Hi Jim,

Thanks for opening this Forum to your students and giving us an opportunity to show our charts and share our ideas.

Here is a chart of todays ABCD's in the russell. I will post a context chart later. Today was one of those days where the market changes direction on Jim's unique Fib numbers, Had you been trading with standard fib numbers you may not have noticed these PTA's. Is it me or is .564 becomming more and more prevalent?

i thought i would show how i saw the day without pattern or fib...a line from the hourly connecting the tops...and the rest are unadjusted medianline sets... every turn at a line....confluence at bottom signaled bottom as jim pointed out.

Hey Roofer, nice chart, you sure do know your tools well!

duane- one of the gifts the trader joed gave me was the idea that'' each must stand alone.''he believed that before we add a tool to our tool box, we must know it so well that we would be willing to stake our financial well being on trading that tool alone...he also believed that in the end we are trading time and not price, and that each of us must find a way to do that for ourselves...

Geo,

Real nice work.

Duane,

I'll answer your question tomorrow. You have the layout, but there is a 'picture' to it, a way of seeing the price action, that needs explaining. At first, after mentioning all this, I thought I perhaps should keep this to myself, but since we've come this far, I'll just lay it out. It isn't a big deal, just one more way I look at things, one more 'pattern' I see within the methodology.

Watch that .382 and daily pivot, it's crepping up at it like it wants to blow it out...

quote:

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Originally posted by jimkane

Watch that .382 and daily pivot, it's crepping up at it like it wants to blow it out...

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Oops, creeping, not crepping. Hate to muck up those nice time stamps by editing.

It's been poking at that area quite a few times already.

Sure looks like a grind until close, but these grinds, like 'trendline creep', can give way violently, so when I'm long in such a situation, I'm exceptionally wary.

Get ready...

This was soooo obvious. It bursts over the channel top, right to a big ML and .685 area, then drops down in a small ABCD, which is also dead on the .236 of the entire run up, right at the channel bottom (and TL). That's the key point right there. It should rocket off that, but look at what it did instead. That's a setup I'm looking to 'fade' i.e. trade against, not enter without a trigger. Drops to the .618 to the tick, and they come in like crazy...

thankyou duane i knew it was back there somewhere...