Disclaimer: For educational use only. I’m not dispensing financial advice. We are having an intellectual conversation (you and I) on the topic of trading the Emin futures using the Lens of Wyckoff Principles and the Eyes of WB’s clock. The clock that controls all turns intraday, every day!
They say you strike when the iron’s hot. I guess that does not apply to trains, planes, and automobiles…
Bulls made great strides to get out of the shadow of the previous day range. The opening buldge brought in newer bulls to the trough as the older bulls unloaded their holdings. A 30 minute distribution firmly held a tight 10 handle range of distribution.
A 40 minute two push down move erased and dipped into the previous day’s lows. The next push only lasted 5 minutes and was unable to muster the same aggression as the prior two pushes.
A 30 minute up move was met with resistance from the opening print. The next push down lasted 40 minutes and merely wetbeaked the current low. This is indicating the inability of the bears to gain a following. I got a long on as price took out the supply line at the 3928 around 12:27 pm.
It appeared as manipulation as bulls easily lifted prices during the SLOG on little volume. As a volume spike came in around 1:05 and price started to level off. I took it off at the 3949.50 handle. I’ll take a 20 handle move any day.
Price went up about 10 handles more as an upthurst was quickly turned terminal and price riped back down again. 3930 seemed to get a bid as 30 minute uptrend failed to regain half of the previous decline. This set’s the next long term downtrend from the rest of the day and into the night.
By 3:30 price starts to get a bid as some shorts start to close out their trades at the oversold line. Price rallies to the supply line and starts to level off.
After Settle price drops about 30 points and then starts to get a bid at the 3890 handle. Currently, price is in a 10 handle trading range. This price behavior indicates weakness. A weak technical position.
Looking Forward September 16, 2022
Due to recent changes in market behavior I’ve decided to change my focus to Time based trading. This allows you to benefit from the flow of the arrow of time and not fight against the algos in the nanosecond.
It’s a Friday. I’m not really seeing any news to move the needle. The Dec contract is firmly in place and is set to be laid to rest today. I anticipate price to start probing for lower lows. The 3850 handle would be ideal.
The last two days have given the professionals who supported the market on the 1,300 points down day an opportunity to unload their support positions on an unsuspecting younger bullish crowd.
Should price get a bid, it will need to crawl back into the downtrend supply channel and then take out the supply line. The 3950 handle would be ideal.