicrosTrader.com under the “Foundations” section. Let’s stay green today, and I look forward to seeing you all on Zoom.

MORE INFORMATION:

Website: https://MicrosTrader.com
YouTube: https://www.youtube.com/@microstrader
Free Foundations Course: https://academy.microstrader.com/foundations-dashboard/

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SUMMARY:

✅ Daily Inspiration: Today’s theme of perseverance is inspired by James 1:12, celebrating those who endure through trials.
✅ Trading Tips: Embrace patience and perseverance as a trader; you are the one in the arena facing daily challenges.
✅ Market Drivers: Key events include unemployment claims and an afternoon FOMC meeting, both with significant market impacts.
✅ Chart Analysis: The S&P 500 futures remain bullish, with multiple support levels, and caution is advised for counter-trend trades.
✅ Upcoming Sessions: Join the MicrosTrader team on Zoom for both morning and afternoon trading sessions and live FOMC coverage.

ADDITIONAL LINKS:

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Although the author is an experienced and consistently profitable trader and the information offered within this course is given with the best intentions and made to be as accurate as possible, the author has no idea what your financial situation is and everyone has a different tolerance for risk and different investment goals. The purpose of this course is to teach you how use technical analysis to assist in your trading, it is not intended to teach you how to trade even though many lessons do share practical techniques based on real-life trading experience. The lessons in this course are provided as hypothetical trading examples, not necessarily ones that are profitable or robust. While the creator of these lessons has used some of these techniques to generate profits in the past, it is not guaranteed that you will experience the same results and past performance is not indicative of future performance. Trading involves the risk of loss as well as the potential of profit. 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