Issue 1,755 – Copyright, 2024, by Wyckoff AM Trader
Look like it not a S4H day but a S4L day. You get that feeling as the open was the high of day. By 9:45 am the bulls dropped the soap on the spill down. Normally of a S4H day it would have sealed. It looked like it might as the Floor Trader Pivot S1 held aa few minutes. That was the 5615 handles.
From the open supply was the path of least resistance. By 10:00 am price was underneath the 15 and losing the big even 5500 handle. It looking more like the day is turning into S4L as the confirmation is seen as price becomes a bottomless pit. If you were in chat you'd start to seem Damion start to talk about the end of time as the loom in the fray.
By 10:40 am you can start to see a bid creep in to the 5574 handle. And rightly so. Price has been in a free fall for an hour and half. I entered a long at 74 handle. My reasons were shorting of the downward thrusts and about 25,000 lots holding the low.
Livermore often started the market teaches him a new lesson each day. My lesson for yesterday was to know when your trade has ended. As a trader don't you just love those V formations? A dip down and a rip back up. Well that did not happen. After a 90 minute move down the bulls returned a 30 minute move back up.
You can see they were holding that 87 in place. That was the first sign the trade was over. Then as the upthrust printed a 93 and then retreated back. That was the second. Blame it on Tech blame it on NVDA. Blame it on the new month selling. What ever you chose a bid did not show all day.
I'm blaming this Globex trade on this video: (my stop just got hit)
https://www.youtube.com/watch?v=sw4vKRRT4yg
You should watch it. Here is some highlights.
Annual Income $6,900. Hourly Wage $1.25 in 1965. All this on your earned income without the use of a credit card. New 3 bedroom with mom at home a new Ford popular Sudan and a Philips TV in the living room watching Ed Sulvin hosting Tom Jones performing it's not unusual and Dusty Springfield.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S1H with the spill down.
Read: Price has lost 100 points plus points twitching in the wind and the lows. At the close come started to come in a climax the down move. Globex spring that low. Not a good story for the bulls.
News: International Trade in Goods and Services at 8:30, Factory Orders at 10:00, JOLTS at 10:00, Beige Book at 2:00. All times EST.
Last night: Globex held price depressed and low for the most part all nite. The CASH close is still in the bears sights.
Edge: Let's see what the Composite Man has instore for the new month and new week. (same today)
Globex: 35 plus handle trading range on 256K volume.
R2 5677.00
R1 5610.75
DAILY 5563.75
S1 5497.50
S2 5450.50
WEEK 5628.00
Cycle Bias: Favored to the bear.
Tone: VIX trading at 20.72
Shape of the day: New cycle. New month. Odds and probabilities with the 5400 beckoning the sirens call.
Honing: Spill odds down, loupie loop, LAST HOUR ODDS 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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