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. Good morning, happy pre-CPI day, Tuesday, April 9th. I basically kept the same chart up from yesterday’s wrap-up. Monster move, move inside of a move, move inside of a move, and overnight inside of that move. So, we are tightening up; we’re coiling up. The pressure cooker is starting to steam. This thing is going to go hard one way or the other way, and on CPI, it can go both ways.

So, tomorrow is CPI and FOMC minutes. Okay, so tomorrow is a big day. Will we just tap dance right here in the middle? It’s possible. Today, the odds are pretty good that’s what it’ll do. Sometimes, you will see, like this was the day before nonfarm payroll. Are you kidding me? So, here’s a beautiful example. Can you get an end-of-the-day run to one side of the chart or the other side of the chart just so it can go and wreck the other side? Absolutely.

So, because of that, my tip of the day today is, don’t make things worse. Of course, that’s the tip every day in your trading. In other words, if you’re in a trade and it starts running, do not make things worse. How do you make things worse? How do you do that? You do that by adding leverage when you are in a losing position. You don’t dollar-cost average into a trade when you’re scalping. Okay, you’re either right or you’re wrong. Get out. Because you don’t want to be caught in one of these moves on the wrong side. Remember, this was the day before nonfarm payroll, and this was non-farm payroll.

So, do not make things worse, and do not anticipate trade. “Oh, I know it’s going to come up here and take this high. I know it is. I’m going to go ahead and just get in right up here at the top.” And then it reverses on you, and now you’re in a horrible trade location because the price decided to go this way.

And then, don’t make things worse. Patience, patience, patience. Today could be the most boring day in the world. We get a smaller RTH session if that’s possible. So, just please don’t make things worse, and don’t anticipate trade. Trade the levels as they develop. We hardly got any level development yesterday in a way that got us into trades. It’s just that type of day. Look how small that is. It just happens. What do you do? Do you wait? That’s what you do. You wait.

Trend lines, there’s nothing new to add. They’re still here. We’re still inside of them. Now, time will eventually take out, but right now, we are still stuck inside.

News drivers: CPI and FOMC minutes tomorrow. Overnight, well, overnight London did what London does. It took out Asia’s high, and it took out Asia’s low, which is usually signifying a day of chop. So, we shall see.

Now, yesterday, you know, I mentioned that we’re in the middle of the middle of the middle. So, if we were going to chop today, what does ES do? ES takes out. ES is going to make its money. It is going to make its money. So, it took out its high, it took out its low. When I mean by its high, it took out the London high, and then it took out its low, and then it finished right at POC. It’s the recipe; that’s what it does. And usually, it’s going to run from one side of the chart to the other side of the chart during New York lunch. So, yesterday was a very recipe-type of day that just worked out, and today I’m just going to be extremely careful.

I’m going to trade small. There’s no sense in leveraging up the day before CPI and FOMC minutes. If I was to draw a trend line here for the overnight session, you’d have to come in and draw this. What’s going to happen up here at the top? Is it going to take it out and keep leading? I mean, we still have, well, first of all, let’s adjust this here. Let’s adjust this here. So, you got the RTH high, RTH low. This RTH high, make sure those are on your chart. You have this London low; make sure that’s on your chart. Make sure this RTH low is on your chart. Each of these sessions, if you’re in my group, it makes it real easy. Make sure that you have all the session highs and lows marked. Look at this stair-stepping here. So, make sure that all of those are marked.

And I am not updating the strong indicator today. If you want to know the current nearby strong levels and single prints and VX, go view the price map at MicrTrader.com, and it will give you that information. If you’d like to join us on Zoom, grab a Zoom pass or become a full member at MicrTrader.com. Thanks for listening. I’ll see my traders live here in a couple of hours. All right, bye. Stay green, my friends. And to learn more about our group, go to MicrosTrader.com.

Transcript
All right, happy Tuesday afternoon, April the 9th. Let’s do the wrap-up. So, the last couple of days, I have given you this as the key level the bulls need to hold. And today, when we opened up and I left you this morning, we were here. We marched all the way up and went back to this strong level, and then vomited down to this level that has been tested to death. That’s what you want to see because when it comes back through, it’s just going to rip through the level, which is gorgeous. You’ll see a short that we called up here earlier. Then it vomits down, it hits this 30 level that we talk about, it comes to the next strong range. It bounced up to this level, bounced down, went back to the next strong range, came down. So, this level has played very nicely today. Let’s drop in time frames. So, when the price vomited down, it came to this 30 and had a really nice bounce, and then we started getting evidence of loading up, and we were saying that the risk of short covering was high. I tried to be long here, missed me by a couple of ticks. I did go long here, I went long here, and I went long here, and captured 10 points on that move and got out. So, when we were on Zoom this morning, we talked about this entry here. Now, if I had not taken that entry and had I taken it, this comeback up here would have probably gotten my runner. So, I’m not going to pretend that I would have been in all that, but one of my traders did capture 20 points on that move, and um, so that was fantastic. First day back from vacation, and he captured a 20-point move to start the day, and then closed the charts and was done. So, good job for you, Justin.

So, what didn’t we do well? We recognize when the price is going to counter. I mean, when the price is going parabolic, and when the price is going parabolic, what do we say? If you’ve been watching my videos, we don’t counter a parabolic move. Now, in full disclosure, I did take this long. I feel confident when we are trending in one direction, and it comes to one of my high-time-frame levels. I feel pretty confident I can be in that. I tried to be short from here, so when we vomited through, I had a of shorts setting here for it to come back up because I felt when we were going to go down, we were going to vomit through that level, and unfortunately, I wasn’t in it, but boy, that would have been nice. Let me look at this again. Here, yeah, that had been good. So, I did take my first trade was actually a loser today. When we came down, I took a long actually right here. Now, if I could have held a little bit longer, I could have gotten the gift of break-even, but I took my loss. I did one contract, small, took a seven-point loss. It is what it is. And then, the price proved that nope, we are going down. And you know what you do? You don’t get stubborn; you get out. This morning, the AMM briefing, the one thing I said is when you get into a trade, do not make things worse. Imagine if I had held onto the long that I took right here. It was against a beautiful backside, but it’s also an overnight high. I mean, an overnight session backside, so it’s not as strong as RTH, but what if I had gotten stubborn and then suffered that? You don’t get stubborn; you take the loss, you get out, you reassess, and you get back in the game. I watched that whole thing drop. Although I tried to be short here, no big deal. When you’re on the wrong side, what do you do? You get right; you get on sides. That’s what you do. And if you miss it, you miss it. Oh well, I missed it. When it came down to the strong level, I took that long, you scalp it, you make a little bit. Do I expect that to be the turnaround point? It could have been, and had it kept going, wonderful. I’m going to try to stay in the trade. If it doesn’t keep going, that’s fine; I’m out. And then, when we finally came down to this strong range, we hovered around a little bit, and we gapped out. I said, okay, now the risk of short covering is high. We’re looking for longs, and if a person was wanting to be aggressive, that would be the first long. I had an order setting there, but it needed a few more ticks to get me in. And then I went long there, and there, and there, and did just fine. And the rest of the day, I’m not trading. Don’t give back your morning in the afternoon when the afternoon is just hovering at POC (Point of Control) the day before CPI.

Now, we look like we’re trending down here. There is an RTH low down here that these guys did not get. Will it come down here and grab it before CPI? Maybe. What do I know? This 30 level is doing its job. It has certainly been the key level today, and I’m very happy about that. It certainly makes trading easier when you have these strong levels, and you’re really good at knowing where the price is going to bounce. You’re good at knowing when not to counter. You’re knowing when it’s time to reverse and get back on the other side of the trade. It really helps. And together, we trade better. I was very pleased with how well we read the price action, how well we traded it. Multiple people had 10-point trades today. It was just beautiful. So, if you would like to learn how to draw the levels that bounce and trade with us live on Zoom and get access to all the strong levels, check us out at microtrader.com. Stay green, my friends. And to learn more about our group, go to microstrader.com.”