Not to brag but I have 762 RT trades in less than 60 days with a profit ratio of over 99% on all trades. It is a matter of proven past performance.
Yes I have lost in the past, but the last time or two were invaluable even if they cost 10K or more. And since I have become even more margin concious
there is very little chance of me getting sold out agian by my broker.
I still have not made back all of that 10K, and I have not curbed my spending habits and gas has not decreased in price, so I sure donāt have much extra money at this point. Iāve got tennants who are behind on rent. RE assesments went up in Chesterfield county almost 20%. I had to pay those taxes. I have 2 rental houses there and dont escrow. Alpacas are causing mad drawdown! Grain is up, hay is overpriced, the vet makes like $220 an hour but I guess that includes her trip charge so suddenly I dont feel so bad for charging $110 for the first hour with my trip charge. Then there is $700 in Child support on the first of the month, so forex for me is sadly a recreational activity instead of a business
But she has been going straight up for the last hour. Makes me wish I bought some at 211.50 or even when t gapped up. But I didnt. I am selling
off NJ as its going up too.
I really enjoy those and think one day I will examine them in detail.
I really dont like the looks of the nasty weekly candle. But after tomorrow we will see where it closes for the month. But for now she seems to be headed straight north
The daily IKH chart is still entirely bullish. The kumo (cloud) is beginning to flatten out up front to reflect the congestion period weāve been in the past 1.5 weeks or so.
The 3H (attached) is mixed. Price crossed below the kumo on Friday (bearish) but has since thrown back above the kumo (bullish) and has found support on the 2100 ET candle after testing back into the cloud. Tenkan-Sen (blue line) crossed top-down over Kijun-Sen (red) above the kumo (weakly bearish). As you can see, price is actually supported right now by Kijun after breaking on Friday. Price is just below the Chikou Span, but again: above the kumo (weakly bearish). The kumo itself is relatively thin, indicating support (and as we saw earlier today, resistance) are more easily violated.
As I said I would be buying at 209.50, I wouldnt worry about more down but as always be careful if you are using real money perhaps scale down 20-50 pips from here if you are worried and at least 20 pips.
Not to throw cold water on a good buy-in level, but:
Activity overnight has negated those components that were bullish on the 3H IKH chart.
The Tenkan/Kijun top-down cross (bearish) that occurred above the cloud on Friday is now confirmed with price falling below the kumoās support.
Price crossed below Kijun-Sen in early afternoon NY trading last Thursday, rebounding to close just above that line yesterday night, but then unable to hold that breach, with price now ~250 pips below the line. With the exception of the pullbacks on June 2-5, June 17-18 and June 23, price has been firmly supported by Kijun-Sen since May 22.
Last nightās thin kumo indicated support was not very substantial; price action after midnight confirmed that, sending price ~230 pips below Senkou Span B (the bottom line of an ascending cloud), currently sitting @ 211.87.
Chikou Span: 26 periods falls on early last Wednesday, Jun 25, where price was closing above 212.70-212.80 resistance, versus price hovering approximately 300 pips below that level now.
The daily IKH chart remains bullish with so many uptrending periods in play more than absorbing the congestion of the last 10 or so days.
As rrram mentioned previously, price has good support around 209.50, and especially the old battleground from several weeks ago around 208.90-209. Support following that level occurs @ 207.80, 206.80, 206.40, 205.50, 205.
There may be a reversal in the offing, though: it looks like the 1H will post a dragonfly doji here a couple minutes before 0700 ET.
Have a good day - Iām off to talk about equities.
No, he primarily uses Elliott Wave, but is also heavy on fib retracement and chart patterns. Interesting approach mapping out several paths he believes are contenders for what will occur, then letting price itself cancel those paths that are invalidated, while he creates new potential paths. Even though he has several scenarios on his chart at any one time, he adds comments that usually explain which path he thinks is most probable. Good stuff, though some people find his charts a bit daunting at first.
Not how I should, I never really took the time to learn them completely.
I sort of do an elliott wave in my mind when I am looking at charts.
And believe that legs up and down often equal out or cancel out and that the distance of up moves and down moves must equal. So I have high belief in elliott waves even though I dont use them. The theory seems very valid and can often predict reversal points.
Excellent explanation of Jebās charts Andrew, I had not thought of that āhe draws multiple scenarios and lets price cancel the ones that are invalidā¦ā (paraphrasing)
Iāve never been able to master Elliott either, but now with Jeb around I donāt have to ā¦ I just check his charts daily. This past 2 weeks has been a test, I was not sure he was going to be right as he repeatedly called for a bearish retraction to at least 209.50. But in the end he nailed it to the pip and made some great calls inbetween. The charts look daunting at first but are actually easy enough to read & Jeb gives his preferred scenario each day (although I find that prediction less valid than the charts themselves). If you combine Jebās analysis with the knowledge (rrram) that Guppy [I]will go up [/I]whenever she possibly can, and add in Andrewās knowledge of IKH, we are starting to develop something predictive hereā¦
The trouble is just that on Jebās chart, this may not be the final retracement, I thought it was a wave completion, but according to the latest set of lines he has drawn, there may be more to go.
I am well into profit now at 210.70, so will keep a tight eye on it & be prepared to bail & collect if it looks like another leg down. It may not be over yet
Iām off to talk about equities.
Borrrāring! I donāt think I would ever trade an equity again ā¦ yuck!
The latest from Jeb this morning around 8am was expecting her to drop further to his 208.59 target. I think he will have to draw some new lines since she is showing so much strength after tagging 209.50, already at 211.08. My calculations say if she can break 211.55 with conviction, this is already a new leg up to 213 and beyond.
Jebās problem is he gets the technical part, but does not understand her personality. She just wants to go UP
She is stalling now at the 61.8 retracement from the last SH/SL, I am watching the 15ā chart mostly.
She needs to clear 211.55 with conviction or there could be failure here & Jebās next wave target of 208.59 could come into play. I am ready to bail if she starts retracing as I would rather get some more even lower. Nice profit so far
