WyckoffTrader-AMTurn-05072024
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 showed a strong move to the upside during trading on Monday, extending the rally seen to close out the previous week. With the continued advance, the major averages reached their best closing levels in almost a month.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
If you were looking for the moving average cross you got it today as price taged the weekly R1 handle. As price was leaving it's support the 50 day moving average seemed to check price as the 2 hour supply zone was absorbed. After that it was a constant grind.
As the clock grinded, you could still trade the turns. Most traders were not sure to get long or short at these highs. The AM HIGH sealed at 10:45 am. Next is MID AM LOW at 11:05 am. This is telling you it's early and weak. Bears are unable to take price lower. Price is held at the halfway retracement from the lows.
Next is the lunch high. The lunch high comes in at 1:05 pm. Price pulls back at the halfway retracement and holds. Next is the mid pm low. Mid pm low seals at 2:25 pm. It's not an ideal day. It's just a constant grind. The LAST HOUR HIGH comes in at closing print.
If you were looking to get long, you might have been stressed. The best trade was at the MID PM LOW at 11:05 am.
The ideal hold would have been to the LAST HOUR HIGH. Could you have held till the last print? It would have been tough.
If you were looking for a volume play that would have been around 12:20 pm. Those are hard to take due to the SLOG. Ideal would have been find a place to get long and put your stop in and walk away. It would have been hard to believe the path of least resistance was in favor of 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 looking for a day trade on the eMini futures market might have found the best time to put on a trade at the mid pm low, around 11:05 am, as mentioned in the text. This level was the mid-morning low, which held at the halfway retracement from the lows, and it was a point where the bears were unable to take price lower.
Additionally, the trader could have held the position till the last print, which would have been a tough decision but would have resulted in a profitable trade. The text also mentions a volume play around 12:20 pm, but it was hard to take due to the "slog." However, if the trader had found a place to get long and put a stop in, it would have been an ideal trade.
Overall, the trader should look for levels where the price is finding support or resistance and where the volume is high. In this case, the mid pm low at 11:05 am and the volume play around 12:20 pm were the best opportunities for a day trade. The trader should also consider the overall market context, such as the weekly R1 handle and the 50-day moving average, to make informed trading decisions.
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 with the spill down.
News: No news of note. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Cycle starts over at t grid to the highs.
7/8/9 AM:Holding the bi\g even at 5200.
Today: See Actonable Trade Plan above.
Bulls Want: 16, 29, 51
Bears Want: 06, 91, 85
Globex: 11 handle trading range on 108 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.73
Shape of the day: Cash it trying to recover what Globx took away in 1/100 of a mllisecond on day at the 8:30 news.
New cycle with no news. And just grind at these highs at low volume. The past two days Algs have stayed out of the fray.
Honing: Spill odds down, loupie loop, LAST HOUR ODDS HIGH.
Bill Fish (4H/4D) Got long at 12:25 pm. LONG
Tuna (30m 1+D) Got long at 12:25 pm. LONG
Sardine (5M-1D) Got long at 12:25. Exited at the LAST HOUR HIGH. OUT.
Pre Opening: Price is getting checked at the 5206 Weekly R1.
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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