Darn, I was watching the ES, it opened and dropped right to a line I was watching, to the tick, and started up. I got a buy trigger. I decided not to post on this. My motivation wanes from time to time, as I get so little interaction on all my posts. Now the ES is up almost 20 off the low, much more than I expected by now. It's really getting ramped hard. Oh, well, I wish I had posted it as it was happening. I used a really cool line technique to get my line. I had it on there shortly after Friday morning got started.

Okay, phew, no checkback at all. Staying strongly long side bias, management mode. My next levels on the higher timeframe are around:

1175.50-82.00

1196.00-1203.50

In the short-term, I'm very cautious in here at 59.00, in case... It needs a bit bigger of a checkback soon. And this can still be a bearish ABCD in here.

Note that this is now over 40 off the LOD, and is still looking strong.

1-min lower high? Time for me to be watchful.

That may be the entire checkback there, but 49.50-51.00 would be nice.

the question to my mind is irrelevant for what i do.....there are a gazillion .886 on gap on 5 that are meaningless.... because the complete setup is .886 on gap on 5 @geo. the line is the sorting mechanism for the meaning of .886 on gap on 5.

Originally posted by jimkane

Trivia question. When was the last time the SPY didn't have a gap open that wasn't closed within 5 minutes? In other words, a day when you couldn't be looking for an .886 gap on 5 potential trade? Don't answer this by looking at your charts, anyone can do that. Post your 'guess'. Then after a few guesses someone can post an answer.

I don't know the answer off the top of my head, but I think within the last week on the ES. I know roofer favors 0.886 on gap on 5 late in the day as a good trade.

Al Kamego

and how many traders had done the work to be prepared for what happened today.. long ago when asked the very legitimate question'' what do you do on a day that price opens on gap and trades to .886 but there is no line in sight?'' i replied i anchor the set on the pivot and trade a test and retest.....

Originally posted by roofer

the question to my mind is irrelevant for what i do.....there are a gazillion .886 on gap on 5 that are meaningless.... because the complete setup is .886 on gap on 5 @geo. the line is the sorting mechanism for the meaning of .886 on gap on 5.

Very good.

Al Kamego

Of course, geo, it is totally irrelevant to what you do. But, alas, it is not irrelevant to the point I was leading towards. Go back to say the tech bubble, or after that. When you and I first met. How many days gapped and didn't fill in the first 5 minutes back then? A few. Here and there. We just went about three weeks (the last one was Aug 3) where every day opened on a gap and didn't fill it in the first 5 minutes. Times have changed.

A lot of action happens overnight. Our market no longer is the whole world. In the old days, we made the moves, the other markets just aligned with us, then waited for us to open, and we set the tone. Now I find, for futures trading, I actually prefer to trade the aftermarket and the European session. We now follow many times, what happens there, and we follow it in the overnight. That brings about the gaps, and all the potential for your algo trades.

If that didn't happen, the algos would be doing something else, and so would you be. So, although your point is well taken, you missed what I was trying to get people to see with my question. We gap and don't fill almost every day. How different that is than it ever used to be. Things change. I at least like to be able to say, and be aware, that we gap a lot now, and didn't used to gap a lot in the old days of my trading. That was the entire point of my post, not anything to do with how you trade...

Originally posted by roofer

the question to my mind is irrelevant for what i do.....there are a gazillion .886 on gap on 5 that are meaningless.... because the complete setup is .886 on gap on 5 @geo. the line is the sorting mechanism for the meaning of .886 on gap on 5.

Hits 51.50, and up like a shot. What a shocker. Given it chopped sideways for so long and my line is rising, it was just about perfect. I think I'll do a roofer post:

I. AM. TIRED. OF. POSTING. THIS. STUFF.

Originally posted by jimkane

That may be the entire checkback there, but 49.50-51.00 would be nice.

Okay, not trying to be overly critical, just making sure I understand what you are saying.

Originally posted by MarcinO

Of course I meant KZ. I'm sorry if I confused anybody.
I'm quite bussy at work nowadays and I can hardly post charts, which resulted in an obvious mistake.

Originally posted by jimkane

Marcin, do you mean KZ?

Originally posted by MarcinO

Gold stucked a bit in the GZ reacting off upper //