Starting ot off.

Al

rat, Cool charts.

Al

thank you Al. aapl could be done, but also could push up into 174 - 175 area.....reports after hours Thursday

Originally posted by albert

rat, Cool charts.

Al

You are right, Al. I was so focused on your chart that I ignored which direction you were actually trading. Sorry for misunderstanding.

Originally posted by albert

Marcin,


Thank you. Your points are well taken. I appreciate your views, and I know you speak from the wisdom of experience!
My chart was wrong. I rechecked my calculations and the X in my version of the formula, x*AB=CD, is much closer to 1.272 than it is to 1.416. So I want to correct to 1.272*AB=CD. I apologize for the mistake.
I agree with you completely. I entered the trade because I thought price was going up, in the AB leg of the ABCD. In general, I also like to try to try to trade in the CD segment in the CD direction.

Thanks, and Good Trading
Here is the corrected chart.


Al :--)

Marcin,

Not at all. No apology necessary, but if you want to apologize, I accept your appology. I am finding that my small, scalping trade style is different from almost any other trader's style that I have seen. For example, in an (X)ABCD, such as you referred to, I typically will like to try to trade in the CD leg, because I think I feel more confident of at least having a target, and the move can be relatively fast, sometimes.

By the way, your call for the GBP resistance at 1.3280 to 1.3300 was brilliant. I wish I had gotten back into that trade, it was a good one, IMO.

I copy your and rat's comments, and I review them often, in an educational effort to improve my own crazy trading style. I hope I do not get the Kane traders too p*x!!d off at me, LOL.

Good Trading to you and all,

Al :--)

Originally posted by MarcinO

You are right, Al. I was so focused on your chart that I ignored which direction you were actually trading. Sorry for misunderstanding.

Originally posted by albert

Marcin,


Thank you. Your points are well taken. I appreciate your views, and I know you speak from the wisdom of experience!
My chart was wrong. I rechecked my calculations and the X in my version of the formula, x*AB=CD, is much closer to 1.272 than it is to 1.416. So I want to correct to 1.272*AB=CD. I apologize for the mistake.
I agree with you completely. I entered the trade because I thought price was going up, in the AB leg of the ABCD. In general, I also like to try to try to trade in the CD segment in the CD direction.

Thanks, and Good Trading
Here is the corrected chart.


Al :--)

gld hit .886 at the open low yesterday, and went straight up to the median line....at the same time, there is a bear abcd showing up on fomc day....

rat,
Great charts and work.

Al

Cable (6B Z7) went up higher than I expected, to 1.3340.
First support levels at 1.3220 and 1.3160.



But the real sweet spot is at 1.3055-75. Of course Fed's decision today can change a lot, but Cable looks positioned to the downside since 5:30 EST AM.

Marcin,

Great Charts and work.

Al

Cable is following downside scenario, but be careful at 8 AM EST today, when Bank of England will announce interest rate decision.

rat,

Thanks for the reply, and thanks for sharing. roofer is brilliant, even though I do not understand all of his posts . I plan to reread roofer's posts that he posted here at MyPivots and to pay more attention to your and Marcin's posts.
All the best,

Good Trading,

Al :--)

Originally posted by rat89

Thanks Al,

You too. I remember when roofer first started working with me. He asked if I wanted him to explain everything or to show me enough so I could figure it out. I said the latter, and instantly regretted it. He sent me hundreds of charts, with notations, and I studied them endlessly. It was like nothing I had ever seen; there were notations in there that he doesn't show publicly. And I was not getting it. I wanted the explanation. And the trades looked good and some of them blew me out of the water. Then one day I started to see it. Don't ask me how. And then many years later he pointed me in the direction of elliot wave work. And I finally realized that when I took a reversal trade that didn't work, I was trying to trade a reversal of the end of a wave 3. Wave 4 would end, and wave 5 would knock me out. The bull (bear) abcd at the .382 area is a setup that trades wave 5, which is why it is so predictable. So predictable that he called it the 87% trade years ago, since price went back to the high (low) 87% of the time in his samples.

So here's my last pointer of the week. When you show two highs and the second high is at .886 - the median line work should somehow be anchored off the first high because that is the high that is related, the lower high is not the setup. Sometimes the median line set anchored at the first high seems too extreme. And it is. Except that sometimes it isn't. So remember that two sharp back to back moves call for a modified schiff set, anchored at the .50 of the first move. Sometimes I put on both and see where price goes.

Originally posted by albert

Marcin and rat,

Thank you both for sharing your comments and your charts. I am indeed fortunate to be able to see what you both are looking at, chartwise, and hearing what you both have to say. I intend to reread this past week's posts here, and see if I can learn more about trading. I also have begun rereading "Dynamic Trading" by Robert Miner, and hope to learn more about ew.

I hope you, Marcin and rat, have a great weekend.

Good Trading to both of you. You have certainly helped me in my trading.

Al :--)