9:21 AM
H4 Channel Update. Sorry for the dash line(bottom of old H4 channel) you may not be able to see.
9:04 AM
WeekEnd Summary
8:13 AM
8:13 AM
H1 Channel/ABC Update.
10:03 AM
B point update.
10:09 PM
We may a new B point?
2:14 PM
I wanted to do this in the Week Ending vid but did not have enough time. I tracked the pips from the C point to the 1.0 target I typically use. These pips are approx. but very close to actual pips.
One other thing I will point out is over time like anything else you will be able to guess that pip value once you track it enough times just as I mention about the 1.0 target. Also remember in the vid I pointed out 2 ABC downs and this is just tracking the first one.
One other thing I will point out is over time like anything else you will be able to guess that pip value once you track it enough times just as I mention about the 1.0 target. Also remember in the vid I pointed out 2 ABC downs and this is just tracking the first one.
2:02 PM
11:24 AM
Ok you can see the retrace and the extension to and past the 1.0 target. Again I don't like the 61.8 retracements much so I was mainly watching for the touch of the 78.6 in this case. If price had retraced to the 78.6 then this would be a classic example of a AB=CD pattern of which the fib extension would have be the 1.27 area. Either way you can clearly see the power of the ABC.
8:41 AM
In the pic you can clearly see a second test of the original TL on the H1. Also now that we have reached the 61.8 retracement level which of course is lower then when I posted in the room. I'm not a big fan of ABC patterns that retrace to the 61.8 level but that's not to say the pattern will not run to the 1.0 target. Besides that I have no signal in the Excel to tell me to be looking for a ABC Up to begin with. I just like to be prepared before that happens by observing and keeping track.
Is this format better to see?
Or this background?
9:39 AM
In this post I will show what I have drawn for TL's in each TF I follow. Starting with the D1, H4 finally the H1.
Now looking at the H1 you can see that I have pointed out the test of the Top H1 TL channel. This is the TL that you don't move without a confirmed test. To confirm the test I like to see a higher high happen then a pull back. That pullback will give you the next connecting point of a "New" H1 channel. Now I wait for the start of the new week to unfold by watching the Excel and keep in mind we also have the new weekly comments to guide us as well. Also notice that the 1.0 Fib Extension is lining up right at the D1 if the C point is infact complete.
10:15 PM
Here is a perfect example of a TL test. Price breaks below the bottom H1 TL then comes right back to test. Then of course you can see the next candle jumps right back inside the channel and continues higher. This is how you can maintain integrity to your TL's so you are not always moving or form fitting them to the price. Of course this same test can be used with the basket as well.
8:39 PM
Testing to see if YouTube could be an option for vids.
9:46 AM
Pushed right out of the H4 channel came back and tested and continues to go higher. My be time to adjust the H4 channel.
8:45 AM
Vid a little big for the blog so you know where to find it. As you all notice J talking about the trend and this pattern happens to be in agreement with that outlook. Keep in mind that this pattern is on a D1 chart and will take some time to complete and probably wont happen in a day or two unless market really blast off for some unknown reason. So that being said we still could get a couple short baskets to 1000 pips along the way to that bigger target.
4:35 PM
Here is a test vid of the pattern. Hope it works better than the pics..lol
4:58 PM
You can get a better look now on Photobucket. Looks like I may have to make a little website as I can not find out how to make the pics bigger using the blog site. Oh well the blog site is free so I can't complain.
4:30 PM
I was referring in the group about a pattern that is not exactly like the ABC pattern I normally use. This pattern is a classic AB=CD pattern commonly known as a Harmonic pattern. With this type of pattern you have 2 different extension areas to look for. For example if your retracement is 61.8 then the extension is typically to the 1.618. If your retracement is a little deeper to the 78.6 then your extension will take you to the 1.27. There are a few different Harmonic patterns out there but I mostly follow this particular one along with my basic ABC Up and Down patterns. Over time following these simple patterns you will know when the patterns are complete. Most think the "Exact" number has to hit to be complete but thats not the case all of the time. I use TL's and Fib's simply as guides not the "Line in the sand" when trading. One last observation as with either the AB=CD or ABC pattern its best to observe how price will act when it comes back to the B point. This can give a clue as to where price may want to go.
PS Side note I will work on getting better pictures of the charts even if I have to post back on photobucket and comment here. There is a link toward the bottom of the Home page.
4:24 PM
Well the 1.0 target was hit and then some as I expected. With this pic I wanted to show that price has made its way inside the D1 TL and I would like to see a break of the H1 TL(Green0 to confirm the short is underway. Of course I will be looking at the Excel for any clue as to this break and pull the trigger on the basket. 
5:07 AM
As I stated in the group lastnight..."4/5/2010 9:21:41 PM - GJ is coming back to test my D1 TL or fall back inside". Seems to want to come back inside the D1 now and you can clearly see my target(141.765) which is close to the old H1 TL. Lets see if that target will get hit or not.
8:02 AM
Now waiting for a new H4 channel to confirm. Then plot the H1 for possible trades.
3:27 PM
Lets see what happens now..maybe higher? Or maybe time for some retracement? I had the Max Basket High at +2500 for the week last I looked.
