I'm starting week with my thought about learning of trading.

I found that it is impossible to get all knowledge contained in Jim's books when I read it few times. I have to get a lot of practice, face the problems in all area (eg. context, trade management, ML) and start looking for solutions in Jim's books by reading it again. And that's what I think: all solutions are there. I just have to implement it into my behavior and trading plan.

This a lot of material and it is sometimes very difficult mentally (like trading against trend on trading timeframe) that's why process of learning must be repeated many times until aim will be achieved.

I can't imagine how Jim could learn trading without his books It must be incredibility more difficult and long process then we are faced with.

I read MLFS and FNAP again as I also had a problem with using ML technic. If I'm right after reading, key aspect is in using it for pattern. Supporting line is little less important then structure of pattern. It is my understanding and I'm not sure if I'm right.

I start with the pattern. That defines my premise and area. But that must then line up with key Fibs (we all know I like the KZ Fibs), and key set lines. Without all three legs to the stool, the stool isn't very stable. Imagine a one or two-legged stool... This was referred to by roofer as 'Pattern, line, Fib'. I can't summarize it any more clearly than that.

In these books you wrote excellent procedure what to do and what is important. But I'm only not sure how many set lines or TD should support PTA (excluding pattern lines) ? The only one is enough (for example // from TD) ?

I like at least two lines sloping in the direction of the price flow i.e. upsloping for long trades. Sets on the ABCD, or downsloping sets in a long setup, are considered 'timing factors' for me, not support for the setup. That's my general guideline.

Thank you for all answers. I will look for more lines.

Originally posted by jimkane

http://www.traderjoed.blogspot.com/

Originally posted by albert

Originally posted by jimkane

And one of joed's many students is now up 90% in Feb, with 25 winning trades in a row. I think I can say for sure that I've never had 25 winning trades in a row in my entire career. I venture to say not even close. And 90% in three weeks? I think I can venture to say I've never been in the ballpark with numbers like that. It's just amazing the things one can read out there. But, the way it looks, these are fairly typical numbers for joed students.

Please, no one follow up with any comments about other people in here, or your opinions on them, if they are negative (the exception being something like you studied them and couldn't make it work for you, and things from direct experience). I don't want this forum to go in that direction.

I am only pointing this out so that readers can go there and study and make informed decisions on their own. If my readers can do a quick mentorship with joed (they must be quick, he said he only takes on a few students per year, and now he has, if I count correctly, testimonials from eleven people in just the short time he's had the mentoring program) and make that kind of money, well, I don't want anyone to miss a potential opportunity like that.

I mean, that is far, far, far better than the best case scenario I think anyone, myself included, could ever get from a methodology like mine. So, be sure to check it out, as well as everything else you read. Even the numbers Carl Futia puts out there, which pale in comparison to joed's autotrader and joed's students, are much more than I'd expect from my methodology. So, check out all these people. Do some due diligence. Maybe we are missing some key concepts in here.

Would someone please post a link for Joed's Blog?
I am curious.

TIA,

Al Kamego

Thanks again, Jim.

I can't even begin to say how many things I have stacking up in crude at today's high. It's also a huge, huge weekly 'tilted cup and handle' formation, something I have studied extensively. If this breaks through here, in my experience the odds favor a big move up. Our very lives, as we know them, hangs in the balance of this decision. And since crude moves inversely to dollar strength, in general, is the money printing about to stop? Too funny.

So, even if there is an immediate crisis and the dollar could strengthen relative to other currencies, theoretically, is it going to strengthen in absolute terms? Then how can crude really go down to any degree? Nonetheless, this area is crucial, and it may produce a reaction. I'm very excited by some of the possibilities, on the slightly higher timeframes, potentially coming up with crude.

On that note, gold is also coming into an incredible area up in here. I don't like 'W2' areas off all-time highs, as I've mentioned, but I surely watch such key spots when they really come together. For gold, I will give very appx. areas here, just to frame it up for those who want to do daily/weekly workups here. I'm purposefully not laying out my exact areas. Do the work.

The first area is let's say from the 1783 high it just hit to the low 90's. Keep in mind, this is a weekly area, with some daily influence. The next full level is around 1840. In between there is a minor level around say 1810 plus or minus the weekly/daily tolerance. Somewhere in this entire area something big could happen. Note that 1920.70 is the all-time high by my data. My best time factor is anywhere from here to the end of the month.

a most interesting spot

Kane TD ABCDs in the GZ. These complete at 0.236 and 0.186 fibo. Plus a 3D and SL. My Trading Plan rule "Do not trade against a Kane ABCD" helped me make a decision here.

Al Kamego