WyckoffTrader-AMTurn-01032024
YES. I have skin in the game. I trade my own personal account. Sardine / Tuna / Billfish trades are for educational purposes only. I am NOT a futures broker and do not manage any accounts. It is my intent to show where trades may occur. What you do is up to you. You can follow my IDEAS to profit or loss. You determine trade size, when, where and how you trade. (CFTC) Futures is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest, know how much you can afford to lose.
NEWS / FUNDAMENTALS
(Reuters)
Stocks moved mostly lower during trading on Tuesday, extending the pullback seen in the final trading session of 2023. The Nasdaq showed a particularly steep drop, reflecting notable weakness among tech stocks. Dow recovered from initial weakness and bounced back and forth across the unchanged line.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
One of my trading goals for 2024 is to start building a line like Tuna and Billfish do. Still, I'm a Sardene. Without regard to the market history previously recorded from last year (Friday) you can see: (1) the 4822 was holding the bulls in check (2) bulls bidded price up to 4828 around 3:30 am (3) the crackin was released and a downward wave starts.
At 5:45 am there is a sharp acceleration of the previous major decline. This starts to culminate at about 6:35 am where we start to see a small bid enter. At 7:55 am the down wave starts to show signs of resistance to downward movement as the number of minutes and price extent is smaller.
At 8:00 am you can see a shortening of the downward thrusts. As the market opens, the first five minutes see buying interest on 56K lots. Price then drifts down for 25 minutes to spring the Globex low of 4478 handle. I got long at 9:52 am and got the 4776.50 handle.
I had the day as S3H I was concerned it might flip. So I bought on the spill down. Then 5 minutes later I saw a rally. So now, price may start to be thrown back on the technical rebound. That could invert the clock if a bid comes in a 10:30 am. At 10:30 am a bid came in. I'm still holding long. I feel the notion to add to the long. I do not. (I was up late last night)
At 10:40 am if a rally occurred I was anticipating at least a halfway retracement of the day's range. You can see it on page four. A rally occurs and it confirms my notion. Price dips back 15 minutes to 11:00 am o'clock. I felt the notion to add to that position. I did not.
You can see a base of support for 50 minutes. The 74 and now 75 is holding the market. This gives further cause for the next rally to challenge to current day's high. You can see my comments on page four.
Notice from 11:00 am to 11:30 am the base of supports has been raised. I'm starting to get concerned around 11:45 am as price does not reach down to supports and volume starts to spike up the bulls may start to sell on the rally as price gets into the oversold trend line.
This is giving me the notion that S3H should be flipped. See my comments on page four. Now, we are looking for the MID AM HIGH. See where price is now starting to dig into the (last year's / Friday's low)?
For the Sardine trade that was the trade. Get long the AM LOW and exit the MID AM HIGH. You really don't want to be in the lunch SLOG. That's why it's called Wyckoff AM Trader. The focus is on the AM morning 10:00 am to 11:00 am trading.
Had you gotten that trade on using WB's clock, you'd printed about a 20 handle run. Not a bad way to start off the new year!
This content is 100 percent Human Made Organic (HMO)
We are wrapping up this year and grinding into
the next. If Momma gets thrown from the train
1. Average an aggressive market cam move about 150 points in one day.
2. If Algo's decide to go all out REO and "Take It All Away" you could see a 500, 800 to God help us 1,300 point move in a day, across days or a week. Perhaps a month if there is no bid in sight.
3. That is if this market starts to take notice on the news and current events.
Until then…Don't miss any Future FREE Webinar invites or Daily email UPDATES.
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good morning today is SERIES S4H with the spill down.
News: ISM Manufacturing Index & JOLTS at 10:00, 4-Month Bill Auction at 11:30, FOMC Minutes at 2:00. All times EST.
Last Night: After seeing potential volume spike on the buying side, Globex failed to take price higher and started to retrace all last hour gains.
Edge: It's the bulls ball to lose. Potential strong hands to weak hands are price gets too oversold and indicates potential strength.
7/8/9 AM: Some support stock has been thrown over on the secondary reaction. Price now trading at base of support and below.
Today: Bulls will need to hold the last hour gains from yesterday.
Bulls Want: 04, 14, 28
Bears Want: 70, 62, 51
Globex: 25 handle trading range on 158 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.74
Shape of the day: Last day of cycle. Potential to trend with FED Minutes.
Last week of the Santa Clause rally.
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
Bill Fish (4H/4D) Out driving out to the Hamptons. OUT
Tuna (30m 1+D) Out driving out to the Hamptons. OUT
Sardine (5M-1D) Stayed out due to the grind. OUT
Pre Opening: A bid is starting to come in around the 81 handle.
Could see some games being played the last few days of this week. Job with FED minutes and Jobs Reports.
The clock is used for timing your entries and exits. Position long at the lows exit at the highs. Get short at the highs 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: December 26 Cold Moon 10:33 pm. Winter Equinox December 21 10:27 pm (all times est)
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