WyckoffTrader-AMTurn-07172024
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)
Extending the upward move seen over the two previous sessions, stocks moved mostly higher during trading on Tuesday. The Dow led the charge, surging to a new record closing high. The Dow jumped 742.76 points or 1.9 percent to 40,954.48, the S&P 500 climbed 35.98 points or 0.6 percent to a new record.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Regarding yesterday's talk: (in chat):
Wyckoff Trader :(8:44:20 AM) : good morning today is SERIES S3L IFFY with the spill up.
(2:42:06 PM) : It's now or never
(2:45:10 PM) : I sure hope you guys are right of that H cause if we lose this high it'll end on a low
(2:47:07 PM) : I got that as R1 : bulls gonna have to "get up on this" if they are going to make the evening news : and push it, push it real good! : the sound of the bids and offers are trading like it's globex at 3:am
I still say the best fit for this is S3L. The spill up was 9:50 am. AM LOW center time 10:30 am. MID AM HIGH at 11:10 am (early and weak). Lunch low at 12:50pm. Mid pm high at 2:55 pm. LAST HOUR LOW at 3:50 pm.
If you were looking for a trade, the best trade would have been at AM LOW. There were many reason for doing so. Price had retraced half the pervious day's range. And it was just at the daily pivot of 5689 handle. The news was bullish and the mood was bullish. I talked about it in chat and in the newsletter.
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, based on the Wyckoff Trader's analysis and the price action yesterday, the best time to enter a trade would have been at the AM LOW, around 10:30 AM CT. This is when the price had retraced half of the previous day's range and was at the daily pivot of the 5689 handle. Additionally, the news and market sentiment were bullish, which supported the long trade.
For exiting the trade, a disciplined approach would be to set a profit target and a stop loss. A reasonable profit target could have been the MID PM HIGH at 2:55 PM CT, while a stop loss could have been placed below the AM LOW or at the recent swing low, depending on the risk tolerance.
Another approach would be to exit the trade at the end of the day or based on the price action and volume during the LAST HOUR LOW at 3:50 PM CT. It's essential to monitor the market closely and adjust the exit strategy as needed based on the developing price action and market conditions.
In summary, the best time to enter a trade would have been at the AM LOW, and exit strategies could include setting a profit target at the MID PM HIGH or using a stop loss below the AM LOW or at the recent swing low. Additionally, closely monitoring the market and adjusting the exit strategy as needed is crucial for successful trading.
Now think about this. She read the same thing you read. You should really start to be getting scared. Especially when pigs start to fly… (subsuite pigs for ?) How did she know the best location for exiting the trade was the mid pm high?
With that started here are the "PROSE and THE NUMBAHS"
good morning today is SERIES S4H IFFY with the spill up.
News: Housing Starts and Permits at 8:30, Thomas Barkin Speaks at 9:00, Industrial Production at 9:15, Christopher Waller Speaks at 9:35, Atlanta Fed Business Inflation Expectations at 10:00, EIA Petroleum Status Report at 10:30, 4-Month Bill Auction at 11:30, 20-Yr Bond Auction at 1:00, Beige Book at 2:00. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: It's a jump ball day. My lean is to the up side.
7/8/9 AM: Price has been negoating the 5666 handle trying to lift offers.
Today: See Actonable Trade Plan above.
Bulls Want: 74, 85, 96
Bears Want: 57, 49, 33
Globex: 62 handle trading range on 208 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.88
Shape of the day: Normal, Wedge Zoom, Link a Stink
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
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: Ho hum. Still holding the 5666 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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