WyckoffTrader-AMTurn-05132024
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 moved to the upside early in the session on Friday but showed a lack of direction over the remainder of the trading day. The major averages eventually ended the day mixed, although the Dow closed higher for the eighth consecutive session. Wall Street partly reflected recently renewed optimism.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
As I trade I often have to remind myself of my purpose for being in the market. In other words, what purpose do I serve in the market? My purpose is to be the buyer of the last resort and the seller of the last resort. That is your purpose for being a day trader.
Most day traders wait till price drops without notice as volume comes in. They will get long and then quickly get out. The buyer and seller of last resort. As Friday opened it was gap up. What looked like a run up was clearly checked as sellers steped in at the highs.
All the short term bulls get disapointed and then by 11:00 am selling stops. Buying does not immediately step in. Traders get dissapointed and step away from their computers and call it a weekend. We have a down wave for 30 minutes and an up wave for 15 that recovers just slightly less than a third.
The next down wave lasts 60 minutes and the up wave lasts for 75 minutes and recovers the prevous day's unchanged. The next down wave lasts 50 minutes. This is telling you the bears are unable to take away just half of the decline. A base of potential accmulation is forming.
Let's see what this week brings.
Wyckoff Trader,
P.S. If you've read this analysis, you might be curious when the best time to consider a position: (Sydneys / AI Read)
Based on the text, the best time to put on a trade on the eMini futures market would be:
As a seasoned trader, I'd analyze the situation and provide a retrospective assessment of the best time to have put a trade on the eMini futures market.
Based on the market activity described, it seems that the market opened with a gap up and then corrected, forming a series of waves with alternating up and down movements. The key takeaway is that the bears were unable to take away more than half of the decline, indicating a potential base of accumulation forming.
Given this analysis, I would have looked to enter a long trade around the 11:00 am mark, when the selling pressure subsided and the market started to recover. This would have been a good entry point, as the market was likely to continue its upward momentum, and the bears were unable to gain significant traction.
In hindsight, the best time to have put a trade on would have been around 11:00 am, when the market was starting to recover from the morning's decline. This would have allowed for a potential ride on the upswing, potentially capturing the remainder of the day's gains.
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 S3L NORMAL with the spill up.
News: No news of note. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Place your bets: higher or lower?
7/8/9 AM: Price has nearly retraced all of yesterday's range.
Today: See Actonable Trade Plan above.
Bulls Want: 61, 71, 86
Bears Want: 47, 30, 21
Globex: 21 handle trading range on 108 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 12.80
Shape of the day: Rope follows expansion. Need surgons scaple to trade it.
Honing: Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW.
Bill Fish (4H/4D) Got out looking for a reason. OUT
Tuna (30m 1+D) Got out looking for a reason. OUT
Sardine (5M-1D) Got short at 10:00 am out at 11:30 am. OUT.
Pre Opening: Tried to probe into the 61 and then pulled back.
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: March 25 Worm Moon 3:00 a.m. Spring Equinox March 20 5:24 pm (all times est)
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