WOW - what a busy Saturday in the forum! Haven't seen anything like this in quite a while ... Better times for the forum coming? :-)

nice chart jarek!

Okay, that's it for me. It did chop until close. Very unimpressive. Sunday night GLOBEX/Monday should start the up phase again I suspect.

Hmmm, nice after cash set up for the up Sunday night thing.

... but we can't exclude the following setup for a possible weekend event you were mentioning yesterday:





This Korean tension might bring one of those ...

Yes, I'm quite aware that my more usual scenario is a 'W2' bounce and then down. This may all be part of that bounce. But whatever 'vibe' about a potential imminent selloff I got is now long gone. So, if it sells, it will have to do it without that. I suspect we just go right back to new highs with this 1.128 stop sweep at a key area. But boy, it sure couldn't come off that area with any vigor. There are just so many really, really bad news items brewing, but to date the worse the news, the higher the market. When rates finally spike up hard then I see no way that game can continue, and the market should finally come down. But, and keep this in mind, if they want to reflate the market up another 100%, it's going up, period.

In my opinion, no matter what news comes out, no matter what hedge funds try to hit it, no matter what it is going up. Why? It's not a free market, it completely controlled by the government. So, how can you make something go down no matter what you do, no matter how much you sell, when it's manipulated? I heard one reliable source say their research shows the government now owns 1.5 million S&P long contracts. Funny it doesn't show up on the CFTC website COT report. Oh, wait, that's a government website. Again, this is all just my opinion, based on information I believe is accurate but may not be.

indicators get all kinds of negative comments.so i find it interesting that in a recent post a well known DR. confessed that after years of criticism of indicators his bottom line had much improved by putting a simple indicator on his chart..we trade in a market where the computers can make millions of calculations in a second. where every possible combination of indicators and geometry has been quantified and back tested...i have spent thousands of hours studying the combo's for myself. where the vertical lines are on this chart are where the indicators have meaning to me... then i ask if the geometry is there also... the observant trader will grasp this... you can extend this chart out so that you could have the indicators from 5 min to daily on same chart....

recently, traders who a decade ago were champions of the multiple time frame approach and gap medianline sets have shifted to 24hr tic charts and have flat out said multiple time frames are not needed...yet how can one know the power of this trade without knowing what happened on the 5 min?

or know the potential alternative target given by the geometry?

Roofer, what u are alluding to with the multiple timeframes comments is that they are deliberately omitting the 'CONTEXT'?.They are just blind to the bigger picture within wich the current price action,indicators,geometry are set up?. That's a big time mistake to deny 'Context'. And Jim will tell you: quote:'without context you have nothing'...it is so true I believe.
As far as computers go with their millions of calc per nanosecond, they still can't beat a well trained human mind with anticipatory instincts,rock solid discipline and a real 'trading plan'. But these types don't come by often and the brain can only function at peak performance for just a finite period of time,unlike comps that can run forever.So I'd assume that's why only a small percentage of the trading population can consistently beat the comps at their own games. And I think those who run the comps are fine with this fact because in the long run they still take the money of the weaker minded masses anyway. So that cycle is perpetuating, making the market wheels go round and rewarding only those who work hard at their trading craft by whatever means and methods necessary.Indicators or not, whatever works is what matters.
Being consistently profitable is no easy task but feasible I think, or else I wouldn't be trading at all. How can one achieve that goal? it's like climbing Mont Everest, many try but only few make it and along the way up you just learn about your true self and deep down inside the only fight u have is with yourself not the mountain...

regards,
T