Welcome back everybody! I just returned from my longest holidays in many years. And it looks like the best trading action of the year started just after I left and lasted for whole that period... Coincidence? :-)
Fortunately charts tell us, that it should last for at least some time to come:

Notice the 1-min chart volatility increase as it sits right below that previous key swing-high. I think the odds of them not taking a shot at that high is like one in a million.

Just look at that 1-min indecision and the swings it is doing.

I usually see this right before it makes its play, up and over.

One tick away...

Get ready...

Whoomp, there it is...

Whoomp, there it is...

Whoomp, there it is...

Nice last minute rush. Everything finished exactly as expected. Watching the ABCD next. Recall the 1.000 is at 1241. Do your own work to find the area.

I'm forever trying to state my bias in here for the purpose of guiding people on which side to work on practice setups, until 'context' skills are sufficiently developed. I'm not always 'right', far from it, but I think I help in the interim as far as which setups to practice with, and which to pass over.

Posted-08/28/2011 : 23:45:03

Originally posted by jimkane

...I'm leaning heavily towards the upside scenario myself.

Recall what I said before about this being way overdue for a bigger pullback.

Hey, jarek, did you get tired of posting lots of charts? I hope you'll get back to making so many nice chart posts.

finally...