WyckoffTrader-AMTurn-04252024
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 turned in a lackluster performance during trading on Wednesday following the strong upward move seen to start the week. After moving to the upside early in the session, the major averages spent the day bouncing back and forth across the unchanged line.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
The first 30 minutes were more of a selling wave. That would indicate the spill down. By my eye, they were working about 25,000 ES. The AM HIGH was a hook. Early and weak at 10:10 am. That's telling you something. I don't always listen. Next is the MID AM LOW. You got three choices. Normal, Wedge Zoom, and Link a Stink. The Normal is off the table. Can I have a Wedge Zoom, please?
A little buying comes in at 10:25 am, but it's not really moving the needle. The Wedge Zoom can extend down to the PEON close. Odds are, the Wedge Zoom says the disappointed bull that just dropped the soap. The AM HIGH window is still open, but bulls have abandoned all hope.
Then, at 11:22 am, it looks like Daddy Bull has stepped up to the plate. Then, 20 minutes later, he stops buying and lets it fall back down. So, we seal the AM LOW at 11:22 am, even though the PEONS are pushing for lows. Call that the Preliminary Support. The Selling Climax comes in at 11:44 am. Some more buying comes in at 12:04 pm. That gives us the Automatic Rally.
The Secondary Test is on the sly. A Spring with a test. That's also a Sign of Strength due to the bears' soap drop. This is confirmed quickly as the bulls rally price for the next 70 minutes. Notice how the lunch high seals in 10 minutes just at 1:55 pm.
I got a little suspicious of the Composite Man, if he really wanted to lift price higher, he would have taken out the AM HIGH. He stopped his buying limits just under the spill up. So, 70-minute rally. 10-minute tightening and the mid-pm high seal. Yeah, that's about it.
Next is mid-pm low. You could argue we had a sign of strength, now a last point of support. Price did rally back to the halfway retracement, found a bid at the mid-pm low 2:55 pm. Next is LAST HOUR HIGH. How high do you want it?
Well, that's not going to happen, cause META is going to disappoint…
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 play-by-play description provided, a seasoned trader might have identified the best time to put a trade on the eMini futures market for a day trade around 11:22 am, when "Daddy Bull" stepped up to the plate, indicating a potential buying opportunity. However, it's important to note that the market can be volatile and unpredictable, so it's crucial to manage risk and not overcommit to a single trade.
Additionally, other potential opportunities for a day trade might have presented themselves at the following times:
* 12:04 pm, when some buying came in and triggered an Automatic Rally
* 1:55 pm, when the market sealed the lunch high and found a bid at the mid-pm low
* 2:55 pm, when the market found support at the mid-pm low and rallied back to the halfway retracement
It's worth noting that these are just potential opportunities based on the description provided, and actual market conditions may have been different. As always, it's important to conduct thorough market analysis and manage risk appropriately when trading.
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 S1L with the spill odds up.
News: GDP & International Trade in Goods & Jobless Claims & Retail Inventories & Wholesale Inventories at 8:30, Pending Home Sales Index at 10:00, EIA Natural Gas Report at 10:30. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Yes it was over bought and bulls droped soap yesterday. Today, it's the bulls ball to drop.
7/8/9 AM: Trading aroud 3-Day Pivot 5072
Today: See Actonable Trade Plan above.
Bulls Want: 91, 03, 13
Bears Want: 60, 53, 38
Globex: 16 handle trading range on 148 volume.
Cycle Bias: Favored to the bear.
Tone: VIX trading at 16.38
Shape of the day: Their is a lot of news to our sail.
Honing: Spill odds up, loupie loop, LAST HOUR ODDS LOW.
Bill Fish (4H/4D) Holding long. LONG
Tuna (30m 1+D) Holding long. LONG
Sardine (5M-1D) Got long at the MID AM LOW. Exited at the lunch high. OUT.
Pre Opening: Diped to 5070 S2 and hold for now.
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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