Welcome back everybody! Good to see so much activity and some new faces here

There was also a lot of action in the market while I was away. The basic question is, as Jim pointed out already, whether Thursday's 3D ended in a meaningful PTA or not. The best lines I could find for this area are following:



They don't look very convincing and there is no pattern, so the reaction at the current area should be very important:

ES closing in the 4-Point area. Another close at a critical area. Gold down, crude down, ES up now? That would be something. I don't recall the market dropping this much, this fast, and the 'risk on' crew not being given orders to march. Some day that will change. Is that day today? All I can do is watch, and make my plays, and manage accord to what it actually does. I'm heavily leaning towards crude up, gold up, and hence, the ES down some more. But straight down???

Crude still rising...

Wow, ES closes the after-cash at a new, deep low tick of the day.

I never expected we'd be off over 35 points off the area I mentioned... That's why I'm a trend trader. Stay with them until they stop trending, since you never know. Watch the clues, but wait for the evidence before shifting. That's my style. Some like it, most hate it. That pleases me greatly. I don't like a crowded trade, or crowded trading style.

Originally posted by jimkane

ES closing in the 4-Point area. Another close at a critical area...

The initial drop was rather too steep to stick to my previous large bullish ABCD scenario and this potential 4PT looks much better now:



Wouldn't it be a great play - straight shot from one Game Zone to another Game Zone?

very interesting....I copied your set here and the sell looks even more convincing....

Originally posted by roofer

Click image for original size

sorry, I didn't mean it wasn't convincing, just how interesting the confluence was

ES down over 4, under 1,300 now. Just amazing, the relentless selling. Imagine where the S&P would be if all the free money was taken back. Just imagine what the true, free market 'fair value' of this thing atually is. It's immaterial, since we'll never see that until the end of the USD, but it's curious to imagine.

So, this is now beyond the 4-Point area, beyond that sliding // I mentioned. It could still be the spot, with a little overshoot, but it's looking rather dubious. Imagine, as jarek said, from one Game Zone to another in a straight shot with no break, and then maybe to the ABCD, some 50-60 points relentlessly.

Although I love these conditions for trading, I'm even more excited just to see what is going to happen, it's so fascinating. Anything but endless slow grind up forever...

And a very curious reaction off the reopening of GLOBEX here, up over 4 points off the low, very aggressively. Is that it? They're going to take the 4-Point? Now up 4.75 points... Interesting.

+5. Very interesting.

iwm bounced at line, at .941/ .618......how far will the bounce get? interesting how the new schiff set sits right on top of the last one....