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.

2100.50...

Originally posted by jimkane

The best I am hoping for here, unless a program comes in to blow this out, is a nominal new high. The best area is 2102-04, but maybe just over 2100...

Quoting one of the 'great traders' 'out there': "I have yet to ever see ... Jim call any turn in the market ever. Lord knows I have asked many times. Are we suppose to pay thousands of dollars just to POSSIBLY see a market turn called and make Jim Kane wealthy in the process by buying his products? ...I'm starting to feel I've been bamboozled"

Now here's the question I have. Would Jim have more potential selling one or two sets of books a year, maybe even doing a couple of mentorships, or actually attempting to use this ability for trading? I think anyone with half a brain would focus more on the trading than on 'getting rich' selling a few sets of books and then having to cover the required expenses. But, maybe this guy knows more than I do. As I've said before, I'm sure glad this full-time professional trader didn't make me rich and then feel duped when he got in here and didn't see any 'real time' market turn reads. He'd have been real disappointed.

No comments needed on this, I'm just venting. I find it hard to let go of things like this, something my long-suffering long-timers know (and just put up with...) all too well.

Yes, the video worked and it was the correct one.

While I'm on a roll, here's something from that 'Jim's being stoo-pid' post. It's concepts I have discussed ad nauseam over the years:

"But the bigger point is the ‘trading area’ is at best 10%-20% of my ‘Trading Plan’. It’s about entry, management, price action reading, ‘context’ and so much more. I have practiced endless hours putting myself in randomly and trying to use all the other skills to maximize the outcome. I try to help traders with all the other skills. Imagine if you could get in randomly and still have a net positive outcome over a large series? It’s just so not that much about the trading area. Truthfully, I just get real tired when I listen to people drone on and on about how important the trading area is. Trust me, it’s only a tiny part of the ‘Trading Plan’."

But the 'professional' full-time traders out there just will never grasp this. To them, and all the dream merchant vendors out there, all that matters is the setup and being able to 'call the market'. Oh, well, you can lead a horse to water... They will never understand what we do in here, and as rat constantly tells me, but it just doesn't seem to stick, that's a good thing...

And yes, one could be short here. And yes, it has triggered. That doesn't need posting. I think it's a tricky play, but for the highly skilled trader, as I mention many times, it is reasonable. One just has to be ready to scratch on such probing trades in a heartbeat. I shouldn't have to post this in here as it's obvious (the short play), but I'm posting like that character is actually going to take me up on my offer. Yeah, like that's going to happen...

Thanks.

Originally posted by JaLee

Yes, the video worked and it was the correct one.

All right, hopefully back to our regularly scheduled programming now.

I'm not liking the odds too much on this area for shorting, as I could easily see it rise a bit further. Nonetheless, there are times when the very advanced trader may want to take such a trade anyway. If the read is for limited upside, and the downside potential is fairly large, then even though the percentage chance for a 'winner' is lower than usual, the reward/risk goes up (especially with a good entry and a tight stop (but not just setting them that way, if the layout offers this)), so the expected value may be about the same. The greatest risk, in my opinion, is the opportunity cost for not being on the long side. So, over time with experience one learns to assess this opportunity cost, make good assessments when to stay with the long, and when to go to the other side.

This gets to a complex subject, far too complex for in here, but one I discuss in mentoring in some detail. 'Line to line' trading vs. (intraday) trend trading. rat and roofer are line to line traders. I am a trend trader. The styles are different. The areas we find are usually the same ones.

So, if this is going to pop, here's a spot (97). If it fails here, then we just look at the next spot. Watch the levels. Anyone who knows the work can find the levels with ease. I think there is a fairly good chance it will like this level here, but as I say, I don't know what it is going to do. I find area, I figure the best odds plays, run them, then react according to what it does. Lather, rinse, repeat. That's what the game is about. In a sense it's like professional blackjack card counting. You find an edge, then run it over a long series.

Let me be clear here. This just had a big run off a monster area. It's up against it. I would not be looking to initiate a new long trade here. If one is still in, watching the action here is for management purposes. If one is out and took the short, again, this is for management purposes. That's all that can be going on here, according to the methodology.

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!