WyckoffTrader-AMTurn-07092024
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)
U.S. stocks ended mixed on Monday, turning a bit sluggish after a fairly good start. Among the major averages, the Nasdaq and the S&P 500 moved on to record highs, while the Dow ended in negative territory. Optimism about the outlook for interest rates aided stocks earlier in the session.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
The day opened only to find a new high within the morning trade. All time highs of low volume. Today the adults may show back in the room. Professional traders have let the B-team just keep buying and have kept the market up. Let's see what they have in mind today.
Price opened around R1 and then traded back down to Friday's close. In chart, there was talk of Fridays volume on the close. I know the daily volume was 800 K or so. That is not very conviencing at these all time highs. The best trade would have been to have gotten short at the all time high.
The R1 gave us an great entry.
It's uncertain what the path of least resistace might be at these highs so best you could hope from would be to let price dip down to the close of Friday's trade and then see if the bears show up and try to take price lower.
They did not show. Price drifted back up and recovered the halfway retracement and then startred to drift back down for the Afternoon trade.
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, based on your description, here's what I would have done:
1. Entry: I would have looked to enter a short position at the all-time high, as you mentioned. This level was likely where the "B-team" of professional traders allowed less experienced traders to push the price up. It's a potential resistance level and a good place to initiate a short trade.
2. Stop Loss: Since we're dealing with all-time highs, it's crucial to manage risk. I would have set a stop loss just above the all-time high to limit potential losses if the market continues to move upwards.
3. Profit Target: Given the uncertainty about the path of least resistance at these highs, a reasonable profit target could be the close of Friday's trade. This is a psychologically significant level and a potential support area where bears might try to take the price lower.
4. Exit Strategy: If the price dips down to the close of Friday's trade and the bears don't show up, it might be a good idea to exit the trade or tighten the stop loss. However, if the price starts to drift back up for the afternoon trade, you may want to consider holding the short position, anticipating a potential pullback or reversal.
Remember, trading involves risk, and it's essential to use proper risk management techniques. Always consider your trading objectives, financial situation, and risk tolerance before entering any trade.
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 S4H with the spill down.
News: Michael Barr Speaks at 9:15, Jerome Powell Speaks at 10:00, 4-Week Bill Announcement & 8-Week Bill Announcement & 4-Month Bill Announcement at 11:00, 52-Week Bill Auction at 11:30, 3-Yr Note Auction at 1:00, Michelle Bowman Speaks at 1:30. 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: 14 handle trading range on 108 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 12.46
Shape of the day: Normal, Wedge Zoom, Link a Stink
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
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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