WyckoffTrader-AMTurn-04232024
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)
With technology stocks under pressure, the Nasdaq showed a substantial move to the downside during trading on Friday, extending its recent losing streak. The S&P 500 also saw further downside, while the narrower Dow bucked the downtrend.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Bulls had a good think going for themselves, until to got too over zelious. I indicated Monday, I felt Thrusday night and Friday price action was performative. It got the deal signed and too the market down to wholesale. Daddy bull loaded up the wagon and get ready to head north.
Best quote from yesterday was from Dboy: (1:11:31 PM) : Mutual Fund Monday: that trade worked for years: buy on Fridays close and put the money to work that was sent in from Thursday and Friday and the weekend to work on Monday: it was a beautiful thing until the algos destroyed it
I had this on page three: I didn't see disaster like most saw Friday. I saw buying. The I have bull eyes. Price regained the 100 day pivot. Held the daily pivot for the most part all nite. Around 7:50 am gave us a little ground. Ideal trade is to be short up to R1 5040. I price takes out the 5053 consider a long. Best might be ledt price show you the way. Let's let price decide what to do with the wars, wars, and rumors of wars event.
Sure you could have gotten bullish lower. It you waited you may have loaded up the wagon it was soo in you face bullish.
The AM LOW come in center time at 10:30 am but it was more of a how deep is your three PEON close kinda of day. If you went long at the PEON close as the volume took price up at 11:30 am that was a great place to get long.
This day has no MID AM turn so it's up up and away till the lunch high at 1:55 pm. Exit your long. That 18K lot too uncertian. If you look closely you can see three different levels of ascent.
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 for a day trade in the eMini futures market might have considered the following entry points:
Long position: The trader could have waited for a pullback and considered a long position if price showed a bullish reversal near the "AM LOW" around 10:30 am, especially if they saw buying volume pick up near the "PEON close" around 11:30 am.
It is important to note that these entry points are based on the trader's analysis of the market context, and the decision to enter or exit a trade should always consider the overall market conditions, risk management, and the trader's strategy. Additionally, the trader should be aware of potential news events or market drivers that could impact the market, such as "wars, wars, and rumors of wars" mentioned in the text.
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 S3L with the spill up.
News: PMI Composite Flash at 9:45, New Home Sales at 10:00. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Potential for rally due to Monday and six straight down day. We got that yesterday, now bulls need to hold it.
7/8/9 AM: I'm seeing a lot of support at the 53. Bulls rallied up to the 64 and then checked it.
Today: See Actionalble Trade Plan above.
Bulls Want: 79, 92, 13
Bears Want: 42, 34, 25
Globex: 29 handle trading range on 148 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 16.58
Shape of the day: This day is normally a tight trading range. Anything goes today
Honing: Spill up, AM LOW, MID AM high, lunch low, mid pm high, LAST HOUR LOW.
Bill Fish (4H/4D) LONG at the AM LOW. LONG
Tuna (30m 1+D) LONG at the AM LOW. LONG
Sardine (5M-1D) Got long at the PEON close. Exited at the lunch high. OUT.
Pre Opening: Challenging the 64 LAST HOUR HIGH from yesterday
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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