WyckoffTrader-AMTurn-03072023
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 showed a notable move to the upside in morning trading on Monday but gave back ground over the course of the session. The major averages pulled back well off their highs of the session, ending the day narrowly mixed. The early strength on Wall Street came as treasury yields moved notably lower.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
So glad the market agreed with my assessment. Now, It took a few hours. By my eyes looks like the energy went out at 10:10 am with the volume spike.
It was an S1L day. We are just looking at the relationship how the last hour trades compared to the first hour. On page 4 you can see how around 12:20 pm price is unable to tag a new high of day. Weak bulls late to the party have exhausted their buying power and unable to lift the offer.
It looked promising. From the gap up price did not give an inch or a tick or two to the downside. By 10:00 am we've already seen a higher high. Price moves up aggressively to take out the current high of day. And then it's just a grind. Each push up leaves just a tad over the previous thrust up.
By 11:20 am you can see price pullback for 30 mintues. The prior pullback was just 15 minutes. Price behavior is indicating a change. It's taken twice the amount of time and the giveback has been more than doubled. This is telling you something.
When price starts to rally your goal is to get short as the previous high is approached. By 12:20 pm, price starts to roll over. That would be your que supply is entering into the equation. If you needed confirmation it would be when the 11:50 am low was taken out.
By now, there is a higher probability we will retrace the day's range and probe to the downside / gap to see if price is accepted lower.
It was an S1L day. That would be the payday provided you waited for price to show its hands at the top of the rise.
good morning today is SERIES S2H and the SPILL is down.
News: Jerome Powell Speaks at 10:00. All time EST.
Last Night: Found a bid and put in a series of higher highs and higher lows.
Edge: Past two days were strong bullish, might see some bear responce as the cycle may invert (same as yesterday)
7/8/9 AM Trade: On Holding a bid at the 60 handle.
Today: Ideal would be a slight drift down to test some of the gains. (same as yesterday)
Globex 13 handle trading range on 138 K volume.
Bulls: need to retake the 4060 want to take the 4096 handle.
Bears: need to retake the 4034, want to take the 4010 handle.
Cycle Bias: Potential favored to bear.
Tone: VIX trading at 21.03
Shape of the day: Potential for a drift down if selling pressure.
Honing: Spill down, AM HIGH, (no mid am), lunch low, mid pm high, LAST HOUR LOW
Pre Opening: Opening in middle of previous day range, chop city.
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!
Offing Events: War in Ukraine is starting to gear up for full scale kinetic war. And now we have Leopards in the Fray. And now Jets (F-16's). Look for Spring Equnoix as demarkation war / no war. Cost of Inflation is raising $7 eggs and climbing. And the flow entering from Southern border.
Your edge is a series of trades, not just one trade or one day.
Dates: Mar 7 Worm Moon 7:40 am First day of Spring Mar 20 5:24 pm (all times est)
Last Friday's Opening print: https://mrtopstep.com/from-the-desk-of-wyckoff-trader-60/
