Issue 1,901 – Copyright, 2024, by Wyckoff AM Trader
As you know, I'm a music enthusiast. I sometimes wish I had been a performer. Les Paul, the legendary musician, created the Electric Guitar and was arguably one of the best players before Eddie Van Halen. In his later years, Les suffered a broken or injured arm, I believe it was his left. The doctor told him that if he set it, it would never move again…
Les famously replied, "Set it so I can still play my guitar!"
As a trader, I reflected on what I would want for myself if I were in a similar situation. Where would I want my arm to be, so I could continue doing the things I love?
Check out this video: https://www.youtube.com/watch?v=3egBlDjMWtc
If you watch it, you might see a glimpse of Billy as a young man with his hero. I've never seen Billy with such humility
DAILY:
Hard run outside day. Are we at a high? Soon to find out. Price has a hard run yesterday and then they left the air out.
YESTERDAY INTRADAY
[ Good morning. Today is SERIES S2L NORMAL. 5. Cycle Bias: (Bulls will need to hold what they got till the next shoe. They put in a good run yesterday, let's see what they have today.) Ok that was Friday. The question today might be; "did the down grade and the low volume (897,189 lots) signal perhaps this is high enough for now. Today will tell the tale. Potential dog leg from lunch high down to mid pm low. 6. Honing (turns): Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HIGH. ]
Is trading HURISTICS or SASTICATS?
I've been seeing various charts in the chat, filled with numbers, percentages, levels, market profiles, histograms, and more. Some can be quite intimidating, but trading really has something for everyone.
One trader will say this: we trade higher, then lower, and around midday, we often end up roughly where we started. As Wyckoff would have said, "Put in an unfair high and an unfair low, and close somewhere in the middle." Nothing really changes in the market, they just keep ripping Wyckoff off.
This simply indicates uncertainty and balance – the bulls and bears are equally matched. That's actually what an S3L day is.
On an S3L day, the mid-PM high is the high of the day. On an S2L day, price has made a good run. The bulls' job on an S3L day is to hold the high at lower lows.
For the most part, the bulls succeeded. There's no supply pressing down on the market.
IMPRO: Wyckoff Trader :(1:15:39 PM) : bulls are eating away at that supply
IMPRO: Wyckoff Trader :(1:18:12 PM) : just can't get a following
At around the mid-PM high, after the seal at 2:10 PM, they searched for the last hour's low. It sealed at 3:10 PM, and the bulls tried to rally back."
Now the true test of the read is what the S4H does. We will know today…
PROSE AND THE NUMBAHS
Good morning. Today is SERIES S4H.
1. Last Night: Price just drifts down. Gives it all up. Almost all from the 19th. No pressing volume. Just a down channel drift.
2. Large Size: No large size to speak of.
3. 7:00 AM / Premarket: Nothing moving the needle down here. Trading 5921. Sitting on the Floor trader pivot S1.
4. News: No news to speak of. All times EST.
5. Cycle Bias: We nailed that one Monday. Today. Not a fan of the volume but it's close enough for GOV. WORK. I goanna have to double down and go bid again. PEONS are over their skies on the downside. Will CASH accept this as value or agree and hit the bid. Inquiring minds want to know.
6. Honing (turns): Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST LOW.
7. Previous Day's Numbers:
Open 5912.25
Hod 13:14 5987.50
Lod 09:31 5912.25
Settle 5973.00
Volume 953,391
8. Floor Trader Pivots
DAILY 5957.58
R2 6032.83
R1 6002.92
S1 5927.67
S2 5882.33
WEEK 5883.00
Range 75
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: June 11 Strawberry Moon 3:44 a.m. Summer Solstice (Equinox) June 20 1:41 p.m. (all times Est)
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