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jimkane
Rep: 3,058
Posts: 33,089
Starting it off.
JI
jimkane
Rep: 3,058
Posts: 33,089
Anyway, 54-56 is the area I'm watching. I'd prefer it 'fail', though, and take this range out to the downside. Problem is, if it does, I think that would clear it for an upside move. It would have been better, from a game perspective, for them to push it up and over the range, then fail it. But, since it did sweep down once, it might be cleared for a drop through now. Probably it will respect the area in here, though.
JI
jimkane
Rep: 3,058
Posts: 33,089
This is a really strong area here. This is going to be interesting.
JI
jimkane
Rep: 3,058
Posts: 33,089
ES acting like it is headed up now off this key area. We shall see, but if it is not, it is one heck of a fake out.
JI
jimkane
Rep: 3,058
Posts: 33,089
Now it looks like a lead pipe cinch lock for continued upside. This is as good-looking as it gets. I'm still saying 'we'll see', but who cares if it follows through or not, the plan is to set 'em up, and see which ones play out.
JI
jimkane
Rep: 3,058
Posts: 33,089
ES performing very nicely. Now right at the key lines again. Let's see how it handles it. If these give way, it may be free to take out the range highs and that much discussed 64 level.
JI
jimkane
Rep: 3,058
Posts: 33,089
Easiest trade setup perhaps ever...
JI
jimkane
Rep: 3,058
Posts: 33,089
I see less than zero stopping this from new all-time highs. Odd, somehow I thought maybe a high was in. I guess next we see at 1840-60?
JI
jimkane
Rep: 3,058
Posts: 33,089
And there go the 64 stops in a huge burst. Like I said, one of the easiest setups I've seen in as long as I can remember. Imagine the all-time high stops (actually, i think the 64 stops were 'bigger'). I suspect the all-time highs will be hit very soon (not in minutes, but way before the RTH open).
JI
jimkane
Rep: 3,058
Posts: 33,089
When do you ever see almost 10,000 contract on a 1-min bar at this time of night when nothing is going on? In-sane in the mem-brane. In-sane in the brain.
JI
jimkane
Rep: 3,058
Posts: 33,089
And yes, of course I see the potential bearish ABCD at the high there. Good luck on that. Sure, if a top (shorter-term, or higher) is in, it may work spectacularly. But, in most cases I see there is no top, and this is a 'W3' on the way to a new high. So, I'm not looking at a short here because I just can't 'see' a potential top here any more. Just some thoughts.
JI
jimkane
Rep: 3,058
Posts: 33,089
This might sum up trading since '09 as good as anything I have seen. I recall in '99 when I ran into my plumber and he told me he just folded his plumbing business and was now trading full-time. Looking at some of what I am seeing on YouTube I think we are getting there.



Source: http://slopeofhope.com/socialtrade/