WyckoffTrader-AMTurn-05222024
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
IMPRO: Jim Mayo :(1:48:37 PM) : Today is WB's anniversary RIP brother
IMPRO: Wyckoff Trader :(1:53:08 PM) : yes; I've been quite thinking about him. he did not like this day
I was talking with WB once and he asked me; "What is your favoriate cycle day?" I answered, "S3L day." WB said, "Pick another day!"
That was a kind of man he was. One day we talked about his son. He knew I played guitar and was musically inclined. Then he started tearing telling me he bought a Gibson for his son. I said why? He's just learning. Then he started crying, said he loved his son but his son did not love him cause he pawned the Gibson for cocaine. I was speachless.
Trump just started when WB left us. Perhaps ES 3,200 or so. WB was upset. He had to change his long term view from one minute to three mintues. Said he lost some of the precision. He named those formations after his kids.
Now 7 years later we are staring down DOW 40K and ES 5333 and change. Life goes on for those that choose to stay but WOW! I mean what has changes since WB left us on the Saturday May 21st, 2017…
The best trade was just get long at the open for the first 5 mintues. That's a 5 handle range of opportunity from 28 down to 23 handle. If you waited until the next opportunity, then the 30 handle gave you a great location holding at the halfway retracement for an hour and half.
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:
1. At the open for the first 5 minutes: This time frame offers a 5 handle range of opportunity from 28 down to 23 handle. This provides a good risk/reward profile for a day trade, as there is a significant potential profit relative to the initial risk.
2. After the first 5 minutes, the 30 handle gave a great location holding at the halfway retracement for an hour and a half: This time frame offers a slightly narrower range of opportunity, but it provides a good risk/reward profile for a day trade, as there is still a significant potential profit relative to the initial risk.
It's worth noting that these time frames are based on the specific market conditions and trader preferences mentioned in the text. Other traders may have different time frames or entry strategies that they prefer, depending on their individual trading styles and risk tolerance.
Overall, the key takeaway is that the best time to put a trade on the eMini futures market for a day trade is when there is a significant potential profit relative to the initial risk, and when the market conditions align with the trader's individual trading style and risk tolerance.
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 S4H with the spill down.
News: Austan Goolsbee Speaks at 9:40, Existing Home Sales & Atlanta Fed Business Inflation Expectations & Quarterly Services Survey at 10:00, EIA Petroleum Status Report at 10:30, 4-Month Bill Auction at 11:30, 20-Yr Bond Auction at 1:00, FOMC Minutes 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 is finding a cealing at the 48 handle. (same as yesterday)
Today: See Actonable Trade Plan above.
Bulls Want: 53, 63, 78
Bears Want: 28, 13, 97
Globex: 15 handle trading range on 88 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 12.19
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) Added to longs and open. LONG
Tuna (30m 1+D) Added to longs at open. . LONG
Sardine (5M-1D) Got at open and out at close. OUT.
Pre Opening: Trading right back at the 36 handle.
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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