User [gary fullett /152.202.115.121] joined forum at Mon Mar 27 21:01:01 EST 2000
User [SteveF /209.214.192.113] joined forum at Mon Mar 27 21:01:02 EST 2000
<mrj> hi gary and steve
<lmarsh> hello Gary, SteveF
<gary fullett> good evening everyone
User [sal /206.175.231.8] joined forum at Mon Mar 27 21:01:21 EST 2000
<Jimbo> gary, steve
<mrj> hey sal
<sal> hi
<lmarsh> hi sal
<SteveF> Hey ya'll
<Frank> hi sal
<gary fullett> soon we hopefully will be going to the next level
<gary fullett> hi sal
<Frank> hi gary
<sal> hi, is that level profit?
<gary fullett> more detail analysis
User [amos /62.0.147.26] joined forum at Mon Mar 27 21:02:12 EST 2000
<gary fullett> I hope so sal
<lmarsh> : ) @ sal
<lmarsh> hello amos
<gary fullett> I want to talk baout horizontal support and resistance
<mrj> hello amos
<amos> hi
<gary fullett> as well as trendlines tonight
<gary fullett> thier significance
<gary fullett> I want to go over some important points this week
<Jimbo> I got no charts. Are there any?
User [Peggy /206.173.161.133] joined forum at Mon Mar 27 21:03:35 EST 2000
<gary fullett> as we have alot of new poeple to the classes that read the archives
<gary fullett> on Tuesday Jimbo I send em
<Peggy> evening, everyone.
<Jimbo> ok
<lmarsh> hey Peg
<mrj> hi peggy
<gary fullett> sometimes I send them other nights 
<gary fullett> but mosltly tuesday
<gary fullett> I had several poeple who called me and caught the rice move
<gary fullett> this market I will send a chart of
<gary fullett> tomorrow speaking of charts
<gary fullett> but I dont want to go over this till u have charts
<gary fullett> sugar looks interesting as well
User [gordy /216.221.105.123] joined forum at Mon Mar 27 21:05:46 EST 2000
<gary fullett> but we will discuss market tomorrow and wednesday
<gary fullett> but first as usual
<gary fullett> are there any questions on wyckoff
<mrj> hey gordy
<gary fullett> or in general?
<Peggy> should I ask my questions now, gary?
<gary fullett> yes peggy
<gary fullett> please
<Frank> question gary
<gary fullett> please ask all questions
<Peggy> when the market is trending and
<Peggy> there are little blips of rest in the opposite
<Peggy> direction, how do I read those 
<Peggy> opposite directions
<gary fullett> very very good question
<lmarsh> just looked @ rice may 19.5 move. wow
<gary fullett> can anyone answer this before I do?
<gary fullett> yes it was on the spring board
<Frank> what is the best time delay to catch the rhythm of the market?
<gary fullett> rie I will explain tomorrow
<Jimbo> As trendline support or resistance?
<gary fullett> let me get Peggys question first
<SteveF> opportunity to get in
<lmarsh> k
<gary fullett> I will explain....
<gary fullett> the important word in peggy statements is TREND
<gary fullett> lets take an uptrend in this example
<gary fullett> the market is rallying
<gary fullett> but first let me digress
<gary fullett> what is an uptrend?
<Peggy> large price ranges and volume numbers
<gary fullett> in wyckoff terms
<lmarsh> higher highs, higher lows
<gary fullett> according to wyckoff
User [davep /24.147.119.114] joined forum at Mon Mar 27 21:10:04 EST 2000
<gary fullett> when does the bear or downtrend end and the uptrend or bull begin?
<SteveF> Higher highs and higher lows
<Frank> sc
<gary fullett> at the selling climax
<Jimbo> after selling climax
<gary fullett> right Frank
<gary fullett> correct steve as well
<amos> 
User [mike /171.222.168.244] joined forum at Mon Mar 27 21:10:36 EST 2000
<gary fullett> right Jimbo
<SteveF> during accumulation
<mrj> 
<gary fullett> so after the Selling climax
<sal> 
User [gordy] left forum at Mon Mar 27 21:12:03 EST 2000
<gary fullett> Peggy I am getting to you question but I want to give some backround if you dont mind
<gary fullett> so after the selling cliamx what happens next
<gary fullett> ?
<gary fullett> automatic rally ( AR) right?
<gary fullett> where does the AR typically rally to
<gary fullett> ?
User [GuestJacob Zaletel /209.191.60.55] joined forum at Mon Mar 27 21:12:23 EST 2000
<gary fullett> generally to the first resisatance left from the down trend
<gary fullett> so far so good>?
<lmarsh> y
<gary fullett> then the market has a retest
<gary fullett> after the retest the market goes into a trading range
<mrj> former support
<gary fullett> it is during this trading range that the CM will accumulate
<gary fullett> his postion
<gary fullett> does everyone know what accumulation is?
<Jimbo> y
<Peggy> y
<lmarsh> Yes,...sidways action, after the rally & retest
<amos> 
<gary fullett> accumaultion is the buying on balance
<gary fullett> so if the cm buys 100 contracts
<gary fullett> and sell 50 contracts 
<gary fullett> is his net postion long or short?
<Jimbo> long
<lmarsh> long
<SteveF> long
<davep> long 50<Enter Text Here>
<Peggy> long 50
<gary fullett> correct
<gary fullett> the cm or composite man
<gary fullett> or the "people in the know"
<mike> <Enter Text Here>
<gary fullett> remeber the CM is the combination of all the great minds of the world
<gary fullett> like Warren Buffet george soros
<Peggy> minus mine
<gary fullett> Cargil..
<gary fullett> ect,,
<gary fullett> okay?
<gary fullett> so they contsantly
<gary fullett> buy and sell within this trading range 
<gary fullett> and in the case of an uptrend
<gary fullett> buy more than they sell
<gary fullett> so far so good?
<gary fullett> any questions?
<lmarsh> y
<mike> yes
<Peggy> y
<Frank> y
<gary fullett> make sense?
<gary fullett> Mike Jacob and Jimbo m I losing you?
<sal> 
<mike> not yet
<amos> 
User [eric /206.98.11.148] joined forum at Mon Mar 27 21:18:28 EST 2000
<Jimbo> acc. differentiated from distr by volume at support?
<Jimbo> of trading range?
<gary fullett> I will explain Jimbo
<gary fullett> as I continue
<eric> hi everyone
<gary fullett> good question
<mrj> hi eric
<gary fullett> hi eric
<Peggy> acc is buying on the way up and distribution is the selling on the way down??
<Jimbo> not lost just curious.
<gary fullett> so we are now in a trading range
<gary fullett> does everyone know what a trading range is and its significance?
<Jimbo> y
<mrj> cause
<gary fullett> I kinda gathered Jimbo that u r are not ost and I will explain your curiousty
<Peggy> yes, it's a get ready for a change period
User [Lavona /207.50.1.144] joined forum at Mon Mar 27 21:20:30 EST 2000
<gary fullett> correct Mr J
<Peggy> hi, Lavona
<mrj> hi lavona
<gary fullett> a trading range is for the CM to biukd cause
<Lavona> Hello everyone
<Frank> hi lavona
<gary fullett> build
<sal> brb
<gary fullett> k
User [sal] left forum at Mon Mar 27 21:21:06 EST 2000
<gary fullett> the CM is testing support and reisatnce
<gary fullett> as he bides his time
<gary fullett> for an impending move
<gary fullett> he just cant move a market out of its range 
<gary fullett> withought preparation
<gary fullett> see he backs and fills" buys and sells within a range
<gary fullett> near the bottom of the range he buys 
<gary fullett> and near the tp of the range he sells
<Peggy> is it for a "disguise" that he just doesn't jump in and do it?
<gary fullett> he coincides the eventual move to higher ground ( JOC) jump over the creek
<gary fullett> with a larger trading range heavier volume
<gary fullett> and some "sort of friendly news"
<Frank> u can see it during the day
<Frank> gary is the creek often the top or bottom of the trading range
<lmarsh> 
<gary fullett> I am getting there peggy
<Peggy> you mean in real time, Frank?
<davep> yes,peggy . . .he tries to accumulate quietly so as not to run up prices before he's established his position
<eric> 
<gary fullett> so what woudl one expect to see at the top of a range
<gary fullett> if the amrket is going to fail?
<gary fullett> I just told u what to expect when it breaks out to the upside
<gary fullett> the market will have lighter volume on the rally
<gary fullett> at the top of the range if it is going to fail
<gary fullett> correct very well said Davep
<SteveF> 
<gary fullett> so he sneaks prices down on light volume
<gary fullett> this maens that supply
<gary fullett> or selling presure is not evident
<gary fullett> so we know that the trend is up
<Frank> even with 10 minute delay peggy
<gary fullett> and that it is now biulding cuase within a trading range
<gary fullett> so the breaks or pullbacks
User [sal /206.175.231.8] joined forum at Mon Mar 27 21:25:50 EST 2000
<gary fullett> are on lighter volume and smaller daily trading rnages
<gary fullett> then the rallies
<gary fullett> on rallies
<gary fullett> volume should pick up
<Frank> u have to time it right peggy
<gary fullett> and the price action should be wider
<gary fullett> this indicates DEMAND
<gary fullett> that is hwat an uptrend is the buying on balance
<gary fullett> the market will have higher highs
<gary fullett> higher lows
<gary fullett> volume will increase on the rallies
<gary fullett> indicating demand
<gary fullett> and pullbacks on lighter volume
<gary fullett> showing lack of supply or selling pressure
<gary fullett> so within a range peggy
<gary fullett> back to your questions
<gary fullett> these pullbacks or back and filling are evident
<gary fullett> by volume and price action
<gary fullett> pullbacks are biught
<gary fullett> and the public gets chopped up
<gary fullett> the public buys rallies
<gary fullett> sells breaks
<gary fullett> because they "anticpate a brakout" or the market looks "good"
<gary fullett> the cm is the opposite he buys breaks 
<gary fullett> when the market "looks bad"
<gary fullett> and sells into resistance
<gary fullett> when everyone yells "buy:"
<gary fullett> so within the trading range the CM is testing supply
<gary fullett> in an uptrend
<gary fullett> because "he knows " demand is eveident
<gary fullett> so he accumaultes on weakness
<mrj> 
<gary fullett> make snse?
<Peggy> 
<amos> 
<gary fullett> does that help peggy
<Peggy> y
<Frank> 
<lmarsh> y
<davep> 
<eric> 
<gary fullett> sense
<mike> 
<gary fullett> questions on this?
<sal> <Enter Text Here>
<gary fullett> Jimbo does this answer yuour previous curiousty>?
<Peggy> so I need to read the volume/price range on the blips. That's what I thought
<gary fullett> Yes that is
<Lavona> 
<gary fullett> I talk to much u said it in 1 sentence :)
<Jimbo> yes, very well thank you
<eric> I thought within trading range, price is random, no predictive value.
<gary fullett> it is..
<gary fullett> but u still can identify support and resisatnce
<gary fullett> within the range
<gary fullett> it can go up one day down the next
<gary fullett> unpredicatively
<gary fullett> but ultimately buying support will be rewareed
<gary fullett> on a short term level yes eric u r right
<Jimbo> as long as it allows cm to either acc or dist
<gary fullett> but when a move occurs
User [GuestJacob Zaletel /209.191.60.55] joined forum at Mon Mar 27 21:32:46 EST 2000
<gary fullett> u will have a long postion from support
<Peggy> Jacob, hit the enter key occasionally so you don't get kicked out
<gary fullett> though I am a very short term trader so I try yo pick this trading range
<gary fullett> deal out
<Frank> 
<gary fullett> so I try to identify support and resisatnce
<amos> and watchrachel and Leah
<gary fullett> within a range on a daily basis
<gary fullett> this is my experiejnce from the trading floor
<gary fullett> amos :)
<gary fullett> questions?
<gary fullett> now back to Franks question....
<eric> thanks
<gary fullett> frank can u repeat it please
<Peggy> thank you
<gary fullett> do u understand what Isaid eric
<Frank> how many points a day do u profit gary?
<gary fullett> greta question
<gary fullett> what do you mean frank?
<eric> yes gary
<Frank> lol
<gary fullett> I ty to risk about 300-400 per day for clienst
<gary fullett> looking for a decent move
<Frank> my question
<Frank> is
<Frank> will 10 minute quotes or five minute quotes better follow the rhythm of the market
<mrj> Gary: Using the weekly chart of the Australian Dollar, and using the range from 10-16-98 to 3-27-00 with a low of 6055 and a high of 6750, Did we have a "spring" the week of 3-10-00?
<gary fullett> I folow the 5 minute 15 minute 30 minute and hourly charts
<gary fullett> whew.. Mr jay
<SteveF> rachel hunter and leah thomson, amos/
<gary fullett> let me look at the chart tomorrrow and send it and we can discuss
<mrj> k
<gary fullett> I have watched this market
<gary fullett> not lately though
<gary fullett> but if I look at it now
<mrj> thanks
<gary fullett> and we dont have charts in front of us
<gary fullett> we will be flying blind
<gary fullett> I will send tomorrow
<gary fullett> unless amos has a comment on this chart?
<mrj> no problem I understand thanks
<gary fullett> I can look it up and expalin but it would be easy for vclass without it in front of them
<gary fullett> I hope u understand
<amos> I am quciklyglancing on the aussie dollar weekly and the last four weeks
<amos> have been trading sideways. WHether this is accumulation or a pause in a down trend, requires
<eric> 
<amos> a larger analysis. I cannot be for sure. But you have a good example of a phase of the market
<davep> 
<lmarsh> 
<amos> where the downward thrust has been stopped and you have to decide whtether a change in trend
<mike> 
<amos> is in the making. I cannot answer in less than 2 minutes and I only had 1-1/2
<sal> 
<amos> .
<mrj> :)
<mrj> thanks amos
<amos> I said NOTHING
<amos> and I did it in class
<mrj> thanksfor saying nothing then
<Peggy> and we are impressed!!
<mrj> :)
<Frank> oh wow
<lmarsh> 
<gary fullett> amos one day will exalint eh shortening of the upward thurst
<amos> All I can tell you is that if you look at the eSignal ( that I am looking right now) you see large
<gary fullett> when time permits
<amos> spurt of volume. It is because it is only the june contract volume. This means nothign because--it is not total volume. SO around MArch change of contracts-- the volum
<amos> volume of one contract charts is meaningless. A month from now it will have some value.
<sal> 
<SteveF> 
<eric> 
<Peggy> 
<davep> 
<mrj> 
<gary fullett> any other questions?
<mike> 
<lmarsh> still going to discuss trendlines?
<gary fullett> lets talk abit about horizontal trading ranges
<gary fullett> yes lamrsh now
<davep> congestion?!
<gary fullett> what is a horizonatl trading range
<lmarsh> cause or distrubution
<gary fullett> it is like a ceiling and a floor
<gary fullett> example
<gary fullett> 500 support in beans
<gary fullett> this is the bottom of the range
<gary fullett> the floor
<gary fullett> 530 in beans 
<gary fullett> resisatnce or ceiling or top of the range
<gary fullett> can u immagine this?
<sal> 
<Jimbo> y
<lmarsh> y
<mike> y
<gary fullett> great
<gary fullett> what does htis measure?
<gary fullett> it measure demand and supply
<amos>-><davep> dave, this is private msg. justgot the email . will read later. tks
<gary fullett> and accumaltion or distribution
<Lavona> 
<gary fullett> the market remember is always testing demand and supply
<gary fullett> retsting and retesting
<gary fullett> how many times does a amrket go to the top of the range before it breaks out?
<amos> 7
<gary fullett> or to the bottom of the range that it will break out
<lmarsh> as many as it wants. there is no set limit.
<SteveF> as many times as it wants
<gary fullett> CORRECT
<gary fullett> one NEVER knows how many times a market will test support or resisatnce
<gary fullett> this is the random thing eric
<lmarsh> I wished 7 was the correct number though. lol / amos
<gary fullett> so if "one anticpates the breakout"
<eric> 
<amos> It is a G-dly number
<gary fullett> he may be buying the high or selling the low right
<lmarsh> yes..
<gary fullett> this is what the cm wants u to do wear and tear u
<gary fullett> very true amos
<gary fullett> is this what the cm is doing
<gary fullett> buying the rallies and selling the breaks?
<Peggy> creating deliberate whiplashs?
<gary fullett> the answer is no
<lmarsh> no
<gary fullett> yes peggy
<gary fullett> he doesnt like coomapny
<gary fullett> like amos :)
<Peggy> at my expense
<Jimbo> because if he did he wouldn't be building cause.
<gary fullett> company
<sal> got a neckbrace to prove it
<mike> 
<Peggy> :) sal
<gary fullett> But how can we see the Cm intention?
<gary fullett> by wtachuing the action at the top of the range
<mike> good question
<Jimbo> volume & range?
User [GuestJacob Zaletel /209.191.60.55] joined forum at Mon Mar 27 21:53:03 EST 2000
<gary fullett> YES JIMBO
<gary fullett> increase volume and increase range
<gary fullett> shows demand or supply
<gary fullett> so we cab get a :hint:
<gary fullett> by watching the cm
<Peggy> but won't that happen anyway as it reaches the ceiling/resistance?
<gary fullett> thru price action and volume
<gary fullett> not necessarily
<gary fullett> peggy
<amos>-><GuestJacob Zaletel> private msg. It is Perfectly Ok to watch silently and observe, but press the "enter" button every 8 mintues or so, or the system will bump you off.
<Peggy> do I get a day's notification of the CM's readiness to breakout?
<sal> 
<gary fullett> by watching the volume and price action
<gary fullett> our LOK
<gary fullett> can increase
<gary fullett> we can make a better trade
<gary fullett> out the odds better in outr favor
<gary fullett> though the risk is still there
<amos> I just realized something awesome: Ness in Hebrew is miracle.
<gary fullett> it gives a btter chance to be right
<Peggy> in other words, I will only see his tracks, not him
<amos> So if you are looking at the LOK NEss--you get something.
<gary fullett> of course
<gary fullett> like following a bear in the woods :)
<gary fullett> dont see him follow him :)
<gary fullett> amos is drinking tonight folks Lol :)
<sal> 
<Peggy> you gonna share, Amos?
<amos> just sipping
<Frank> 
<SteveF> lake miracle? 
<Frank> 
<lmarsh> got ness?
<gary fullett> Loch ness monster
<gary fullett> so u can see a sideways horizonatl trading range
<Frank> abeer would taste good tonight
<Peggy> lok: level of knowledge
<gary fullett> is the prepartion for a move
<gary fullett> and we must watch volume and price action carefully
<gary fullett> Rice is an example
<gary fullett> of a wide sideways horizonatl trading range
<Lavona> night
User [Lavona] left forum at Mon Mar 27 21:57:53 EST 2000
<gary fullett> questions on horizonatl trading ranges and it sgnificance?
<gary fullett> does everyone understand?
<Frank> y
<Peggy> 20 years of gold wouldn't be a good wait!!
<amos> let me add a word ok?
User [Guest /209.138.49.19] joined forum at Mon Mar 27 21:58:34 EST 2000
<gary fullett> please amos do...
<amos> The ability to separate a trading range from a trend is worth a lot of money.
<amos> If you are a money manager and you hold 1,000,000 shares. The market comes to 
<amos> a resistance level. IF you could know whether this is a point where you should lighten up and
<amos> sit out for the next either reaction or trading range and the market reverts for, say 5 points,
<amos> you can save yourself 5 million dollars on a milion share 5 point reaction.
<amos> If it is just a quick reaction and YOU DO NOT KNOW where to reenter--then this 5 points
<amos> may be expensive.
<amos> So to know whtehre the market is likely to go into a significant trading range--is very imjportant.
<amos> Many times the market will experience what is called a STOPPING volume.
<amos> Some will think it is a breakout and sign of some kind of strength (NOT SOS) and will
<amos> be lulled to think that the market is strong--but it was somekind of a buying climax.
<mrj> 
<Peggy> 
<amos> So if you can identify a trading range--then you look around and see if there is any reason for
User [mike] left forum at Mon Mar 27 22:03:06 EST 2000
<Frank> 
<davep> 
<SteveF> 
<sal> 
<amos> the market to loiter--sometimes--you can get clues as to the next point where the market may find
<lmarsh> 
<amos> the point of inception of the trend again.
<amos> Where?
<Frank> beginning
<SteveF> weekly and monthly charts
<amos> Well, many times markets will delay until they fill the time till they get to the higher level
<amos> trendline. This is where trendline analysis can be a powerful help in deciphering trading range behavior.
<mrj> Look at volume for AD for week of 3-10-00
<amos> You really need to look at examples when you talk about this subject because that is where
<amos> a picture is worth at least 999 words.
<amos> But all I want you to realize that Gann with his squaring of time and space, and many other
<amos> inventors of methods of trading--spent enormous energies to try to solve the enigma of trading ranges.
<amos> Is is hot simple--but the volume behavior inside the range and the various levels of support and resistance coming from
<amos> various trendlines and horizontal support and resistance of higher time frames--can be useful.
<amos> Another long winded NOTHING sentence.
<mrj> lol
<SteveF> lol
<Peggy> :) Bill Clinton would be proud of you, Amos. Did he get that from you?
<Frank> amos the balance of time is not an unreasonable concept
<eric> 
<amos> agree frank
<gary fullett>-><Jimbo> Jimbo is this helping you?
<Jimbo>-><gary fullett> OH YEAH!
<amos> cycle analysis dealse mainly with such a question
<gary fullett>-><Jimbo> I sent the epackage to u on friday you should get it shorlty
<Jimbo>-><gary fullett> Got it today.
<gary fullett>-><Jimbo> it will mkae u a better trader..
<sal> brb
User [sal] left forum at Mon Mar 27 22:08:46 EST 2000
<gary fullett>-><Jimbo> wonderful
<gary fullett>-><Jimbo> whenever u want to fill it out I am here
<gary fullett>-><Jimbo> this class will help u along with the archives
<Jimbo>-><gary fullett> Probably this week.
<gary fullett>-><Jimbo> whenever u have time
<lmarsh> 
<gary fullett>-><Jimbo> what do u want to open with?
<Frank> 
<Jimbo>-><gary fullett> 2k?
<gary fullett>-><Jimbo> k
<amos> do you realize that it is similar to the question whether the current lull
<amos> is the lull before the storm or the lull before the lull?
<gary fullett> thank you for the insight amos
<gary fullett> questions?
<Jimbo>-><gary fullett> discussions about range & volume within range very interesting.
<gary fullett>-><Jimbo> I thought u would like it and that is why I discuss it
<SteveF> its what your country can do for you...
<GuestJacob Zaletel> <Enter Text Here>Why did gold look like it was breaking through resistance fall down?
<gary fullett>-><Jimbo> it is review to a degree for the class
<amos> BTW got stopped out in Gold!
<gary fullett>-><Jimbo> but I thought u would benifit
<amos> WHy?
<gary fullett> amos can u help with Jacobs question
<Jimbo>-><gary fullett> I'm actually following everything better than I thought I would.
<SteveF> went down
<amos> no, but I have a hunch he has a good answer
<gary fullett>-><Jimbo> well u have traded before so it should be easier for u
<amos> ?
<Jimbo>-><gary fullett> What is average exp. for the class?
<mrj> 
<eric> 
<gary fullett>-><Jimbo> sveral ys
<amos> In general when I get a Why question about the market I get rather pissed off.
<amos> If I know I would not be sitting here at this awful hour of the morning.
<Jimbo> better p----- off than on
<amos> now that a shining ray of light
<mrj> 
<SteveF> you pick your spot and take a position.
<amos> The only semi intelligent answer I can seriously give to the GOlden question is that too many 
<Frank> asking why about the market is like asking a buzz saw in the sawmill why it cut off your hand
<amos> systems jumped on that signal and it needs further shakeout.
<mrj> lol frank
<amos> You're talking to Buzz, Frank?
User [gary /152.202.85.152] joined forum at Mon Mar 27 22:17:04 EST 2000
User [fibo /206.104.30.64] joined forum at Mon Mar 27 22:17:13 EST 2000
<gary> sorry got logged off
<gary> hi fibo...
<Frank> Buzz just got home from work
<lmarsh> what's some of your thought / stratagies using trendlines in a trending market?
<gary> so an trendline is simply
<lmarsh> hi fibo
<fibo> hi everyone. sorry to be late i had to be gone
<gary> connecting 2 or more points
<gary> and connected a thrid or more points
<mrj> hi fibo
<gary> anyone can connnect lines
<gary> that isnt the trick of trendlines
<gary> there are significant ones and monor ones
<gary> what is the Most significance trendline?
User [Guest /209.138.49.19] joined forum at Mon Mar 27 22:18:50 EST 2000
<amos> length of mini skirts
<eric> heavey volume associate it
<mrj> long term
<fibo> lol@amos
<SteveF> one that everyone can see.
<gary> the monthly tendline
<gary> then weekly than daily
<gary> then intraday
<gary> since monthly traendlines are draw only once a month
<Jimbo> hence amos penchant for long term charts
<gary> so u draw a trendline in an uptrending market
<gary> yep
<gary> you coneect the 2 lines to get a third
<gary> after u draw this line 3rd line
<amos> two points
<gary> at support the market dosnt rally
<gary> what does this tell u?
<gary> correct amos
<gary> 2 pointd 
<gary> points
<amos> you need more time
<gary> example
<gary> beans at 510
<gary> then 530
<gary> the line then comes in at 552
<gary> jut an example not real chart
<gary> lets say the support at 552 is the trendline
<gary> and the market ralies to 553
<gary> what does this reaction off odf support tell u?
<SteveF> week 
<SteveF> weak
<lmarsh> trendline held?
<gary> yes it did but did it really hold
User [davep /24.147.119.114] joined forum at Mon Mar 27 22:23:36 EST 2000
<amos> Please remember that Wyckoff said it is not what you do to and around a trendline--but HOW
<amos> you do it!
<gary> I mean is that the type of reactrion u would have expected at support
<Frank> y
<gary> so if the break to the support line
<amos> A spring of a significant trendline is on e of the best tradeing signals there is.
<gary> and the market does react
<gary> this market behaivior isnt good
<lmarsh> if market bounces off support / trednline with good volume would be good indication of support holding.
<Jimbo> shouldn't it have shot up to resistance to continue trendline?
<gary> demand should have came in and only rallied the market by a penny
<gary> this action to me is weak
<gary> and does show good demand
<SteveF> lack of demand
<gary> it should have reacted well off of support jimbo
<Frank> poor demand
<gary> not just a penny
<gary> lack of demadn if the reaction is weak off of support
<Frank> 4 pennys
<gary> so it is HOW we reacted off of support
<gary> that is IMPORTTANT
<gary> Not the fact that we went to it
<gary> because sometimes market never test a trendline till much later in the move
<Jimbo> so as it just sort of skimmed along support, it is acting heavy?
<gary> it is HOW we React to a trendline that is important
<gary> and u watch both Price action AND volume at critical levels
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<gary> yes Jimbo.....
<gary> 
<fibo> 
<gary> understand ? questions?
User [Peggy /206.173.161.133] joined forum at Mon Mar 27 22:27:41 EST 2000
<amos>-><gary> also a point we made here many weeks ago
<lmarsh> thank you
<gary> by the way last thurdays archive is on the site now
<gary> we mentioned this poin several weeks ago
<amos> also a point we made here long ago is that when a market is just about
<gary> if you all rememebr
<eric> 
<amos> to turn a trend--it is not good to draw oblique trendlines too soon. Wheat is a good example. Itis better to
<amos> draw horizontal lines that dlineate the level of support and resistance that border the
<amos> accumulation or distribution zones so that you do not get too excited about the inception of the
<amos> coming trend.
<amos> The longer and more extablished the trend--the better are the trendlines.
<amos> (like wine)
<amos> (and some men)
<Peggy> Amos, are the intersecting of the lines important?
<amos> how?
<Peggy> when an up and down line cross
<amos> you usually get an apex of sorts there and....I really do not know how
<Peggy> when they intersect S/R
<amos> to answer this. You must give me examples. There is always one trend that is more significant
<amos> than the other.
<amos> I am trying to emphasieze here the significnace of collusion and coming together of lines, not their intersection.
<amos> But I am really not sure what you are asking Peggy
<Peggy> that's okay. Thank you.
<Frank> gn
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<Peggy> nite Frank
<mrj> nite frank
<fibo> a significant trend line that crossed would be if prices got over a trend line
<fibo> and at the same time jumped a creek line
<fibo> for example if you take may soybean daily and have a trend line from the
<amos> You see why talking without good examples can be frustrating?
<fibo> 538.50 hi down through the 529 hi
<fibo> and a creek line drawn through the 520 hi
<fibo> it crossed the trend line the same time it jumped a creek
<amos> You may be right fibo, and then you may be finnessing it too much
<davep> Last Fri May KC Wheat had low of 275, just off life-of-contract low of 272; looked at longer charts to find lower prices for support:
<davep> may continuation chart showed 256 1/2;
<davep> nearest futures chart showed 248;
<Peggy> gn all
<lmarsh> nite Peg
<mrj> nite peggy
<fibo> nite peggy
<davep> MARCH continuation showed 250 1/4; Which is better to use? or are they so close, one can finess?
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<amos> Good infor dave. THat means that dec or next march wheat can be a good deal one of these days.
<amos> It does not matter!!
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<amos> You find that all the numbers are clustered 248 to 256--wonderful iforamation!!!
<Jimbo> gotta go guys. g'nite!
<mrj> nite
<lmarsh> nite jim
<davep> ok, dind't know if that was precise enuf
<Jimbo>-><gary> I'll be late tomorrow, but I'll show. talk to you then.
<fibo> nite jim
<gary>-><Jimbo> k good nite
User [Jimbo] left forum at Mon Mar 27 22:39:10 EST 2000
<eric> 
<gary> any other questions?
<amos> fibo are you going to continueto post bonds analysis?
<fibo> i will just post on Wyckoff formations on charts i see
<amos> very good
<gary> great
<gary> amos ou can chime in as well
<gary> you
<lmarsh> yes thank you
<amos> chin chiney chim chimeny chim chimcheru
<gary> well I will send out chats tomorrow
<gary> charts
<eric> godd analysis, fibo, thanks
<fibo> thanks eric
<mrj> gn all
<gary> if you dont mind I will go take my shower and walk the dog..
<lmarsh> Time to leave. Hope everyone has a good day today & tomorrow,...best of luck...g'nite
<fibo> nite gary
<gary> see you all tomorrow night great class tonight
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<amos> gn all
<fibo> nite everyone
<gary> thank you fibo for your help
<eric> good night amos gary
<davep> ok goodnight, & thanks
<fibo> your welcome
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