Welcome back everybody! I just returned for a one week break between my holidays and thought it won't be bad if I share some charts Here is the update of my daily ES chart:

Bulls better make sure that our bullish TD ABCD plays out fully to the usual levels, because otherwise bears might get encouraged by the following picture in the long term DJIA chart:

I'm glad to see you back, Jarek, and sorry to hear it is only for 1 week. You seem to act as a counter-balance to Jim's more extreme cynicism so maybe I can actually figure out what Jim is saying this week. :-)

So, all the talk is that without a debt deal the Asian markets may drop 1,000 points (I assume that reference is to the Nikkei). Big down coming. Very scary stuff. Yeah, right. No deal has been put together, and I think the Nikkei will open up. I can't see it going down. No way, no how. Why? In early FX trading the dollar is down, the Euro is up, and the Swissie is way up. That doesn't translate to a down market, it translates to an up market, in my experience. We'll see soon enough.

Oops, the market opens down and drops to -18.75? No way. Let's say I'm a big buyer as it started to turn up. Just a fake out scare to get better prices. It should rise strongly. How can they not be buyers at this bargain basement price?

Up 6 off the low so far...

8 off the low.

Gold explodes to another all-time high. I think that will be a near daily event for some time to come. Recall the gold levels I posted elsewhere. I hope everyone wrote them down.

ES buyable dip there, or add-on? I think so.

I'll be watching around 31.75-33.75 next, but I don't see any reason why this won't be + by the open tomorrow, or perhaps on the opening run up. But I suspect well before the open it will have made back all that 18.75 drop, and probably more.

Gold 1624 and change...

Let's follow up on this. Go to the time shown below on your ES all-sessions chart. The ES was around 1290. It rose from there to 1294.50. Note the first level posted below. It then began to drop. It did a very typical 'W1' first move (my mentor students would know just how typical this was, but that is not necessary information for this example), a nice 'W2' pullback, and then headed back down, hitting a new low for the move at 1278.50. That was a drop of 16 points off the area posted.

Although I didn't post this because it was the middle of the night for me, my key level once this started to sell off was hit within one tick of the center of my grouping level (and the small bounce on the way down was also at an area I'd expect that from). The bounce up after of 22.25 points was right between my two most critical lines (do an obvious TL!). Just amazing, to put it mildly. So, once again, the same point. How, of all the places on the chart this could have risen to and then sold off hard from, why, again, was it one of the levels I posted (in advance, of course)?

Now, I am not saying this is a panacea, or a way to riches. Everyone who has followed me for any length of time knows I am not even hinting at that. I don't know which level, if any, this will respect. I have to have an idea what I think will happen so that I know where I may trade, and on what side. This takes experience. And as I've said, the setup is only 10%-20% of my 'Trading Plan'. But, if one can't see these levels in advance like I do, it's one part of the 'Trading Plan', a critical part, that is missing, and needs to be sorted out.

I will say, as an aside, I just can't let go of the bad experience I had out in the public area. So many jumping on the bandwagon, attacking me, wondering what my agenda was. How about this for an agenda: I seem to be able to find some key levels, in advance, on a repeatable basis and I want to share this with people. If you really want the details, I want at least a token, nominal amount for the books, which took me an incredible amount of time to write.

If you look at how many hours they took me, and how many I've sold, I think I've made like $10 an hour, or less (it's just a guess, I'm not sure what it really is). So, it's likely my motivation wasn't purely financial in writing them, huh? All I ask is to at least give me my $10/hour for my effort, and then I'll show you a big chunk of what has taken me just about 40,000 hours now to develop.

But, no, they hammered me for being a shill, and decided that it isn't worth looking at my work. Now I post the levels in here, for free, they get reactions over and over and over, and I'm willing to answer questions on how this is done so anyone can try to duplicate the work. And out there, they have no clue as to what we do. And they don't want to know. And they go on hating, patrolling the forum for 'people like me', making sure they are crushed and driven out. They are very good at what they do; they've succeeded. And we will keep on posting in here, stuff that, to me, seems so good it can't even be real. I guess they won, huh?

(Let me mention that none of the above comments are meant to in any way reflect badly upon Guy, the forum owner. He's between a rock and a hard spot in situations like this, in that he has to let people express their opinions to a point, or he will be seen as too overbearing. Give people freedom, but not too much freedom. It's a tough job.

I lay all the 'blame', 100%, on the handful of 'haters' out there who have an agenda that has little to do with finding truly valuable information, even if it costs, and more about proving the point that anything of value must be free (good luck with that one...), and that anyone who disagrees, or won't acquiesce to their 'authority' in their threads on this, must be driven out.)

Posted-07/29/2011 : 02:07:00

Originally posted by jimkane

Upside levels, short-term, in case we need them, are:

94.50-95.00 (.447 is at 96.41, 1.000 ABCD at 93.50, so in there somewhere?)

98.75-99.00

1303.50-4.75

Center of the areas, as usual. And I think we may be needing them, sooner than one might think...