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MarcinO
Rep: 67
Posts: 5,506
I will start this week with the Euro potential ABCD.
It may be premature at the moment as we are at potenial C point, but if this one plays out I will be looking at 1.3770 as a 'target' area.

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6e 2014 02 23 png
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jimkane
Rep: 3,058
Posts: 33,089
On the very short-term, I mean, of course, as that's all I am discussing right now.
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jimkane
Rep: 3,058
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But it's acting like it doesn't even want to see that...
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jimkane
Rep: 3,058
Posts: 33,089
This 4PT/flat hybrid here may be all it needs. If so, that implies extreme strength to me.
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jimkane
Rep: 3,058
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And right now, it is going straight up off it.
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jimkane
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I wasn't joking when I said 'straight up'...
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jimkane
Rep: 3,058
Posts: 33,089
It looks ready now for those areas mentioned last night, and fresh new all-time highs.
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jimkane
Rep: 3,058
Posts: 33,089
Yeah, it could weaken here and they could bring it in for better prices before they set another new all-time high, but I see nothing but up.
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jimkane
Rep: 3,058
Posts: 33,089
I may be 'wrong', but I think this one won't give me an exit signal for the long play for quite some time.
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jimkane
Rep: 3,058
Posts: 33,089
I should clarify the above. It depends on what play one is working. Intraday, very short-term, this one is already over. Short-term, the first area below is defined and is the line in the sand. Higher timeframe, well, which higher timeframe play? The one I mentioned just recently? Then quite a checkback would still be reasonable. Or higher timeframe but a later entry (I don't like this play), well, that's problematic. Or the 'player' play (remember that one?)? Well, that depends on the confidence of new highs coming. If that confidence has become shaky, then I'd be looking to scale some out. And so on. These are only some of the possibilities. Having a very clear, well-defined play structure in mind is critical, in my opinion. This is advanced stuff, but is all part of that collection of small edges that my methodology is based upon. This would be just one more small edge to look to create. I'm not sure if the concept is clear here or not, but I hope so.
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MarcinO
Rep: 67
Posts: 5,506
Great comment, Jim.
I'm not sure if I got you right, but for me this is just one more way of incorporating context into the plan for the trade.
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jimkane
Rep: 3,058
Posts: 33,089
The DX index sure looks ready to break below that long range it's been in. Get ready for the prices of everything to shoot up even more...