MESSAGE FROM JACKO 454

It is 1.00am NY time Tuesday September 29 and the market is at 1.4633

The market moved up again to the steeply sloping Resistance line area at 1.4678 and then fell again during the US session. I believe that we may be in the initial stages of a significant retracement down to the Support Line (and possibly beyond). The Resistance line at the present time is at 1.4650. Allowing for some volatility in this market, I could be interested in selling at a "bargain" price of between 1.4650 and 1.4700 sometime today.

Edit 3.00am NY time Market is at 1.4632 I am now just waiting for a good SELL opportunity between 1.4650 and 1.4700 that I think will occur sometime today. No SMSes have been sent yet

Edit 8.00am NY time Market is at 1.4564 I was hoping that London would take us UP so that I can sell this market. The drop in London trading was disappointing but has added further evidence that we have seen the short term top at 1.4843. Another bounce up to the Resistance line area is not out of expectation. We have to wait patiently for our fish to come back into range (of 1.4650).
The alternative was to jump in at a more "risky" level with an increased possibility of a loss.

Also we have again seen today an example of what we were discussing some weeks ago about the change in direction that often occurs in the 30-60 minutes before the start of the new session. In todays case UK traders closed their positions and the early traders in the US session reverse the direction (based on their belief that the UK session has moved the market too far in one direction) .

Edit 12.10pm NY time Market is at 1.4545 The market has done very little so far in the US session, so we continue to wait for a move back up into our SELL area.

Emails

Email 1
Welcome back. It sounds as though you had a great time off. Yes it was great. Not as beautiful as cruises in Europe or the States but definitely more interesting. Asia is a completely different culture from the West. And Vietnam and Cambodia are still very poor countries compared to the rest of Asia, but it is very different and hugely interesting.
I have a couple questions regarding how you find the resistance and support levels on the 4 hrs chart.
Once the trend lines are drawn for the highs, how do you figure out the resistance point? I still do not understand how that is figured out.The Resistance level is found by looking at the horizontal price line that would intersect the Resistance line at the 4H bar (so once the Resistance line has been drawn, the Resistance price is found by looking horizontally across at the price axis). When a Resistance line is downward sloping, the Resistance price will be lower for each consecutive 4H bar
The same thing applies to finding the support level. Will you please explain how you determine the actual level? Same as above ... The Support level is found by looking at the horizontal price line that would intersect the Support line at that 4H bar (so once the Support line has been drawn, the Support price is found by looking horizontally across at the price axis). When a Support line is upward sloping, the Support price will be higher for each consecutive 4H bar