WyckoffTrader-AMTurn-04082024
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)
Stocks turned in a strong performance throughout much of the trading day on Thursday but came under substantial pressure in the latter part of the session. The major averages plummeted in the final two hours of trading, ending the day sharply lower.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Friday was one of those days where you either were licking your wonds from Thursday or you just got in their and swinged at it. And if you just took a swing you might have got on first or second base. Perhaps thrid. (that's my favoriate)
You had many reasons. Here's what I said in chat: "due to the technical position yesterday the last hour; we got an inversion. Now today, we could have another one. I'm leaning H, at least up to to 36 where volume came in. But the cycle normally fliped the the L, BUt I think we might have an inversion today that negates it back to H. Then again, it's shooting needles at elephants cause today's Friday. BUt yes I feeling H and other indicators seems to confirm."
The FED speaker got spanked and weak shares left the strong hands and stuck to the strong hands. Cash has to open. Notice we opened above the previous day's low and never looked back. Let's talk trading. The only position was long. Where do you get long.
On the retest arounb 9:40 am. Bears droped the soap. The CASH LOW was tested after the jobs number. Price had no where to go but up. 9:50 am where price cleard to first push up. (that's TD saying). Then wait for the best place to get long. That's going to come as price pulls back and test the opening range call it 10:30 am.
That's 3/8 retracement from yesterday's low and 1/2 from yesterdays' close. That's as good as any. The clock is odds and odds are they day is going to go higher. Price moves up strong till about 11:00 am. Takes out the pivot and comes close to the previous day's halfway retracement. Price pulls back on little volume around 11:20 am. You guessed it. Another great place to get long the market.
Wyckoff Trader,
P.S. If you've read this analysis, you might be curious when the best time to consider a position:
Based on the information provided, it sounds like the seasoned day trader would have put a long position on the eMini futures market at one of two points:
1. At the retest around 9:40 am, after the bears "dropped the soap" and the cash low was tested after the jobs number. At this point, the trader may have believed that price had nowhere to go but up, as the market had opened above the previous day's low and had not looked back.
2. At the 3/8 retracement from yesterday's low and 1/2 from yesterday's close, around 10:30 am. At this point, the trader may have believed that this was a good place to get long the market, as it was a significant retracement from the previous day's low and close, and the odds were in favor of the market going higher.
It's important to note that the market is complex and constantly changing, and it can be difficult to accurately predict its direction. Therefore, it's generally a good idea for traders to carefully assess market conditions and use a variety of tools and techniques to inform their trading decisions, rather than relying on a single indicator or signal. It's also important for traders to carefully manage their risk and use appropriate risk management techniques, such as setting stop-loss orders or using position sizing strategies.
Without more information, it's difficult to provide a definitive interpretation of the trader's comments. If you have any specific questions about the trader's comments or about day trading the eMini futures market, I'm here to help and I'll do my best to provide a clear and informative response.
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.
Additionally, it is important to keep in mind that the market can change quickly and what was a good trade opportunity at one point may no longer be valid at another. It is essential to use risk management techniques such as stop losses and position sizing to protect your capital.
With that started here are the "PROSE and THE NUMBAHS"
good morning today is SERIES S4H Normal with the spill down.
News: No news of note. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: I'm expecting Friday's high to get taken out.
7/8/9 AM: Price has held around daily and weekly 5250 pivot.
Today: Need to hold the 5250 handle perhaps higher.
Bulls Want: 77, 09, 25
Bears Want: 43, 24, 14
Globex: 23 handle trading range on 178 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 16.04
Shape of the day: End of a cycle on a new week. Bulls will need to follow up movement for strong close.
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
Bill Fish (4H/4D) Waiting on direction. OUT
Tuna (30m 1+D) Waiting on direction. OUT
Sardine (5M-1D) Waiting on direction. OUT.
Pre Opening: Trying to take out the 5257 handle.
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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