WyckoffTrader-AMTurn-07082024
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 mostly higher over the course of the trading day on Friday, with the major averages all moving to the upside after turning in a mixed performance early in the session. The Nasdaq and the S&P 500 closed higher for the fourth straight session, once again reaching new record closing highs.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Most of the professionals will hang a sign on their office door like this:
Our offices will be closed on Wednesday July 3. The NYSE will be closed on Thursday July 4. Our offices will be closed on Friday July 5. Our offices will be closed on Monday July 8. I too planed not to trade this week. I'm still culling the antifacts of my mother and fathers books.
It's odd how another ones posessions only have meaning to me. That's what memory does for you. Gives other's life meaning…
As I was getting the newletter ready yesterday morning. I said to my self; "That looks like shortening of the downward thrusts!"
And guess what? The bears. WHO DROPPED THE SOAP? WHEN DID THEY DROP IT?
It was nothing but net from start to finish yesterday.
Friday price churned all the way to new high on less than ideal volume. I'm not a fan of low volume days. Perhaps today is a low volume. Tuesday should get thing back into perspective.
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)
As a seasoned eMini futures trader, I would suggest that the best time to put a trade is typically during the "open" of the trading session, which for the eMini is 6:00 PM – 5:15 PM Eastern time (ET). This is when the market experiences the highest volume and liquidity, which can result in tighter spreads and better fill prices.
For exiting a trade, it depends on the strategy being employed. Generally, it's best to exit a trade when the price action indicates that the trade has reached its profit target or when the market conditions change and the trade is no longer valid.
In the case of the trader's observation of "shortening of the downward thrusts", it could be an indication of a potential reversal in the market. This would be a signal to exit any existing short positions and consider going long.
It's also important to note that the trader mentioned that the following day is a half day and that liquidity goes away after 1:00 PM ET. This is something to keep in mind when entering and exiting trades, as liquidity and volume tend to decrease during the latter part of the session, which can result in wider spreads and less favorable fill prices.
Overall, it's crucial to have a well-defined trading plan and risk management strategy in place, and to always be aware of market conditions and liquidity.
It's important to note that trading involves risk and there are no guarantees of profit. It's essential to have a solid trading plan, including risk management strategies, and to always be prepared for unexpected market movements. Additionally, it's important to stay up-to-date with market news and events that could impact price movements.
You know, I'm thinking perhaps Sydney may be getting at bit signiant… Like it or not, she is improving gunning for whoever is in the seat…
Yet, she's never seen a weekly/daily chart. A price trend or an exchange floor. A movign average cross or water in the bath tub. A MACD. A Keyboard or a mouse. Do you really understand what we let out of the Pandorias box?
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: Today just might be the way it goes either way. My lean is to the upside. (same today)
7/8/9 AM: Price has been negoating the 5625 handle seeing some supply.
Today: See Actonable Trade Plan above.
Bulls Want: 50, 74, 83
Bears Want: 32, 17, 03
Globex: 16 handle trading range on 108 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 12.60
Shape of the day: Potential to grind higher
Honing: Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW.
Bill Fish (4H/4D) Started taking some off durring rally. OUT
Tuna (30m 1+D) Started taking some off durring rally. OUT
Sardine (5M-1D) Did not see an edge. OUT.
Pre Opening: Holding the 5626 for now.
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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