WyckoffTrader-AMTurn-03072024
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)
Following a notable pullback to start the week, stocks moved mostly higher during trading on Wednesday. The major averages all moved to the upside on the day but remain well off their recent record highs. The rebound on Wall Street partly reflected a positive reaction to congressional testimony.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
I'm going to share a conversation I had yesterday with a good frind and a great trader about the S3L day.
"perhaps the yellow patterns S3 days' in this case AM LOW have a higher propensity as in hard to trade or experienced trader be very careful with yellow patterns is because they are trading inside days' referenced to the S2L day would most likely trended hard. I rembmer WB despised them when we would talk together. It was his second favorite day. He said he really only wanted to trade two days and bang on a drum the other day. I never figured that out till today"
Now, that may not mean much to you but it means a lot to me. In fact WB could identify a day that I was talking about as an S3 day just by knowing the market senetimant of our conversation and the dichotomy of the day. (you might want to write that down)
Look the shape of the W. Each wave is balancing the other out. The lower trough of the first side ends at the spill down. Now center part would be more toward the MID AM HIGH or close to the middle of lunch. As in today at 1:30 pm.
Now notice the volume and price behavior. Notice the effort vs result. The price is trying to go higher. The volume is in decreasing. This is telling you bulls are unable to lift the supply. Perhaps buyers are stepping down and sellers are stepping up?
Notice this notion is confirmed as the bid drops out at 1:33 pm. And where does price find a bid at the lower right side of the trough? At the LAST HOUR Low 3:37 pm.
Wyckoff Trader,
P.S. If you've read this analysis, you you might be curious when the best time to consider a short position. Here are the potential entry points identified from the analysis:
The best place to go short the eMini futures market would be during the center part of the wave, which is more towards the mid-morning high or close to the middle of lunch, as the market sentiment and the dichotomy on the wave suggest that it is an S3L day. The volume and price behavior indicate that the bulls are unable to lift the supply, and the bid drops out at 1:33 pm, confirming this notion. The price finds a bid at the lower right side of the trough at the last hour low at 3:37 pm, further supporting the idea that it is an S3L day and a good opportunity to go short.
However, it is always important to carefully consider the risks and to have a well-thought-out trading plan before entering any positions.
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 S4H with the spill down.
News: International Trade in Goods and Services & Jobless Claims & Productivity and Costs at 8:30, Jerome Powell Speaks at 10:00, EIA Natural Gas Report at 10:30. All times EST.
Last Night: Price traded all the way down to just above weekly S1 and then rallied up to and above weekly pivot.Currently trading just below the daily R1 pivot.
Edge: I'm seeing a strong technical position as prices may try to regain yesterdays' losses with JP's comments. (yesterday) JP is hot on the mike at 10:00 talking to the Seneate.
From the upthrust eariler this week new now have a potential strong technical position with the selling climax and automatic rally. The top was the end of the automatiac rally. Perhaps Globex last night was secondary test at 3:10 am.
This day will determine if bulls will start to move this month higher or drop the soap. (yes I said that yesterday)
The market is trending upwards; however, there are some potential risks on the horizon. (from yesterday)
7/8/9 AM: Started trading sideways just under yesterday rally back to ice at the handle.
Today: Need to see a strong showing by the bulls else the bears will start to hit the bid.
Bulls Want: 32, 42, 52
Bears Want: 16, 95, 84
Globex: 41 handle trading range on 198 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 14.36
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) Got long in the last 30 minutes. LONG
Tuna (30m 1+D) Got long in the last 30 minutes. LONG
Sardine (5M-1D) Unsure of direction and sit out the trade. OUT
Pre Opening: Price is attempting to take out an hold yesterday's high.
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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