Preparing ES Emini and MES Micros Traders
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Transcript
All right, let’s go through the trade for Tuesday, April 16th. So, this was Tuesday. First thing I’m going to look at are the overnight trades. So, here is the overnight. Definitely worked. One of the things I’m trying to keep track of too is what kind of heat do you take, and I’m finding about somewhere 2 to 4 points is where that stop loss should be on these overnight highs and lows. So, 3.5. I might actually start recording that in a separate field. But Tuesday, so this was done in the PM session. This is the overnight high. You are in the land of 8o candles. Pretty much touch and go. Certainly slop and chop. Certainly profit. Five points, yes. And let’s denote that. 3.5 heat. All right, so that’s done. Now we got the London low. Certainly touch and go. Heat on that was minimal, one point. So, Tuesday, this was done in the AM. This was the London. Certainly eight-point candle land. Touch and go is what I’m going to call that one. This was chop. This was profit. Five points, yes. I don’t remember how much, but let’s denote. Oh, it was one point. One point of heat. Screenshot this. Let’s just move it over here. Very nice. Submit. And now we got this. That’s the overnight. I mean, dude, that’s beautiful. So, Tuesday, this was during the AM. This was the overnight low and the Asia low. I’m going to put both of those. Actually, I’m just going to put overnight low on that. So, 8o candle, certainly touch and go. That’s gorgeous. Chop. Yep, got the 8o candle land. Profit. Five-point runner, absolutely. Here, let’s do it like that. There we go. Now we’re going to do the IB highs and lows. Was there a trade for these? IB high, certainly. And IB low was here. All right, we’ll zoom in and look at all that, which was really, it’s funny, the London, right? Do you want to trade that exact level twice? You can. Tuesday, let’s go with the IB high. That was done in lunch. IB high, certainly eight-point. Well, I don’t know. By the time we did that, did it have two bounces? I’d probably say yes. I’m not going to put that as an eight-point candle. Basically, touch and go. Certainly chop. Profit, yes. Profit, yes. I mean, just gorgeous. That was beautiful. Update. Now, the IB low. Let’s drop into a one-minute, see what that would look like on a… So, if you did it, you would have been in on this entry here, and that went up to the top of that candle, right? Right there. Four points. So, certainly. So, Tuesday, this was done in the RTH. I’m at the AM. This was the IB low. Let’s do this. I’m going to go and screenshot this. Then I’m going to… Sometimes I hit a screenshot this. All right, let’s bring that back there. One-minute chart, ’cause I want to go back to the three-minute chart, ’cause I want to see about the sea of 8o candles. 8o candle, yeah, that’s that would have definitely been in the eight-point candle land. You did not have two bounces. It was touch and go. It was counter. It was profit. It was not five points. We got that. And move, okay. Now, it’s time to look for RTH trade. So, that IB low is technically a break level, right? IB high is technically a break level, but they’re based off a high time frame with lots of volume. And I didn’t mean high time frame. I meant lots of volume happens here. So, these are stronger levels than levels created over here. They’re just stronger. Why? There’s more volume. There’s more people defending price. Okay, so did you have a backside here? A middle backside? You sure did. Okay, so Tuesday, in the AM, you had a middle backside. You are in the eight-point candle land. The wick was a better entry. It was certainly touching go. Chop, profit. Let’s measure. Yeah, definitely went five. Five-point potential, yes. Doesn’t mean you would capture it, but five-point potential. Let’s point it to here. Do this. Perfect. Submit. And then if you got a backside, that means you got a front side. Front side wick. When the wick is tested, the body is tested. Notice you don’t want to be in it on the body. Tuesday, New York, lunch. It’s a strong front side because you had a back level development. Well, you just… Yeah, I’m going to call that a weak front side. Weak front side. See that had a… It bounces. I’m going to say it’s not eight-point candle land. Wick was better. Backup level, this break level here. Actually, I need to go to my other last trade and put that it had a backup level. By its nature, backsides have backup levels, but I still need to go put that. Front side here. I’m going to say yes, had a backup level and it was a little wiggle, wiggle there. But you certainly made a profit. Depending on exactly where you entered, I’m not going to say you made five points on it though, because it came right back to the entry, but chop, profit. I’m not going to mark that as five points. Update. And one second, I’m going to have to come in here and I want to add that that last middle backside had a backup level, so I’m going to denote that actually in the RTH base. I’ve got to do it right now. Sorry, guys, stick with me a second. And remove all the groupings. There we go. All right, there’s all the trades there. Backup level, what is it? Yes, just want to make sure I get it. And I better do it while I’m thinking about it. Okay, so middle backside. No real backside development. First warning sign, right? Middle backside front side. IB high, this becomes a front side here. This is a weak front side with no backup level, so I got Tuesday, New York, lunch. Weak front side. Um, certainly a point candle land. Um, which is better? I think the wick. Backup level, no. I will say it had a touch and go there, and actually, I’m not even sure you’d have been in that trade, ’cause it didn’t actually touch the level. It got so close. You wouldn’t have been in that trade. I can’t record it, so I’m not going to record it. There’s no way I’m going to let it come and bounce, come and bounce, come and bounce, and then get me in. That’s not a very good trade. Nope, I’m out. We will not record that. Doi here. So, this is a front side. That’s beautiful. Tuesday, um, this is a… In the PM trading, actually, that would be in the first 30 minutes. This shaded box for me, that’s the first 30 minutes. This is a weak front side. Do I have a backup level? No, that’s a tested. There’s no backup level. You’re certainly in the sea of 8o candles. You are in a fair value gap. Um, wick or base would be better in this case. The base, so I’m going to mark that as base. Backup level? No. Touch and go. Chop. Profit. High point potential. Let’s mark this out. Almost done. Um, and down. This becomes a front side. That’s a… That’s after. There’s nothing there. Um, nothing, nothing, nothing, nothing. I think that’s it. I think that’s it. Even all those sea of eight-point candles, there’s no loser. Um, you did have the gift to break even, and I recommend you take it when it’s given to you. Stay green, my friends. And to learn more about our group, go to microstrader.com