WyckoffTrader-AMTurn-05152024
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 to the upside early in the session on Friday but showed a lack of direction over the remainder of the trading day. The major averages eventually ended the day mixed, although the Dow closed higher for the eighth consecutive session. Wall Street partly reflected recently renewed optimism.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
PPI came in hot with higher for longer notions. Price quickly dped down as savy traders pick up wholesale prices and drive price back up like a theif in the night. Markets shruged the PPI news off and then started to look toward CPI tomorow.
By 10:00 am price put in a 8 point range. I had the day as S4H and it did not dissapoint. The high was taged at center time 10:30 am. That was also R1.
From Page threee: III. I need to see price trade above the 55 handle to get bullish. For now I'm bearish as price trades below the 5244 to 5248 pivot. The PPI number droped and price droped 20 points. Let's see what JP does hot on the mike at 10 am.
Traders lined up at the daily pivot of 5246 and started loading the wagon. I watched them over night. The best comment from chat:
IMPRO: Dboy :(10:26:40 AM) : powell painting the tape for tomorrow
My read is to the buy side. You may see some this and that on CPI. Plenty of thin to win / this and that before the open today.
The best trade where all the duck aligned in a row would have been the AM TURN. The AM HIGH at 10:30 am. You could see where at 9:55 am price starting tightening up. And who was up next. JP hot on the mike. Sure, it could have went higher.
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, the best time to have put a trade on the eMini futures market from the perspective of a seasoned trader for a day trade would have been during the AM turn or the AM high at 10:30 am.
The trader mentioned that they had identified the day as a "S4H" (strong four-hour) day, which suggests that they expected a strong trend to develop during the four-hour period. The high of the day was tagged at the center time of 10:30 am, which coincided with the release of the PPI (Producer Price Index) data. The trader also mentioned that they were bearish as price traded below the 5244 to 5248 pivot, but they were looking for price to trade above the 55 handle to become bullish.
The comment by IMPRO: Dboy suggests that Federal Reserve Chairman Jerome Powell's statements or actions may have influenced the market, causing a temporary movement that may not reflect the underlying fundamentals of the companies being traded. However, the trader mentioned that they were looking to the buy side, indicating that they were looking for opportunities to enter long positions.
Given these factors, the best trade would have been to enter a long position during the AM turn or the AM high at 10:30 am, when price tightened up and traders started loading the wagon at the daily pivot of 5246. The trader mentioned that they had been watching the market overnight and identified the opportunity to enter a long position as price started tightening up.
AS YOU CAN SEE THIS IS AI. It can only read and guess just like a trader. Perhaps she should have went short with a close stop?
Of course, it's important to note that trading involves risk, and there are no guarantees of profit. It's essential to have a well-defined trading strategy and to use risk management techniques to limit potential losses.
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 odds down.
News: CPI & Retail Sales & Empire State Manufacturing Index at 8:30, Business Inventories & Housing Market Index at 10:00, EIA Petroleum Status Report at 10:30, 4-Month Bill Auction at 11:30, Neel Kashkari Speaks at 12:00, Michelle Bowman Speaks at 3:20, Treasury International Capital at 4:00. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Place your bets: higher or lower?
7/8/9 AM: Price has nearly retraced all of yesterday's range.
Today: See Actonable Trade Plan above.
Bulls Want: 61, 71, 86
Bears Want: 47, 30, 21
Globex: 11 handle trading range on 108 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.85
Shape of the day: Odds and Probabilites.
Honing: Spill odds down, loupie loop, LAST HOUR ODDS HIGH.
Bill Fish (4H/4D) Got out looking for a reason. OUT
Tuna (30m 1+D) Got out looking for a reason. OUT
Sardine (5M-1D) Got long at low out at LAST HOUR HIGH. OUT.
Pre Opening: CPI number realeased and it's the running of the bulls.
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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