WyckoffTrader-AMTurn-03202024



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)

After coming under pressure early in the session, stocks showed a significant turnaround over the course of the trading day on Tuesday. The major averages climbed well off their worst levels of the day and into positive territory. Traders look ahead to the Federal Reserve's Wednesday.

Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles

I'm often envious of those old timers with their 8 X 5 point and figure charts. They saw everything in one sweeping movement. One point or a 1/8 of a point. What more would you want? How about NO ALGOS? Well we can't blame them if we sit out yesterdays' trade. As I did. I'm still not adjusted to the new contract. And waiting on the clock to synch up.

About this time WB would be saying; "Looks like the clock is starting to get back in synch but let's give it to the end of the week, just to be sure!"

So, using Floor Trader Pivots. I never used them till about a month ago. They are on page one. Notice the WEEK and 3-Day pivot aligement.

Call it 5200 handle. Overnight price diped down to S2 5192 handle. I was using a 5 minute chart and did not see the real low. By the open, price had already recoverd S2 (but I did not see that). So price trades in a range for about 60 minutes. At 10:30 am you can see a base of accmulation as price takes out the S1 with an aggressive bullish move.

If you were looking for a trade, even though you were paying up. This was it. We have a higher low, recovered the weekly and 3-Day pivot. Get long as the S1 is recovered. Yes, get long. All the stars aligned up as the S1 handle of 5203 was recovered.

How long would you have held it? How much time do you have? As the previous days low was recovered, perhaps you could have added to your position. As the previous day close was recoverd. Get long some more. As the previous day's daily pivot was recoverd, add some more longs. As the previous day's open was recovered? Yes get more long. As price prints the R1, perhaps that's just long enough…

Wyckoff Trader,

P.S. If you've read this analysis, you might be curious when the best time to consider a long position:

Based on the information provided, a seasoned day trader looking to get long the eMini futures market could have entered a long position when the price took out the S1 (Support 1) level with an aggressive bullish move, around the 10:30 am timeframe. This move confirmed a higher low and the recovery of both the weekly and 3-day pivot levels.

The trader could have held the position for some time, considering the favorable confluence of pivot points and support levels. To maximize the position, the trader could have added to their longs as the previous day's low, previous day's close, previous day's pivot point, and previous day's open were recovered.

Once the R1 (Resistance 1) level was printed, it might have been a good time to exit the position, considering resistance levels typically indicate a potential reversal or slowdown in price movement. However, it's essential to monitor the market and set appropriate stop-loss and take-profit levels based on the trader's risk tolerance and strategy.

In summary, the trader should:

1. Enter a long position when the price takes out the S1 level with an aggressive bullish move.
2. Add to the long position as the previous day's low, close, pivot point, and open are recovered.
3. Consider exiting the position or taking profits when the R1 level is printed.
4. Continuously monitor the market and adjust stop-loss and take-profit levels accordingly.

Trading in the eMini futures market is risky and can change rapidly, and several factors can impact the market. To minimize potential losses, always use stops when placing trades, but understand that there is always the risk that a market gap could result in a larger-than-expected loss.

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.

Additionally, it is important to keep in mind that the market can change quickly and what was a good trade opportunity at one point may no longer be valid at another. It is essential to use risk management techniques such as stop losses and position sizing to protect your capital.

With that started here are the "PROSE and THE NUMBAHS"

good morning today is SERIES S1H with the spill odds down.

News: EIA Petroleum Status Report at 10:30, FOMC Announcement at 2:00, Fed Chair Press Conference at 2:30. All times EST.

Last Night: See Actionalble Trade Plan above.

Edge: No edge yet. The time change and muddy the clock and the contract changed.

There has been a change in the force. At least in the Day Light Savings time. It will take a few days.

A weak or two for the force to realign itself. Till then your TS's and roundies. Clock muddy for now.

7/8/9 AM: Rallied above the Weekly Pivit R1 and found some supply at the 5242 handle.

Today: Bulls need to hold what they got from yesterday. At last the daily pivot.

Bulls Want: 42, 52, 67

Bears Want: 34, 27, 17

Globex: 13 handle trading range on 88 volume.

Cycle Bias: Favored to the bull.

Tone: VIX trading at 14.00

Shape of the day: Due to time change, clock may be muddy.

Honing: Waiting on clock to synch

Bill Fish (4H/4D) Loded up the wagon for first hour of trade LONG. LONG

Tuna (30m 1+D) Loded up the wagon for first hour of trade LONG. LONG

Sardine (5M-1D) Got long after recovered previous day low. Held till the close. OUT.

Pre Opening: Price pulled back to find support at the Weekly R1 Pivot of 5240 handle. Waiting on open and JP at 2:00 pm.

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)



WyckoffTrader-AMTurn-03202024

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