RE: [RT] Re: 15-min Gold 100oz, RealTraders Email List Archive

Hi Carsten:

First, please take a look at the chart I sent yesterday again. There are TWO downward sloping PF involved. One is the Black fat PF and the other one in the Slate Blue PF. Prices met the lower median line of the Slate Blue PF; that is not a sliding parallel. When we use Andrew’s, Tim Morge has been repetitively emphasized, WHICH fork CURRENTLY has the best definition of price actions AT THIS POINT IN TIME? Although the Black has been in line with the price actions at this moment; but it is quite obvious that Slate Blue PF has the best definition of price actions of last night’s down move. I will explain to you in terms of my reasoning from last night so that nothing will be explained in hindsight. First, I use Elliot Wave as well; the 5-wave completion has been kept on my mind for the whole day already. Please check out the chart again, Wave 2 was a rising bear flag and Wave 4 was a bearish continuation triangle. Last night, the down move was actually a Wave 5 sell off. In the process of the sell off, I was looking for signs for a continuation of pushing prices further to the south to punch through the slat blue lower median line. However, the wave structure of wave 5 gives me the impression that it is a three-wave orthodox fifth. This was my first reasoning that further sell off should not be happening. Secondly, please note that I have pointed out earlier on that the Slate Blue PF has been defining price actions more closely than the Black PF; that said, a natural inclination to expect the sell off will make intraday bottoming at the Slate Blue Lower Median line. IF that happens, the three-wave orthodox fifth will be further justified. Thirdly, as you have pointed out correctly, I saw a buy setup instead from the RSI’s trend line upside break. Granted, before price actions reached the Slate Blue Lower Median Line, prices punched through the Black Median Line, but prices stopped dead at the Slate Blue lower Median Line instead; furthering my conviction that it was the Slate Blue PF that gave definitions to price actions. That said, Hagopian Rule could be applied for the Black PF, Prices punched through the Black Median Line; and according to Dr. Andrews, prices should reach the next probable Median Line (which is the Black Lower Median Line) 80% of the time; but again, as I mentioned, price actions stopped at the Slate Blue Lower Median Line instead, with a Ross Hook, and with a RSI buy setup! Throwing in the last piece of information for a possible long entry: Hagopian Rule spells out that Prices will reach the next probable median line 80% of the time. However, if prices FAIL to reach the next probable median line; prices will go to the OPPOSITE DIRECTION in a more drastic manner. At this juncture, we had two trading scenarios, either the RSI’s buy setup was correct or a retest of the Black PF for further sell off. After prices made an exact intraday low at the Slate Blue Lower Median Line, we were provided for with a Ross Hook, upside break out of the Hook or using Joe Ross’s Traders Trick Entry (TTE); which was entry before the hook’s pivotal would get us in for a long trade. And this was exactly what happened to today’s price action. I hope this will clear things out a bit for you as I’m not very good at putting my thoughts into words. Take care.

Have a good one

Jeff Harteam

From: realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On Behalf Of c.l
Sent: Thursday, July 31, 2008 3:37 PM
To: realtraders@xxxxxxxxxxxxxxx
Subject: Re: [RT] Re: 15-min Gold 100oz

hello jeff,

nice chart. but what does it mean?

will we go higher from this point? price met your sliding parallel and that means up? since your rsi line also broke also through a trendline?

or do we see a retracement to the black fat medianline and then down again?

nothing against your chart but what conclusion do we get? or do we see any kind of entry trigger?

thanks for some explanation

carsten

----- Original Message -----

From: Jeff

To: olmpc@xxxxxxxxxxxxxxx

Cc: realtraders@xxxxxxxxxxxxxxx

Sent: Wednesday, July 30, 2008 8:52 PM

Subject: [RT] Re: 15-min Gold 100oz

Greetings Traders:

Just a quick update on Gold 100oz today. We had a downside break down of a Head & Shoulder top in the Daily and 240-min timeframe. The attached .jpg is a 15-min intraday chart with very well defined Pitchfork; sliding parallels, price lines and time lines along with patterns. Take care

Have a good one

Jeff Harteam

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