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jimkane
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That's pretty funny.
Originally posted by MarcinO
Very long - 40 pips up.
Originally posted by jimkane
Can you tell it's been a long day, and I'm trying really hard to keep my attention anywhere on the computer as this wraps up?
RA
rat89
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nope!
Originally posted by jimkane
What a day so far. It sold right down as we expected, got to the .382, and has bounced like crazy in a beautiful, smooth trend. Seriously, can it get any better than that?
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jimkane
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New high for the move and deep, deep into the heart of this key area. I strongly suspect this wants up, and a lot more. This is perfectly set up to just blow out this big area we've been watching. I'm hoping not, and this strength may just be part of the game, but I think it has a decent chance of rocketing in here. Makes me sick to think about it, but if roofer taught me anything, it's to hold my nose and take the trade, if need be. Regardless of all that, I am on red alert to make a swoosh play if it unfolds. Otherwise it's ride until infinity on some.
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rat89
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I kind of think you're right. I had the focus to come out of a large short position this morning on the second tag of the big .382 and put on a small long for a trade to second area of resistance. In retrospect, this looks like one of those crazy gun the stops down to the .382 and blast off setups. A small pullback to set up the impulsive part of this move would trap some more bears seeing the short up here in this area and ready to go again. The buy the dip crowd is numb and on the sidelines. They have to panic and chase this thing, and really think the low is in before we see the next short. That's one version anyway. The other version is that it pops up and falls apart tomorrow. I guess I have to say I don't care which way, as long as I can get a handle on it close to as well as I did late last week and into Monday.
Originally posted by jimkane
New high for the move and deep, deep into the heart of this key area. I strongly suspect this wants up, and a lot more. This is perfectly set up to just blow out this big area we've been watching. I'm hoping not, and this strength may just be part of the game, but I think it has a decent chance of rocketing in here. Makes me sick to think about it, but if roofer taught me anything, it's to hold my nose and take the trade, if need be. Regardless of all that, I am on red alert to make a swoosh play if it unfolds. Otherwise it's ride until infinity on some.
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jimkane
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Posts: 33,089
Well, look at that, a strong burst right up to the very maximum possible level I have, then it's blow out city. Either this is the biggest fake game trap ever (I give that about 1%), or that monster pop is coming. Like I said, it's a ride play until it stops. I just thought at least it would come in here...
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jimkane
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And BTW, there's that 50+ off from the low I mentioned, basically straight up.
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jimkane
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Okay, the area is now completely blown out. This thing is gone, as we used to say.
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jimkane
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Posts: 33,089
With that said, understand it just took out the higher timeframe TL, so that might have been the entire point of this exercise. The plan? Keep riding, and be ready when this rolls over. Ready to lean heavily on it. If it doesn't turn down? Keep a riding, all the way to the bank. That would be the plan. Win/win.
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jimkane
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Posts: 33,089
Okay, the lean heavily plan is in place, and I'm happy with that. The TL fake out was going to get some play after all. It's at the first key area in here (the ABCD), but the one I like best is 05-07. There is just so much for it to shoot for, I'm watching it all. I, of course, hope it's totally done and ready to give the entire short-covering rally back, and then some. But, with a viewpoint towards trading, I really don't care what it does, as long as it keeps giving me smooth trends (up or down) for the legs, whatever those legs may be. And it seems to be in a perpetual mood to do that for how many years now?
Originally posted by jimkane
With that said, understand it just took out the higher timeframe TL, so that might have been the entire point of this exercise. The plan? Keep riding, and be ready when this rolls over. Ready to lean heavily on it. If it doesn't turn down? Keep a riding, all the way to the bank. That would be the plan. Win/win.