I'll start it off.
My opinion is that 31-35 level for thes ES, posted on the 1st Jan., is even more worth attention given the structure of the correction, especially potential 3Ds into this area.
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rat89
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potential bear trap here this morning
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MarcinO
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Did you mean any specific area?
Originally posted by rat89
sure is. Marcin, do you have a chart of oil?
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rat89
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I'm curious how you might be targeting an area for the end of the current move. I get uso 16 - 16.50
Originally posted by MarcinO
Did you mean any specific area?
Originally posted by rat89
sure is. Marcin, do you have a chart of oil?
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MarcinO
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Rat, I haven't worked on the areas specified by Jim for crude yet, so I cannot help you with that.
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rat89
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thanks marcin
Originally posted by MarcinO
Rat, I haven't worked on the areas specified by Jim for crude yet, so I cannot help you with that.
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rat89
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target basically hit
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rat89
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this is the area where it could turn and rocket up. $spx at the .618 and iwm at the .50
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jimkane
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I generally have a rule that I don't play against 20 or 30 point moves on that day, but this hit the area Marcin showed so well there with his chart, and long was the play. Given the increase in move sizes, it was playable, in my opinion. I'm just not expecting much. Enough for a solid very short-term play, but likely not much more. It could even be done here. The point of this post? To point out what I do and don't like as far as plays, and what I expect from them for a given layout.