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

Last half hour. Let's see if it just chops until the close (or sells off), or if the MRRD bot algos do their magic.

Sung to the tune of 'Hey, Hey, we're the Monkees':

Here they come...
Waltzing up the chart...
Get the funniest looks from...
Anyone with a brain...

Hey, Hey we're the MMRD's
People say we monkey around
But we're too busy rampin'
To not kill anybody betting down...

Hey, Hey we're the MMRD's...

Watch this TL here very carefully.

And this 1-min upsloping one, too. Unreal game playing.

This could have been a Wave 2 off that TD ABCD into this TL:

Abolutely unreal chop and game playing. I'm just hanging around to see how they finish it, to see if they could do anything with that 5-min bearish ABCD (technically a 7-min) at that key TL, or if they'd do a first thrust and then snap reversal, as they have been wont to do all day. Unless one is a great scalper (or positioning for a longer than intraday play), the day was over long ago.

I didn't see your post before I wrote mine, jarek, but yes, that is why I am hanging around, to see if I can glean any clues about their intentions.

So they closed it totally noncommital. Tomorrow will be very interesting. I would say the odds favor another new high, but we'll see. I just go with the setups.

There is one curious thing today. It was a big 'risk off' day except for stocks, which were only 'risk off' a little. But they didn't move into treasuries, as they do when risk is off and stocks are weak. They dumped treasuries big-time on that poor auction result, and rates exploded. This is very, very unusual, in my opinion. Into the dollar big time, out of everything else, but into the dollar in cash (so to speak) and not into treasuries? This is something to watch, and although it will likely 'straighten itself out' shortly, this may indicate a sea change, so keep an eye on these intermarket factors.

Originally posted by jimkane

Anyone long here, looking for new highs?

I gather no one took me seriously? And back to support and to a new high plays out once again. Yeah, one day it will be 'wrong', one time, but so what?

Originally posted by jimkane

...Tomorrow will be very interesting. I would say the odds favor another new high...

Anybody following/understanding my reasoning with my comments?

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