The Cable stopped at 1.5023 exactly at intersection of two key lines from weekly/daily timeframe,
That might be it for a couple of days, but I wouldn't exclude further move down to about 1.1460-70, so as to hit obvious SL, before some correction.

I'm looking at 1.5140 and 1.5220-40 levels as interim AOCs for bearish correction.

Or it could 'flash crash' and we could be talking about the next few minutes for the next few decades...

because we don't care which way it goes....we are simply trading what it does as it does it. Too many would be traders are deeply biased, so what they make in one direction, they give back and more in the other.

Originally posted by jimkane

That's good logic. Normally I'd be 100% behind that read, but that shift I felt, crude ready to trade a 30's handle again, the Fed govs all saying hike in Dec, all yapping in the same day, I think it's more likely to drop more from here. Until I sensed that shift in tenor two days ago I think it was, I was pounding the table for the new all-time highs (and have right off the low way back). I have to say I no longer see that from here, so I'll take the other side of your trade on this one, rat. Understand, everyone, if I sense a shift in the tenor I'll turn on a dime, and post that read in here. For now, though, I'm not seeing the upside (on the higher timeframe, a bounce, though, for sure possible). Cool discussion, rat, with us both stating our cases and reads. This is why this is an awesome forum.

Originally posted by rat89

based on that abc corrective move down to this area, I'm looking for a sharp move higher, either to retest the recent high, or to challenge and take out the prior ath. All of which, by the way, sets up the major move down, which my gut says won't happen here. It needs to tease, run more stops, throw more traders out of the way in both directions....

sure feels as thought they are going to snap it up though here

3:00 PM Eastern, watch closely. If nothing, watch at 3:30 PM.

I can't imagine they don't. I'm ready for it.

Originally posted by rat89

sure feels as thought they are going to snap it up though here

Why do I have a visual of a poker player pushing his chips forward, saying 'I'm all in...'

I def see the case for your chop and crash scenario. Monday will be a tricky day, either a bounce to set up a dump or a wild push up.

Another new LOD. The gut wins again.

16.75, though, right in that Fib layer. I'm not really seeing a ramp, but it's hard to gauge if there is going to be any more downside today. All one can do is hold the short, trail the stop, and see. This is assuming a style like mine of trend trading and giving some back when the market says it is over, vs. a target trader, who would surely be done in here already,

good way to put it. Most trend traders don't understand target traders, and vice versa ;)

I actually logged back in to make one more post. Look at how the ES finished in the little after futures Friday session! Another dump down, closing just off the new LOD, which was set at 2011.50! Sure, 'they' may come in like gangbusters on Sunday, but wow, is this weak. That change in tenor I got, it was no joke. I am so glad I posted that when I sensed it. I think the 1950's might be next.