WyckoffTrader-AMTurn-05012024
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)
Stock prices went down south on Wall Street on Tuesday, sliding lower and lower after a weak start, as concerns about inflation and uncertainty about the Fed's interest rate moves rendered the mood bearish. The central bank is widely expected to leave interest rate unchanged.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
I'm often God Smacked how the Floor Trader Pivits and WB's clock can give you a lean. Yes, the day fliped. Today, perhaps not. We have the FED at 2:00 pm. One by one's and two by two's. The scared roach dance. To me they sold it off to Wholesale but where was wholesale? At what level was wholesale?
If you look at the top of page on you will see in the middle of all those numbers a center column. What you will not notice is the monthly pivots. The monthly S2 was 5053 handle. And where did price go to and the end of the day?
Once we lost that low price had no where to go after losing the Weekly Pivot of 5094 but down to the Monthly Pivot S2 5053.
Will it rally from here? Will the FED bring good news. Is price baked in? We will find out at 2:00 pm or at 9:30 am.
After the 8:30 number threw momma from the train with a 20 point drop on 13K shares it was all over for the bulls. It was place your bets at 9:50 am and at 10:00 am price was being checked by the 5140 floor trader pivots. If you were going to get short that was the place. The 90 minute rally was getting long in the tooth.
A move down to the AM LOW fails to take out the intra day high on the rally. That was the tell. If you wanted to add to that short position, that would have been a great place at 10:45 am to get short for the elevator ride to come.
After price takes out the 8:30 am low, it was "abadon all hope" for the bulls.
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 might have identified several potential entry points for a day trade in the E-mini futures market. Here are some possible entry points that the trader might have considered:
* At 9:50 am, after the 8:30 am number caused a 20-point drop on 13,000 shares and the market had stabilized, the trader might have identified the 5140 floor trader pivots as a potential entry point for a short position. This level represented a resistance level that the market had failed to break through, and it could have been an opportunity to enter a short position and ride the market down.
* At 10:00 am, after the 90-minute rally had become "long in the tooth," the trader might have identified the 5140 level as a potential entry point for a short position. This level had previously served as a resistance level, and it could have been an opportunity to enter a short position and ride the market down.
* At 10:45 am, after the market had taken out the 8:30 am low and it was "abandon all hope" for the bulls, the trader might have identified the intra-day high on the rally as a potential entry point for a short position. This level represented a resistance level that the market had failed to break through, and it could have been an opportunity to enter a short position and ride the market down.
It is important to note that these entry points are based on the information provided and the analysis of a seasoned trader. They are not guaranteed to be successful, and it is important to consider other technical and fundamental indicators, as well as market conditions, before making any trading decisions.
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 S3H IFFY with the spill down.
News: ADP Employment Report, Treasury Refunding & 3-Yr Note & 10-Yr Note & 30-Yr Bond at 8:30, PMI Manufacturing Final at 9:45, ISM Manufacturing Index & Construction Spending & JOLTS at 10:00, EIA Petroleum Status Report at 10:30, 4-Month Bill Auction at 11:30, FOMC Announcement at 2:00, Fed Chair Press Conference at 2:30. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Bulls droped the ball yesterday. Will the bears do the same today. That's why it's iffy.
7/8/9 AM: Found a bid at 5038 (100 point from yesterday) rallied up to the 5050.
Today: See Actonable Trade Plan above.
Bulls Want: 55, 79, 76
Bears Want: 27, 07, 99
Globex: 28 handle trading range on 138 volume.
Cycle Bias: Favored to the bear.
Tone: VIX trading at 16.13
Shape of the day: The FED news today may have the bulls and bears: PITBULL :(3:49:37 PM) : CYCLONE ROLLER COASTER SEAT BELTS ON kind of day.
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
Bill Fish (4H/4D) Exited at loss of previous day. OUT
Tuna (30m 1+D) Exited at loss of previous day. OUT
Sardine (5M-1D) Got short at AM HIGH. Exited at the last hour. OUT.
Pre Opening: Some buying at the 46 resolving to the upside.
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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