After spot market clouse the Euro gave a 35 reaction off the area posted on Friday, but I would expect a little more down.
The Cable is also in a very distinctive area, defined clearly by basic KT tools.

so many things in play.....note the turn down at the .685 of 123.67 high at prior line, at the corrective abc up measured move off the low....price has now arrived at the .618 of the move up, sitting at the line of the older set. Target is down where x marks the spot, where 1.27 = 105.39

Good morning, rat.
That's a very nice chart.

iwm humor:

108.26 -118.89 = 1.27 at 105.39
102.41 - 128.55 = .886 at 105.39

thank you marcin. The abc corrective move that ended on fomc day? Freaking awesome. And now the buy the dip trading crowd keeps getting washed out trying to pick a bottom. They will bring on some sharp counter trend rallies, but when the primary move has run its course, there won't be too many people calling for a long trade. As usual. Same old, same old....right?

Originally posted by MarcinO

Good morning, rat.
That's a very nice chart.

Exactly. Once they clear out the market of most of players, they will start actual move they intended to do. Then all those stopped out guys will join and propel the move, until a correction is needed to repeat the mechanism.
Same old, sane old...

Originally posted by rat89

thank you marcin. The abc corrective move that ended on fomc day? Freaking awesome. And now the buy the dip trading crowd keeps getting washed out trying to pick a bottom. They will bring on some sharp counter trend rallies, but when the primary move has run its course, there won't be too many people calling for a long trade. As usual. Same old, same old....right?

Originally posted by MarcinO

Good morning, rat.
That's a very nice chart.

With that new high 1.1225 is still valid, but watch at 50, too.

Originally posted by MarcinO

This move looks done.
1.1225 soon?

I get tired of posting the same thing. Key spot here is the ES (a parallel to the crude post the other night) if this is to remain strong to the downside. I suspect the odds are higher it will continue up and not respect the area. But if the sellers are still strong, here is where they'd most likely attack, in my experience. Now we see what it wants.

And it 'sees' it.

Now watch here around 7 and change and see if that's it. Same approach. Yawn. Now wee see.

What more could you wish for? A return of roofer would round it out nicely. Anyway, it is far better to have three focused traders than a chat room full of noise. This week was another killer week, can't wait for next week ;)

Originally posted by jimkane

What a triumvirate we have in here. In a Jamaican accent (imitating the guy in the movie Cool Runnings) -

We got de:

One Jim, shakin' it down on the ES intraday

We got de one Rat, killin' the stocks and ETF's

And last but not least we got de one Marcin, dominating the Euro for all to see.


All discussed in advance, pretty much day in and day out. Yeah, this ain't the coolest forum ever.