Starting it off.

Al

It's getting even lower. 1.3500 may stop it.

I think they might be playing to get more time, as yesterday, in the Pound.
1.3570 then a drop to already mentioned 1.3500 and up in the evening/overnight?

rat and Marcin,

Awesome work, guys. Great analysis and comments, both of you!

Al

rat,

I am still thinking about your previous comments. Now I see the bearish ABCD completing at a downsloping ML //. I still struggle with context and I probably do not spend nearly enough time looking at the big picture. I think you see a much bigger picture than I do. Your comments are interesting and thought-provoking, so I am still thinking about them.

Good Trading,

Al Kamego

Paper trading and overtrading today. Drat! One winner and five losers. I believe I would be better off looking at fewer candidates.

Good Trading,

Al

I redrew a red Modified Schiff ML set on NEM, based on the 35.85 point rat mentioned. I see the strong fib area at 38.90.


Good Trading,

Al :--)

Originally posted by albert

rat,

Thanks for the comments. I will have to mull the information you gave me over in my mind, before I get back to you with a response.

Good Trading,

Al

Originally posted by rat89

Al,

I would measure fibs from 34.07 and 35.85, rather than 36.96, mostly because of the way the early May low violated the mid february high. I think I showed it yesterday, but both those low produce strong fib area at 38.90. However, the rejection at 42, followed by the rejection at 40.84 = .618 says be very careful to the downside, especially if the dollar is in the early stages of the move it appears to be in. The answer to my question regarding the 5 minute, was basically a potential bear abcd in the deep .382 area, and it's pushed back up there one more time here with low volume. Here is the 60 minute:

Originally posted by albert

rat,
I see a hammer candlestick on the 50 sma at 0.886 fibo.

Click image for original size

Al

Originally posted by rat89

say what you see:

Click image for original size

Click image for original size

Very few area posts for Cable recently, bu the truth is, it is more price action and games reading more than area work now, since we are in 150 pips range for over two weeks .
I believe this is a solid accumulation of the Pound waiting to be triggered next week, but of course there is no confirmation or denial of my hypothesis for the time being.
Here are the last two weeks on M30 chart for 6B M18.

Cool comments and observations, Marcin.

Al

happy oe Friday fellas ;)

Paper trading. Bought calls for DATA, TRN, and XLI. Bought a put for FB. Made a little on two, broke even on one (not counting commissions), and bungled one for a loss (fumblng fingers) LOL.



Bungled this one by selling by mistake, at the wrong time. ABC fibo = 0.382 (0.400 calc), X for X*AB = CD is 0.618, X' = 1.128, X ''= 1.460


ABC fibo = 0.618 (0.598 calc)


ABC fibo = 0.564 (0.529 calc), X for X*AB=CD is 1.382 Broke even on this one,

ABC fibo = 0.564 (0.567 calc), X for X*AB=CD is 1.618

Good Trading and Have a Good Weekend.

Al :--)