WyckoffTrader-AMTurn-07102024
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 showed a lack of direction over the course of the trading session on Tuesday, with the major averages bouncing back and forth across the unchanged line before eventually ending the day narrowly mixed. The lackluster performance on Wall Street came as traders digested FED's J.P.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
The day started out uncertain as price was timid out of the gate. Just a near seven handle range prints just before 10:00 am. As the 10:00 am prints price buldges up to tag the 5643 handle. If you were looking to get a trade on pehaps this was the best as a short at the high prints a new all time high.
Price responds thirty minutes later and prints a new intraday low. Volume comes in a climaxs the low on increased volume. Price responds twenty minutes later and prints a new all time high. There is no real reason for price to keep on going up so it doesn't.
It's 10:50 am and the AM HIGH is sealed. Next is the MID AM LOW. Fourty minutes later price tests the current intraday low and finds a bid on lower volume. This encourages the bulls and at 1:00 pm (100 minutes later) the lunch high is sealed as a newer all time high is printed.
Price quickly gives way and starts to drift down as 2:30 pm finds the mid pm low. Bulls have possession but they drop the soap as the last hour high is a dismal flop. A big bid comes in at the close and holds the lows.
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 would look for the best time to enter and exit trades based on the price action, volume, and market structure. Here's my analysis of the given scenario:
1. Entry: The best time to enter a short trade could have been at 10:00 am when price built up to tag the 5643 handle, making a new all-time high. This was a potential exhaustion point, and the market might have been overextended, creating a good opportunity for a short trade.
2. Exit: After entering the short trade, the first exit opportunity would have been at 10:30 am when price printed a new intraday low. This could have been a short-term profit target or a risk management strategy to minimize losses if the market reversed.
3. Re-entry: After the market made a new high at 11:20 am, it might have been a good idea to re-enter the short trade if the market showed signs of weakness. However, it's essential to wait for confirmation, such as bearish price action or a decrease in volume, before re-entering.
4. Exit (second attempt): The next exit opportunity would have been at 1:00 pm when the lunch high was sealed as a newer all-time high. This could have been another profit-taking or risk management point.
5. Re-entry (second attempt): After the market started to drift down, it might have been a good idea to re-enter the short trade again. However, it's crucial to wait for confirmation of the downtrend, such as lower highs and lower lows, before re-entering.
6. Exit (third attempt): The final exit opportunity would have been at 2:30 pm when the mid pm low was found. At this point, it might have been clear that the downtrend had ended, and it would have been wise to exit any remaining short positions.
In summary, as a seasoned eMini futures trader, I would look for opportunities to enter and exit trades based on the market structure, price action, and volume. It's essential to have a well-defined trading plan and to use risk management strategies to protect your capital.
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 S1L with the spill up.
News: Jerome Powell Speaks at 10:00 & Wholesale Inventories (Preliminary) at 10:00, EIA Petroleum Status Report at 10:30, 4-Month Bill Auction at 11:30, 10-Yr Note Auction at 1:00, Goolsbee and Bowman Speak at 2:30. 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 5646 handle seeing some supply.
Today: See Actonable Trade Plan above.
Bulls Want: 50, 74, 83
Bears Want: 32, 17, 03
Globex: 16 handle trading range on 98 K volume.
Cycle Bias: Favored to the bear.
Tone: VIX trading at 12.45
Shape of the day: Odds and probabilities
Honing: Spill odds up, loupie loop, LAST HOUR ODDS LOW.
Bill Fish (4H/4D) Started taking some off durring rally. OUT
Tuna (30m 1+D) Started taking some off durring rally. OUT
Sardine (5M-1D) Did not see an edge. OUT.
Pre Opening: Seeing some supply at the 5646 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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