The debt limit issue should be resolved soon.
Be ready.

not yet

amazing spot.....turn or accelerate?

thank you roofer

and when price cuts right through the median line we start looking to the lower line, right? but why does it stop where it does? adding a schiff set gives you an .886 at the lower line.....

the whole thing looks like the chimney pattern a little bit i think....two days up completely reversed in two hours....wow

will they defend it or let it go?

Well, as it turns out, the entire drop came right off that super-key line and area. I didn't expect that, despite how I posted yesterday that I was wildly bearish intermediate-term. I was 'sucked in' to thinking it would bounce up quite a bit more before the intermediate-term reasserted itself. This was a miscalculation on my part, as far as a 'read'. This points out how critical it is to go with price action and respect for reactions off areas. This is the quintessential example of what I meant when I posted this part from below:

"But, I am pointing out that it is a powerful area, so I will give it due respect."

I always respect what I see, not what I think may happen.

BTW, the LOD was right at the lower // of the set that sent this down.

Posted-08/03/2011 : 21:34:16

Originally posted by jimkane

That said, this next area has a super-key line (short-term) that it just hit there (the line is dropping, and the time spent getting there put it a little below the Fib grouping). So, I am going to give this respect here. It may check it back a bit, or it may do nothing at at. But, I am pointing out that it is a powerful area, so I will give it due respect.

did you see this?!


context:

you are welcome rat...if you dig deep on your 5 and 15, you will find dozens of turns based on tools... based on everything i expressed... that is why i just could not believe that SLV was not about to break big...but now.... we must seriously wonder if that big break was just a prelude to SLV moving higher....

am i nuts?

try telling me the computers don't know everything i know.....

Originally posted by tx_ches

Great job, Al. You caught a lot more things. You are good at drawing the SL. I particularly missed 2 even after drawing 1 and 3. You also caught many more .886. I particularly like your 6.

I thought this was a great exercise on how well the tools can work near a turn as joed has said. For myself, it also showed me that I had made some progress with the tools since the last time roofer gave a list of charts to try them on.

For the record, I did try Jim's two recent detailed postings on action, levels, and turns but gave up in frustration. I never know with his stuff if he means 240 min or 3 min.

Thanks, tx. I spend probably too much time looking at the smaller details and not enough scoping out the "bigger picture," like the turquoise line 4. Kane TD ABCD. That is a good one. I looked at your work and picked it up right away. I do not know if I would have seen it by myself. I need to spend more time looking at larger as well as smaller timeframes for larger Kane ABCDs and structure. Many times I have been mentally involved in a smaller scale pattern, and missed an easy, larger Kane ABCD. This work requires a lot of expertise. Please keep up the good work.

Thanks, roofer, for the invitation for us to try our hand at your techniques on the SLV chart. I am sure there are a large number of things that I missed.

Thanks, Jim, for hosting this forum and sharing your thoughts. There is surely a lot of your work that I don't "get," but I am working on it.

Good Trading,

Al Kamego