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.

Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz.

Is it finally going now? Or is this yet another false start?

It does appear to be started. My trigger came at 13:40. It was a 'price action read' trigger, not a 'technical' one. I understand that since then it has been just a sit and let it do what it does type of situation. But when playing shorter legs of a move, and playing this basically 24 hours a day, it's unlike say rat's situation where he's more 'swing trading' the moves, and can't access the market in the overnight. So, I may be less willing to tolerate certain behaviors and hacking and chopping around than he might. Hence, I have more concern about what it does on a minute to minute basis.

Very close to the low end of that...

Originally posted by rat89

spx set to bounce to around 1948 - 1954 for a .382 - .50 to set up the next leg down

Come back in now, or done? I give it a 30%-35% chance it's totally done now.

How about they push it into the range in the morning? Don't forget the buy the dip crowd is still out there and hasn't realized it's sell the rip season. Notice how iwm has not come up out of its bottom range...

Originally posted by jimkane

Very close to the low end of that...

Originally posted by rat89

spx set to bounce to around 1948 - 1954 for a .382 - .50 to set up the next leg down

And it, indeed, was going to do one of them. Sometimes finding the areas is so 'routine' it's crazy.

Originally posted by jimkane

Come back in now, or done? I give it a 30%-35% chance it's totally done now.

Given how hit looks. that might be the case.

Originally posted by jimkane

I wonder if the Euro isn't headed down now, to take out that low and break the thirty year TL...

Originally posted by MarcinO

First signs of reversal. Now give me my 400 pips to 1.1550, please.

The Euro looks very weak, so it's possible that it stopped at 1.1130-50 only till European open.
How it will react tomorrow morning at 1.1190 will tell a lot about a short term direction.

Okay, so:

1) It was, indeed, 'totally done now'.

2) Swoooooo-frickin'-oooooosh on the Chinese PMI collapsing to 2009 levels. And that is the number they are releasing, imagine what the real number is!

3) This is a very close fractal of the setup from the Monday close. Let me repeat: "Swoooooo-frickin'-oooooosh"

Originally posted by jimkane

And it, indeed, was going to do one of them. Sometimes finding the areas is so 'routine' it's crazy.

Originally posted by jimkane

Come back in now, or done? I give it a 30%-35% chance it's totally done now.

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.