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

Of course it has to get past the ABCD first, as always.

It looks like a monster run until close coming...

Now, I know this makes the information useless, but I'm always wary when they make something look real obvious to me, especially at an area/pattern.

Well, look at that. A sharp snap down, a sharp snap back up, then another sharp snap down. Right off the ABCD, right after they made it look like monster up coming. Very curious...

PCLN up about 60 off yesterday's low. Until that kind of speculation ends, this thing isn't 'fixed'.

Okay, have a good weekend, all. You wanted volatility, you got it. Back to 2008, where the ES has a 50-60+ point range, and 10, 15, and 20 point swings happen in minutes, over and over. Just unreal. Sure is a change of character, huh?

I'll try to post my doomsday chart this weekend. Like I said, I can't see them letting the market go down too much more, but you never know, they may lose control. I'm just going to post it for fun, though.

ches- you asked about tracking.... with todays volatility...it was work..

Originally posted by roofer

recent price action in SLV has allowed me to create a teaching set that incorporates 95% of what i have ever shown here.... if i show it.. no one will learn... i invite traders to attempt to show every detail... you should be able to express at least 15 things....

Here are my candidates. In honesty, I did peek at tx’s chart before I made this one up.

1. 3D
2. SL
3. SL
4. Kane TD ABCD
5. 0.886 on Gap on 5, 1.272 fibo, SL (Point D of Kane ABCD)
6. 0.886 on Gap on 5, 0.886 fibo measured from half-gap
7. Kane TD ABCD
8. ML Set spanning Kane ABCD Points A and D. Price action touches ML of Schiff set.
9. Head and Shoulders
10. SL
11. 0.886 on Gap on 5, 1.128 fibo, SL
12. Kane 4PCP
13. 0.886 on Gap on 5 and 1.128 fibo
14. 0.886 on Gap on 5 and SL
15. 0.886 on Gap on 5 and SL and 1.272 fibo




Al Kamego

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.

tx, the timeframes I look at are 3-min (or sometime 5-min), 15-min, 60-min, 120 or 240-min, and daily. I also use 1-min and lower tick charts for intraday trading. (I also generally only look at timeframes, in comparison, that are next to each other (once removed), or twice removed. Looking at just a 3-min and a 240-min would be a faux pas in my methodology.) But timeframes are basically irrelevant (ow, such heresy) to these calculations, since they come from swing points and lines.

What I mean is, to calculate levels and areas, I don't have to know what the timeframe is, any more than I have to know what the issue is. Show me a chart, any chart, and don't tell me the timeframe or issue. It doesn't matter. I'll assess what I think it is doing, and point to the spots I may be interested in trading from. Now I look to see if I can build an area in that spot.

So, I know what swings are relevant for that (tiny swings are too small to matter, big swings are too big to use, and so on), and what things in the past are relevant. I then build the levels from those. It's really quite simplistic and easy, once the process is mastered.

I'm sorry it's frustrating for you at this point. Probably that's why a few go through the process of working with me one-on-one, especially for years. I wish it was easier and was something that could be fully grasped with ease from a book format or forum format, but it's apparently not.

I presented my core concepts in the books, in great detail, about 2,000 pages worth, and in all the free commentary. That was my approach. roofer's approach, as I interpret it, is to post lots of detailed charts, with some explanations, and then advise people to do tons of charts themselves, do the work, and they, too, will see what he sees. In both cases I am seeing about the same response. People are struggling to get to the same level of understanding that we have for our methodologies.

Although many won't do the required work, and that is the reason for lack of progress, in here I don't think that is the case. In here, I think, we mostly have the tiny handful that are willing to work. So, if they don't get it, I think they need more. That's why I started, and continue, to mentor. For those that tried it without additional help, and couldn't get to the level they wanted.

I'm not saying my mentoring is a panacea, or will make anyone successful, I'm just saying it was all I could do to assist in trying to get people to the next level. I wish it could be like roofer feels it is, that posting and showing should be enough to get people where they want to be (combined with them doing the massive work required), but I don't feel it is.

I never wrote the books for them to be a complete guide to trading nirvana. I wrote them with an approach like why I read books. If I could get one tip, one hint, one useful idea from a book, it was worth the cost of the book to me. That's it. 'Here's some stuff, I hope you find it useful.'

One can't learn to be a doctor from eleven books on doctoring and a lot of practice, it's absurd. Why would one think they can become a professional trader, and take money from Goldman Sucks and all their inside information and connections, from a few books, a forum, and some practice?

Look, I'm not looking for more mentor students, due to personal health issues I'd be hard pressed right now to even consider taking anyone on, but that doesn't change my viewpoint on needing more than just books and a forum. If one is frustrated (anyone, not specifically tx), maybe it's because they are deprived of the proper assistance they need, whether it is from me or someone else who may suit their needs. I know I sure wouldn't want to learn to fly a plane by reading a few books, talking about flying in a forum with a few pilots, and then just taking off and practicing. No way. Just my two cents.

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