The Euro is pretty likely going to hit 1.1320 tomorrow at London open. This level might be not enough to stop it, and in that case 1.1240-50 should be next.

Like I was thinking, 'time for a bounce' and 'I can only see up coming'. I'll mention (I tend to start my posting for the day when I see something big on the charts) we are at a near perfect bearish 'W2' ABCD here, at a daily/weekly backtest area, (at least on the lower timeframe) a frenzied move into it, and it 'sees' something here. On the lower timeframe, though, the daily/weekly zone is very broad, so this tiny little reaction here means essentially nothing just yet as far as the daily/weekly. But, with all that said, I can only see new all-time highs, and nothing else, barring a shock news event. I'd love this to be just a bear market bounce. It has all the look in the world like it is, and recall what I said about 300 point days and the last bear market. But, that being said 'I can only see up'.

Notice, as usual lately, the Euro dumped crazy hard as the ES exploded. ES up, Euro down. These machines are too funny.

Any fans of Clint Eastwood out there? Remember in High Plains Drifter where the main bad guy screams "Gimme another bottle!"? I'm here, using that same exact intonation, screaming out loud 'Gimme another leg up!' (as I have been most of the way up). Too funny.

Machines...

http://www.zerohedge.com/news/2015-10-22/fun-durr-mental-driver-todays-buying-panic-stocks

It looks completely done for now in here. I'd bet on a sell if these were 'the old days'. I can see being ready to scale out of longs, but I almost never short a frenzy move unless I really think the area is going to play out (then I like a blast into an area). If this were a bearish ABCD I'd need to see something timeframe appropriate before I'd try to hit it. That doesn't mean I won't look at intraday countertrend if I see something, I'm just trying to explain, I guess, that I wouldn't be looking at shorting this here right now, even though I'd love to more than anything, and some small percentage of time (in my experience) it will pay off nicely.

Interesting, too, is that my backtest area on the daily/weekly, the area of the big bearish ABCD, is also where the 200dma hits. Yes, interesting.

I've never seen anything look so much like an imminent dump as this. But, my experience says the odds are very low it dumps on a frenzy day.

Bullish ABCD here. I suspect chop for now, but we'll see.

I'm quite surprised, maybe even shocked, that it has come off like 9 points so far in here. It completely looked like it would/should, but I'm so used to zero checkback of any kind when it does a 40 point frenzy.

Bleeding like a stuck pig. Exactly what I was thinking, but didn't have any nerve for, because in the past this is a death trap trade almost every time. So, I guess the fact that this one did sell doesn't change anything, given one may have had to take 9 stop outs to get 1, or even 99 stop outs (1 in 10 or 1 in 100 chance, just to give an 'example' of the concept).

I'd love to hear move about that. That thing is trading say 27 now, but at its peak was 489,600. I'd say it's down a little. What is it leveraged to, like 100 to 1, when you convert from VIX futures to SPX?

Originally posted by rat89

I'm experimenting with using the spx/ spy triggers to trade uvxy, based on work that roofer did a while back. The damn thing will knock your socks off if you're wrong. It's an animal.