The week starts out 'interesting'. Gold is only a few cents from the 'magical' $1600 level. I think the only magical level is $10,000, and the musings on when that gets taken out. If it does, and the moves were proportional, that prices gas at the pump around $30/gal and crude around $400. Imagine food prices then. The Swissie is exploding, and the EUR/CHF just set another new record low, as parity is now the talk. And this has our futures down a whopping 1.75 points. Wow, pretty scary, the ES down 1.75 points.

Thanks, rat. I really appreciate your charts (and comments) and am trying to learn from them.

Good Trading,

Al Kamego

Up 33 points since yesterday, and zero profit takers. Zero. All this uncertainty, and every last buyer wants to hold overnight...

I defer to yours albert, really great

Originally posted by albert

Thanks, rat. I really appreciate your charts (and comments) and am trying to learn from them.

Good Trading,

Al Kamego

ES exploding off the cash close. Big surprise. AAPL's upcoming 50 point pop should boost the futures and the market tonight/tomorrow, right? Plus, when they settle the debt ceiling issue, that should be good for another 30-50 on the ES in a flash, right?

Thanks, rat.

You and most of the other people in here are way ahead of me in their use of ML sets. Now, if I could turn my hindsight into foresight, I would really be making progress. Ha ha ha. This is fun and those Kane structures sure make some pretty patterns.

Good Trading,

Al Kamego

CMG off in the aftermarket on an earnings miss. This is the most awesome-est stock in the universe, and I'm a huge buyer in here. What a buying opportunity. I'm sure it will be at new all-time highs tomorrow. I think some of the best bargains, the truly underpriced stocks out there are CMG, CRM, PCLN, NFLX, GMCR, as well as quite a few others in that fold, as well as the staples AAPL, GOOG, and AMZN.

Okay, I'll add this for those that simply can't see this one their own...

***sarcasm off***

Take a look at RVBD after hours in here. This is a stock I follow closely, and was very bearish on until the big eight day market ramp started, and they announced a big deal with MSFT. Look at it now!

AAPL blows away all estimates by a much larger margin then even imaginable, which is as expected. The biggest beat in stock market history? It sounds like it. I am seeing no trades so I'm thinking it must be suspended. I think it will open over that 425. Maybe 450?

What a disappointment, it opens and hits around 405... But give it time.

This tiny movement in the ES reminds me of roofer's chimney.
ES 5 minute.



Roofer's chimney give-back.

I guess what I am saying is that not every time price hits a line, or lines confluence and price hits them, it's an area that produces a potential trading edge. With experience one can make an attempt at filtering out these areas that just don't have the right look to them. I'm not really talking about subtle, almost invisible variations here, I'm talking about 'obviously has potential', and 'obviously looks totally wrong'. This is frequently something that can be seen by eye real easily, but is very, very hard to program into a computer. I wish I had a chart example off hand for you, but I don't.

Originally posted by tx_ches

Jim, what do you mean when you say "our eyes would say the geometry is not good." How can geometry be bad?

I'm not convinced the algo's are using the same median lines as roofer all the time. On the QQQ's, I drew 2 other sets before I saw roofer's set and even after I drew another set. So all together there were 4 sets with lines going into his areas. The algos could easily have programmed in 2 of them without using the more minor swing low that roofer used.

How heavily do you think the algos rely on measured moves? It seems like I see a lot of median line sets that capture a measured move. I wonder if that is what the algos key on when it is looking like they key on a median line set?