WOW - what a busy Saturday in the forum! Haven't seen anything like this in quite a while ... Better times for the forum coming? :-)

Now here's where it gets 'tricky'. We are back at 'retail', and it's rolling over, so shorts will start to pile on. That can be a great play with lots of potential, or a trap. Watch the clues.

Originally posted by jimkane

Originally posted by jimkane

...Tomorrow will be very interesting. I would say the odds favor another new high...

Anybody following/understanding my reasoning with my comments?

Anything else than KT stuff as usual of following the trend until proven otherwise? :-)

Originally posted by jimkane

... We are back at 'retail', and it's rolling over...

Yep - right at the same line as at previous top:

Let me just point out, once again, here is where I start to think manangement. I was thinking entry at that low back there, at that obvious support area, as mentioned when things were unfolding. But I see far, far too many people in here trying to practice this methodology that sit out these pushes up, and are now getting ready to get busy with a short entry here. And then they'll be trying to manage back where I'm trying to get back long.

Let's not get back in to a big discussion about countertrend. I've made it clear if one is highly experienced and skilled there are lots of plays countertrend, on a lower timeframe, back to support, if one wants to play those. But the basic, 'learn this first' technique for the KT methodology is 'pattern, line, Fib' at support with the trend. One shouldn't be focusing (or even doing) highly complex countertrend strategies when one hasn't even begun to master step one. Just my opinion and two cents, as shown over and over and over in here.

I understand that when you see something like this shaping up at the possible reversal area your management gets even tighter?

Yes, exactly, that's what I mean by 'clues'. Plus, if I was going to trade countertrend, that would be the type of setup I'd be hoping for.

Nice Exp ABCD on 5 min RTH. Let's see if they move up once again :)

Okay, watch this 72 area (has traded 71.75 so far) for a possible bounce/reversal. This is a key clue spot. If they can take it up here, that bodes poorly for the countertrend bears.

Originally posted by tomo

Nice Exp ABCD on 5 min RTH. Let's see if they move up once again :)

I didn't see your post when I was doing mine, tomo. Yes, that pattern at a key line and Fib area is why the 72 area is a big clue here.

And probably gone :) This one would never trigger for me

Roofer, what u are alluding to with the multiple timeframes comments is that they are deliberately omitting the 'CONTEXT'?.They are just blind to the bigger picture within wich the current price action,indicators,geometry are set up?. That's a big time mistake to deny 'Context'. And Jim will tell you: quote:'without context you have nothing'...it is so true I believe.
As far as computers go with their millions of calc per nanosecond, they still can't beat a well trained human mind with anticipatory instincts,rock solid discipline and a real 'trading plan'. But these types don't come by often and the brain can only function at peak performance for just a finite period of time,unlike comps that can run forever.So I'd assume that's why only a small percentage of the trading population can consistently beat the comps at their own games. And I think those who run the comps are fine with this fact because in the long run they still take the money of the weaker minded masses anyway. So that cycle is perpetuating, making the market wheels go round and rewarding only those who work hard at their trading craft by whatever means and methods necessary.Indicators or not, whatever works is what matters.
Being consistently profitable is no easy task but feasible I think, or else I wouldn't be trading at all. How can one achieve that goal? it's like climbing Mont Everest, many try but only few make it and along the way up you just learn about your true self and deep down inside the only fight u have is with yourself not the mountain...

regards,
T