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A Wyckoff Student Notebook

Discussion in 'Trade Journals' started by Onepoint272, Apr 27, 2016.

  1. Onepoint272

    Onepoint272 Well-Known Member

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    The ES failed to take out 2818 on Monday, after being run up Sunday night, when instead supply emerged Monday. Tuesday, a ton of supply came in to the market and it is never good to see volume off the top. Now there is a threat that the October low could be taken out down at 2603.25. The market was closed Wednesday for HW's funeral and the mark-down continued in earnest in this Wednesday night session. If 2671.25 can hold then we could potentially get a bounce. Currently the count gives an upside potential to 2710 but by morning perhaps enough cause could be built to extend that to the 2748.75 area. As for the downside there is already enough cause to reach 2620, 17 points from the October low.

    S&P E-mini futures: 2-hour bars as of about 12:30am central:
    upload_2018-12-6_0-46-31.png
     
    #421 Onepoint272, Dec 6, 2018
    Last edited: Dec 6, 2018
    T0rm3nted and bigbear0083 like this.
  2. Onepoint272

    Onepoint272 Well-Known Member

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    Thursday, 30 minutes into the regular session there is enough cause now to bounce to 2745 or drop to 2485, below the 2603 October low.

    upload_2018-12-6_8-44-42.png
     
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  3. moss_sumit

    moss_sumit New Member

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    Do you mean 2585 and not 2485 on the low side?
     
  4. Onepoint272

    Onepoint272 Well-Known Member

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    Yep, I did, good eye! Actually though, later in the morning I corrected the downside count, corrected where I was taking the count, but could not post it. The objective from the updated count hit real close. From here it looks like it needs to build more cause.


    upload_2018-12-6_21-30-47.png
     
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  5. Onepoint272

    Onepoint272 Well-Known Member

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    Between 10 and 11am central the ES printed an "Effort vs Result" bar. The lack of follow thru on the continued high volume and the high-end close indicated demand coming into the market, i.e., sellers were being absorbed by demand. That bar also marked shortening of thrust of the down wave; it was unable to get to the demand line of the reverse downtrend channel. It'll probably re-test lower and develop a trading range in here.

    1-hour bars:
    upload_2018-12-6_21-45-12.png
     

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