WyckoffTrader-AMTurn-09202023
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)
Following the volatility seen to close out the previous week, stocks turned in a relatively lackluster performance during trading on Monday. The major averages spent the day bouncing back and forth across the unchanged line. Waiting on Federal Reserve's monetary policy announcement on Wednesday.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Kudoos to those who held short from Thrusday. If you held short if not just to make a 100 points. This one is for you! As long as it's not light…
Many reason to have gotten short Thrusday. There was ascending triangle alot of traders were talking about. Wyckoff was not much for shapes. However, he would call it an apex. Go figure. I got short cause I felt it was shortening of the upward thrusts. And it was my birthday.
Yes I held. If you invert the chart you can see a topping pattern with a potential terminal upthrust. And if just look at the chart on page 4, you'll see a selling climax with a accmulation for two and half hours from 10:40 am where you see that big volume spike to straignt up 1:00 pm.
Now at 12:50 pm where the lunch low is sealed, you can see a spring. The spring needs no test. Price get's boyant and springs up to the mid pm high at 2:40 pm. If you were using floor trader pivots. You'd seen the previous day's low getting taken out at S1 and then got down to S2.
Notice at S2 price hangs just below the yellow line but is unable to pemetrate down to the S3 white line. Well, some traders say if the next level is unable to be penetrated, then expect a retest of the higher previous level. And that what price did!
If were looking at that assending triangle, they support line was getting near and traders were happy with a near 100 point profit and took their trade off the table.
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good morning today is SERIES S3H Iffy and the SPILL down.
News: EIA Petroleum Status Report at 10:30, FOMC Announcement at 2:00, Fed Chair Press Conference at 2:30. All time EST.
Last Night: After a strong close price dips down to test the near 4485 handle and finds a bid. Currently trading big even 4500 handle.
Edge: Bulls have gotten price out of danger. Need to see if they can take it to the hold during the two o'clock yell.
7/8/9 AM: PEONS got price over thier skies with a gap and crap or gap and go situation.
Today: Bears need to extend the line while the bulls need to defend. (same as today)
Bulls needs: 21, 34, 51
Bears needs: 85, 74 , 61
Globex: 17 handle trading range on 108 volume.
Cycle Bias: Favoried to bears.
Tone: VIX trading at 14.06
Shape of the day: In a wait and see FED mode day.
Honing: Spill down, AM HIGH, (NO MID AM), lunch low, mid pm high, LAST HOUR LOW.
Pre Opening: Price has started to offer down to the big even. For the most part the 8:30 am numbers was a no event event.
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!
Offing Events: War in Ukraine is starting to gear up for full scale kinetic war. And now we have Leopards in the Fray. And now Jets (F-16's). Look for Spring Equnoix as demarkation war / no war. Cost of Inflation is raising $8 eggs and climbing. And the flow entering from Southern border.
Your edge is a series of trades, not just one trade or one day.
Dates: September 29 Harvest Moon 5:57 am. Autumn Equinox September 23 6:50 pm (all times est)
Last Friday's Opening print: https://mrtopstep.com/from-the-desk-of-wyckoff-trader-55/
