WyckoffTrader-AMTurn-04122024
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 ending the previous session sharply lower, stocks showed a strong move back to the upside during trading on Thursday. Technology stocks led the rebound on Wall Street, with the tech-heavy Nasdaq surging to a new record closing high.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
To better understand the price action yesterday one needs mearly look to Wednesday. On Wednesday that 100 point drop. Remember that? Just after the number. I guess you might want to forget it. If you were holding long say at 5290 handle. You took a little pain before you high to stop. All those weak hands got shaken out. And where did the shares go to? The strong of course!
Even if you wanted to get long at the open, you got shaken out of the trade with a plunge down to where price started before the 8:30 am PPI numbers. At the open the Q's were strong while the Dow was weak. CASH wanted price wholesale before they got on board.
If you were looking to get a trade on, you probally got it on at the low of day. That was the AM LOW. Yes I had to flip it. This day best fit for a bullish day. However, at the start it did not seem that way. The Composite Man did an old fashined 'shake out.' I even talked about some potential bag holdling.
We sprung Thrusday low. CASH was just not going to let the PEONS define value so they took it back down. All the way down. Then they brought it back up. The brough it back up with a vengience.
So get long at the AM LOW. It came in about 10:20 am. You would have also seen the Floor Trader Pivot S1. If you don't have it. I do, it's on page one of the AM TURN. It aligned up quite nicely with the CASH low from the previous day. Hold it till the MID AM HIGH. That was late and strong around 11:57 am.
Get out or add to it as price took out the previous day's high and R1. Hold it. Next is the lunch low. And you might have bailed before 1:00 pm. Had you stayed with it at 1:05 pm you were well rewarded. Now, the last high will be the MID PM HIGH. Sure it's a trend day. Bulls have been hard work at it.
They took out R2 and got overexteded. The mid pm high seals at 2:30 pm center time. This is WB's clock and when the trend is in WB's clock is your frined. That that trade off. Cause the next turn is 30 minuted away and that's the LAST HOUR LOW.
Wyckoff Trader,
P.S. If you've read this analysis, you might be curious when the best time to consider a position: (Sydneys / AI Read)
Based on the information provided in the text, a seasoned trader looking to day trade the E-mini futures market might have identified several potential entry and exit points for a short trade.
Based on the analysis provided, the best time to have put a trade on the eMini futures market for a day trade, from the perspective of a seasoned trader, would have been:
1. At the AM Low, which occurred around 10:20 am. The trader could have identified this level by using the Floor Trader Pivot S1, which aligned nicely with the cash low from the previous day.
2. Holding the trade until the Mid AM High, which occurred around 11:57 am. This level was identified as a potential target because it was a late and strong move that took out the previous day's high and R1.
3. Staying with the trade at 1:05 pm, as it was well rewarded.
4. Exiting the trade at the Mid PM High, which sealed at 2:30 pm center time. This level was identified as a potential exit point because it was the last high of the day, and the trend was in WB's clock, which is a friend to traders.
It's important to note that this analysis is based on the specific price action and patterns identified in the eMini futures market on this particular day. Successful trading requires careful analysis of market conditions, technical indicators, and risk management strategies. Traders should always be prepared for unexpected market movements and be willing to adjust their strategies accordingly.
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 S4H with the spill down.
News: Import and Export Prices at 8:30, Consumer Sentiment at 10:00, Baker Hughes Rig Count & Jeffrey Schmid Speaks at 1:00, aphael Bostic Speaks at 2:30, Mary Daly Speaks at 3:30. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: We got selling climax, automatic rally, secondary test, and yesterday a sign of strength. Today bulls need to hold the last point of support if we are going to have a rally out of this rutt.
7/8/9 AM: Price has backed down to the 5219 found and bid and is holding.
Today: Need to hold the 5219 for the bulls bragging rights.
Bulls Want: 33, 44, 58
Bears Want: 19, 03, 88
Globex: 34 handle trading range on 188 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 15.41
Shape of the day: Last day of cycle with a dog leg from lunch high to mid pm low.
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
Bill Fish (4H/4D) Added LONG on AM LOW. LONG
Tuna (30m 1+D) Added LONG on AM LOW. LONG
Sardine (5M-1D) Got long on AM LOW. Exited at the mid pm high. OUT.
Pre Opening: For now, holding a bid at the 5228 handle.
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: March 25 Worm Moon 3:00 a.m. Spring Equinox March 20 5:24 pm (all times est)
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