The area at which ES stopped on Friday wasn't accidental at all.
JI
jimkane
Rep: 3,058
Posts: 33,089
Now 13 points from the all-time high, and 14.50 from the 'magical' 1900. One easy, fast, straight shot. Will it do it?
JI
jimkane
Rep: 3,058
Posts: 33,089
Marcin, rat, Al, and the one former student who follows along, that's it for us in here today. Oh, well.
JI
jimkane
Rep: 3,058
Posts: 33,089
Anyway, I think I'll be 'long side bias' for quite awhile now. At least until the new all-time highs, and then see if that causes a big pop, or not. I don't think they'll 'bring it in for better prices', I think they'll more likely just head it right up there. I'll still be on the lookout for any pullback manipulatons, but I think this will explode now that the chop/grind is worked out of it. But, it's all about 'management mode' now, so whatever it does, who cares. It does what it does.
JI
jimkane
Rep: 3,058
Posts: 33,089
Let's also see, because it's a funny thing, does that post mark the exact top for this move? You know how sometimes I post like that, and it reverses to the tick the second I post it? Keep an eye out for that possibility.
JI
jimkane
Rep: 3,058
Posts: 33,089
And yes, there is a major price flow and area right here, so it wouldn't be technically surprising. Only surprising from a momentum and sentiment standpoint.
JI
jimkane
Rep: 3,058
Posts: 33,089
Too bad this area is not likely to be respected. Such it is with 'context'. 'Context' dominates any setup. It's so pretty though, too bad it has to 'fail'. It's not really failing, since it was never meant to be, but I guess too bad it wasn't lined up to play out, it's just so pretty.
JI
jimkane
Rep: 3,058
Posts: 33,089
Okay, it looks like it is about to roll over. Time for them to pop it up...
JI
jimkane
Rep: 3,058
Posts: 33,089
Okay, well another what I think was a fantastic week for trading goes into the history books. See ya all Sunday night. Other than the five hour break on Monday from 10 AM to 3 PM Pacific time, the ES will be trading. It may be light, but they use that to move it, too. Regardless, I'll be there.
