WyckoffTrader-AMTurn-05292024
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)
Following the downturn seen over the course of the previous session, stocks showed a strong move back to the upside during trading on Friday. The tech-heavy Nasdaq led the rebound, surging to a new record closing high. The rebound on Wall Street came as traders looked to pick up stocks.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
We had a bit of a holiday and price took it up. As the market was open about 4:30 am price got itself over it's skies. You can see a two hour shelf of distribution around the 5337 handle. Price drops 25 handle rally just a tad, opens weakly and drifts down to nearly 14 daily pivot handle at 10:0 am.
There is already 66K lots being sold and that before 11K come off at 9:45 am. Traders are saying the change from T3 to T1 Settlement is changing the dynamics. I'm thinking they are getting ready for the next shoe to drop. It's been 100 years since T1. Are we going forward or backwards?
IMPRO: Wyckoff Trader :(12:31:03 PM) : I would lean more to the S2H with the supply side coming in : its a NORMAL day : they checked the opening range twice but it's the SLOG. And that about says it all it's the SLOG with a nothing burger day.
BY 1:00 pm the bears were getting a foot hold as the bulls were droping the soap. Price slides down to about 2:30 pm where a bid comes in. If you were looking to get a trade on, your best opporunity was when the bulls droped the soap at 1:00 pm. That would have been your lunch high. Your exit was the mid pm low around 2:40 pm center time.
It's natural for price to slip back down. The question on most traders mind is do we really have a good reason to go up? AI is fizzline out. What is the next new shiney. Polymoneirs? Nano? Electric Cars not driving the story much any more?
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 opportunity around 1:00 pm, as described in the text. This was the point where the bears were getting a foothold and the bulls were "dropping the soap," indicating a potential shift in market sentiment.
Additionally, the trader suggests that the exit point for this trade could have been around 2:40 pm, when a bid came in and price started to rebound. This would have allowed for a decent profit margin within a relatively short time frame.
However, it's important to note that trading involves risk and there are no guarantees of success. It's always crucial to conduct thorough analysis and consider multiple factors before making any trades.
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 IFFY with the spill up.
News: Not rally much to move the market today. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Globex took away all hope for a bullish move today. Still IFFY on the day.
7/8/9 AM: Bulls trying to hold a bid at the 5288 handle.
Today: See Actonable Trade Plan above.
Bulls Want: 97, 17, 27
Bears Want: 88, 78, 68
Globex: 37 handle trading range on 164 K volume.
Cycle Bias: Favored to the bull. (IFFY)
Tone: VIX trading at 13.94
Shape of the day: It's iffy due to a Globex trade.
Honing: Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW.
Bill Fish (4H/4D) Added to longs at mid pm low. LONG
Tuna (30m 1+D) Added to longs at mid pm low. LONG
Sardine (5M-1D) Got long at mid pm low. Out at close. OUT.
Pre Opening: Bears are determined to take this day away from the bulls. Now trading a new Globex low 5285 handle and pressing.
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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