WyckoffTrader-AMTurn-07112024
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)
Following the lackluster performance seen in the previous session, stocks moved sharply higher over the course of the trading day on Wednesday. With the strong upward move, the S&P 500 closed above 5,600 for the first time ever. The rally on Wall Street was partly due to strength among technology.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
They said it had to do with technology. That means AI stocks. Traders playing catch up. I thought it was the FED speak. I had S1L. Yes that did not happen. It turned into S1H real quick.
The close from the previous day was the tell. As traders we always want things to happen now. Right after we put on the trade. The Tuesday trade was ho hum. Price was checked with each move up. It closed on the low. The vollume was high the last three minutes.
Over Globex price held and then started to drift up. It looked weak but it was not. On the opening print price just diped down from the previous day's high. A bid came in and just gave it an upthrust by 10:10 am. It looked good till price started to drift back down at 11:00 am. A strong bid comes is. The Dippers. To the tune of 7,642 lots check the dip. By 11:30 another volume pops 10,215 lots.
A brief pull back for 20 minutes and then it's a constant grind at 12:00 pm during the SLOG. 1:00 pm prints a new high of day and takes out all the stops. Traders think about shorting some do. Then quickly wish they didn't. By 2:00 pm we printed a new high of day / all time.
It's 3:00 pm and you know it, we take out R3. Slice through it like butter. The last 30 minutes are sick. Taking out the other stops. Volume comes on on the close. The we do it again and sell but price is holding a bid.
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 look for the best time to enter and exit trades based on the price action, volume, and market structure. Here's my analysis of the given scenario:
Based on the play-by-play description you provided, it seems like the best time to enter the trade would have been:
1. During the Globex session when price held and then started to drift up. This was an indication that buyers were accumulating positions and could potentially drive the price higher.
2. After the opening print when price dipped down from the previous day's high, but quickly rebounded with a strong bid. This was a signal that the market was ready to move higher and that dippers were buying the dip.
3. During the SLOG at 12:00 pm when price started to grind higher. This was an indication that the uptrend was continuing and that traders could potentially join the trend for profits.
As for exiting the trade, it seems like the best time would have been:
1. After the new high of day was printed at 1:00 pm and all the stops were taken out. This was a signal that the market had reached a short-term peak and that profit-taking could be in order.
2. After R3 was taken out at 3:00 pm and price sliced through it like butter. This was an indication that the market was becoming overbought and that a pullback could be imminent.
3. During the last 30 minutes when volume came on and price was holding a bid. This was a signal that the market was becoming more volatile and that it may be time to exit the trade to lock in profits or minimize losses.
It's important to note that these are just general guidelines and that each trading situation is unique. As a seasoned eMini futures trader, it's crucial to use technical analysis, risk management, and market knowledge to make informed trading decisions.
In summary, as a seasoned eMini futures trader, I would look for opportunities to enter and exit trades based on the market structure, price action, and volume. It's essential to have a well-defined trading plan and to use risk management strategies to protect your capital.
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 S2L IFFY with the spill up.
News: CPI & Jobless Claims at 8:30, EIA Natural Gas Report at 10:30. 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 5685 handle seeing some supply.
Today: See Actonable Trade Plan above.
Bulls Want: 07, 18, 23
Bears Want: 95, 83, 72
Globex: 30 handle trading range on 158 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 12.54
Shape of the day: Potential to trend
Honing: Spill up, AM LOW, (no mid am), 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: Seeing some supply at the 5707 handle. (after the pop)
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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