Here is this potential bearish ABCD looming over the market for some time already:





Unfortunately it can go much higher and still remain a Double Bottom ABCD, so the picture is rather unclear at the moment.

Yep, ABCD in 'Game Zone', and the ABCD won. Price flow is broken. Now let's see if they 'backtest' the area and then down more, or if catching all those stops is enough for them. A nice flush here would be great, but I'd hate to see this follow the 'first move is almost always wrong' pattern, and be up huge tomorrow, after all this nice downside work. But, as jarek pointed out, this pattern hasn't played out lately. And we still have over an hour for the ES to ramp up, too.

potetntial "3drive " into the .886 "Game zone if it plays out here"

?

Nice chart, roofer. Someone should slap a natural set on that chart using those two highs on the right and the swing low between them, and look at the upper //. Very interesting.

Hmmm, okay, going forward I'm not sure if I'm going to change my posts or not. I'm not sure doing a blow-by-blow of price action reading is 'working' in that I'm not sure how much benefit people are getting from it. If one is following my work tick for tick, putting together all the same lines, Fibs, patterns, etc. that I am, then I think it could be of great benefit, seeing what it triggering my thoughts at each step of the way, and so on. But perhaps only a few very advanced mentor students are able to work at this level.

In the meantime I do mention some setup areas, like the 3-min bullish ABCD today, but that aspect isn't my focus lately. It was much more so in the past, but sometimes I tire of just mentioning setup after setup. I expect people to advance and get to the next level. But, new people are coming in all the time, and the advanced stuff would be too much too soon for them.

Since I'm not getting votes to any great extent, I have little feedback, such that when I post price reading stuff I get lots of votes, or when I comment on setups I get more, or 'context', or whatever. So, I just don't know. Maybe what I have been doing lately is boring and useful only to a select few like jarek and eric, for example. Maybe I should do more of an assortment.

I just hate to be seeing things and just pass on posting them because I need to mix it up (I can't post non-stop or it interferes with my own work) only to see it react dead off of what I just passed on posting. I'd ask for input, but then I'd get really frustrated when I got two, one, or even no comments... I'm doing this to try to help out the readers in here, but if you won't even give me feedback, how can you expect me to do this in the most helpful manner?

Nice GLOBEX uptrend in here. Let's see if it gains any steam tonight. It's really all about the currencies, though. The dollar just can't get any legs, and until it does, the market should rise, I would expect. Look at a DX chart (or even more precisely, look at a Loonie chart) on say 240-min all-sessions, and see how they are just flipped over ES charts.

i hope all traders are aware of the multiple scenarios implied in TZA chart....

Kane DB ABCD completing at 0.486. Price certainly "stuck to" that ML Lower // for a bit.


Al Kamego

Play o' da day, Al, play o' da day. Notice the flat ABCD 'W2' after it started to move, too. Everyone saw the incredible ABCD at completing at 10:26, right? What a day.

Originally posted by roofer

i hope all traders are aware of the multiple scenarios implied in TZA chart....

I hope so, roofer...

roofer, do you have a list of the stocks that you track?