WyckoffTrader-AMTurn-02162024
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 sharply lower during trading on Tuesday, with the major averages all showing significant moves to the downside after ending Monday's trading narrowly mixed. The Dow pulled back well off yesterday's record closing highs. CPI increased by slightly more in the month of January.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
From the Actionable Trade Ideas on page three:
"Strategy: Yesterday sealed the secondary test at the AM LOW down to 12:00 pm. Mid pm low lifts offers and Composite Man started to mark price back up. Price is trading above Weekly, 3-Day, and Daily Pivot. If price dips down to 12 to 03 consider a long. Exit half at the 34. Exit remaining half at mid pm high, remaining at close."
"Mathmatical / Technical Read: Today's pivot is 38 handles above yesterday. Yesterday inside day. Need to take out 5021 then 5040 for bull run. Bears will need to 4970 down to 4936 from bear run. Two days left to recover."
This day in the cycle is a normal tighter range day. I trust you scaled in on that trade. We got 5013.75 I called 5012 to 5003 handle. I'll take it. Close enought for Goverment Work. That don't say that much any more…
The range on the day was about normal 34 handles. My thoughts were if you look at the closing print on the last two days, you'll see and lot of volume coming in on the print. We had the selling climax. Then the Automatic Rally. And the Secondary test.
Today, should set the high water mark. That is if the Composite Man is looking to take it to a new high.
Most of the heavy lifting has been done by shorts and late longs. Now, 20 points are left. The question is; "Does the Composite Man see a need for higher highs?" Will he be willing absorb/lift the offers up to the 65 handle and take it higher?
The year is young and so is the earnings season.
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: Housing Starts and Permits & PPI-Final Demand at 8:30, Michael Barr Speaks at 9:10, Consumer Sentiment at 10:00. All times EST.
Last Night: Drifted up to the first selling level just shy of 5060 and found supply after the 8:30 numbers.
Edge: It a Friday, end of cycle and a S4H day. If bullish should see new highs. If bearish, could retrace yesterday's range.
Could see some give back to weekly, 3-day and daily pivot. and then a move to regain some of globex gain.
7/8/9 AM: Drifted price up to the 5060 handle and waited on 8:30 am numbers.
Today: Looking to hold the gain with some additional gains to the up side.
Bulls Want: 28, 34, 49
Bears Want: 09, 95, 87
Globex: 24 handle trading range on 168 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 14.63
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) Got long at the AM LOW. LONG
Tuna (30m 1+D) Got long at the AM LOW. LONG
Sardine (5M-1D) Got AM LOW. Out at the lunch spike. OUT
Pre Opening: After the numbers price offered down and lost 20 handles.
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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