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Master Che
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I developed my own trading system, based on magnetism (physics) and velocity vectors...I find the center of the compression, and factor time with volume which determines the outward velocity vector (linear expansion) thereby predicting price and time. I have a market update service I've been in... More
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  • Closing Comments: E-Mini - Gold - Crude - EUR/USD 7 comments
    Oct 27, 2011 4:23 PM

    10/27/11

    Closing Comments:

    ESZ11:

    We reached the up extension 1288.00

    We need a few more hours to concur the next immediate move

    But we’re still in the up time cycle and have 45 hours remaining.

    Still a little early but range movements will soon determine the termination level of this move up from 1068.00

    Meaning the move up from 1068 to today (1289.25) is 221.25 points

    From  2008 until now its been as such

    Above 209.50 to 213.00 points the range expands up to 269/277 points

    I also need to review the SPX and DJ-30 to evaluate their movements.

     

    Gold:

    We closed above 1729.40 which is the (MAJOR) key resistance level

    And as such opens the door to new highs

    Aside from resistance at the 1760/1775 level we have no resistance

    The 1729.40 resistance is by far stronger than the 1760/1775

    In other words staying above 1729.40 takes us immediately up to 2130 and more likely 2312.

     

    EUR/USD:

    No change

    We’re in an up extension (14441)

    We must take out 13793 to cancel the up extension

    Crude:

    No change

    Still in an up extension (94.78) we reached 94.65

    It must take out 84.96 to cancel the up extension

    Now Term:

    We never reached 89.85

    93.51/93.82 is the potential failure level (strong resistance)

    primarily 93.82

    currently 1st level resistance is at 92.83

    It should have reached 89.85; but the ES pulled it up by the collar;

    Generally the end result is a sharp sell-off often over compensating the original decline.

    Reaching or not 97.05 is quite pivotal

    I’m biased to the downside unless we trade above 97.05

    Crude MUST trade above 97.05 in order to not create a drag on the equities.

     

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Comments (7)
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  • Golddown a smidge this AM, but Held 1729 overnight... Seems like it poppep up quick any time it got vaguely close.

     

    Think. The rocket is cleared for take off, or need to wait for more comfirmation?

     

    Thanks.
    28 Oct 2011, 08:45 AM Reply Like
  • Author’s reply » wait...the upside is awesome...no need to be early..it could dip today (1680ish) .in 3 hours we'll have a better picture..1728.80 is the level to watch
    28 Oct 2011, 08:49 AM Reply Like
  • Author’s reply » then 1718/1719 is important..I have no position...until now just scalps..it has a 20.00 minimum range move
    28 Oct 2011, 08:52 AM Reply Like
  • just reread all the typos in my own note above. really need to not post before i've had my coffee. heh.
    28 Oct 2011, 09:05 AM Reply Like
  • Author’s reply » I'm short the ES from 1288..and short the euro from 14237..it appears crude is the key today..but also need to watch volume on the precious metals the next few days to confirm bond money entering or not
    28 Oct 2011, 09:07 AM Reply Like
  • ya funny was just going to ask you about that comment you made yest about bond money flowing to gold. i (probably ignorantly) try to assess money flow just by watching price, assuming that if the price is rising then money is flowing in, and vice versa. i didn't really see the money showing up in gold as much as i saw coming out of bonds, so your comment caught me off-guard, made me think.

     

    and of course all my assumptions above could be wrong...
    28 Oct 2011, 09:13 AM Reply Like
  • Author’s reply » watch volume and open interest (metals)..also watch mining stocks
    28 Oct 2011, 09:31 AM Reply Like
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