WyckoffTrader-AMTurn-07012024
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)
Stocks moved mostly higher in early trading on Friday but showed a significant downturn over the course of the session. The major averages pulled back well off their early highs and into negative territory. The early strength on Wall Street came following the release of a Commerce Department report.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Ok, truth be told the cycle always inverts. So, today was S1L day. Yes, I thought it hard to see they would sell this thing all the way back down. Wyckoff would have called it an opening buldge. At the open for the first five mintues price gets a bid and lifts the offers. By 10:00 am the Algos kick in and start marketing up the dippers.
That's not my words. That's Hanks! I love it when he says that in chat cause I know the end is near. You can see a lot of volume come in and take out the R1 pivot at 5562 handle. The rally lasts 15 minutes and puts price up in the Weekly R2 level. By 10:15 am you start to get that feeling, "I got to get SHORT this market!" If you did you had a good day.
Thirty minutes later if you were waiting for "Chicken Little" or "Damian" to show up you had your chance to add to your short potition. Truly the sky was falling as price just saw the bid disappear for a 70 run back down to take out the previous day low.
It was odds and probability for Friday and the day ended weak. Just off the lows of the day.
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, here's my analysis:
1. Entry: Based on the description, it seems like a good entry point for a short position would have been around 10:15 am, when the trader mentions feeling the need to "get SHORT this market!" This is after the initial rally and subsequent pullback, which could indicate a potential reversal.
2. Exit: The trader mentions that price ran back down for a 70 point drop, taking out the previous day's low. This could have been a good exit point for the short position. Alternatively, traders could have used a trailing stop to lock in profits as price moved in their favor.
3. It's also worth noting that the trader mentions the end of the day was weak, which could suggest that holding the short position overnight or into the next trading session might not have been ideal.
Remember, these are just suggestions based on the information provided and actual trading results may vary. Always use risk management techniques and consider your own trading plan and strategy when making trading decisions.
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 S4L Normal with the spill up.
News: PMI Manufacturing Final at 9:45, ISM Manufacturing Index & Construction Spending at 10:00. 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. (same today)
7/8/9 AM: Price has been negoating the 5535 handle seeing some supply.
Today: See Actonable Trade Plan above.
Bulls Want: 50, 74, 83
Bears Want: 32, 17, 03
Globex: 20 handle trading range on 158 K volume.
Cycle Bias: Favored to the bear.
Tone: VIX trading at 13.13
Shape of the day: Monday with potential doldurmns
Honing: Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW.
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.
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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