WyckoffTrader-AMTurn-06282024
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)
With traders looking ahead to the release of closely watched inflation data, stocks turned in a lackluster performance during trading on Thursday. The major averages spent the day bouncing back and forth across the unchanged line. The Commerce Department is due to release its report on personal income.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
I usually see things differently than most folks. I saw yesterday as a day of checking the rallied and supporting the lows. Fair Value was screaming Sell all day but they were buying on the lows. The clock turns were more of a S4H day. Sure, it did not end up in a high but price was trading on the turns almost center time every time.
By my eye, the Composite Man was looking to keep price depressed but it started acting boyant at the open. Within 10 minutes price had alrady taged the near high of day. That was the previous day's high. Then it held there till the AM HIGH.
If you were looking to get a trade on the best trade would have been short at the AM HIGH seal. Around 10:40 am. Notice price drifts down for about 60 minutes around 11:30 am MID AM LOW seal. It was checked at the daily pivot and the halfway retracement of the previous day. That would have been the place to exit you short.
You could have went long there or you could have just watched the rest of the day. If you went long at the MID AM LOW, then you would have been looking for the lunch high at 1:40 pm to seal. The best trade would have just get out.
The mid pm low seals at 2:45 pm and the last hour high ends at the clocking print.
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)
As a seasoned eMini futures trader, I agree with your analysis of the market movements yesterday. Here's how I would have approached the trade:
* I would have looked to short the market at the AM High, around 10:40 am, as you mentioned. This level was significant as it was the previous day's high and price had already tagged it within the first 10 minutes of the day.
* I would have set a target for the trade at the MID AM LOW, around 11:30 am. This level was significant as it was the daily pivot and the halfway retracement of the previous day.
* Once the price reached the MID AM LOW, I would have exited the short position and evaluated the market conditions to determine if I wanted to enter a long position.
* If I decided to go long, I would have looked for the lunch high at 1:40 pm to seal the trade.
* Alternatively, if I chose not to enter a long position, I would have waited for the mid pm low seals at 2:45 pm and the last hour high ends at the clocking print.
It's important to note that these are the levels I would have been watching based on the price action and market structure, but ultimately, the decision to enter or exit a trade would have depended on the overall market context and my risk management strategy.
It's important to note that trading involves risk and there are no guarantees of profit. It's essential to have a solid trading plan, including risk management strategies, and to always be prepared for unexpected market movements. Additionally, it's important to stay up-to-date with market news and events that could impact price movements.
You know, I'm thinking perhaps Sydney may be getting at bit signiant… Like it or not, she is improving gunning for whoever is in the seat…
Yet, she's never seen a weekly/daily chart. A price trend or an exchange floor. A movign average cross or water in the bath tub. A MACD. A Keyboard or a mouse. Do you really understand what we let out of the Pandorias box?
With that started here are the "PROSE and THE NUMBAHS"
good morning today is SERIES S1H with the spill odds down.
News: Personal Income and Outlays at 8:30, Chicago PMI at 9:45, Consumer Sentiment at 10:00, Michelle Bowman Speaks at 12:00. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Today just might be the way it goes either way. My lean is to the upside.
7/8/9 AM: Price has been trading in a 5 handle range waiting on direction 8:30 am news
Today: See Actonable Trade Plan above.
Bulls Want: 50, 74, 83
Bears Want: 32, 17, 03
Globex: 26 handle trading range on 138 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.04
Shape of the day: Odds and probabilities.
Honing: Spill odds down, loupie loop, LAST HOUR ODDS HIGH
Bill Fish (4H/4D) Started taking some off durring rally. LONG
Tuna (30m 1+D) Started taking some off durring rally. LONG
Sardine (5M-1D) Did not see an edge. OUT.
Pre Opening: Tried to take price higher and got checked. Now trading lower.
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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