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WyckoffTrader-AMTurn-05232024
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 showed a lack of direction throughout much of the trading session on Wednesday before coming under pressure following the release of the minutes of the Federal Reserve's latest monetary policy meeting. The major averages climbed off their worst levels going into the close.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Price opened just below the close and high of the previous day. The day was S4H. Traders are just jaming it up all together until it all falls apart. We know that price has been checked from taking out the highs of the past week and current week. I'm bullish casuse I see buying. The market it's bearish but is it selling?
At the open you can see 11 K lots on the open. Price starts to grind up 4 handles and by 10:00 2 handles more. You can call the AM HIGH at 10:30 am. Then you'd be looking for the MID AM LOW. I'm told, someone preprogramed the ALGOS to offer down at 11:50 am. That was the MID AM LOW seal.
It's not a good day for the bulls. This is more than a dip down. I had on my point and figure chart a count of 10 at 11:10 am. This dip worked the count out. Price rallies back up to the lunch high and by 1:15 pm the lunch high is sealed. Traders were waiting on the FED MINUTES. I had a second count of 30 with a max of 36 that put the price down to 5313 down to 5306 handle.
It took a while. Not really a while just an hour. Price starts to get a bid at 2:30 pm. Yea, that would have been the mid pm low. Get long if you got the scones. Traders are waiting on the NVDA release at 4:20 pm. Price recovers half of the loss at 3:30 pm (an hour later seals the LAST HOUR HIGH) and gets slamed back down.
By 3:55 pm price is back trading at 5313 R2 as traders are saying "hose job." If you wanted to add to that long. That was the place as price just quickly recovers the high. Then the last print price takes out all the offers and prints 5337 on 121 K lots.
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 play-by-play description you provided, it seems that the best time to have put a trade on the eMini futures market for this particular day would have been:
1. At the AM low, around 11:50 am, after the algos offered down and created a good buying opportunity. This was a short-term low, and price rallied back up to the lunch high after that.
2. At the mid pm low, around 2:30 pm, when price started to get a bid again. This was another short-term low, and price recovered half of the loss shortly after that.
3. At 3:55 pm, when price was back trading at 5313 (R2), after traders said "hose job." This was a good opportunity to add to a long position, as price quickly recovered the high and printed 5337 on 121 K lots shortly after that.
These three timeframes presented good buying opportunities for a day trader, as price was at a local low and showed signs of recovery. However, it's important to note that each trading day is unique, and these timeframes may not necessarily apply to other trading days. It's essential to analyze the market conditions and price action carefully before making any trading decisions.
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" (WOW. She nailed that one. She's getting to be a better trader each day)
good morning today is SERIES S1H with the spill odds down.
News: Jobless Claims & Chicago Fed National Activity Index at 8:30, PMI Composite Flash at 9:45, New Home Sales at 10:00, EIA Natural Gas Report at 10:30, 3/6/2yr/5yr/7yr-Month Bill Announcement & Kansas City Fed Manufacturing Index at 11:00, 4/8-Week Bill Auction at 11:30, 10-Yr TIPS Auction at 1:00, Raphael Bostic Speaks at 3:00, Fed Balance Sheet at 4:30. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Ok we got higher. Perhaps the bulls are past the bad land.
7/8/9 AM: Price is now trading at 5366 R2. Are the PEONS off their skies?
Today: See Actonable Trade Plan above.
Bulls Want: 65, 77, 03
Bears Want: 46, 27, 13
Globex: 32 handle trading range on 158 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 11.57
Shape of the day: Odds and Probabilites
Honing: Spill odds down, loupie loop, LAST HOUR ODDS HIGH.
Bill Fish (4H/4D) Added to longs at MID PM LOW. LONG
Tuna (30m 1+D) Added to longs at MID PM LOW. LONG
Sardine (5M-1D) Got long at MID PM LOW. Out at close. OUT.
Pre Opening: Trading 5365 R2. And now trading higher.
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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