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.

Bullish 4PT and a bearish 4PT. Remember, the pattern doesn't decide which was it is going, 'context' decides that. The pattern is a way to get in with a supposed edge.

exactly

Originally posted by jimkane

I will caveat the above, though, with a few things. To take a short shot here the winning long has to be closed. That would not happen on a trail, it would just have to be closed. This very well may be it for the day, so that might work out good, but it may also go more. How much more? The point is, the decision may depend on more than just is this a countertrend possibility. One may make a different decision based on a current play, or lack thereof. And think about the ramifications of choosing a play differently based on how you are positioned, not strictly on the technicals. You want a fish, or do you want to learn to fish? I doesn't teach much for me to tell you what I may do here. Some day I won't be there. You need to understand what I am thinking right now, and why.

I exact your exactly, rat, and raise you one ex-ac-tick-ly. Ex-aaaaaaaaaaaaaaaaaaaaaaaaaact-ly. Even this silly post of mine here has a point.

Originally posted by rat89

exactly

Originally posted by jimkane

I will caveat the above, though, with a few things. To take a short shot here the winning long has to be closed. That would not happen on a trail, it would just have to be closed. This very well may be it for the day, so that might work out good, but it may also go more. How much more? The point is, the decision may depend on more than just is this a countertrend possibility. One may make a different decision based on a current play, or lack thereof. And think about the ramifications of choosing a play differently based on how you are positioned, not strictly on the technicals. You want a fish, or do you want to learn to fish? I doesn't teach much for me to tell you what I may do here. Some day I won't be there. You need to understand what I am thinking right now, and why.

87.50...

Originally posted by jimkane
...Now we see if it moves to the next area (87.00-89.25, center of area)...

Just remember, there is no spoon...

88.25...

Originally posted by jimkane

87.50...

Originally posted by jimkane
...Now we see if it moves to the next area (87.00-89.25, center of area)...

ok....they're all in....the trend is your friend types are snoozing after their late lunch.....the bears are n-n-nervous......time to ring the bell on this move ;)

It is just so up in it...

How funny, rat, we posted at the same time, basically the same thought.

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!