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.

“Welcome to the AM briefing video presented by MicroTrader.com, where together we trade better. Good morning, everybody! Welcome to SPX Radio, the Futures Edition, where it’s always sunny and 72. But, I looked on the map for next week; clouds are coming in Tuesday and Wednesday with PPI and CPI—that’s right.

Well, today’s quote: ‘Love must be sincere. Detest what is evil; cling to what is good.’ How can we apply that to trading? Well, detest—some other versions put the word ‘hate’—what is evil. What is evil in trading? Letting your emotions get in the way, overleveraging, prediction trading. Hate that stuff; detest it so much so that you refuse to engage in it and cling to what is good—that’s being patient, that’s waiting, appropriate leverage, trade after trade, day after day.

Yesterday, I had a great discussion inside of Jared’s Journal about levels and trading. So, if you’re a member of my group, I encourage you to head over to Jared’s Journal there in Discord and maybe take a peek at what we talked about yesterday afternoon. I thought it was a great discussion, so I wanted to share that with everybody.

Alright, that’s enough of that. Let’s get going into the meat of our AM briefing. So, first thing is about yesterday: well, yesterday our core strategy was five for five trades; it was the day of the backside, and it performed very well. So, look at the end of the day chart channel inside of Discord, and you’ll see where those core strategy trades existed.

So, where are we? Well, today is Wednesday. Wednesday, in general, is ‘see money, take money’ day. It’s typically not a day to worry about five-o plus runners. But if you play in the three-contract system that we do in our group, you will see that you might get a few, but it’s less likely today. Now, Tuesdays are typically trend days. That is not what we got yesterday; we got, I think, buyer exhaustion, and at the end of the day, they gave it up but gave it up tiny.

And what do I mean by ‘they gave it up tiny’? They didn’t even take out the overnight low. They didn’t even take out the overnight low, so they gave it up some, but not a whole lot. And then, what have we done the whole night here? We’ve just stayed in the middle of the range.

Now, I chose this view for a purpose, because what I want to make sure you do is, on your chart, you’ve drawn the bottom of every one of these sessions—at least mark the bottom of them. And if you want to be picking like me, this is not only the RTH low, this is the RTH IB low; if you wanted to be picky, then you got the London, you got the Asia, you got RTH. I bet that’s the IB low; I’d have to go and look at my own little notes, but then the London low, New York low.

And then, what I would want you to do—and this is FOMC day—I gave the FOMC POC in our group. What’s the halfback of this session, what’s the halfback of this session, and what’s the halfback of this session? Those are things that I would want to make sure are on your chart, in my humble opinion.

So, today’s tip, once again, about Top Step X: I really think it’s a delightful thing. We kept trading it yesterday, and I’m going to put out a little video today—maybe I’ll get it out this morning—of how we’ve chosen to actually enter our trades and manage our trades. So, I talked about what I did, another trader talked about what he did, another trader talked about what he did, and we kind of came to the consensus that we felt this was the best way to enter trades and manage trades when you’re in them. So, I’ll be releasing a video on that later.

And the tip would be for my members as well: the three-minute core strategy rocks. You don’t have to game it, you don’t have to find how to improve it, you don’t have to front-run it; all you have to do is draw your basic levels and wait—just wait. Let the price come to you. Come to me, baby! Be greedy, be like, ‘Nope, you’re coming to me. I’m not walking over to you; you’re coming to me.’

Alright, news like I said, next week is PPI, CPI. Have we found a happy place up here before then? I don’t know, but boy, we’ve spent one, two, three, four, five sessions, now six and a half sessions perhaps, in this little range up here. Now, if you’re in my group, you’ll know we are in the middle of this large timeframe range; we are literally in the gray. So, it’ll be interesting to see what happens, but next week, the clouds move in, the storms are coming in, CPI and so we’ll see what that presents us.

I will update the VPOC this morning; they’re on the price map on my website, and any single print, so I will update that here in a little while. I’m not going to update anything on the strong level indicator; I don’t think there’s really much to update. I mean, I could remove some of the words like ‘careful with shorts above.’ I mean, that actually turned out to be a delightful warning, in fact. Let’s turn on the strong levels right here: ‘Careful with shorts above,’ and that turned out to be true.

Now we’re basing out, so I could remove these words, but I don’t want to update the indicator just to remove those words. The levels are still valid.

So, what’s happened overnight? Well, it looks like London’s about to take out—it looks like it did make a new low. Okay, so London took out the Asia’s high and low like it did yesterday. Alright, we’ll see what happens. So, make sure you have—now, this is the real overnight low, and then you’ve got the New York low, and then you’ve got this London low. And then, somewhere, you’ve got that—in the middle of this, you’ve got that halfback. So, make sure those are on your chart, and PCK is somewhere down here. I will pull that up; in fact, let’s go ahead and just do that.

So, let’s come here. I want the POC for this range. No, it did the whole thing. I’ll have to go back and play with it. It seems like it would have done it just for what I asked for. I don’t want that whole range; I want it from there to there. Wrong tool! George, fixed range volume profile—I want it for this range. No, that’s not it. Okay, I’ll—I actually like to use my Trade of Eight chart for that, so we’ll pull that up later.

Okay, so we’ve done the overnight; now we’ve got to talk about the indices. And let’s slide over. So, I have not adjusted these yet, so we want to move this to the high, want to move this to halfback, want to move this here. So, interesting that Russell is actually under yesterday’s low. What about Dow? Dow is still inside of yesterday’s range. I just find that good data—are we all on the same train? Is what we’re always looking for over here when we do this. Are we all on the same train? I was really excited to see where NQ was. NQ is also inside of yesterday’s range. So, you want to mark that, slide this over, let’s expand, expand, pull that in just a little bit. There we go. And ES is obviously still within yesterday’s range. I like to manually move these things; it really gets me involved in the chart. Not everything needs to be automated, nor should it, in my opinion. But what do I know? Your mileage may vary. I’m not here to tell you what to do. I don’t know what you should be doing; I’m just here to provide what I do. It seems to work pretty well for me.

Alright, so where are we? Well, I like to start with a halfback; we’re all under yesterday’s halfback. That’s different, isn’t it, than the last five days? That’s different. There’s a change; it’s been multiple days before anyone’s overnight session was under the RTH low. Interesting, interesting. Is that the canary in the coal mine? We shall see.

So, what’s today’s game plan? Well, we’ve had straight up, and now we’ve had five sessions of straight across. There was definite buyer exhaustion here, basing. Although we’re still inside of yesterday’s range, nothing changes till we close under a daily low. Nothing changes; it’s still straight up, still long or flat is the play, long or flat is the play, until it’s obvious it isn’t. Until it’s obvious, it isn’t.

So, I would appreciate it if you like and subscribe, leave me a comment, let me know that you enjoy what we’re doing here. May price always bounce your direction. Stay green, my friends. And to learn more about our group, go to MicroTrader.com.”