WyckoffTrader-AMTurn-05302024
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 mixed performance seen during Tuesday's session, the major U.S. stock indexes all moved to the downside during trading on Wednesday. The Dow showed a notable decline, falling to its lowest closing level in almost a month.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
While the market was dinking around yesterday I asked AI / Sydney what was dink? She said it a small amount like "dime a dozen." That struck me odd, "What can you buy today for a dime?" And more important what can you buy a dozen for a dime? Even a flat washer runs 67 cents.
SO I asked her to adjust the dime to 2024 inflation. She said $2.50 and then said, a dozen eggs for $2.50. Well I fliped. I told her they are seven bucks now! Then she readjusted to dime to $5.00 per:
"For example, in 1913, a dozen eggs cost an average of 35 cents, which is equivalent to about 9.25 in today's dollars. In the 1950s, a dozen eggs cost an average of 50 cents, which is equivalent to about 5.25 in today's dollars."
The point is she is unable to do two diminitional thinking if not three dimentional thinking. Yet Elon Musk raised 6 billion to buy NVDA chips cause that's the future. LIKE IT OR NOT!
Was yesterday S3L or S3H not sure. I am sure it was a nothing burger day where most traders got smoked. I saw buying coming at the open at the 81, 83, and 80 on 42 K lots. The best trade perhaps not the easiest. was to buy on the open. Price has no where else to go but up. At least to tag the previous day's low. The 97 handle. That would have been about the 10:40 center time marker for a S3H day.
Get out and stay our cause the rest of the day is as: IMPRO: PITBULL :(3:56:58 PM) : Benihana tape chop chop : what a crappy day
So hang you hat on that; but then and the close. It turns into S3L
IMPRO: Dboy :(3:35:58 PM) : PitBull 101 The ES tends to close in the direction it starts out? we shall see : my gut say we still see 5308 : PitBull rule wins : n q was the tell IMPRO: PITBULL :(3:52:16 PM) : then why am I losing : bad positions from yesterday
And that's what trading is all about!
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, it is unclear whether yesterday was an S3L or S3H day. However, it is clear that the market experienced a significant decline at the open and then rebounded later in the day.
Your observation that buying came in at the 81, 83, and 80 levels on 42 K lots suggests that there was significant buying interest at those levels, which may have contributed to the market's rebound.
Your strategy of buying on the open and looking for a move up to the previous day's low at the 97 handle could have been a viable trade idea, depending on the specific market conditions and other factors. However, it is important to note that buying on the open can be a risky strategy, as the market can continue to decline after the open, resulting in losses for traders who enter at that time.
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: GDP & International Trade in Goods (Advance) & Jobless Claims & Corporate Profits & Retail Inventories (Advance) & Wholesale Inventories (Advance) at 8:30, Pending Home Sales Index at 10:00, EIA Natural Gas Report at 10:30, EIA Petroleum Status Report & 3-Month Bill Announcement & 6-Month Bill Announcement at 11:00, 4-Week Bill Auction & 8-Week Bill Auction at 11:30, John Williams Speaks at 12:05, Fed Balance Sheet at 4:30, Lorie Logan Speaks at 5:00. 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. (same today)
7/8/9 AM: Bulls trying to hold a bid at the 5264 handle.
Today: See Actonable Trade Plan above.
Bulls Want: 71, 82, 97
Bears Want: 45, 33, 26
Globex: 23 handle trading range on 178 K volume.
Cycle Bias: Favored to the bull. (IFFY)
Tone: VIX trading at 14.39
Shape of the day: It's iffy due to a Globex trade.
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
Bill Fish (4H/4D) Added to longs at open. LONG
Tuna (30m 1+D) Added to longs at close. LONG
Sardine (5M-1D) Got long at open. Out at AM HIGH. OUT.
Pre Opening: Surprize, surprize, surprize. First move was up on 7K at the 64 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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