Starting ot off.

Al

Paper trading GBP.USD. Marcin, thanks for all you comments. Made a bit this morning going long GBP.USD.




Al :--)

Well done, Al!

This area at 1.31 seems ready to send Cable up again.

It dropped to 1.3070, though.
I guess this is the end of W2 on M15 time frame.

Originally posted by MarcinO

This area at 1.31 seems ready to send Cable up again.

nice work Al, it's bigger than that though.....note that 38.85 - 35.07 = .382 at 36.51. Price hit its head there several times. I advise being very careful about anchoring your sets at the lower highs....try to stick to the high, or use a modified schiff set. I only say this because it got me into trouble in the past.

Originally posted by albert

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gdx 5 – For me the confluence of fibs and the median line work is fascinating. gdx made a series of successive highs, and each one of them was a retrace of .886 of the prior swing down. The low today, so far, was at 22.22, which is 1.128 external retrace of the swing up from 22.30 – 22.91. 1.128 is the inverse of .886.

At the same time, gld tagged 120.18, for a second visit to the area where 119.78 – 123.97 = .886 at 120.26

gld

Marcin,

Thanks.

Al

Originally posted by MarcinO

Well done, Al!

rat,

Thank you for the kind words. I really respect your work, and I respect the voice of an experienced trader. I appreciate you're sharing comments and work!

Al

Originally posted by rat89

nice work Al, it's bigger than that though.....note that 38.85 - 35.07 = .382 at 36.51. Price hit its head there several times. I advise being very careful about anchoring your sets at the lower highs....try to stick to the high, or use a modified schiff set. I only say this because it got me into trouble in the past.

Click image for original size

Originally posted by albert

Click image for original size

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 :--)