On Friday Pound stopped right on a monster level, so the move up might be done, at least for a while. However, it likes deep W4s testing W2 highs (in a downtrend), so one more impulse to 1.4260-70 won't be any surprise.

Nursery rhyme:

This is how we wash our clothes, wash our clothes, wash our clothes
This is how we wash our clothes, so early in the morning...


Jim:

This is how we read the action, read the action, read the action
This is how we read the action, so early in the morning...

See what it's doing?

Prime area 90.50-91.00. It bounced off 91.00 and rolls to 90.50, and bounces. Clue time. It 'sees' the area and 'they' don't want to let it go. It doesn't mean it won't give way, but 'they' are hanging around, and 'seeing' key areas. If sellers don't come in soon, it could get traction. I'd at least like the next area. What I'd really like, of course, is for it to get crushed. What I think will happen is 'they' (the .gubermint banksters) will start gunning it up.

Ink was barely dry on that post and in they exploded...

The pop goes right back to price flow, so it's clue time again. This is the way... Over and over again, as new info comes in by the minute, or second, or even tick.

It's too early to say, but that 90.50 could be the LOD. I'm hoping not, as I'd like to have some downside action today, but if it stays strong here, then it's likely.

There is no way unless I did a vocal chat (no, I've thought about it and I'm not going to do it) I could even type 10% of the clues I read as they happen. I can't type fast enough to even keep up, no less do my thing. You can't imagine how many aspects there are to reading price action in the very short timeframe.

Okay, I can see the areas now... albeit after the fact. : )

See that? They swept the obvious TL (look on the 1-min), brought it back in exactly as one technique shows, then started it up and over. Now it's a bearish ABCD, or a 'W3'. So, now we watch this decision. Step by step it reveals itself. Then the plan is to take the appropriate action. We will never know where it ends up, or what actions we will take, but we can know what action we will take for ever thing it does along the way. That, to me, is the fun of this. Remember, There is no spoon...

That's a start.

Originally posted by JaLee

Okay, I can see the areas now... albeit after the fact. : )

It's been a wonderful week for me. I want to thank everybody for their comments and charts and I'm really happy to be included here. This is a breath of fresh air to be with a group like this. Thanks to all for putting up with my "newbie" questions and learning process. Hopefully I can climb the learning curve and be up on the slope where you all are! Everybody have a great weekend and will see you on Monday!