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jimkane
Rep: 3,058
Posts: 33,089
Starting it off. I'll quote my last post from last week.

"Anyway, the ES did something it usually doesn't do, and that's make any kind of move in the Friday after close mini session. This time it kept moving up, set a new high for the entire move, and closed almost at the high tick. It is now fully at the monster weekly backtest line. If this is a bear market, it should roll off this, and roll hard. There is a key area above, built from the immediate price action, and that comes in at 76-87, with a grouping of key Fibs at 94.00-95.50. I could see it hitting the lower end of the area, maybe a little above the lower end, and still be respecting the key TL backtest, but not much more.

Still, does it even seem remotely feasible that this is going to dump to significant new lows from here? The only hope I see at all is that not only do all pundits and analysts say no, it's completely and utterly an impossibility, most readers in here, I believe, are also saying no out loud right now. And that's not meant as a slight to the readers in here, who are among the most highly informed out there, I feel, it's more meant to imply just how good they are at sucking people in. We'll see. I don't really care, from a trading standpoint, what these maniacs do with it. So, that's what I'm working with as we reach arguably the most critical juncture perhaps in trading history."
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jimkane
Rep: 3,058
Posts: 33,089
It is, and it's especially cool when you know the game, and can play right into it.
RA
rat89
Rep: 0
Posts: 7,015
they caught them this morning.....there is no real supply, so all it takes is a nudge and price pops.....$spx 60 minute has that explosive look
JI
jimkane
Rep: 3,058
Posts: 33,089
ES looking strong.
JI
jimkane
Rep: 3,058
Posts: 33,089
Should be about time for this to dump. Maybe a slow grind down in the aftermarket?
MA
MarcinO
Rep: 67
Posts: 5,506
Resistance area for the Euro:

Click image for original size
6e 2014 10 27 png


And the most likely 'target' for me, just above obvious red TL:



Click image for original size
6e 2014 10 27 2 png
JI
jimkane
Rep: 3,058
Posts: 33,089
It really does have the look like that 4PT is a 'W2', and this will be reaching for new all-time highs soon. The weekly backtest won't be respected, and the views that this market will rise into the 2016 election may hold. Long is clearly the only side to be on right now. It's a heartbreaker, and I'll be ready in case they do start it down, but I'm not seeing it even the tiniest bit right now.
JI
jimkane
Rep: 3,058
Posts: 33,089
This aftermarket action is so dull it's pathetic. It will be ready to explode out soon, but nothing will likely happen until around the European open.
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jimkane
Rep: 3,058
Posts: 33,089
It did come out, right on the timing factor, not waiting for the open. A nice pump up, too. It sure seems like it wants at least 75-80. I'd prefer the beautiful 3D holds, but it has to roll over soon, preferably right in here. That seems unlikely...
MA
MarcinO
Rep: 67
Posts: 5,506
Beautiful game in the Euro.
TL fakeout before the open and then rollover.

Click image for original size
6e 2014 10 27 follow up png
MA
MarcinO
Rep: 67
Posts: 5,506
An the correction in the Euro is most likely done. What it needed was just a double sweep.
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jimkane
Rep: 3,058
Posts: 33,089