WyckoffTrader-AMTurn-03052024
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 fluctuated over the course of the trading session on Thursday but largely maintained a positive bias before ending the day mostly higher. The major averages all moved to the upside, with the Nasdaq and S&P 500 reaching new record closing highs.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
I do trust that I have conveyed effectively that this will be a strong trend day. (Page 3)
"I. Market analysis – Optimistically bullish: Yesterday's strong close has left traders feeling optimistically bullish about the market outlook. This optimism is likely due to a number of factors, including the fact that the price has held above the daily pivot and is challenging the CASH high. This day has potential to trend.
II. Trade entry – If volatility appears, look to buy weakness and sell strength. It's a bullish entry providing the 5075 holds. Consider long enter if dip to 5093 down to 5084 handle. It's mildly bearish if we lose the 5075 and bulls dropped soap bearish if we lose the 5060 handle
III. Trade exit – I'm just looking for longs. This day could trend hard for the bulls. Either hold or exit half at the 5019 and remaining if 5139 (R2) is tagged or remaining on close. You could see a pullback at the 5019 to take some off or just try a short. If price nears 5139 consider a short to retrace a few handles or more."
Globex took it down to the 5090, so I trust you paid up on the AM LOW. What to say? It was the first of the month and the end of the week. I said that on page three in PROS and NUMBAHS. BY 2:00 the high was around 5146 handle then for the rest of the day. Price could not get away from the highs.
The Composite Man just checked each rally with just enought to keep it toped off. You can see at 11:11 am as the Floor Trader Pivot 'R1' was taken out, price starts to pull back. If you look at the low of that run you can see a convluence as the two rallied intersect as the 3/8 and 5/8 give the bill a reason to show a true bid.
Wyckoff Trader
P.S. If you've read this, you may be wondering when the best time to take a long position would have been. The Composite Man (a hypothetical market participant) was using rallies in the market to sell into, keeping the price from rising too much. At 11:11 AM, when the Floor Trader Pivot 'R1' was breached, the price began to fall. The low of this run intersected with the intersection of two reactions, the 3/8 and 5/8, which caused a true bid (a strong demand for the asset) to emerge.
The intersection of the two reactions at the 3/8 and 5/8 levels could potentially be a good place to take a long position, as it represents a convergence of demand for the asset. The fact that the price intersected with these levels and then experienced a true bid (a strong demand for the asset) suggests that there is significant buying interest at these levels. This convergence of demand, combined with the true bid, could indicate a potential buying opportunity.
However, it is always important to carefully consider the risks and to have a well-thought-out trading plan before entering any positions.
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 S2L IFFY with the spill up.
News: PMI Composite Final at 9:45, Factory Orders at 10:00, ISM Services Index at 10:00. All times EST.
Last Night: Price drifted down to print the weekly / S2 and found a bid around 5118 handle.
Edge: Trading just under halfway retracemet. Could see more selling.
I'm IFFY due to how we have a potential upthrust from yesterday's last hour.
This day will determine if bulls will start to move this month higher or drop the soap.
The market is trending upwards; however, there are some potential risks on the horizon. (from yesterday)
7/8/9 AM: Found a bid at the weekly/S2 pivot. Holding at the 22 waiting on open.
Today: Need to see a strong showing by the bulls else the bears will start to hit the bid.
Bulls Want: 35, 41, 50
Bears Want: 26, 16, 02
Globex: 13 handle trading range on 158 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.48
Shape of the day: Could see a 'V' pattern with a dip down to halfway retracement or more.
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR 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 long around 11:30 pm and out at the CLOSE. OUT
Pre Opening: Non event after news, price still trading around top of weekly / S2 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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