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?

chart.... because there is something wrong with the upload... all i can say is look how price continued to react to the lines i showed yesterday...dead on...

I wanted to post a close call that happened today. First, the 1.28 "stop runner" is becoming my second favorite signal. I often have a 1.128 to 1.272 reversal zone from previous swings that I look at that works quite well (thanks jim, roofer). After shorting the 1.128 I was looking for an ABCD to reverse, I locked the set at the high and saw that the .487-.486 area was a place that a reversal might occur. The 13 min set that was also in this area. I dialed down to that 1 min chart to look for a signal, but no signal, no trade. Not only did the methodology keep me out of a bad trade, it keep me in a winner!! I have found that I am moving away from the faster entry signals to the slower entry signals depending on the situation.

I use very, very late entry triggers most of the time, much to the consternation of mentor students when we first start. They are almost always in such a hurry. Give it time, be patient, things will unfold, and the time will come. In the book 'Inside the House of Money' it is really informative how many of these guys wait for a lot of confirmation. Traders have to work this out for themselves and their own plans, but my style is 'late', really 'late'. I'd rather trade a wider stop (actually, I've found ways around this that are still technically sensible) and a lower return (due to starting later in a given move) for what I feel is a lot higher percentage of successful entries.

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Originally posted by roofer

chart.... because there is something wrong with the upload... all i can say is look how price continued to react to the lines i showed yesterday...dead on...

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Roofer, this is not the chart that you had up yesterday but the lines are still working. I hope that that chart reappears, it was a work of art.

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Originally posted by Duane

After shorting the 1.128 I was looking for an ABCD to reverse, I locked the set at the high and saw that the .487-.486 area was a place that a reversal might occur. The 13 min set that was also in this area. I dialed down to that 1 min chart to look for a signal, but no signal, no trade. Not only did the methodology keep me out of a bad trade, it keep me in a winner!! I have found that I am moving away from the faster entry signals to the slower entry signals depending on the situation.

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Duane, I had exactly the same experience today with that 'potential' ABCD to reverse up. No trigger, no trade. I usually look to tick charts a lot for entries, but I have become very careful with that and often look at multiple timeframes for triggers. I also try to judge how quickly I want to get in based on how I grade the setup. A lot of times there is a second chance even if a first trigger was missed or passed on. It's all about sitting tight, heh heh
Nice charts!

Nice M, with Jim's help we are both learning!!

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Originally posted by Duane

Nice M, with Jim's help we are both learning!!

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Yes. Now looking back at the times before I discovered Jim's methodologies (Tim Morge also deserves a mention here) it amazes me how ignorant and clueless I was...and the beauty in the process of acquiring knowledge is to shed more and more of one's own ignorance and experience is the key to all wisdom.
To me that trade that was not taken because it did not fit the plan (i.e no entry trigger) is equal to a winner.

Is this retracement over at .382 or will we retrace further?

Possible Bearish senario, price goes to .786 and 1.128, 1.272 zone and retraces. If price gets there, this would be a place to watch.

Another senario.





Of course none of these things could happen, price may ramp up to new highs, I am looking at these senarios based on the length of the previous correction.

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