Issue 1,740 – Copyright, 2024, by Wyckoff AM Trader
It was just a constant grind up all day. If you understood the S3L day, then you had a great day yesterday. The market opens gap up. Sure, a 20-minute rally follows that gets checked at the R2 floor trader pivot. Then, by 10:30 a.m., the price drifts back down and probes the low of the day.
If you were S3L, then the AM LOW is sealed at 10:30 a.m. If you got long at the AM LOW, then you did well. A rally for 85 minutes finds the MID AM HIGH at 11:50 a.m. Next, we are looking at the lunch low. By 12:20 p.m., the price gets overbought and dips back down at 12:30 p.m. The lunch low is sealed.
Price moves up 20 minutes later and sets a new intraday high. The lunch SLOG lasts from 12:00 pm to 2:00 pm two hours. Since the lunch low is sealed, you are next looking for the mid-p.m. high. On the S3L day the last high is mid pm high. So, you are looking for the mid-high.
By 2:40 pm the lunch high is sealed. Next turn is LAST HOUR LOW. If you were looking to exit your trade the mid pm high is the best odds. The last hour low is sealed at 3:20 pm. It's just going to be a grind. Traders, for the most part, do not trade grinds.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S4H with the spill down.
News: CPI at 8:30, EIA Petroleum Status Report at 10:30, Treasury Buyback Announcement at 11:00, 4-Month Bill Auction at 11:30. All times EST.
Last night: After a hard press-up on yesterday's trade, the price held the highs. Over Globex price traded in a tight 8 range, holding the previous day's high.
Edge: I'm not seeing an edge yet. If the bulls give it a go, it might go. I said that yesterday; today, perhaps the same, provided the CPI number leans toward the bull's favor.
Globex: 25-handle trading range on 178K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 18.12
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.
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