WyckoffTrader-AMTurn-02282024
YES. I have skin in the game. I trade my own personal account. Sardine / Tuna / Billfish trades are for educational purposes only. I am NOT a futures broker and do not manage any accounts. It is my intent to show where trades may occur. What you do is up to you. You can follow my IDEAS to profit or loss. You determine trade size, when, where and how you trade. (CFTC) Futures is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest, know how much you can afford to lose.
NEWS / FUNDAMENTALS
(Reuters)
Following the modest pullback seen in the previous session, stocks showed a lack of direction over the course of the trading day on Tuesday. The major averages bounced back and forth across the unchanged line before eventually ending the day mixed.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
On page three, Actionable Trade Plan:
"Strategy: Past twelve hours held the bid. Price has rallied up to the daily pivot. If price clears the 82 and 95 look for the 18 to come in and offer resistance. You could see a retracement down to the 68, 60, then all the way down to the 53 handle. I'm not seeing supply pressing down upon the market but bigger players are selling their holdings."
On page three, PROS and NUMBAHS:
"Edge: If we come back to test, we need to hold the 73 down to the 68 to 60 handle. This week will determine if the bulls have one more left before the month's close"
That's why I chose an S3L day. I created a video that detailed each minute of the trading day. Take note of the last hour. The rally was strong, and volume increased.
Notice how the price showed strength at the lunch low (1:00 pm) and then found support at 1:30 pm. This led to a strong rally, with AAPL and MSFT being key drivers. The rally was further fueled by a press release from AAPL. Overall, it was a great day for the bulls.
I can agree that the AM LOW and MID AM HIGH are unclear and could go either way. However, from the lunch low, the mid-pm high was clear. Now, the LAST HOUR LOW is just out of center time around 3:20 pm. The rest of the move up was on increased volume, which resulted in agreement with the effort.
Wyckoff Trader
We are wrapping up this year and grinding into
the next. If Momma gets thrown from the train
1. Average an aggressive market cam move about 150 points in one day.
2. If Algo's decide to go all out REO and "Take It All Away" you could see a 500, 800 to God help us 1,300 point move in a day, across days or a week. Perhaps a month if there is no bid in sight.
3. That is if this market starts to take notice on the news and current events.
Until then…Don't miss any Future FREE Webinar invites or Daily email UPDATES.
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Trading the eMini futures market is risky and volatile, and its performance can change rapidly. Several factors can impact the market's performance, including economic indicators such as GDP growth, inflation, and employment rates. Geopolitical events, such as trade tensions, elections, and global conflicts, can also affect the market. Company performance, including earnings and revenue growth, can also impact the market. Investor sentiment, which reflects the overall attitude of investors towards the market, can also influence market performance.
To minimize potential losses, always use stops when you place your trades, which are predetermined price levels at which a trade is automatically closed if the market reaches that level. Stops can help limit potential losses, but they are not guaranteed, and there is always the risk that a market gap could result in a larger-than-expected loss.
It's essential to understand that predicting the future performance of the eMini futures market is difficult, and it's impossible to predict with absolute certainty what will happen in the future. However, by staying informed and conducting thorough research, you can make more informed decisions.
When trading in the eMini futures market, it's crucial to use only risk capital that can be afforded to lose. This means that you should only trade with money that you can afford to lose without it having a significant impact on your financial well-being. This helps to minimize potential losses and avoid significant financial damage in case the market moves against you.
Be sure to use a stop with every trade placed to help mitigate potential losses, and only trade with risk capital that can be afforded to lose.
With that started here are the "PROSE and THE NUMBAHS"
good morning today is SERIES S4H IFFY with the spill down.
News: GDP & International Trade in Goods at 8:30, EIA Petroleum Status Report at 10:30. All times EST.
Last Night: Globex just gave it all back.
Edge: It's the last day of the cycle. We had a strong close but Globex gave it all back…
This week will deterime of bulls have one more left before month close.
7/8/9 AM: Bulls held the 68. Now trying to trade back above support one.
Today: Need to see a strong showing by the bulls else this week could be weak.
Bulls Want: 75, 87, 94
Bears Want: 64, 58, 52
Globex: 28 handle trading range on 128 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.76
Shape of the day: Potential for a gap down bearish day – Normal, Wedge Zoom, Link a Stink.
Honing: Spill up, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
Bill Fish (4H/4D) Waiting to see next direction. LONG
Tuna (30m 1+D) Waiting to see next direction. LONG
Sardine (5M-1D) Got spill up seal. Exit at the AM LOW. OUT
Pre Opening: Price has recovered support one and now looking to recover the daily pivot.
The clock is used for timing your entries and exits. Position long at the lows exit at the highs. Get short at the highs 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 24 Snow Moon 7:30 a.m. Spring Equinox March 20 5:24 pm (all times est)
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