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 September 11, 2005 Commentary (weekend
edition)-
Today I had a vision of a nice variation on
that television commercial we have all seen so many times. I pictured someone
over the kitchen stove, with a sizzling frying pan there. She is holding an
egg, and she looks to the camera and, holding up the egg, says: 'This is Jim.'
Then she cracks the egg and puts it in the frying pan, where the sizzling ramps
up in intensity. She then looks back to the camera and says: 'And this is Jim
after doing two books at the same time.' Yes, it's done. Kane Trading on: Median Line and
Fibonacci Synergy is now being e-mailed to the printer as I type,
literally.
I have never abused myself so much, or pushed myself so
hard in my entire life. I have also never accomplished so much in an equal
period of time. During the final homestretch this last month I have slept an
average of about three hours per night. I have spent every single waking moment
either trading or writing. The crazy part is that I didn't miss a single day of
the market, or a single members' commentary or free commentary. Sometimes I
even amaze myself.
Now it's finally done, and I'm the most wiped out I have
ever been in my entire life. This makes those all-nighters when I was teaching
full-time, running a business full time, and in grad school all at the same
time seem like they were a walk in the park. Yes, I really did all that at the
same time, and because I taught in a faraway town from where I lived, and I
live out of the city where the college is (in the opposite direction from where
I taught), it was a 160 miles round trip. I really did that. This was
harder, though.
MLFS finished
up at 288 pages and 216 charts. That makes it longer than Kane Trading on: Trailing Stops. I
didn't expect it to be so long, and I actually had to do a lot of work cutting
it back. It is truly an amazing piece of work, and I am betting it is going to
be considered 'epic'. We'll see. The comments of the readers will be the real
judge on that. I have a rush job on this, and if all goes well it will be ready
to be picked up this Friday. All those that ordered early and did the split
shipment option will have yours soon.
If you are a previous full set buyer and want
to order the two new books while I still have the courtesy discount (to put
'old' full set buyers on par with 'new' full set buyers) e-mail me for the link, although I
think almost all of you have already ordered. I will send out an e-mail to
those that haven't ordered after I handle the backlog that I have right
now.
I'm not sure if it's just the time of the season, with the summer
being over, or if it's that people are really enjoying my commentaries lately,
but sales have been 'brisk' to say the least. I am getting a lot of positive
feedback, and a lot of people talking about how they heard about me here or
there. Whatever the reasons are, I'm glad people are enjoying my work.
Let's look at
some charts here, and then I'm going to get some sleep, something I haven't
allowed myself to think about too much lately. From a perspective standpoint,
just trading the market and writing a members' commentary will seem like
vacation on a paradise island to me. It will be like 'goofing off'. I can't
wait. I decided to review a few of the Jim's Chart of the Week charts that I
posted recently. Those get a lot of traffic, so I know people are checking them
out.
I'll start with the NEM chart posted on August 14th.
NEM had an ABCD pattern, with a nice 5-wave
that hit at the confluence of the median line components. I put a few numbers
on there to fill out this framework. My working chart had a lot more, and I had
'context' and sector confirmation for this. I cover the gold's quite
extensively in the members'
area. I showed two arrows where I was watching. I expected a reaction
at the ML, and then a rollover to the lower parallel. That lower parallel was
the area I was really interested in.
Let's look at the chart I posted a week
later, on August 21st.
NEM headed right to the ML, and reacted.
Price action here was going to be the big clue for me. A bounce was what I felt
was most probable, and then a roll. That's why I had the second arrow on there.
So far, NEM was following the script I had for it. I was also watching the XAU
and a few other gold stocks, especially GLG and ABX.
Let's look at
NEM as it sits now.
NEM went right down towards that second arrow
and came within a fraction of a sliding parallel, where it reversed 'on cue'.
Take a look at the layouts in the XAU and the other gold stocks and you'll see
why I was ready. This one was unreal. Look at the pattern as it headed down.
All this is explained in detail the new book. I am only showing some of the
work here.
Let's look at NEM on a weekly chart now, and we'll get
some 'context'.
This is an old chart I showed a long time
ago. It's still guiding the action. NEM came off that big ABCD, and took out a
smaller bearish ABCD at a key line there. This is a very critical move that it
just did. Just the fact that it spent all its time above that ML told me
something right there. I discuss that in the new book, too.
Let's look at
the Euro chart I posted on September 4th.
The Euro hit the ML upper // of an 'adjusted'
set, at a grouping and an offset line. This was only the framework, and I have
a lot more on my working charts. The dollar index is really showing me a lot
about the various currency setups, and my intermarket analysis on the
treasuries, gold, energy, and so on is also playing into this. I cover this in
great detail in the members' area.
Let's look at the Euro as it is now.
The Euro came right off that area dead exact.
It went through the ML, and now sits on a division line (not shown) and one of
my 'crazy' trendlines, anchored at the point by the lowercase 'c' and the
swing-high right before the lowermost arrow. I laid out many of the factors I
am watching with regards to this one in the members' section, but it wouldn't
be fair to the members to put that in this free commentary. If you do the work
it should be pretty clear what I am watching, though.
I hope this
chartwork today has helped to satisfy you 'before the fact-ers'. This is the
type of work I show almost every day in the members' section, with a lot of
explanation and commentary. The new books take it up to a new level, a level
even the members haven't seen yet. As I have been saying since I launched this
website, this is the place 'for those who want to do the work'. If you want to
do the work, you'll likely be more than surprised at what I have come up
with.
The next commentary will be next weekend's edition, posted by
Sunday evening, September 18, 2005.
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