JI
jimkane
Rep: 3,058
Posts: 33,089
It needs to test those TL's, react and smoke them, trapping people on both sides. Then it needs to test my 73.50-76+ area. It simply needs to do this.
JI
jimkane
Rep: 3,058
Posts: 33,089
First TL now hit (I have at least three key ones, layered closely together).
JI
jimkane
Rep: 3,058
Posts: 33,089
There's the obligatory reaction. The trap is now laid. But it looks like it is just going to plunge. That's also good, if they do turn it. It looks like dead meat. But, alas, it's just too obvious... Still, it doesn't look good.
JI
jimkane
Rep: 3,058
Posts: 33,089
Don't get me wrong on the ES, it got to the TL area, for a move of 16.50 points off the low. That's spectacular. And more might be in store. But, if not, I'm very happy with the move, and surely some scaling would have to be considered off the TL area, so overall, this was a great move. I think, though, that a partial position here to play for the bigger move is also very reasonable.
JI
jimkane
Rep: 3,058
Posts: 33,089
If the ES is to remain strong, this 64.75 area should send it back up.
JI
jimkane
Rep: 3,058
Posts: 33,089
And it does send it back up, now back approaching the TL's. The traps have been set and sprung, or about to be sprung, and then it can burst up to my key area. That's my hope, anyway.
RO
roofer
Rep: 3,689
Posts: 3,574
TLT update from previous... after taking half off on thursday morning as shown, the close on thursday left me with the same quandry we often get using the tools of this forum... price had thrust down, then done an abcd to line.. classic sell signal.. but given that our longer term charts suggest a larger low in bonds, the bullish scenario would have price completing abcd with equal legs with abcd as middle leg... so i marked an equal leg and placed stop twenty cents below... so far so good .. but time will tell...
