WyckoffTrader-AMTurn-02292024
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 regained ground after an early move to the downside on Wednesday but still ended the day mostly lower. The major averages all finished the day in negative territory following the mixed performance on Tuesday, with the Dow closing lower for the third consecutive session.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Looking at the price behavior from the past two days and how price responded to the highs and lows of each trading wave, I would have to concede that the day was more 'Sell for Lows' (S4L) than 'Sell for Highs' (S4H). It was an iffy day, overall. The range was 19 handles, which is just under half of the Average True Range (ATR) of the past 10 days.
It wasn't a good day to trade, and many traders were typing 'SOH' (sit on hands) in chat yesterday. It was a choppy sideways trading day. Was it bullish? Yes. Price did not take out the lows and did not penetrate the Globex lows. The volume, however, was the lowest of most days, with 3,806,861 NY volume.
You may have noticed an 'M' formation today. That's the formation made by the AM LOW, MID AM HIGH, lunch low, and mid-pm high.
If you look at the Floor Trader Pivots, price was never able to regain the three-day pivot of the 5094 handle. That put the selling pressure on the bulls as bears pressed what supply was in the tape. The 5087 seemed to hold the high, and the 5064 helped the bid at the lows."
In summary, the day was more negative than positive, with a narrow range and low volume. The 'M' formation suggests a bearish outlook, and the inability to regain the three-day pivot supports this view. However, the fact that price did not take out the lows or penetrate the Globex lows indicates some bullishness. Overall, it was a choppy and uneventful day, with the bears having the upper hand.
Wyckoff Trader
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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Trading the eMini futures market is risky and volatile, and its performance can change rapidly. Several factors can impact the market's performance, including economic indicators such as GDP growth, inflation, and employment rates. Geopolitical events, such as trade tensions, elections, and global conflicts, can also affect the market. Company performance, including earnings and revenue growth, can also impact the market. Investor sentiment, which reflects the overall attitude of investors towards the market, can also influence market performance.
To minimize potential losses, always use stops when you place your trades, which are predetermined price levels at which a trade is automatically closed if the market reaches that level. Stops can help limit potential losses, but they are not guaranteed, and there is always the risk that a market gap could result in a larger-than-expected loss.
It's essential to understand that predicting the future performance of the eMini futures market is difficult, and it's impossible to predict with absolute certainty what will happen in the future. However, by staying informed and conducting thorough research, you can make more informed decisions.
When trading in the eMini futures market, it's crucial to use only risk capital that can be afforded to lose. This means that you should only trade with money that you can afford to lose without it having a significant impact on your financial well-being. This helps to minimize potential losses and avoid significant financial damage in case the market moves against you.
Be sure to use a stop with every trade placed to help mitigate potential losses, and only trade with risk capital that can be afforded to lose.
With that started here are the "PROSE and THE NUMBAHS"
good morning today is SERIES S1H with the spill odds down.
News: Jobless Claims & Personal Income and Outlays at 8:30, Chicago PMI at 9:45, Pending Home Sales Index at 10:00, EIA Natural Gas Report at 10:30. All times EST.
Last Night: Globex just gave it all back. A repeat of yesterday. Found supply at R1 and crosed the pivot back down to S1.
Edge: Today closes out the month and opens a new cycle. Let's see what the numbers bring.
This day will deterime of bulls have one more left before month close.
7/8/9 AM: Price has been trading in a 10 handle range looking for direction from the news.
Today: Need to see a strong showing by the bulls else this week could be weak.
Bulls Want: 80, 87, 94
Bears Want: 55, 46, 36
Globex: 25 handle trading range on 168 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 14.10
Shape of the day: Potential for a gap down bearish day. Now after the news, potential for a gap up day.
Honing: Spill odds down, loupie loop, LAST HOUR ODDS HIGH.
Bill Fish (4H/4D) Waiting to see next direction. LONG
Tuna (30m 1+D) Waiting to see next direction. LONG
Sardine (5M-1D) Got spill up seal. Exit at the AM LOW. OUT
Pre Opening: News has put a bid into the market. Trading up to the 3-day pivot.
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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