Okay, let's kick some you know what this week in the market. Let's get some posts going. Enough slacking, you slackers.

I just have so many ideas I always want to discuss, to make clear. And most of the time I wonder if all my effort is even being understood, or is worthwhile. More on this in another upcoming post, I think.

So, I point out two areas in crude last night. Crude went right between them (something I see a lot in all issues, and I have a theory, and a way to pinpoint the near exact spot this happens, but that's for another time), and then dumped. But, let's look at this.

Crude is moving up off the 95 area. I am looking at roughly 100 and 101+. This is say five to six dollars away from the low. Now, it's all cool when things hit an area precisely and reverse nearly to the tick (as demonstrated in advance multiple times today with my few simple ES posts), but is that all there is, as far as usefulness, to these areas? I think not.

The point of these areas in crude was that I expected crude to take a dump. I discussed this yesterday, in great detail, with a student. Crude goes through the first area, but falls shy of the second, and the move down, almost four dollars, starts. Were there price action clues that this might be it?

I think there were. Were they ideal, a total tip-off to move on this? No, I think it was not a slam dunk. But if one knew the general area, within a dollar, that a reversal might happen, and then relied on price action clues, isn't that useful? I think it is tremendously useful. At the very least it would give me the bearish bias to work with as this faded off.

Make sense? I sure hope so.

And just for some 'context' (another use of the word context), recall how I say I am posting the center of my areas. The low end of my posted area was 101.20. The high was 100.74, some 46 cents from the posted area, which is not the full boundary of the area, on a move up of almost 6. I mean, how close does it have to hit to be ready? Understand the point? When does the shift occur from waiting for an area to close enough to the area, and then on to price action clues for entry triggering?

I don't get too caught up in the 'hit it to the tick' game. That does not mean I randomly take things well before areas 'just in case', but there are many technical factors to be considered that prompt me to be ready at certain spots. In my opinion years and years and years of doing this has brought my technical skills to the point where I feel I can tell when enough factors have come together for it to be time.

very smart

Originally posted by jimkane

And no, I rarely, if ever, go against a 40 point day in either direction. I never expect 'profit taking' on a day like today, not since 2009 anyway. But for a quick play that 4PT was just too sweet to ignore.

Almost to 1205...

Wheeeeeeeeeeeeeeeeeeeeeeeeh!!! 1199...

Notice the natural set upper // (on the 15-min all-sessions) that this is checking back (ever so slightly) off of. Notice, too, at least five solid reactions off lines on that set previously. How cool.

Wow, instead of checking back here to get ready for another push up, this is coiling at the line. It wants to explode up from here. Now, that's strength.

Amazing how that line stopped this dead and it just keeps looking at it, but so far it can't hack it. Just amazing.

Rolling right off the line. So cool.

Up for a bathroom break time. See how they made this look, before dumping it over ten points so far? This is a big clue, something I look for, and something I discuss in here a lot. I listen to myself talk, and see if I'm talking like Jim the KT trader, or saying what I would be saying as an average sucker. I use some of my comments as contrarian signals. The key is to know why you are thinking that way at that moment.

Note here that the ES is coming into the first potential bounce area here. The next area is another four or so points lower. I'm giving serious thought to trading the European session instead of ours. I wish I could do both. It really peeves me to go back to bed now. Using unmonitored trailing stops, alerts, and such is just not an optimal way to trade, in my opinion. Oh, well, I can only do so much. I just love this night action, though, the way it has been lately, since the European crisis has hit.

Update: Before I could get this posted the ES dropped a little below the first bounce area...

Originally posted by jimkane

Wow, instead of checking back here to get ready for another push up, this is coiling at the line. It wants to explode up from here. Now, that's strength.

Incredible charts, roofer.

Yeah, you have it covered. But, alas, it is futile. That's why we were exiled (or I was) to the private forum. I mean, the work we show, much of it in advance, the things we see and post (in advance), over and over, how we explain it all, not just post, how we are willing to answer questions, even take on occasional students, and I am not missed even slightly out there. All those posts, all that contribution, and not one single person e-mailed me and said they wish I would post out there, not one post saying what a waste, to drive Jim out. Nope, no one cares. All they do out there (and I mean in all forums, not specifically here) is slam.

Look at that thread for my books at Elite. It's comical, and I'm so far beyond discouraged it is unreal. My work, roofer's work in here, to me it's just so profound, amongst the best material ever discovered in the markets by anyone in any time period in market history (that's my honest opinion). And all people do is attack it, instead of see it for what it is, and go nuts absorbing it. I give up. F#%& 'em. You can lead a horse to water (or the best champagne in the world)...