After spot market clouse the Euro gave a 35 reaction off the area posted on Friday, but I would expect a little more down.
The Cable is also in a very distinctive area, defined clearly by basic KT tools.

Okay, watch the bigger downsloping TL here.

For the 'fakeout breakout' to the real line just above.

It did push above it, so maybe it's done. Unless, of course, it's just going up way more...

This is probably just wishful thinking, but this could be a bearish 'W2' DB ABCD.

Why am I even entertaining short side here? .447 from the bounce high to the recent low.

Yawn (from boredom). Want the repeating pattern. Now it pulls back to the KZ, where it will 'decide' if this is a sucker trap off the area and then way up, or if it is a more pronounced more, hence taking the KZ out. Lather, rinse, repeat, day after day we see this happen.

Hits the KZ and starts to bounce. Now watch the expected areas for the bounce, make decisions based on that, lather, rinse, repeat.

The thing about trading, or at least trading this methodology the way I see it, is that all the decisions are really made in the planning of the 'Trading Plan' stages. Even though 'price action reading' comes into it quite a bit from my perspective, and that seems subjective, it's all about the Plan. One just executes during the trading. Like I said in the books, you're an 'execution robot'. It does this, you know what that will direct you to do. It does that, you know what you'll do. For every single circumstance, which I also explained in the book. If you don't know what you'll do for every single circumstance, in advance and before you trade, then you have no business being in that trade in my opinion. This is also explained in the books. I'm not trying to promote the books, since everyone in here must already have them. I'm trying to explain how this is done, according to my approach/philosophy. I see it unfold every single day.

Here comes the bounce, after a little false start before.

Time for a 'Die, pig, die!'

What more could you wish for? A return of roofer would round it out nicely. Anyway, it is far better to have three focused traders than a chat room full of noise. This week was another killer week, can't wait for next week ;)

Originally posted by jimkane

What a triumvirate we have in here. In a Jamaican accent (imitating the guy in the movie Cool Runnings) -

We got de:

One Jim, shakin' it down on the ES intraday

We got de one Rat, killin' the stocks and ETF's

And last but not least we got de one Marcin, dominating the Euro for all to see.


All discussed in advance, pretty much day in and day out. Yeah, this ain't the coolest forum ever.