Issue 1,865 – Copyright, 2024, by Wyckoff AM Trader
DAILY:
Price held the 10 day MA and the 20 day MA. Bulls got their eyes one the 50 day MA. It's a bit away, give it time. However, this is the day when if price is going to start to dip down. It may start today. That was yesterday. And that's why I don't like the MA. They gave it all away yesterday. Now price is in the vortex of the 20 and the 10 MA.
If we take out the 20 MA it's onward and upward. If you lose the 10 MA, well you get the picture.
YESTERDAY INTRADAY
Good morning. Today is SERIES S4L. I would anticipate – Perhaps price may try to fade away to test some lows.
5. Cycle Bias: To my eye, bulls have exhausted this run but I saw buying at yesterdays CASH lows three and then four times. Those are the big pockets. They can afford to average in and buy lower. It all depends upon today which way to path of least resistance will sway. Nothing but blue sky up ahead if the bulls can get a following.
6. Honing (turns): Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW
Trust you got some of that!
I did not trade in that direction. I took an opposing trade. Danny says there are three phases to the market. I've started trading that last phase the beginning of the second. However, had I just gotten short at the third/fourth test of the 30 handle before the open. Could 'a, would 'a, should 'a right!
Lets talk about it. Spill up sealed at 9:40 AM, AM LOW at 10:20 AM. If you just gotten board at the spill up. I waited till the AM LOW.
Here is some of my trading journal:
(10:14:55 AM) : Long at 5810 at 10:12. Up volume on 10:00 to 10:05 strong 8K; Previous support from CASH prior day.
(10:16:04 AM) : Confirmed 10:13 with two bids from bigger players
(10:18:28 AM) : lower odds as price is trading below pivot/settle
Yea I realized that after I put the trade on.
(10:21:10 AM) : Red light on 10:20
(10:21:47 AM) : fliped to green
(10:22:57 AM) : 11K on drive down
(10:26:04 AM) : seeing some lifting off the drive down
(10:48:16 AM) : red light 10:46 5K -14
That's when I felt need to exit
(10:49:20 AM) : rally checked at halfway retracement
(10:54:10 AM) : reaction held at 5/8 retracement
(10:59:54 AM) : exit due to commitment 5806 at 10:58
That's when I did. Small.
MID AM HIGH at 11:10. I had stepped out so I would not be tempted to trade the SLOG. The lunch low seal at 1:40 PM on that small volume spike. Mid pm high seal at 2:30 PM. And the LAST HOUR LOW at 3:15 PM.
I had rushed home to trade the last hour. I got long at 5745.25 at 2:59 PM. Wyckoff talked about buying on the drive down. I saw that they already done that at 2:49 PM. So, the best I could have hoped for was a test of that low. I got it so in essence I was looking for the seal of the LAST HOUR LOW.
My notion was price was oversold just under the S3 line. That's twice the range of the previous day. Shorts had to close and it was the last hour. It was a good trade. Covered the loss from the morning and got a little profit at the end. Closed long 5763.75 at 3:52 PM. However, had I just traded that middle…
PROSE AND THE NUMBAHS
Good morning. Today is SERIES S1H IFFY. I would anticipate – We are just at the halfway retracement from the last rally. It's a normal retracement. On the down waves I did not see volume pressing. It was more controlled. Perhaps yesterday was a bit oversold. New day. New cycle.
1. Last Night: After a potential selling climax price put it an automatic rally up to the 70 handle. Currently price is retracing trading around the 50 handle for the secondary test. Expect more of pull back for the CASH opening to test or near test yesterday's lows to complete the secondary test.
2. Large Size: About 5K came in around 4:00 AM checking the highs at the 60 handle. And then 3K at 8:30 holding the bid at the 50 handle.
3. 7:00 AM / Premarket: Not much needle moving down here. Trading about at 10 handle range.
4. Todays News: Durable Goods Orders at 8:30, EIA Petroleum Status Report at 10:30. All times EST
5. Cycle Bias: To my eye, bulls have exhausted this run but I saw buying at yesterdays CASH lows three and then four times. Those are the big pockets. They can afford to average in and buy lower. It all depends upon today which way to path of least resistance will sway. Nothing but blue sky up ahead if the bulls can get a following.
I said that yesterday and was in tune with the market. After looking at the waves I did not see any pressing supply on the market. Price found support at the halfway retracement on the daily. And over Globex after the open price gaped down and did not look back. I did not trade there but I sure wanted to click the button.
6. Honing (turns): Spill odds down, loupie loop, LAST HOUR ODDS HIGH
7. Previous Day's Numbers:
Open 5824.00
Hod 10:53 5834.50
Lod 14:53 5743.00
Settle 5758.25
Volume 1,253,636
8. Floor Trader Pivots
DAILY 5778.50
R2 5870.00
R1 5814.00
S1 5722.50
S2 5687.00
WEEK 5713.25
Range 92
The clock is used to time your entries and exits. Position long at the lows, exit at the highs, get short at the highs, and buy-in at the lows. When the trend is in, WB's clock is your friend!
Your edge is a series of trades, not just one trade or one day.
Dates: February 12 Snow Moon 8:53 a.m. Spring Equinox March 20 5:01 a.m. (all times Est)
Comments are closed