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:
JI
jimkane
Rep: 3,058
Posts: 33,089
Futures up, new high for the move. 'Long, strong, and never wrong.' (This is just a joke, a funny saying from the post 3/09 hedge fund manipulation traders.)
AL
albert
Rep: 99
Posts: 3,094
Nice follow-thru GZ following that Kane DT ABCD completing at 0.236 fibo.
Al Kamego
Al Kamego
Click image for original size
JI
jimkane
Rep: 3,058
Posts: 33,089
I'll post this here instead of in the gold thread, because that isn't really a trading thread, it is a concept thread. I'm watching gold very closely here at this KZ, and also just a bit higher. Let's say:
1803-06
1809-10
1817-20
This one is a bit different than my ES level posts. I am thinking that if gold is going to drop down more, the area in here would be a good spot to do so from. There are three 'sub-levels' in this general area that stand out. So, these are not so much separate areas as much as levels within one broader area where I think this may turn down if that is gold's intent.
The bigger picture concept is that this may form a large ABCD, and that big run up was the BC leg. Perhaps not, perhaps the correction is over, but if TPTB want a bigger drop, they'll do another three margin hikes (ala silver), and that may bring it down to an ABCD (1.000 ABCD is at 1629), all while the market rallies. Just some thoughts and scenarios I am pondering.
1803-06
1809-10
1817-20
This one is a bit different than my ES level posts. I am thinking that if gold is going to drop down more, the area in here would be a good spot to do so from. There are three 'sub-levels' in this general area that stand out. So, these are not so much separate areas as much as levels within one broader area where I think this may turn down if that is gold's intent.
The bigger picture concept is that this may form a large ABCD, and that big run up was the BC leg. Perhaps not, perhaps the correction is over, but if TPTB want a bigger drop, they'll do another three margin hikes (ala silver), and that may bring it down to an ABCD (1.000 ABCD is at 1629), all while the market rallies. Just some thoughts and scenarios I am pondering.
JI
jimkane
Rep: 3,058
Posts: 33,089
No gold futures traders in here? Gold down about ten so far off the first area. Watch the smaller bullish KZ in here for clues.
JA
jarek
Rep: 94
Posts: 3,474
Originally posted by jimkane
Hey, jarek, did you get tired of posting lots of charts? I hope you'll get back to making so many nice chart posts.
It'll take me some time before I'm up to full speed. And I'll be soon out for 2 more trips, albeit much shorter ones
JA
jarek
Rep: 94
Posts: 3,474
Originally posted by roofer
jarek- i find your very useful...
I'm happy to hear that!
JA
jarek
Rep: 94
Posts: 3,474
Interestingly ES reversed and dropped most in almost 2 days off a measured move to the tick:
Click image for original size
MA
MarcinO
Rep: 67
Posts: 5,506
Two areas I found are slightly lower then Jim's ones, probably due to some discrepancies between regulated markets and OTC quotations, as I couldn't find anything that fit closer.
Notice how blue TL runs exactly over upper // of Schiff ML.
Notice how blue TL runs exactly over upper // of Schiff ML.
Click image for original size
Originally posted by jimkane
I'll post this here instead of in the gold thread, because that isn't really a trading thread, it is a concept thread. I'm watching gold very closely here at this KZ, and also just a bit higher. Let's say:
1803-06
1809-10
1817-20
This one is a bit different than my ES level posts. I am thinking that if gold is going to drop down more, the area in here would be a good spot to do so from. There are three 'sub-levels' in this general area that stand out. So, these are not so much separate areas as much as levels within one broader area where I think this may turn down if that is gold's intent.
The bigger picture concept is that this may form a large ABCD, and that big run up was the BC leg. Perhaps not, perhaps the correction is over, but if TPTB want a bigger drop, they'll do another three margin hikes (ala silver), and that may bring it down to an ABCD (1.000 ABCD is at 1629), all while the market rallies. Just some thoughts and scenarios I am pondering.
