WyckoffTrader-AMTurn-04292024
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 moved sharply higher during trading on Friday, largely offsetting the weakness seen during Thursday's session. The major averages all moved to the upside on the day, with the tech-heavy Nasdaq leading the charge. The major averages pulled back off their best levels late in the day but remained firmly positive.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
The major averages pulled back off their best levels late in the day but remained firmly positive.
The news the past couple of day is interesting. Stocks rally off worst levels and then the next day "Major Averages Pull Back"
The clock was clock on all cylinders. The AM LOW was center time 10:30 am. There is no MID AM turn, so price has more time to get higher. And it got higher the lunch high was 1:30 pm. And the mid pm low as 2:30 pm. With the LAST HOUR HIGH at 1:30 pm.
Could it have been stronger? Yes. Most traders were looking for a strong close at the high of day. Price closed just above or more between the center of R1 and R2 and held the previous day's CASH hgih.
Something spooked price at those highs back on April 15. Call it a first touch.
If you were looking to get long was that the right play? I nailed it on page three:
III. Just looking at the spike at the close, it takes some of the certainy away. Price can move 30 points ore more in a milli-second. I don't think folks really understand how rare that usted to be. As I write price is trading 5127 handle. The daily pivot is 5093. I'm a buyer on a dip to 5109 S2L (AM LOW).
You would have bought the dip around 9:35 am and rode it to the lunch high. After that is was uncertain where price would go.
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 may have identified the AM LOW at 10:30 am as a potential entry point. The lack of a mid-morning turn suggested that price had more time to rise, and indeed it reached a lunch high at 1:30 pm.
The trader could have entered a long position on a dip to the S2L (AM LOW) of 5109 around 9:35 am, as suggested in the text. This would have allowed them to ride the price increase to the lunch high.
However, it is important to note that price can be volatile and can move 30 points or more in a millisecond, as mentioned in the text. Therefore, it is crucial to have a risk management strategy in place and to set appropriate stop-loss orders to protect against significant losses.
Additionally, while the price did close above the previous day's cash high and held above the daily pivot of 5093, there was some uncertainty in the market as something "spooked" price at the highs. Therefore, it may have been prudent to take profits at the lunch high or to set a trailing stop-loss order to lock in profits as price moved higher.
Overall, the AM LOW at 10:30 am could have been a good entry point for a day trade, but it is important to exercise caution and maintain a disciplined approach to risk management.
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 S1H Normal with the spill odds down.
News: No news of note. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: All the traders are leaning toward the bull. Today, it's the bulls ball to drop.
7/8/9 AM: Found a bid at 5134 chewing away at the CASH high.
Today: See Actonable Trade Plan above.
Bulls Want: 55, 79, 76
Bears Want: 27, 07, 99
Globex: 13 handle trading range on 128 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 15.22
Shape of the day: Odds and probabilities with earnings to embolden the bulls.
Honing: Spill odds down, loupie loop LAST HOUR ODDS HIGH.
Bill Fish (4H/4D) Holding long. LONG
Tuna (30m 1+D) Holding long. LONG
Sardine (5M-1D) Got long at the AM LOW. Exited at the end of day. OUT.
Pre Opening: Looking to take out the 5145 and higher.
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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