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MA
MarcinO
Rep: 67
Posts: 5,506
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.
JI
jimkane
Rep: 3,058
Posts: 33,089
So far today in the entirety of the MyPivots forums, there have been five posters. The triumvirate in here (rat, Marcin, and I), and JaLee. Outside of here one person posted, hawking a service in a post I am sure Guy will delete when he sees it. I wonder what all that says? Retail is dead, has been dead, nevermore shall it return? Probably...
JI
jimkane
Rep: 3,058
Posts: 33,089
So for the short term it rolls over and they give it the look like it's about to crater. It rolls into a small ABCD, but by taking out that swing point we call 'B' (twice) it triggers additional shorts and long stops (as ABCD's do, and that's why we use them the way we do). Then it's set up to blast off to the upside. Again, very short-term. I'm not sure it has any more upside to give right now, but this is the way I am watching/studying the behavior in here for clues.
Originally posted by JaLee
It's in KZ now, so trap? But, TL resistance on higher timeframe?
JI
jimkane
Rep: 3,058
Posts: 33,089
Don't get me wrong, this is either still in management mode, is an add-on, or a new position, depending on how an individual plays it, and their style.
JI
jimkane
Rep: 3,058
Posts: 33,089
Which makes us the only posters on all of MyPivots since the 14th. We're 'the cool kids'.
JA
JaLee
Rep: 0
Posts: 103
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!