WyckoffTrader-AMTurn-05102024
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)
NEWS / FUNDAMENTALS
(Reuters)
Stocks showed a lack of direction over the course of the trading day on Wednesday, extending the lackluster performance seen during Tuesday's session. Despite the choppy trading, the Dow closed higher for the sixth straight day, reaching its best closing level in over a month.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
As I read the pundents forcast and expert levels I can't help but get impressed how they sound so slick. The words just dirft off their tounge. Just like butter. Smooth like butter, pull you in like no other. Seems every trader has their own name for the same thing. I don't reinvent a new name. I just use the name the original trader Richard D. Wycoff gave me.
He called it a resting spell. A potential re-accmulation or distribution.
He called it a "resting spell" beacuse it was a resting spell count. Wyckoff used old school Point and Figure charts. And when the price started trading in a sideways range he said it was resting. I has it's own count in his count guide. When it starts to add up to the original count. Start to anticipate a prepration to move.
So, as I stated last week, in my hand drawn point and figure charts I came up with at count of 5254. Will it make it? Ironically that the weekly R2 level!
IMPRO: Wyckoff Trader :(10:56:42 AM) : From AM TURN page three: If price recovers the previous day's high and R1 I'm getting long at 5220. Exit longs at R2 5231 with a runner to the close or 5251 Weekly R2.
That was the best stress free trade. And if your still holding that runer it could be today…
BE SURE AND REVIEW THE CHART FOR THE CLOCK TURNS.
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 text, the best time to put on a trade on the eMini futures market would be:
Based on the information provided, a seasoned trader looking to day trade the eMini futures market may want to consider entering a long position at 5220, as outlined in the Wyckoff trading strategy. This level corresponds to the recovery of the previous day's high and the R1 level. The target exit for this long position is R2 at 5231, with the potential for a continuation to the weekly R2 level at 5251.
It is important to note that this trade setup is based on the trader's interpretation of their hand-drawn Point and Figure charts and the Wyckoff trading methodology. As such, it is crucial to thoroughly review the charts and clock turns before making any trading decisions. Additionally, it is always recommended to manage risk appropriately and consider using stop-loss orders to protect against adverse price movements.
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 S4H IFFY with the spill down.
News: Michelle Bowman Speaks at 9:00, Consumer Sentiment & Lorie Logan Speaks & Neel Kashkari Speaks at 10:00, Austan Goolsbee Speaks at 12:45, Baker Hughes Rig Count at 1:00, Michael Barr Speaks at 1:30, Treasury Statement at 2:00. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Place your bets: higher or lower?
7/8/9 AM: Price found a bid at the 5194 handle and rallied back up to the 5206 Weekly R1.
Today: See Actonable Trade Plan above.
Bulls Want: 55, 71, 83
Bears Want: 42, 32, 16
Globex: 21 handle trading range on 108 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 12.80
Shape of the day: Normal, Wedge Zoom, Link a Stink
Honing: Spill down, AM HIGH, MID AM LOW, 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: Probed the weekly R2 and holding.
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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