Issue 1,860 – Copyright, 2024, by Wyckoff AM Trader
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We got a bit of a rally coming out of those September lows. That was expected as I discussed. Price is now trading above the 10 MA if you use that. I do not but I do know some traders do. We got a pivot bias. That's when the current day pivot is higher than the previous day pivot. That I do use.
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Not every day but some days I try to focus on one aspect of the market. Yesterday was activity. Now, Linda Bradshaw says she can read the tape. However, reading the tape is not the DOM. Perhaps the prints. Still, that's not the tape. The tape is the Translux paper tape. Hense no once can read the tape anymore!
You can look at prints but you can not read tape.
And looking at prints is not looking at the tape. Wyckoff used activity. The activity was the number of feet of tape every 5 minutes. The activity and volume are not the same. Volume does not run through paper. So much has changed. So much is the same…
The same was the activity after the YELL. Yes. That was classic:
IMPRO: Wyckoff Trader :(1:41:29 PM) : got the shorts out and the weak longs in just before the YELL
If you drew a trend line you would see the second decent supply line was tested just above the supply line:
IMPRO: Wyckoff Trader :(2:00:54 PM) : boy that was classic; blue out all the stop in a milli-second
IT's hard fighting the Algo's that's why we can't fight them. We have to join them. You can't always see them, but you can in the activity.
IMPRO: Wyckoff Trader :(8:46:48 AM) : Good morning. Today is SERIES S1H with the spill down. I would anticipate trying to find the end to this reaction from the Globex high. The open may take price lower to find support around the CASH open.
YES THAT WAS THE SPILL DOWN.
IMPRO: Wyckoff Trader :(10:41:20 AM) : just a bunch of one (1) lotters up here!
IMPRO: Wyckoff Trader :(10:43:18 AM) : 3/8 retracement
IMPRO: Wyckoff Trader :(10:55:44 AM) : 1/2 retracement a normal reaction
IMPRO: Wyckoff Trader :(11:00:41 AM) : AAPL and META weak
IMPRO: Wyckoff Trader :(11:02:17 AM) : perhaps the end of a 40 minute decline the bears were only able to take back half
IMPRO: Wyckoff Trader :(1:11:03 PM) : price trading just above half intraday range
IMPRO: Wyckoff Trader :(1:32:31 PM) : price trading at 5/8 retracements. bears wiped out the 11:00 rally
IMPRO: Wyckoff Trader :(1:41:29 PM) : got the shorts out and the weak longs in just before the YELL
IMPRO: Wyckoff Trader :(1:43:55 PM) : bulls recover half of reaction
IMPRO: Wyckoff Trader :(1:49:11 PM) : thanks funney hank but you are right!
IMPRO: Wyckoff Trader :(2:00:54 PM) : boy that was classic; blue out all the stop in a milli-second
IMPRO: Wyckoff Trader :(2:01:26 PM) : bulls recovers half of reaction
IMPRO: Wyckoff Trader :(2:01:56 PM) : now 5/8
IMPRO: Wyckoff Trader :(2:03:34 PM) : held the 3/8 of the YELL
The day started out on the buy side. Yes small dip at 9:45 AM spill down seal. Next is AM HIGH. We got that. Center time. The seal was bout 10:20 AM. The rest of the day is loupie loop. WB just called it that.
A 35 minute move up delivers 37 handle up move for the bulls. This is followed by at 60 minute down move removing 19 handles that is checked at the halfway retracement. This is a normal reaction. No strength or weakness is indicated. Then a 50 minute up move gains 30 points for the bulls. This is weak. The previous up move was 37 handles. This weakness is confirmed as price slips and drifts back for 100 minutes and loses 36 handles.
Now it's the YELL. It's nothing but up blue sky till 3:10 PM. Bulls get overextend and lose the highs to the bear. Price retraces half of the gain from the YELL then gets a bid into the close.
Yes I guess you could say looking at the speed of the prints is like reading tape. And some traders use popcorn sound. All this is well and good, but nothing could every tape the palace of that Translux ticker tape. Nothing!
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Good morning. Today is SERIES S2L with the spill down. I would anticipate … Now some traders say a dip and rip. Funny how we have sayings for things. The dip would be in AM LOW. We could have a "how deep is your three?" That is the third turn that closes the PEON close. Let's see if they are on the same time with us.
1. Last Night: After a strong close it was strong we just pulled back to a normal correction. Bulls got on the bid and held it up to the Aison market. Price held in a tight range at the highs for about 3 hours and then just gave it up. Back to the yell…
2. Large Size: I was trading the old contract yesterday and could not resist gettign in on the bid at the close. I exited around 11:00 at 5704 handle. So glad I did! They only large size I saw last night was the 200 lots that gave me a reason to exit.
3. 7:00 AM / Premarket: Not seeing anything to move the needle. The bulls can start over again.
4. Todays News: Jobless Claims & Philadelphia Fed Manufacturing Index & Current Account at 8:30, Existing Home Sales & Leading Indicators at 10:00, EIA Natural Gas Report at 10:30. All times EST
5. Cycle Bias: Now some traders say a dip and rip. Funny how we have sayings for things. The dip would be in AM LOW. We could have a "how deep is your three?" That is the third turn that closes the PEON close. Let's see if they are on the same time with us.
IMPRO: Wyckoff Trader :(4:18:06 PM) : I'd say they bought em today, and perhaps will buy then tomorow
IMPRO: Wyckoff Trader :(4:19:05 PM) : S2L
IMPRO: Wyckoff Trader :(4:20:52 PM) : I don't use it but price is trading above the 10 MA on the daily
6. Honing (turns): Spill down, AM HIGH, loupie loop, LAST ODDS HIGH
7. Previous Day's Numbers:
Open 5687.75
Hod 15:11 5770.50
Lod 09:45 5675.75
Settle 5734.25
Volume 1,151,195
8. Floor Trader Pivots
DAILY 5726.75
R2 5821.50
R1 5777.75
S1 5646.25
S2 5683.00
WEEK 5632.08
Range 97
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: February 12 Snow Moon 8:53 a.m. Spring Equinox March 20 5:01 a.m. (all times Est)
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