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 1.000 ABCD at .382 in Gold giving an 87% chance of breaking yesterday's bottom:

$SPX simply had to take out last week's high. Still no mercy for all callers of potential tops :-)

Soon we may be at 1,400 and the top callers will still be calling. Then maybe new all-time highs over 1,600, and the top callers will still be calling. Some day they will be right, one time...

Watch from here to another two points higher or so.

70.50 is key for today.

Okay, I mentioned that at around 68.50, and said to watch for the next two points or so, up to 70.50. It's rolling off 69.50 in here. Although the momentum is clearly and manifestly up, here's where I want my stops for a long to be tightened up quite a bit. I would expect the odds are increasing substantially that it will need a bigger pullback soon. You never know, any given case can be an exception, and if there is a 'net buyer' (translation in this case: goofy manipulation ramper robot drone algo) in the market it can keep going and going, but I like to play the odds over time. So, this is the area my trailing stop generally gets tightened up. If it keeps running, great, the stop keeps the play alive. But it also doesn't allow for too much give back. Just some thoughts.

Boy, is this strong. Got to love it if one is on the long side, trailing a stop :-) But keep in mind, they like to make it look strong in a spot like this as they run out of gas. So, I just watch it run, and hopefully it takes out that 70.50, which would signal extreme continuation, and it runs until close, and beyond. We'll see.

Is this run really going to finish a WHOLE TICK below Jim's level??? Common longs!

Here it goes. 70.50 to the tick!

Well, dem bulls got the 70.50 tick before the cash close! (Rock me, Jimadamus.) But this is a monster strong close, and this one meets my criteria for holding some into GLOBEX. Although this needs to come back in really bad, low volume ramps by drones don't follow common sense rules a lot of the time, and this may just keep lifting off, just like the old helium balloon analogy I once discussed. We'll see if the area can work its magic. Since some of the things in the area were coming from the day's action, it loses some of it's power once the day ends. That 1,200 magnet sure is calling this thing...

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