WyckoffTrader-AMTurn-02122024
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.
c NEWS / FUNDAMENTALS
(Reuters)
With technology stocks leading the charge, stocks moved mostly higher over the course of the trading session on Friday. The major averages extended a recent upward trend, with the S&P 500 closing above 5,000 for the first time ever. Strength reflected a positive reaction to data from the Labor Department.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
The day was S1H and a Friday. Overnight price held the close. As the 8:30 am numbers were released, price poped up to the next selling level. I was just putting the numbers together and the next thing I know is price is off the screen. I thought, boy I'm glad it was not down but up.
This confirms my notion the day was going to be bullish. Traders quickly jumped on it once the third selling level printed. As the opening print opened price had already retraced from the high back down to the previous day's close. You can find the opeing bar shared much volume and took out the previous day high.
The S1H day does not have any clock times, just odds and probabilites. The spill was odds down and that sealed on the opening print.
By 9:55 am price tried to retrace the current days range but fell short by half of the range. This is indicating strength. If you were looking to get long, this just may have been the palce. Perhaps you waited till the 10:00 am numbers were released.
Well if you did you lost your chance on the first dip. At 10:00 am price ripes and prints a higher high. Volulme increases so you're thinking bullish.
For the next 30 minutes price trades between selling level one and selling level two. By 10:30 am price was already moving up on increasing volume.
Price moves up till about 11:10 am and sets and new high then starts to drift down. For 30 minute price dips down but holds above the halfway retracement. Then a rally up for 15 minutes recovers 5/8 loss and a dip down for 15 mintues sees a higher low.
By 12:10 pm if you were waiting for just one more dip down, you'd be waiting for a while. Price just started lifting offers for the next 90 mintues. Price trades up till about 3:30 pm and then starts to see supply and drift back down. The close holds the third selling level of 5040 handle.
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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.
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good morning today is SERIES S4H Normal with the spill down.
News: No real news of note. All times EST.
Last Night: Over the weekend, price just determined to hold the highs.
Edge: Could see a drift back to test some of yesterday's range.
A few fed speaks. Perhaps waiting on tuesday are traders.
7/8/9 AM: Determined to hold the 5043 handle with tight range.
Today: Potential to retrace yesterday's range.
Bulls Want: 48, 55, 67
Bears Want: 39, 34, 26
Globex: 8 handle trading range on 88 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.36
Shape of the day: Normal, Wedge Zoom, Link a Stink.
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH
Bill Fish (4H/4D) Held existing longs. LONG
Tuna (30m 1+D) Held existing longs. LONG
Sardine (5M-1D) Got long at AM LOW out at MID AM HIGH. OUT.
Pre Opening: After the numbers price is still clinging to the 5042 handle
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: February 24 Snow Moon 7:30 a.m. Spring Equinox March 20 5:24 pm (all times est)
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