WyckoffTrader-AMTurn-05212024
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)
After an early advance, the major U.S. stock indexes moved in opposite directions over the course of the trading session on Monday.
The tech-heavy Nasdaq added to last week's strong gains, reaching a new record closing high, while the Dow gave back ground.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
The week alread started out with the bulls overbought. Globex just took price to extreme levels. By the opening print price was flurting with R1. Price dropwd a few handles and then by opening print, the bid was on. Price started lifting the offer.
This day is best understood as the DOW was pushing up to the 40K level again. It's reached it last week. This week was the bragging rights. Well, that did not work out very well for the bulls. By 11:30 am you can see an up thrust. Now today, traders call it look above. Wyckoff called it an upthrust. It was more of a failed up thurst. as price gave it all away.
The Q's pushed on for almost another two hours. You can see at 1:18 pm price gives it up to supply and starts to slip off it's loftly peaks. Price has already traded the rage of Friday. At R2 it's natural for price to pull away.
If you are looking to get short, this is the best place as you see supply entering into the equation. You get out might have been just 10 handles lower are R1 5335 handle. If you were realy agressive you we looking at Friday's high and then closed/settle.
BY 2:10 pm volume came in a absorbed all the overhead supply. First at 7K and then swelling to 15K at the lowers low of day.
If you were holding your short, this might be the best place to exit your shorts as the volume checked the decline.
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 had the best opportunity to put on a short trade in the early afternoon, around 1:18 pm, when the Q's started to slip off their lofty peaks and price gave way to supply. This was after price had already traded the range of the previous day and reached R2, a natural level for price to pull away.
Additionally, the trader might have considered exiting their short position around 2:10 pm when volume came in and absorbed the overhead supply, as this could have indicated that the decline was being checked.
It is important to note that this advice is based on the specific details of the day provided and that the trader should have considered other factors such as market news, economic indicators, and technical analysis before making a trade decision. Additionally, the trader should have used proper risk management techniques and set appropriate stop-loss and take-profit levels.
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" (WOW. She nailed that one. She's getting to be a better trader each day)
good morning today is SERIES S3L with the spill up.
News: No news of note. Just FED speakers before 10:00. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Place your bets: higher or lower?
7/8/9 AM: Price is finding a cealing at the 36 handle. (same as yesterday)
Today: See Actonable Trade Plan above.
Bulls Want: 34, 43, 55
Bears Want: 20, 11, 97
Globex: 8 handle trading range on 88 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 12.27
Shape of the day: Let's see where price trades.
Honing: Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW.
Bill Fish (4H/4D) Holding longs. LONG
Tuna (30m 1+D) Holding longs. LONG
Sardine (5M-1D) Got short at 2:30 pm low and out at close. OUT.
Pre Opening: Bulls seeing resistance at the 36 handle. (this day is almost a mirow of yesteday.
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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