WyckoffTrader-AMTurn-05082024
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 saw modest strength throughout much of the trading session on Tuesday but gave back ground in afternoon trading to end the day little changed. The Dow still managed to close higher for the fifth consecutive session, reaching its best closing level in a month.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
I'm going to break with the censisus and go with S2L day. Sure, it might be S2H. And most folks think it is. This is the Kewpie day. If I'm right we get the Kewpie doll. If I'm not we flip it. I'm seeing buying around the 5217 the past two nights on Globex. The Daily Pivot is 5215. A lot of these numbers are grouped around that.
If you look at the top of page one under week 18 you'll see numbers at 1,2 in the red box. That's close to 5220 hanle. As you can see R1 is 5226. Yesterday's high was 5226 handle. Yesterday was a nothing burger day. The grouping is going to be tight.
Notice the AM HIGH and the LAST HOUR HIGH are within 1 point. On the Series one day there are no turns. This is just a reference.
Price gaped up and held in a tight range about an hour. Then by 11:00 am you can see a potential shelf of distribution.
By 12:30 pm small selling starts to come in. At 12:45 pm we pull back to a low that holds the 5216 R1. Price then start to lift the offer. The offer is lifted up to 5227 where if you were watching the DOM you can see supply in size was keeping bulls in check.
If you were looking for a trade, the best trade was short. As price was lifting above the current day's low, that's the place. At the 5226 handle. The Composite Man was biding price up to get short. Traders were looking to get short. That was the place with the least risk and the most gain.
Price trades down to find a bid at the previous day's high. Take your profit cause it's not going to stay.
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 short trade at the 5226 handle, as mentioned in the text. This level was the handle where price was lifted up by the Composite Man to get short, and where traders were looking to get short. It was the place with the least risk and the most gain.
Additionally, the trader should have been watching the DOM (Depth of Market) to see the supply in size keeping the bulls in check. The text also mentions that price traded down to find a bid at the previous day's high, so the trader should have taken profit at that point as it was not going to stay.
The text also mentions that price gaped up and held in a tight range for about an hour, and then by 11:00 am, there was a potential shelf of distribution. At 12:30 pm, small selling started to come in, and at 12:45 pm, price pulled back to a low that held the 5216 R1. These levels could have also been used as reference points for the trader to make informed trading decisions.
Overall, the trader should look for levels where the price is finding resistance or support and where the volume is high. In this case, the 5226 handle was the best opportunity for a day trade. The trader should also consider the overall market context, such as the Daily Pivot at 5215, the grouping of numbers around 5217, and the previous day's high, 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 S2L IFFY with the spill up.
News: EIA Petroleum Status Report at 10:30. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Odds favor a break down over a break out.
7/8/9 AM: Price has broken down the support from yesterday's low, trading at S2.
Today: See Actonable Trade Plan above.
Bulls Want: 06, 15, 26
Bears Want: 94, 89, 48
Globex: 25 handle trading range on 128 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.43
Shape of the day: Potenial to run either way. Favoring the bears for now.
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR HIGH.
Bill Fish (4H/4D) Got out at upthrust sold on way down. OUT
Tuna (30m 1+D) Got out at upthrust sold on way down. OUT
Sardine (5M-1D) Stayed out all day. OUT.
Pre Opening: Trying to hold the 5194 S2 and not trade down to the 5189/5187 3-Day / 50 day MA.
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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