Issue 1,736 – Copyright, 2024, by Wyckoff AM Trader
Wars, wars and rumors of wars. That's what Jessie May would say. Every day as I got off from school to eat my homemade buttermilk scratch biscuits and vanilla ice cream. Wars, wars, and rumors of wars. And I'd say, "Grandma, this world has not even got started on getting mean yet."
Today, wars, wars and rumors of wars. Is that what fueled the market today?
I had S1L and I believed it. I waited to let the opening budge run itself out. I could see selling but price was still buoyant at the top. So, I waited. At 10:00 am price popped up. I thought that's a good place, but I missed it. So, I waited some more.
A dip down to 10:30 am looked promising. So, I waited. Price starts to rally. By 10:45 am it's starting to look good. Traders in the chat are talking about getting long but I'm getting short. So, I say nothing. A rally starts I get short at 11:02 am and get 5344.50.
I should have waited at least 10 more minutes. I did not. So, at one point I was sweating. Just 2 handles would have taken out my stop. I felt price would start seeing supply but at the moment, the market was not confirming my notion. Odd thing about the stop, if it took my stop out I would have just gotten back in. Even Jessie L. said timing is the hardest. It's the waiting. The sitting and waiting.
IMPRO: Wyckoff Trader :(9:11:52 AM) : Good morning. Today is SERIES S1L with the spill up. it all changes when you get punched in the face
IMPRO: Wyckoff Trader :(9:13:39 AM) : looks like daji vue…
IMPRO: Wyckoff Trader :(10:28:06 AM) : Looks like the opening buldge on the spill up cought them. let's see what the bears can do around 10:30 / 11:30
IMPRO: Wyckoff Trader :(10:28:34 AM) : currently wiping that smile off the bulls face
IMPRO: Wyckoff Trader :(10:28:54 AM) : that is if is't going to be an S1L day
IMPRO: Wyckoff Trader :(11:24:34 AM) : its 11:30 bears need to take out the opening print and intra day low for a good show
IMPRO: Wyckoff Trader :(11:47:51 AM) : bears making some progress as volume comes in on the lows
IMPRO: Wyckoff Trader :(12:05:39 PM) : that's looking a little better for an S1L day
IMPRO: Wyckoff Trader :(12:06:15 PM) : and I'm glad veena agrees
IMPRO: Wyckoff Trader :(1:17:19 PM) : veena knows
IMPRO: Wyckoff Trader :(1:19:04 PM) : but where's her toes?
IMPRO: Wyckoff Trader :(1:44:19 PM) : for now at least it doesn't look like the bulls can gain a following
IMPRO: Wyckoff Trader :(2:46:10 PM) : bulls need to recover the 55 handle
IMPRO: Wyckoff Trader :(3:02:04 PM) : it's go time
IMPRO: Wyckoff Trader :(3:02:12 PM) : choose a side
IMPRO: Wyckoff Trader :(3:04:32 PM) : bulls reclaimed the 55 now just hold it
IMPRO: Wyckoff Trader :(3:05:30 PM) : on upper edge of supply line
IMPRO: Wyckoff Trader :(3:37:40 PM) : looks like they are going to hold the 55 handle
IMPRO: Wyckoff Trader :(3:38:19 PM) : that is if the bulls are going to have a run for the roses
SO I got short at 5344.50 around 11:00 am. I held it all day. Kept widening out the profits and bring in the stops. Then around 2:00 pm I got distracted. Sure, I felt very strongly we would retrace the range. It's odd how other folks around you don't understand.
Sure your just starring at a screen trying to stay awake. So why can't you just pop up and do something really quick?
I stayed put. Alarms could have been going off and I'd still been there. Why, I was on my way to a 100 point trade. Sure enough, I was focusing on tightening the stop but forgot to expand the profit. And when I set it the first time I thought wow that's a long way off.
It being a S1L day my play was to exit at the end of the day. I didn't get distracted, but I was distracted by forces outside my control. Next I hear a ping your trade exited. And Hank is saying down 10 handles on buy stops but I thought the market has more to go.
Sure I did see about 2,254 hit the tape on the buy side at the 55 level. It was somewhat comforting but still I forgot to extend my profit level. And I just kept the window open. 100 points profit. It was a good day. My stop was never hit. Wyckoff would say; "Leave an 1/8 on the table for the other guy."
I felt there was more and there was. Still, it was a good day. A 100 point profit on an S1L day.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S2H with the spill down.
News: Jobless Claims at 8:30, Wholesale Inventories (Preliminary) at 10:00, EIA Natural Gas Report at 10:30, 3-Month Bill Announcement & 6-Month Bill Announcement at 11:00, 4-Week Bill Auction & 8-Week Bill Auction at 11:30, 30-Yr Bond Auction at 1:00. All times EST.
Last night: After a weak close, Globex opens down and never looks back. Rallies up to 5222 handle. (yes that was yesterday) We seems to have a 100 point trading range.
Edge: Volume on the past two days as been very climatic. Perhaps today is the day the bulls will get some play. (I said that yesterday, perhaps today too) I'm going to double down again
Globex: 57 handle trading range on 128K volume.
Cycle Bias: Favored to the bear.
Tone: VIX trading at 27.85
Shape of the day: Potential for a trend day
Honing: Spill down, AM HIGH, (NO MID AM), lunch low, mid pm high, LAST HOUR LOW.
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.
Comments are closed