Issue 1,747 – Copyright, 2024, by Wyckoff AM Trader
I'm not a big fan of those inside FED days. Especially the S3L days. The last high is usually the mid pm.
And what usually happens on a FED DAY at 2:00 pm? Right. Not a big fan…
Market opens inside day. Globex just played within the ranges. We get a slow grind up. And what was that the Spill up. It seals at 10:00 am sharp on the news release. If you were itching to get short as most traders were this was the place. As most traders did.
The best reason is it was a potential terminal upthrust over the past two days of potential distribution. This is confirmed as price quickly gave it up within the next minute or two. It's the start of the AM LOW. You are looking from price to retrace from whence it came. Getting short at the start is a good place to do that.
The amusement ride at the state fair gets a little bumpy cause it's the last day of the fair and there is low volume and little interest. Price catches a bid 10 minutes later at the halfway retracement and the daily pivot pops back up to tag a new high of day. You had to be quick. Still looking for that AM LOW.
If you got short at 10:45 am and held it 10 minutes to 10:55 you were happy. That should had made your day, and you walked away.
The MID AM HIGH sealed about 10 minutes later at 11:10 am and then you were looking for the lunch low. Early and weak at 12:05 pm. Next is (wait for it) the mid pm high. And what's happening at 2:00 pm today on this FED Day? The answer to the question to which we already knew…
We get the seal at 2:00 pm early and weak and then price just grinds higher.
IMPRO: Wyckoff Trader :(2:40:14 PM) : Somebody sold those 45 as the seal of the mid pm high came in on time at center time; window still open
IMPRO: Wyckoff Trader :(3:03:55 PM) : Mid pm high window closed; next window LAST HOUR LOW
Heard in the chat:
IMPRO: Tifosi :(2:43:12 PM) : Trading is not predicting the market but rather, it’s making money from the market’s moves
IMPRO: Delta1 :(2:43:34 PM) : predicting is very difficult imo
IMPRO: Delta1 :(2:43:48 PM) : easier ways to make money
IMPRO: Delta1 :(2:43:54 PM) : follow the momo
PROSE and THE NUMBAHS
Good morning. Today is SERIES S4H with the spill down.
News: Jobless Claims & Chicago Fed National Activity Index at 8:30, PMI Composite Flash at 9:45, Existing Home Sales at 10:00, EIA Natural Gas Report at 10:30. All times EST.
Last night: Traders retraced half of the range as a bid came in. A rally took price over PEONS skies.
Edge: We gone too far to turn back now? That would be my guess. Why be cautious when the market been throwing caution to the wind?
IMPRO: DAMIAN197 :(2:07:38 PM) : https://www.zerohedge.com/markets/us-jobs-revised-down-818000-election-year-shocker-second-worst-revision-us-history
IMPRO: PTGDavid :(2:10:38 PM) : We are in the "end of days" Damian, so your shorts should pay well when it happens
IMPRO: Wyckoff Trader :(2:33:10 PM) : I like the think of these day's as the "Tailings of Reality" as in Pop corn making Shine; we are at the end of the batch…
Id's say we are at gallon 13 but they usually cut off at 11!
Globex: 21 plus handle trading range on 108K volume.
R2 5661.50
R1 5643.25
DAILY 5625.50
S1 5607.25
S2 5589.50
WEEK 5505.00
Cycle Bias: Favored to the bull.
Tone: VIX trading at 16.57
Shape of the day: Three doors: 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 9.m. Fall Equinox September 22 8:43 am (all times est)
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