WyckoffTrader-AMTurn-04182024
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 fluctuated over the course of the trading session on Wednesday before eventually ending the day mostly lower. The Nasdaq and the S&P 500 extended their losing streaks to four days, falling to their lowest closing levels in nearly two months.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
This is that part where the market can remain irrational longer than you can remain rational. And if you really want to know where the new shiney shiney NVDA is falutering, This is the latest from AI Large Language Models.
ME: i thininkg 2 pints are a quart: AI: I apologize, that's incorrect. 2 pints is actually equal to 1 quart. 1 pint = 16 fluid ounces. 2 pints = 2 x 16 = 32 fluid ounces. 1 quart = 32 fluid ounces. So, 2 pints is equal to 1 quart.
Heaven help us. You don't have to spell the words correctly. It does not read the words. It puts them into tokens and then look for relationship between words. Ok don't believe me, check out the last coupule of pages. In all fairness this one was probally the "Beavis of the Butt Heads of the AI!"
From Page Three:
Selling breakdowns / reversals with Half commitment 5081 to 5072. Full commitment under 5066. Offset shorts at 5053 hold remaining till 5039 or exit all open positions on close.
I could have timed it better but hay I'll take it.
The ideal was as the R1 was unabale to get taken out, get short there. I guess I was just being the Butt Head of the bulls. Sure I wanted it to go up. Some bull has a line. And yes I got my little heart broke! And algos are stinkers.
If you took that short, you did get a good run.
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, a seasoned trader looking to day trade the Emini futures market might have considered putting on a short trade near the high of the day, around the 5081 level, as the market was unable to take out Resistance 1 (R1). This is considered a selling opportunity as the market has shown weakness and is unable to move higher.
Additionally, the trader could have added to their short position as the market moved down, with a full commitment under 5066. The trader could then look to offset their shorts at 5053, and hold the remaining position until 5039 or exit all open positions on close.
It's important to note that the trader should have a clear plan and risk management strategy in place before entering the trade. This includes setting a stop loss order to limit potential losses and a profit target to take profits at a certain level.
It's also important to be aware of the market conditions and any news or events that could impact the market. This information can help the trader make informed decisions and adjust their strategy accordingly.
In summary, a seasoned trader looking to day trade the Emini futures market might have considered putting on a short trade near the high of the day, around the 5081 level, as the market was unable to take out Resistance 1 (R1) and have a clear plan and risk management strategy in place before entering the trade.
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 S2L IFFY with the spill up.
News: Jobless Claims & Philadelphia Fed Manufacturing Index at 8:30, Michelle Bowman Speaks at 9:05, John Williams Speaks at 9:15,
Existing Home Sales & Leading Indicators at 10:00, EIA Natural Gas Report at 10:30. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: It's ground hog today. A repeat of yestserday. Today will prove if Enstein was right
7/8/9 AM: Bulls pushed price up to the daily pivot of 5070 handle.
Today: See Actionalble Trade Plan above.
Bulls Want: 83, 95, 08
Bears Want: 59, 47, 32
Globex: 22 handle trading range on 148 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 17.97
Shape of the day: First day of cycle. How dees is your three? Could go down to the PEON close.
Honing: Spill up, AM HIGH, (NO MID AM), 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 at the 66 rode it down. OUT.
Pre Opening: Trying to hold 5066 Weekly S2.
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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