Today we are going to do a simple email.
Issue 1,728 – Copyright, 2024, by Wyckoff AM Trader
As the market opened Friday, you probably knew I was bullish—that's often all I am. Price showed signs of accumulation. Sure, they were marketing it up and marketing it down. Westport was underwater, and Morgan Stanley threw up lunch more times than I could count.
Still, I was bullish. And today, I'm still bullish.
The day was S1. There was not much to hang your hat on to for that day. It's odds and probabilities. In the coming weeks, we'll start to drill down on the times, and this does that, but WB just kept it to Loupie Loop, and that's all right by me! (that's a line in a song talking about a Chevy van)
These were clear indicators of potential trading opportunities that the market might have in store. The first sign was the Price selling off on the Thursday close, and then, it turned to the bull side at the next minute. Second, the Price traded up over unchanged on the Globex trade. Third, the Price opened above the daily pivot held and never looked back.
You can see that volume spike on the open 16K lots. Fair Value agreed and flipped to the buy side in the first minute. In the second minute, it was all back of the bus for the bulls.
By 9:40 am, the bulls had established a new intraday high. The bears quickly snatched it away, but the bulls emerged again with a new intraday high by 10:05 am, and the bears swatted it back down.
Are you noticing a pattern here? It's 10:30 am, and the Price tags R1. The bears jump in and swat it back down. However, they cannot take out the opening print, which encourages the bulls to put a full-court press up to the previous day's high.
By 1:30 pm, all the pretty little maidens are in a row, and Hank's Algo picks them off one by one. That lasts ten minutes, and a bid comes in and rallies the Price to a lower high. The Price drifts back down to 3:00 pm and holds a bid.
The last hour's Price is just above the morning high and closes on increasing volume, lifting the offers as it recovers the halfway retracement of the day's range.
PROSE and THE NUMBAHS
good morning today is SERIES S4H Normal with the spill down.
News: No news of note. All times EST.
Last Night: The overnight crew seems to be leaning towards the rate cut come September. As always, the PEONS are following the street up.
Edge: There is a high probability to street might try to take price out of the highs of the past few days.
7/8/9 AM: Price has been negoating the 5484 handle and holding.
Globex: 44 handle trading range on 188 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 17.46 (Official start of summer trading)
Shape of the day: Normal, Wedge Zoom, Link Stink.
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
The clock is used to time your entries and exits. Position long at the lows, exit at the highs, get short at the highs, and 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: August 19 Sturgeon Moon 2:26 p.m. Fall Equinox September 22 8:43 am (all times est)
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