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JA
jarek
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I added the set shown on Friday by Roofer to my DJIA chart. Doesn't this combination look interesting?
SI
sirios
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Jim, I've got next question :-) When I want to correct use Kane Trading Methodology should I wait for entry triger at the end of potential W2 or better is wait for counter trend in W3 to do first trade in new trend direction?
JI
jimkane
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Originally posted by jimkaneSo, so far, it really liked that 1106 area (keep in mind a reasonable plus or minus on that), hitting 1105.50 before dropping over 9 points. But, I have to admit, even though these are clear areas to me on my chart, if I have an area at say 1102-04, and another at 1106, which although that range was really 1105.50-06.50 and not plus or minus a full point on that one, then 1108.50-11, any reversal between 1102 and 1111 could be said to have 'seen' my area. Such as it is sometimes when you have layers. It's more about what it does when it gets there, and what new info comes in as the price action unfolds.
Originally posted by siriosMy thinking is that we are at a very critical area right in here, and it is acting like it wants up. So, I will be watching very closely how it acts in here. If they can't turn it down here they will surely try very hard to get to new highs ASAP, in my opinion. My key area if they can move it up at all is 1103, plus or minus a point (1102-04). If this area doesn't turn it down I am looking at a few other areas above, a minor one around 1106, and two cool ones, one at 1108.50-1111, and another one around 1115.50-1116.50. No matter what, it's going to be exciting, I think.
Jim, they didn't drop it from potential W2, so in this up context we should expect up tomorrow from 0.886 ABCD with flat ABCD in BC leg?
I do recall this guy once who everyone used to think he called every reversal. I saw he had so many horizontal lines on his chart it was crazy, and he said the range for eash line was x%, and when I calculated this out the tolerances were greater than the spacing between lines! Hence, any reversal on the chart was off one of his lines, within his tolerances. So, he did call every reversal in advance. But, what use was that for trading? I'm just trying to point out a practical aspect of say the use of the areas I had last night. Price action has to come in to it for me when there are such close layers.
JI
jimkane
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Key ES point here. If this is going to roll down (wow, that's a big if), this is a spot it should 'see' big time. A burst up here and watch out.
JI
jimkane
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Watching 1106.50 and 1109 if this doesn't roll over off this key spot here.
JI
jimkane
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Posts: 33,089
Originally posted by siriossirios, I can only speak from what I like to do and how I use the methodology. Many variations and modifications may work for someone else. I have two basic setups, my usual PTA setup, where I like to take the setup as soon as I get a trigger. Hence, I am shooting to catch the W3 off that by getting in on W1 and riding W2 out. That's my basic 'style'. If I miss the entry and get a structured W2 that forms its own PTA I will apply the same principles and look to enter that, but only if the start of W1 was a full-blown PTA already. Otherwise, I don't trade W2's pretty much at all. If the W2 doesn't give me all I need, I'm done until the next PTA.
Jim, I've got next question :-) When I want to correct use Kane Trading Methodology should I wait for entry triger at the end of potential W2 or better is wait for counter trend in W3 to do first trade in new trend direction?
JI
jimkane
Rep: 3,058
Posts: 33,089
So, at today's LOD we have an ABCD with an ABCD in the BC leg at a .382, with at least two key lines, all converging on the same spot. And up it goes. Then it goes to the most obvious key line, and there it is doing endless battle. It looked ready to burst up here once more, off a little ABCD. This is it, folks. Key, key spot.