WyckoffTrader-AMTurn-03182024
——– Original Message ——–
Subject: From Wyckoff Trader; 03/18-AM Turn Newsletter
Date: 2024-03-18 08:46
From: wyckofftrader@easymax.com
To: Content <content@mrtopstep.com>
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)
With traders looking ahead to next week's Federal Reserve meeting, stocks moved mostly lower over the course of the trading session on Friday. With the downward move, the Nasdaq and the S&P 500 closed lower for the third straight day.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
We still are waiting on the clock to get back in syncy. I always trough WB just wanted to take two weeks off. And he deserved it. However, on average, it takes about two weeks for the clock to get right as rain. Till then we'll go with your T&A, levels, and roundies.
Since I had a good trade from January 2, I took the rest of the week off. No, I did not even peak. With that said, let's look at the market. The last two day's have been a hard drive down. So traders thought they might try to catch a falling knife. Some tryied and got a few points. Some tried and got cut.
The first move down lasted 35 minutes. What looked like the low of day was quicly responed by a 45 minute rally that printed a new high of day. At 11:00 am it looked like price was just going to drift down and hold the current low of day. Then 2 hours later at 1:00 pm price prints a new low of day.
Within the next hour by 2:00 pm price recovers halfway of the loss. And then at 3:00 pm, starts to round over. Price dips down and holds at the half way retracement and holds the close.
Wyckoff Trader,
P.S. If you've read this analysis, you might be curious when the best time to consider a short position:
Based on the information provided, it appears that the eMini futures market has been in a downtrend for the past two days, with several attempts to rally being met with selling pressure. A seasoned full-time day trader might have looked for short entry opportunities on the recent bounces, with stops placed above the recent highs.
For example, when price reached the new high of day around 11:00 am, a short entry could have been made with a stop loss placed above that high. Similarly, when price reached the halfway point of the recent loss around 2:00 pm, a short entry could have been made with a stop loss placed above that high.
Trading in the eMini futures market is risky and can change rapidly, and several factors can impact the market. To minimize potential losses, always use stops when placing trades, but understand that there is always the risk that a market gap could result in a larger-than-expected loss.
Be sure to use a stop with every trade placed to help mitigate potential losses, and only trade with risk capital that can be afforded to lose.
Additionally, it is important to keep in mind that the market can change quickly and what was a good trade opportunity at one point may no longer be valid at another. It is essential to use risk management techniques such as stop losses and position sizing to protect your capital.
With that started here are the "PROSE and THE NUMBAHS"
good morning today is SERIES S3L Normal with the spill up.
News: Housing Market Index at 10:00. All times EST.
Last Night: Took all the joy (profit) that would have been today and did it all last night.
Edge: No edge yet. The time change and muddy the clock and the contract changed.
There has been a change in the force. At least in the Day Light Savings time. It will take a few days.
A weak or two for the force to realign itself. Till then your TS's and roundies. Clock muddy for now.
7/8/9 AM: Took out the weekly, 3-day, and R1 pivot and turned bullish trading at the R2 pivot of 5224 handle.
Today: Need to see a strong showing by the bulls else the bears will start to hit the bid. (same today)
Bulls Want: 28, 43, 62
Bears Want: 03, 90, 78
Globex: 44 handle trading range on 138 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 14.53
Shape of the day: Due to time change, clock may be muddy.
Honing: Waiting on clock to synch
Bill Fish (4H/4D) Exited due to contract change, waiting to see direction. OUT
Tuna (30m 1+D) Exited due to contract change, waiting to see direction. OUT
Sardine (5M-1D) Exited due to contract change. Exited at low. OUT
Pre Opening: For now, still holding the 5222 handle. Will need to see how CASH trades at the open for next direction. (same as Friday)
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: February 24 Snow Moon 7:30 a.m. Spring Equinox March 20 5:24 pm (all times est)
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