Getting us started. This should be quite a week.

So, has the ES been a little boring the last few days? Here's some charts. Make sure you maximize the charts, or scroll fully left to right.


First, the ES in a normal trending mode.





Now, the ES this week. I didn't change the scale on the right, I kept it at the same approximately twenty points.





And here's the continuation of the last chart, so I didn't have to scrunch it in left to right. I didn't want to change any of the proportions.





So, is it any wonder why a big chunk of this last week was boring in the ES?



Charts created on QCharts, courtesy eSignal.

Gold just hit 1673 and change... Here's the link for Marcin's post showing the levels mentioned.


http://www.mypivots.com/board/topic/7181/7/trading-discussion-week-of-1-8-12-to-1-13-12/#95634

Posted-01/12/2012 : 01:37:19

Originally posted by jimkane

So, gold has a hugely obvious TL coming in at an EXP ABCD with lots of other things confluencing, in the upper 1600's to about 1700. Do the work and you can pinpoint the area for yourselves. It's better than if I just state the area. Notice the 1.272 is at 1676, as is the key .382. The next level (C'mon, folks, you know where I mean, and why) comes in at the TL (s) and other lines. I'm not saying I think gold will necessarily respect this pattern and area given that I expect an imminent 'leak' about QE3 due any time now, but who knows. I just know it's a key, key spot, and I am going to be watching it very carefully.

An update for gold.
A few days later we are close to X marks the spot over the lower area.

I am not seeing any real sellers in here, and I doubt they will attempt a downside stop sweep, especially after defending the low at least six times, but if they did take it down, I'm looking at a slew of things around say 2.50-3.75 or so. That would give them so many stops it would be unreal, and hit firm potential support. I don't see it today, but I'll mention it so you can all work it up and see what I'm looking at.

P.S. Didn't even get that posted and they are exploding it upwards. As expected.

Must be some bailout news...

Keep an eye on this 13 here for a big clue.

For 'context' I'm wildly long-side bias short-term intraday in here, but 13 is significant to see how much juice they have left. 13 could turn it.

What a battle at that 13. I think they will get it, and it should create a little bit of a squirt up when it does, but it's a tough spot for it. We'll see.

And yes, we do have a potential bearish ABCD here (.886 ABCD is at 13.00), with that little attempted selloff the BC leg.

It sure is battling this bearish ABCD. Looks like it wants to close cash right at the ABCD.

rat, I'm not sure if I defined them in here or not, but the terms I use are in the AFTC book. I follow Miner's convention. I don't use 'extension' as a term at all. We all know what retracements are. 'Internal' means less than 100%, 'external' means greater than 100%. A price projection uses three points, like A, B, and C of an ABCD. It takes the move from points 1 and 2 and multiplies that by a Fib ratio and adds it to point 3, to get point 4. I also use expansion, which is a two point tool, and starts out like a price projection, using points 1 and 2, but after doing the ratio it adds it to point 2 instead of point 3. This is clearly explained in AFTC, with diagrams, so I refer you back to that book.

Originally posted by rat89

Jim, you once clarified the difference between projection and extension here....I can't find it, and I get mixed up in terms....could you point me to it again?