Issue 1,729 – Copyright, 2024, by Wyckoff AM Trader
It was a Normal (Monday), and I went with S4H. This day has three different options:
Normal, Wedge Zoom, Link Stink.
The Normal was off the table. It took me a while to realize that Monday (Normal) was not what I saw on Friday. That's why WB always gave the big read on Monday.
You never know what the market will do at the open. The PEONS have had two days to trade without cash, and you know, cash is the tail that wags the dog.
Since we were opening below the last CASH secession, which was Friday, we can only hope for the Wedge Zoom. The Wedge Zoom is a zoom from the mid-morning low or the mid-evening low.
If the zoom occurs from the MID AM LOW, you would expect the price to zoom up from the PEON CLOSE (11:30 a.m.) and recover the intraday high during the lunch SLOG.
If the zoom occurs from the mid pm low, you'd expect some major short covering, recovering the open, and perhaps setting a new high of the day.
We got the Zoom from the MID AM LOW and it did rally up to the lunch high at 1:10 pm. Bulls dropped the soap as the lunch high sealed, and the price just fell apart.
We come back and get a bid just at the halfway retracement of the last rally and hold at the mid pm low. It's all looking good, but the bulls once again disappoint. They rally (you guessed it) to a lower high.
This emboldens the traders who look for that ascending / descending triangle. The price closes weak in the last 10 minutes.
PROSE and THE NUMBAHS
good morning today is SERIES S1H with the spill down.
News: Case-Shiller Home Price Index & FHFA House Price Index at 9:00, Consumer Confidence & JOLTS at 10:00. All times EST.
Last Night: Price just get's weak trading back to the lows while taking out every traders stops along the way.
Edge: The bulls are dissapointing. The bears arent' bringing it either. Could see a slid back down to get to wholesale before the FED release.
7/8/9 AM: Price has been negoating the 5484 handle and holding.
Globex: 44 handle trading range on 188 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 17.46
Shape of the day: Odds and Probabilites.
Honing: Spill odds down, loupie loop, LAST HOUR ODDS HIGH.
The clock is used to time your entries and exits. Position long at the lows, exit at the highs, get short at the highs, and 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: August 19 Sturgeon Moon 2:26 p.m. Fall Equinox September 22 8:43 am (all times est)
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