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.

Ooooh, this better be careful here or a big climax sell may happen, and hit quite a bit lower. This is very dangerous to the MRRD's in here. They must come in now.

"I've fallen, and I can't get up..."

For my international readers, that's from a U.S. TV commercial.

They must come in here or this thing could get toasted.

looks like it is setting up larger ABCD 1.00 ,447 area trade setup if it gets there..closing below the 200MA ....I am following your thoughts and idea premises.

I suspect the up, big, has already started...

So, it seems to me they are starting it up. It then, right after I posted that comment, forms a nice little bearish ABCD, which it reacts aggresively right off of. No problem, let's see what it does. Now it's back to the key test area. This area lets me know if they plan to roll it down for another leg, be it a 1.272 and done or a big leg, or if they plan to game it, or take another shot at up.

All I can do is create premises, set up the clue areas, and respond. In my opinion it's not about how often my premises play out as much as it is in how I handle the situation after that point. That's why I am willing to post, in advance, many of the thoughts that pop into my trader head, so everyone can see what flashed into my thinking, and how I try to use that information.

So, they have no juice, and I just stay short side bias. Now this is set up, still in the same bigger area, for a 3-4-5 after this little move here. So, I'll watch the action in a similar manner from here and do the same type of assessments.

This is a totally different approach than seemingly 99.99% of traders, who set a profit target and then walk away, and come back later and see what happened. That is a much 'easier' style. My style is very, very labor intensive, working every second of every trade, trying to maximize and squeeze out every last potential penny. It's just my approach. Most won't do it, which is why I think there is extra potential in it. It takes more time, more effort, more concentration, more skill, and many more years of study. It's just one more 'edge', I feel, in a comprehensive 'Trading Plan'. Just to add to why I keep making all these posts for everyone.

They just have no juice today at all. Recall what I said about down into the Fed meeting. If this continues tomorrow (that will be interesting to see, what they decide in GLOBEX), I'd expect a big jump on the Fed announcement. So, staying short side bias until close turned out to be the ticket. They had to prove it to me, and they couldn't. Now looks ready for another little push down. This might form a 3D, so I'll watch the reaction to that, if there is one.

Jim ..nice read all day..cant wait to see how GLobex plays out. Will they flush and accumulate below the LOD to bring it up or is a larger pattern playing out where it should go to its most obvious spot.

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