Getting us started. This should be quite a week.

Still waiting for entry signal.

Originally posted by jimkane

Anyone short gold there?

Oh, I meant for a short-term scalp trade, not the bigger trigger on that setup we were discussing. That will take quite a bit to trigger. I should have clarified what I was discussing there to avoid confusion.

Waiting for entry singal on 4H chart will sure take some time
But I'm very happy to read this comment, as I started practicing (on demo account so far) with scalp trades on key important areas, irrespective of (or not waiting for) entry signal on higher timeframe. It's not an approach presented in the books, but now I know it's a good direction for learning.

Originally posted by jimkane

Oh, I meant for a short-term scalp trade, not the bigger trigger on that setup we were discussing. That will take quite a bit to trigger. I should have clarified what I was discussing there to avoid confusion.

And there's another new high for gold. I think this may turn out to be a 'breakout'. We'll see, as it fully tests the area.

As far as using the higher timeframe areas for intraday setups, that is something I cover with my students. It's fraught with complexity, but there is a lot to it, a lot of potential and merit, in my opinion, if one gets an understanding of some of the pitfalls and higher-level concepts.

Being very cautious here in ES and gold.

Swissie looks interesting now.
Potential ABCD with nice grouping on H4 and a strong grouping on weekly just over a C point.

Relentless buying in gold. Relentless.

Will that be the sign, though, in this area? Relentless sometimes leads to exhaustion.

Originally posted by jimkane

Relentless buying in gold. Relentless.

ES ready for another new high.

And there's another new high for the entire move in the ES. Relentless. No justice for the piggies today...

rat, I'm not sure if I defined them in here or not, but the terms I use are in the AFTC book. I follow Miner's convention. I don't use 'extension' as a term at all. We all know what retracements are. 'Internal' means less than 100%, 'external' means greater than 100%. A price projection uses three points, like A, B, and C of an ABCD. It takes the move from points 1 and 2 and multiplies that by a Fib ratio and adds it to point 3, to get point 4. I also use expansion, which is a two point tool, and starts out like a price projection, using points 1 and 2, but after doing the ratio it adds it to point 2 instead of point 3. This is clearly explained in AFTC, with diagrams, so I refer you back to that book.

Originally posted by rat89

Jim, you once clarified the difference between projection and extension here....I can't find it, and I get mixed up in terms....could you point me to it again?