Issue 1,743 – Copyright, 2024, by Wyckoff AM Trader
Some traders may be asking themselves the question; "What does Disney+ have to do with eating a meal at a Disney restaurant? Who would have thought that it was buried somewhere down deep in the fine print. I truly feel some time in the not-so-distant future corporations will charge the consumer just for the privilege of doing business with them…
The market today was like Disney, right after the 8:30 am numbers price just ripped up. Could you have gotten on board with a long?
Let's see. I had the day as S1H. That's always good! The S1 day does not really have turns. It's more odds and probabilities. After the open price bandied about for about an hour till 10:30 am. If you were looking for a side the long side just might have been the path of least resistance.
BY 10:30 am you were getting that "It's going to grind up all day feeling…"
If you want a song this would have been the song: https://youtu.be/F_HoMkkRHv8?si=vn7BBAZuGYoJTzOB
That song really describes the traders life. Going the distance. Going for speed. Had I been in chat yesterday, that would have been the song I posted. You know it's a good video when you get the letter box due to the smaller resolution (back in the day).
SO you would have gotten long at 10:30 am and considered going the distance! https://youtu.be/F_HoMkkRHv8?si=vn7BBAZuGYoJTzOB
Two hours later you would have tagged R3 5566 and just a few short days' ago a few hundred points lower. The floor trader pivot R3 is twice the range of the previous day. Talk about going the distance. That is going the distance. The bulls were on parade!
BY 1:00 pm price dips just a bit. Holds a bid for an hour and closes up to test the current high of day.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S1L with the spill up.
News: Housing Starts and Permits at 8:30, Consumer Sentiment at 10:00, Baker Hughes Rig Count at 1:00, Austan Goolsbee Speaks at 1:25. All times EST.
Last night: After an insane bullish grind yesterday price just held the grind. Grinded higher and held that grind too. And then later in the night it did not. Price has come back in to the top 1/3 of yesterdays' range including the gap.
So much for second guessing. Who knew Retail was so popular? Price has penetrated 55 big even and pressing higher I said that yesterday and we are pressing 66 handle and higher. I guess the FED is going droop those rates.
Edge: This day has potential to trend but we did that yesterday. Will price go higher? Will price dip lower? I'm not seeing an edge today. However after GLobex setting the bar down lower, CASH may decide to follow pursuit.
Globex: 45 plus handle trading range on 208K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 15.23
Shape of the day: IT's a Friday. Who want's to go home SHORT?
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR 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.
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