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.

83 is hit, very-short-term TL is violated, watch closely.

I really, really would like to see the next level. It would just please me.

And here comes the reaction off 83. This is the fun part for me, reading the clues, studying how it acts, adding that to my over 54,000 appx. hours of screen time. Always trying to learn more about how it behaves so I can use that to make better decisions.

Just give it to me. Am I asking that much? It would keep the trend healthy and be so pretty, technically. For that reason alone I think they want to spite me. The fun part for me is this moment where I don't know what it will decide, but I can see the possibilities, and like my Matrix post from last week, all I can control right now is myself. The decisions I make based on the clues I read. And then on to the next potential opportunity. Lather, rinse, repeat. Same old, same old, day in and day out, in here. Year after year.

Originally posted by jimkane

Now, a nice pullback here would be to the 78.50-79.50 (center of area) upper KZ. Will it do it? Unless we see a change of character, I think it would be quite a stretch. It may quit around 82-83 area. I would find that pretty pathetic. But, it's all one-sided today, and betting against that usually doesn't fair so well. Hopefully it will do a little more. If it really got going, and I see very, very low odds of that, I will post one lower area. Don't worry, I won't likely have to waste any ink on that one. I'd be happy if it even makes it to the first area...

Okay, watch it pop.

Like that was hard to see coming... The thing is, if this is headed down to the next area, it should react there and set the trap. If it is not going down, it should react there. That way, there is no way for the average player to tell which it is. Only with very advanced clue reading and price action reading can one pick up an edge (as far as how I believe), and even at that, only a very slight edge, as I have explained many times.

Originally posted by jimkane

Okay, watch it pop.

Now, if one wanted to get long or add-on (against this big area?), this is the exact spot I would do it.

Understand, more lined up with the advanced player I hypothetically described above, I am short-side bias myself in here, viewing this in a manner I would not suggest for any but the most experienced trader. I think it is starting to act like it is ready to move up off this first area, or just chop for awhile, but I am pointing out what the clues show, and what the trigger areas are.

How was that?

Originally posted by jimkane

Now, if one wanted to get long or add-on (against this big area?), this is the exact spot I would do it.

Now, was I on the 'wrong side' here? Not at all. There was plenty to work with on the short side there, and the play would be based on a calculated shot in case it dropped to the lower area. You have to look, over time and at a large series of trades, to assess how well a technique works. One trade means nothing. For me, my viewpoint is taking the previous trade off at the area and not giving hardly anything back, then dabbling at the short, using all my reading skills, was the best play at my level. It's still not over yet, either, as this may just be a deep shakeout 'W2' here.

Now, where is the lower level KT trader? Still long with a partial, after a scale out off the area. Stop was below the first area it bounced off of, or the area below that, depending on individual viewpoint. This is all 'according to the methodology'. All I ever discuss is how plays/viewpoints line up with the methodology, nothing more. This is far too unique of an approach to say there is a 'right' way. Each person takes the tools and carves their own creation from the tools. Just as a group of potential artists can learn from a master, be given the same carving tools or paint equipment, but each will create their own unique style and art from it.

Originally posted by jimkane

Understand, more lined up with the advanced player I hypothetically described above, I am short-side bias myself in here, viewing this in a manner I would not suggest for any but the most experienced trader. I think it is starting to act like it is ready to move up off this first area, or just chop for awhile, but I am pointing out what the clues show, and what the trigger areas are.

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!