Click image for original size
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
98.75. It got it, new high for the entire move. Now watch to see if they dump it and that's all they want. It needs a bigger correction, but it could lose momentum if it does. They might just push it right up.
JI
jimkane
Rep: 3,058
Posts: 33,089
Like I was saying...
Originally posted by jimkane
...But, it has a super-weak look, and my experience is in scenarios like this, that's usually manufactured...
JI
jimkane
Rep: 3,058
Posts: 33,089
Okay, that was one of my best reads ever. It was hard to stick to*. They did an awesome job making it look weak. They started off the first area, then flushed it to the second, making it look truly ready to crater. Then they lit the momo algo. Just look at that move on say a 1-min. Notice the declining correction size on the way up.
Notice, again, the one thing I do differently than most people who post on the market. I don't say 'If it goes up, here's where I'm looking. If it goes down, here's where I'm looking.' I post levels pretty much always on one side. Go back and look how often that is the direction it moves. I was feeling pretty silly with my overhead areas when this looked ready to dump. My experience told me what to post. I stuck to my premise. Now here we are.
If I could still post YouTube videos, like I did in the old days, this is where I'd post the Charlie Daniels video I've posted a few times in the past where he does the Geico commercial, just rips it up on the fiddle in the conservative restaurant, hands it back to the guy, and says 'That's how ya do it, son'.
Wait, let me try this, and then someone can tell me if I got the right one, since I can't see it.
* See my next post quoting Armstrong.
Notice, again, the one thing I do differently than most people who post on the market. I don't say 'If it goes up, here's where I'm looking. If it goes down, here's where I'm looking.' I post levels pretty much always on one side. Go back and look how often that is the direction it moves. I was feeling pretty silly with my overhead areas when this looked ready to dump. My experience told me what to post. I stuck to my premise. Now here we are.
If I could still post YouTube videos, like I did in the old days, this is where I'd post the Charlie Daniels video I've posted a few times in the past where he does the Geico commercial, just rips it up on the fiddle in the conservative restaurant, hands it back to the guy, and says 'That's how ya do it, son'.
Wait, let me try this, and then someone can tell me if I got the right one, since I can't see it.
* See my next post quoting Armstrong.
JI
jimkane
Rep: 3,058
Posts: 33,089
Okay, I was reading Armstrong, and he just mentioned something I am frequently talking about. The best trades are always the scariest. Just don't take that to mean if it is scary, it must be good. All (normal) pine needles are green. Does it follow that if it's green it's a (normal) pine needle? Nope. Most good trades are scary. If it's scary, must it therefore be a good trade? Nope. Learn the correct lesson here.
Here's what he said. Sound familiar?
"Over the years I have personally noticed that when it is the MOST difficult even for me to stand firm and I begin to question will it break through, that is precisely when it does not. So if the markets can move to such an extreme that even I get that feeling inside OMG, is this correct, that is when it is right in spades."
Source: https://www.armstrongeconomics.com/armstrongeconomics101/basic-concepts/central-banks-are-trapped-higher-interest-rates-the-only-answer/
Here's what he said. Sound familiar?
"Over the years I have personally noticed that when it is the MOST difficult even for me to stand firm and I begin to question will it break through, that is precisely when it does not. So if the markets can move to such an extreme that even I get that feeling inside OMG, is this correct, that is when it is right in spades."
Source: https://www.armstrongeconomics.com/armstrongeconomics101/basic-concepts/central-banks-are-trapped-higher-interest-rates-the-only-answer/
JI
jimkane
Rep: 3,058
Posts: 33,089
So it worked, it's the right one? I can't see it, so I had to search and cut and paste what it said.
Originally posted by JaLee
Yes, that was great.. and the video to top it off!
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!