WyckoffTrader-AMTurn-01082024
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)
After trending lower during the past several sessions, stocks saw considerable volatility over the course of the trading day on Friday. The major averages swung back and forth across the unchanged line before eventually closing slightly higher. Despite the uptick, the major averages all moved lower.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Looking at the last 15 minutes at the close on Thursday you can see they quickly sold price off to a lower low. After the close price rallies up to retrace half of the decline. The 36 handle is held till just before midnight. Price gets weak and takes out the previous day low at 1:30 am. Price moves sideways to barely regain back 3/8 of the decline. Then at 3:16 am the bulls drop the soap and the bears take possession.
By 6:30 am a bid comes in and holds the 11 handle. As the 8:30 am news comes into view price moves up to the 19 handle and holds. After the news price moves down to test the 02 handle and then quicly start to get a bid and lift offers.
At the open price had already recovered about 30 handles. Price rallies for 13 handles for about 10 minutes. Price moves back to the halfway correction for about 5 minutes. This is telling you the path of least resistance is to the buy side. 10 minutes up and 5 minutes down.
It 9:45 am if you went long you had all the ear marks of a bullish day. Price moves up for 10 minutes and hold at the high waiting on the news. Then a quick move down for 5 minutes holds above the halfway retracement. If you wanted to get long you might have waited before the 10:00 am news.
If you hesiated it was too late. Within 3 minutes price a pop up 20 handles. By 10:10 am volume was at an all time high. And I was thinking this is probally the top. The Composite Man took advantage of the news and was selling a little to the public.
Price moves back down to the halfway retracemet and by 10:10 am I was thinking this probaly is not going to be a S2L day. Price is too high too quick. This is the high. At 10:30 am I can see a bid starting to hold and price starting to move back up on greatly reduced volume as compaired to the volume on the rise.
There is a grind up till about 10:55 am so I'm thinking this is the AM HIGH and not the AM LOW. At 11:10 am price moves down to take out the previous low. This is bearish price behavior. Price moves back for 10 minutes and starts to round over.
At 11:20 am all doubts of the bearsih move are confirmed as price surges down on a volume spike. Price moves down where it was prevoiusly supported at 10:30 am and then starts to print a sidewinding price with lower highs and lower lows. Just under 2 hours later you can see the lunch low printed at 1:20 pm.
This is conformed at 1:30 pm as price has moved back up on higher highs and higher lows with somewhat increased volume. At 2:00 pm price has recovered halfway for the high and was looking to recover more. At 2:10 pm price seals the 5/8 of the loss and the mid pm high is sealed.
There is only one turn left the LAST HOUR LOW. If you went short at the mid pm high you were happy around 3:30 pm.
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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 S1H Normal with the spill odds down.
News: No news of note. All times EST.
Last Night: Held the 33 handle. The fell to the 15 handle. And then recovered the 33 handle.
Edge: I'm still seeing a bid holding as the highs are checked. Today or later will push price either way.
7/8/9 AM: Bulls recovered the 21 and currently is trying to take out the shelf of supply at the 33 handle.
Today: No news to rally the troops. Bulls will need to hold what they got.
Bulls Want: 28, 34, 43
Bears Want: 09, 00, 97
Globex: 28 handle trading range on 158 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.81
Shape of the day: First day of cycle should set the next three days.
Bigger traders are back in town as well as politications. Should start to see some real direction.
Honing: Spill odds down, loupie loop, LAST HOUR ODDS 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: Price is working on taking out the 38 handle and higher. Price is in an uptrend.
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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