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.

Good morning, everybody. Welcome to Wednesday, July 10th, the day before CPI. It should be interesting. We are in the summer slum, slop, and chop fest, no doubt about it. The market is just going up, up, and away. Up, up, and away! Well, today’s quote, we’re going through the Ten Commandments. The next one, the one most people get, is “Thou shalt not kill.” Did you know you can also kill someone not physically but spiritually and emotionally with your words? Use your words to uplift people. Don’t use words to bring people down and destroy them. Use your words to lift people up. Be the light in every person’s life you meet. Be the light. That’s what I recommend. In fact, when my wife goes to work in the mornings as a school teacher, I tell her, “Be the light. Don’t let anyone steal your sparkle.” That’s the other thing there. But use your words to uplift and build. One of the cornerstones of our group is that we are very supportive of each other. We uplift each other, we celebrate our successes, and we’re there whenever we’re down. So, that’s exciting. Alright, guys, let’s get into the nitty-gritty here. Welcome to the AM briefing number 214, brought to you by microtrader.com, where together we trade better.

News drivers today: Well, today we still have the delightful Powell, and tomorrow is CPI, one of the three trifecta news events that can give you a single 100-point candle. We will be live in our group for that announcement. If you’d like to join us, grab your Zoom pass or consider becoming a member.

Tip of the day: Bored? No level development? Wait. Judge your week, not your days. Judge your month, not your weeks. Have a longer-term perspective. Monday, I basically had a zero day. Tuesday, I basically had a zero day. And you know what? Today is a new day. I’m not too worried about Monday or Tuesday because today we could get into that trade that goes 80 points. More than likely, that’s tomorrow, but you never know. So if you’re bored looking at the charts, I’m thinking about a new member of mine who said for the first time he was basically bored on the charts because there was no level development. He said, “I’d have been chasing entries here and there and getting my butt handed to me, but instead, I was able to sit there, be patient, and wait, and realize there’s nothing here to trade. No big deal.” I did give one trade yesterday, which we’ll talk about here in a second. So on Zoom, I continually talked about the 45 level.

We were live on Zoom yesterday, Tuesday. We’ll be live next Tuesday. Talked about this 45 level. Did price bounce off the 45? Looks pretty good. I love that number, 45.

Seasonality: Well, it’s skyrocket up. August looks rough, doesn’t it? Plus, it’s an election year. We can’t forget that. They’re going to do everything they can to support the current administration. To think there’s no manipulation and that the election year does not play a role, I think, would be shortsighted in my humble opinion. So, YouTube live one week from now. Okay, let’s get to the chart here. I think this is the only view that matters. I can delete this 45. Now this is the only view that matters. We’re up, up, and away. These sessions are obviously stacking on top of each other. When we get out of this area, it’s going to be explosive. So I updated the strong indicators. I added this one here. We could flush multiple levels if we get underneath here. So I was going to put the words “careful with longs below,” but I wanted to be a little more, “Hey, we could really flush if we get underneath there.” Also updated the essentials indicator for the floating panel for the ES, NQ, Dow, and Russell. I liked this a whole lot better. I think the other one had a great idea, but the application of it just wasn’t really working. I was getting frustrated. One of my personal commandments in life is if it frustrates me, change it. So that was frustrating me. So I spent yesterday afternoon not trading but working on this for my traders. We bring this into trading today, and we’ll see if there’s any issues with it. We will see. And as a reminder, perfect entry does solve all problems. One of the things we’re really good at is identifying where price will bounce. This 45 number was on the money. If that’s the only trade you took yesterday, it was a good day.

Let’s switch over to the indices. Where are we in relation to halfbacks? Well, let’s line these bad boys up here. I pulled these in last night when I was preparing for the AM briefing. Believe it or not, I start preparing for that AM briefing the night before. So where are we in relation to the halfback? Well, three of us are above the VWAP, above the upward-slanting VWAP. Even Dow’s got a little upward-slanting VWAP. So are we all on the same train? Kind of. We all have upward-slanting VWAPs at this moment. We’re all above those upward-slanting VWAPs. All-time highs are within grasp again. We’ve made, what, something like 38 all-time highs this year. Do you expect the train to end when you look at the seasonality of the chart? I don’t think so. But we’ll see if Powell says anything today. And look at this: it hasn’t even challenged the overnight low. London didn’t even take out the Asia low. I mean, do we look like we are parabolic to the north here? Yeah. If I had to trade right now, I would literally do nothing. I would wait until either we get up here or down here. Trade the edges; that’s a smarter move. And realize that any moment, a violent— and I mean violent—liquidation break could come out of anywhere. So one of the things I’ve advised my traders is if you do go long and price rips you a new one, do not make things worse. Eventually, “A” is not going to work. It’s worked for days. The only person that didn’t make money is anybody who bought in this area. They’re the only ones on this entire chart who didn’t make money going long. If you went short, you’ve made money the hard way. But there are those opportunities as well because price bounces in both directions. We’re not afraid to play the bounce in either direction. I can’t wait to trade with my traders. Good luck today, guys. I’ll see you later. Green, my friends. And to learn more about our group, go to microstrader.com.