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.

Today’s quote: ‘Warn those who are idle and disruptive. Well, they aren’t even allowed in our group. Encourage the disheartened. That is a definite goal of mine as the leader of our group. Help the weak and be patient with everyone. Be patient with everyone.’ That is wise advice. That is very wise advice.
Alright, it is Tuesday, May the 7th. Let’s get into it.

Alright, AM briefing here. So, first thing is to discuss yesterday. Well, yesterday was this slop and chop, and then it tried to trend yesterday afternoon, and then just a ridiculous move at the end of the day just ripping people apart who are counter-trading, who don’t have a system. So, yesterday in the morning I took two trades. Both trades were up two or three points at a time. I kept my stop at a tick, hoping it was a move. There was no move, so basically my first two trades were break-even. And for me, that’s the message I need to tell me, ‘You’re done.’ So, I took my two small trades, closed my DOM, finished leading my group through the ES price action, and I was done. I came back in the afternoon and took a peek, and, yeah, so today’s first tip would be ‘Know when not to trade.’ The second tip is something completely different today, but ‘Know when not to trade,’ and just say, ‘No, thank you. No, thank you. No thank you.’

So where are we? Well, I don’t need to do anything. I got this trend line. I know exactly where we’re at. I know exactly where we’re at. Okay, and then you just—there’s nothing else I need to know. We’re still leading up. Did we even come to the halfback of yesterday’s range here? Did we even come to the halfback? We sure didn’t. So, um, it is a strong uptrend. Counter is small, if at all. Do not add to a loser. Do not make things worse. Do not add to a losing trade and do not move your stop loss, but when you’re right, you can be really right, and that’s the temptation of counter-trading.

In it, uh, moderate that temptation, I beg of you. So today’s tip is going to be about the new TOP Step X platform, and I am so far very impressed with it, and so I’m going to pull that up, and what TOP Step has done, um, I have been ranting about for the longest time that someone finally did it, that someone finally uh stepped up, and I believe, and hopefully, this leads to Apex and Elite Trader funding and those other companies doing the same thing. And what did they do? Well, first of all, I’m going to trade here. Um, last night when I went to bed, I set a short here at 13 and nailed that entry, and it’s up five points right now, but what I want to point out is this. We’re going to come here to settings, right here. So we’re going to come to settings, and in these settings, there are two things to set up. First one is here. This is your brackets, to where every order I enter, I want you to put my risk, Max risk at 100 bucks, so no matter how many contracts I enter, it will put the proper stop loss based off the $100 number. And then, what is my profit target? And of course, these are movable on the chart, but this is how you bracket your orders. And then, this is my favorite: thank you, Top Step, for actually caring about traders as they are learning to be disciplined traders. You can set your personal daily stop limit. Let’s say it’s 300 bucks. At 300 bucks, what do I want you to do? Well, I want you to liquidate my position and block me, liquidate and block me. And when that happens, I purposely did it yesterday, you will get a popup on your screen that will not disappear until the session opens in the maintenance period. I mean, at, you know, when it reopens at 6:00 PM Eastern. So, that is delightful. Thank you, Top Step, for actually caring about traders and helping them learn, because once you lose the 300 bucks, you know what? You go into the day knowing, no matter what I do today, I cannot blow my account. No matter what I do today, I cannot blow my account. Secondly, when you are in a losing trade, you are much less apt to add to the losing trade because you know that you are much closer to the game being over. Game over.

So, number one, you know you’re not going to go into the day and blow your account. Two, you’re probably not going to add to a losing trade because, would you rather have more leverage and less room, or would you rather have more room in your trade to actually work out? So, I am just stoked about it, just stoked about it. So, set your brackets here, set your daily stop loss here, daily stop limit. And I tell my traders, set this number to where you can’t blow your account for three to five days, whatever account you have, three to five days. As you build more cushion, um, you can adjust that, but start out initially where I can’t blow it in 3 to 5 days. Make this decision when you are sober, not drunk with trading. Make the decision while you’re sober. I want to liquidate and get me out if I lose this, just get me out. I’m done. I shouldn’t be on the chart. I’m not seeing something right. I’m doing something stupid. You can do, as I say, so many times, you can do everything wrong. You can add to a loser, you can move your stop, you can do all that wrong, but the one thing you don’t want to do is this, and TOP Step is giving this to you now.

It’s true, you can trade a cash account on Trade of Eight and set similar parameters, and, um, just trade a cash account and keep it like this, which is great, um, but so, let’s go back to here. So, with these risk parameters are set, when you place an order on your chart, and by the way, there’s more, there’s lots of layouts and customization here, and they’ve partnered somehow with, uh, Trading View, so you got a Trading View chart going on here, you got an order panel here, there’s actually a DOM, but I do not like the DOM. I don’t like it. I won’t use it. I even removed it. You got to right-click on this side to do this, and then left-click on the other side to do that, and if you’re underprice, um, and you want to set some orders, it’s the opposite click. No, it is horrible. It should just be a single left click, and I should be able to place an order anywhere on the DOM, so I will not be using the DOM, which is fine. I don’t normally chart-trade, uh, so this is making me do it. So whenever you place an order here, to go to buy or to sell, um, um, so I set a limit order last night here at this 13, and, um, as soon as you set in that limit order, it will put your stop and your take profit based off the settings you put in here, which is really nice. Now, let’s say you realize you start being stupid, you’re starting to be dumb, you know you are, and you haven’t hit your daily stop limit, but you want this system to kick you out. Come up here and click this little button right here, confirm trading lockout. You say yes, lock me out. I need to be done. I need to remove, I need to set something in place, a physical barrier between me and trading. That’s one of the other things I tell my traders, when you’re done, sometimes you got to leave the house. Sometimes you got to physically remove yourself from the temptation. Don’t stand at the door. Members of my group know what I just said.

Um, so don’t stand at the door. The beautiful thing is, is if you hit your risk protocol here, it’ll lock you out. You can’t get back in. And if you know that you’re being dumb, come up here and click this button right here, and lock yourself out. Just say, you know what? I got to take myself out, coach. I’m out. I got to take myself out. I’m not in the game mentally. I’m doing something wrong. I’m out. I think it’s a beautiful thing, and there’s other features, and right now, it’s $19. Right now, it’s $19. Um, close, let me show you, and I’m going to show you one more thing. Let’s go to TOP Step. Go to TOP Step. Let’s go to TOP Step X. Here it gives you a lot more information about TOP Step X, and then, let’s here click here, and earn funding. There’s no affiliate codes, there’s nothing. They don’t even have a referral program, um, so here’s what you want to do. It says 49 bucks, but you want to hit select, and then what I want you to pick is TOP Step X, and one of the things I want you to notice: commission-free trading. So even in your prop account, your evaluation is here, it’s commission-free trading. Commission-free trading. So that is really nice. So if you pick TOP Step X, it will say, um, 19 bucks. You might actually have to, um, use a coupon code there, on the, on their front page, but it’s easy. It’s easy, 19 bucks. So I encourage it. For 19 bucks, think about a new trader. For 19 bucks, you still get access to Trading View. Now, you will not be able to use my indicators if you’re in my group, so it’s certainly not going to get rid of Trading View for me, but I will have it on the side, and I’m not going to be using TOP Step for my scalp type of trades. I’m going to use it for excellent trade locations that I feel that I can chart-trade. Now, if you were trading NQ, it’s a delightful platform, I think, for NQ because it moves so much.

Alright, let’s get back to our AM briefing. So that was my tip there. News drivers, there’s still nothing today. Now, I do need to update the price map because we took back a set of singles yesterday, uh, so I will be doing that. I haven’t done that yet. In fact, I can come here and turn on single prints. Ah, I might have already removed it from my actual chart, but I’ll update that on the price map for the single prints. Um, so what’s happened overnight? Well, London does what London does. It took out the liquidity to the South, took out weekly liquidity to the north. We’re above the halfback. All of this is bullish, bullish, bullish. Why haven’t I got out of my trade yet? To be honest, I’m just still playing with the DOM. Yesterday, well, I’m not playing with the DOM anymore. I’m so sorry. I’m playing with the platform. I’m done, done, done, um, I’ll just chart-trade. So I’m just, uh, experimenting because what I’d like to happen is trade to continue to move my direction. Odds of that are slim to none, but if it continues my direction, I want to practice adding to my trade. So I’m trying to stay in it just so I can practice adding to my trade. I could just do it right now and add, but I’m wanting to, uh, just be a little more patient with it, be a little more patient.

Alright, so let’s look at the indices. As you can tell here, um, Russell, the far left, is flirting with its yesterday’s high. Dow took out the high with a vengeance. NQ is not having any part of this, and we’re just flirting right here at yesterday’s high, as you can tell. Are we all on the same train? The answer is not yet, but kinda, but not really. So that’s the purpose of that. Are we all on the same train?

What’s my game plan today? Well, I’ll be honest, I’m going to continue to play with the TOP Step platform today, just one account, and, um, if I get a right trade, I’ll, I’ll play my cash account as well, but my game plan today is, uh, really to focus on the TOP Step platform and, uh, work that out, to, um, uh, get that more dialed in, is what I’m going to say. And as far as what’s on the chart, well, we’re going to pay attention to trend and trade location. Trend and trade location. You want clean, clear, crisp levels, guys, with backup levels. There were no trades yesterday on the core strategy. No trades. You had no level development. It was just slop and chop, and that’s exactly what we said in yesterday’s AM briefing. Two days straight up 130 points, what are we most likely going to get today? Complex slop and chop, and that’s what we got. And today is Tuesday, which tends to be more of a trend day, so I’m excited to see what’s going to happen.

So thank you for the likes and subscribes. If you like what I’m doing, leave me a comment. Subscribe to my channel. It costs you zero, but the appreciation, I promise you, um, is valuable to me. So may price always bounce your direction, and I’ll see my traders live on Zoom here in a couple of hours. Stay green, my friends. And to learn more about our group, go to microstrader.com.”