WyckoffTrader-AMTurn-04162024
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 the steep drop seen last Friday, stocks showed another substantial move to the downside over the course of the trading session on Monday. The major averages moved notably higher early in the session but pulled back sharply as the day progressed.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
If you ever wonder why WB called the European Secession the PEONS yesterdays' trade may help you relate. WB ran hedge fund. One part of the fund was in the UK Bonds. WB's claim was Elliott Wave. He had Elliiott eyes. The owners of the fund asked him to develop his clock so they could generate income in intraday trading.
While he perefed longer time he complied. His equity curve was growing. And then the UK Bonds folks got themselved overexposed. They blew up the firm. WB was cought up in it's wake. So, he called them PEONS. And get themselves over thier skies. They did that last weekend. I forgot about that….
Yes they were over thier skies. And as my Greatgradma would say; "Oh me. My my. Wars. Wars. And rumors of wars!" That's what we got yesterday. Did the market need to sell off 100 plus. Are we in any better technical position? WB often talked about Tone. Yes, the tone started off bullish at 10:40 am and 10:48 am. I was feeling good about that AM LOW. Then by 11:55 am the MID AM HIGH sealed but price only gained back a third of the loss.
Next is lunch low. About 1:18 pm the bears got some help as the abadon yea all hope sign was flashed as price was clearly not going to return back to Friday's low. The lunch low sealed at 1:50 pm. Then the mid pm high at 2:40 pm and LAST HOUR LOW at 3:20 pm.
That MID AM HIGH was the best place to get short. It was clear the PEONS closed thier secession on a weak rally. And Alogs will be serving up the SLOG.
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, the best time to have put a trade on the eMini futures market from the perspective of a seasoned trader for a day trade would have been during the mid-morning period, around 10:40 am to 11:55 am.
The reason for this is that the market tone started off bullish at 10:40 am and 10:48 am, and the trader was feeling good about the AM low. However, by 11:55 am, the mid-morning high had sealed, and the price had only gained back a third of the loss. This suggests that the market was experiencing a pullback, and it might have been a good opportunity to enter a short trade.
Furthermore, the trader mentioned that the PEONS had closed their secession on a weak rally, indicating that the market might be vulnerable to further downside. This adds to the case for entering a short trade during the mid-morning period.
It's important to note that trading involves risks, and there's no guarantee of success. Therefore, it's essential to have a solid risk management strategy and to use stop-loss orders to limit potential losses. Additionally, traders should always stay up-to-date with market news and events that could impact the market's direction.
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: Housing Starts and Permits at 8:30, Philip Jefferson Speaks at 9:00, Industrial Production at 9:15, John Williams Speaks at 12:30, Thomas Barkin Speaks at 1:00, Jerome Powell Speaks at 1:15. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Sold off even harder Monday. Are Weak hands out? Could see a test of reaction. A lots of Fed speaks today.
7/8/9 AM: Around 7:00 am the red light turned to green as buyers steped in. I'm getting to be more like WB I don't trust thoes PEONS.
Today: Need to hold the 5118 Weekly S1 Pivot for starters.
Bulls Want: 27, 63, 86
Bears Want: 96, 88, 75
Globex: 39 handle trading range on 308 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 18.96
Shape of the day: Last day of cycle on the verge of war and Fed pressure with Fed talks. Look for a wild ride.
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
Bill Fish (4H/4D) Holding for now. LONG
Tuna (30m 1+D) Holding for now. LONG
Sardine (5M-1D) Got short on mid pm high. Exited at the lunch low. OUT.
Pre Opening: Bulls are looking to take out the 5118 Weekly S1 resistance.
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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