WyckoffTrader-AMTurn-11162023
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 substantial rally seen in the previous session, stocks saw some further upside during trading on Wednesday. The major averages fluctuated over the course of the session but managed to end the day modestly higher. Decrease in producer prices in the month of October.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading principles
There is a lot you could unpack on that graph on page four. And you should. Most folks say Wyckoff said, price, volume, and time. He really did not say that. He said Price Movement, Activty / Volume, and the Interaction of price and volume through time. He looked at the extent of price movement. Then he looked at number of minutes of each buying and selling wave compared to the previous same buying or selling wave.
That's how he determined the strength in the market. Who was winning? The bulls or the bears. He looked at the time duration of each buying and selling wave. If you look on page 4 you'll see the first wave was down. Well starting from the MID AM HIGH that is.
Notice 65 minute down compared to 30 minutes up. We sealed the MID AM HIGH at 11:05 am early and weak. You are looking for the lunch low. The 30 minute rally ended at 12:40 pm. It barely recovered 3/8 the bulls win. You are looking for the lunch low.
Price is topping out. You could have gone short. What level is just waiting with a bid. The previous day close. Where does price want to go?
Notice from the MID AM HIGH to the lunch low is 140 minutes. It's a fractal. Now watch the next rally. You are looking for the mid pm high. It seals at just over center time at 2:45 pm. A 140 minutes down and 185 minutes up. Bulls are getting weak and unable to gain a following.
Your last turn is the LAST HOUR LOW. Yes, I'm seeing supply creeping in. Now notice from the mid pm high to the LAST HOUR LOW is 50 mintues. Ok, what is your next expectation? The rally lasts for 10 minutes. The whole day been a fractical of itself.
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good morning today is SERIES S4H with clock getting in synch.
News: Jobless Claims & Philadelphia Fed Manufacturing Index at 8:30 & Import and Export Prices at 8:30, Industrial Production at 9:15, Housing Market Index at 10:00, EIA Natural Gas Report at 10:30. All time EST.
Last Night: Bears failed to take out the oversold line around 11:00 pm and then took out the supply line at 1:00 am. Then started trading sideways in a 5 handle range.
Edge: Perhaps all the big numbers are over and price can start to find it's way.
7/8/9 AM: After testing the 4521 handle, price has started to drift back down.
Today: Price seems to be drifting down to test the lows.
Bulls want: 45, 57, 62
Bears want: 20, 08,93
Globex: 14 handle trading range on 158 volume.
Cycle Bias: Favored to the bull
Tone: VIX trading at 14.06
Shape of the day: Potential for a strong trend either way. Odds leaning to the bear.
Honing: Waiting on clock to settle with other time zones.
Bill Fish (4H/4D) From the MID AM HIGH after price took out the AM LOW got short. Added some more shorts at the mid pm high. SHORT
Tuna (30m 1+D) Got short at the MID AM HIGH and the mid pm high. SHORT
Sardine (5M-1D) Got long at the spill seal at 9:55 am. Bailed at the MID AM HIGH. OUT
Pre Opening: After the numbers price found a bid off the Globex lows. Trading a near 8 handle range.
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: September 29 Harvest Moon 5:57 am. Autumn Equinox September 23 6:50 pm (all times est)
