User [gary fullett /152.203.233.74] joined forum at Mon Apr 24 19:02:29 EDT 2000
<Sherry> Hi Peggy, Jack, Dpr and Gary
<Jack> hi sherry
<gary fullett> good evening everyone
<dpr> hi sherry, cary
<Peggy> hi, Sherry & Gary
<gary fullett> I hope all of you had a wonderful holiday and weekend
<Peggy> very nice
<Jack> i did
<dpr> yes thanks
<gary fullett> wonderful
<gary fullett> are there any questions?
<gary fullett> on markets?
<gary fullett> is there a topic that anyone would like me to discuss?
<gary fullett> okay
<gary fullett> I want to talk about demand and supply
<gary fullett> does anyone have any idea what this is?
<gary fullett> okay demand is buying
<gary fullett> and supply is selling
<gary fullett> This is one of the 3 principles of wyckoff
<gary fullett> 1 ) Demand and supply
<gary fullett> 2) effort vs resuly
<gary fullett> result
<gary fullett> and cause vs effect
<gary fullett> I have discusss the last 2
<gary fullett> and a little of number 1 but I will go into more detail now
<gary fullett> if Demand overcomes supply
<gary fullett> buying overcomes supply
<Jack> 
<gary fullett> this means the market will go up
<gary fullett> if supply over comes demand the market will go down
<gary fullett> any questions so far?
<Jack> nope
<gary fullett> I am going slow so we grasp these principles well
<Peggy> no
<Sherry> n
<gary fullett> great
<gary fullett> a market will go to the path of least resisatnce
<gary fullett> by resistance I donrt mean selling in this case okay
<gary fullett> if the trend is up
<gary fullett> the path of least resistance is higher
<gary fullett> if the trend is down the path of least resisatnce is down
<gary fullett> question
<gary fullett> what is a trend?
<Peggy> higher highs and higher lows
<Peggy> or vice versa
<gary fullett> that would be an uptrend right?
<Jack> right
<gary fullett> lower lows and lower highs is a downtrend
<gary fullett> okay
<gary fullett> we can have a intraday trend
<gary fullett> daily trend
<gary fullett> weekly trend
<gary fullett> or monthly trend
<gary fullett> or yrly trend right
<gary fullett> ?
<Sherry> y
<Jack> y
<Peggy> y
<dpr> 
<gary fullett> okay what trend is the most significant
<gary fullett> ?
<Jack> don't know
<Peggy> the preliminary?
<gary fullett> yearly
<gary fullett> because this chart happens once a yr
<gary fullett> the longer the market goes in a trend
<gary fullett> the more significant when the market breaks that trend
<gary fullett> any questions?
<Jack> n
<gary fullett> okay I wantedto mention some easy basics
<gary fullett> now lets fly
<gary fullett> demand is more buying than selling
<gary fullett> so in an uptrend demand overcomes supply
<gary fullett> lets enter volume now
<gary fullett> Demand is markek up
<gary fullett> whicj is rallting
<gary fullett> rallying
<gary fullett> so in the case of demand
<gary fullett> buying is over taking selling
<gary fullett> what would the volume be on the rallies?
<gary fullett> heavier or lighter than the breaks
<gary fullett> ?
<dpr> heavier
<gary fullett> correct
<gary fullett> this is because buying is over taking selling
<gary fullett> so if demand is present
<gary fullett> volume is heavier on the rallies
<gary fullett> on the market ups
<gary fullett> in an uptrend
<gary fullett> the demand is overtaking supply
<gary fullett> so when the market pulls back
<gary fullett> the volume is lighter
<gary fullett> this is because
<gary fullett> the strong hands are long the market
<gary fullett> thje CM
<gary fullett> the selling that occurs in an uptrend
<gary fullett> is just the short term traders
<gary fullett> thinking the trend is still down
<Sherry> 
<Jack> 
<gary fullett> or traders taking short time positions
<Peggy> 
<gary fullett> in an uptrend most of your trades should be on the long side
<gary fullett> so when the CM is long a postion
<gary fullett> he buys
<gary fullett> during the trading range as I mentioned before
<gary fullett> he accumualtes a postions and markets it up
<gary fullett> the more the market rallies
<gary fullett> the more the funds get long
<gary fullett> the more the public gets long
<gary fullett> so this buying by the cm which overtakes selling
<gary fullett> is Demand
<gary fullett> . the oppoite is true in a downtrend
<Sherry> 
<gary fullett> when the cm gets short
<Jack> 
<gary fullett> any questions>?
<gary fullett> about demand and supply?
<Jack> got it
<gary fullett> no besides volume in creasing in an uptrend with demand
<gary fullett> so not no
<gary fullett> and supply or selling over taking demand in a downtrend
<gary fullett> what can we say about Price action
<gary fullett> wyckoff is about Price volume and volume
<gary fullett> I mentioend volume
<gary fullett> what should happen on a rally to the price action
<gary fullett> trading range
<gary fullett> rember what I said about the path of least resisatnce
<gary fullett> the trading range should increase on a rally in an uptrend
<Sherry> large bars
<gary fullett> yes
<gary fullett> this shows Deamnd
<gary fullett> heavier volume and heavier Price action
<gary fullett> in a rally
<gary fullett> the opoosite is true in a down market
<gary fullett> when a market is in an up move
<gary fullett> the volume increase and its range is larger
<gary fullett> when the market pulls back
<gary fullett> the volume is lighter and the price action is smaller
<gary fullett> questions?
<Jack> is this only for a pullback in an uptrend
<gary fullett> does this make sense?>
<Sherry> y
<gary fullett> yes jack
<Jack> ok
<gary fullett> so when a market is in an uptrend
<Peggy> 
<gary fullett> Demand is stronger
<gary fullett> when the market gets to support
<gary fullett> the reaction
<gary fullett> should be good
<gary fullett> what do I meann good
<gary fullett> lets say support in beans is 510
<dpr> 
<gary fullett> when the market gets to 510
<gary fullett> the raly from this level should be good
<gary fullett> or sharp
<gary fullett> if the raly from support is a rally of 2 cents
<gary fullett> that is not a good rally nor is it good price action
<gary fullett> but if the rally is to 523
<gary fullett> then this is a good rally
<gary fullett> so when see a market going to support
<gary fullett> it is the quality of rally that is important
<gary fullett> this way you can see
<gary fullett> demand
<gary fullett> understand?
<Peggy> 
<Jack> I dont know
<Sherry> yes
<dpr> q
<dpr> today's bean rally, price action was good? but vol low, so not a "good " rally?
<gary fullett> dont know what jack
<gary fullett> dpr question>?
<gary fullett> by the way charts tomorrow
<gary fullett> verty very good point
<Jack> I do not understand the quality of the rally yes dpr question
<gary fullett> this may mean 2 things
<gary fullett> that supply or selling wasnt evident
<gary fullett> why do I say this
<gary fullett> because the trend
<gary fullett> of the beans is up on the daily
<gary fullett> so it is the selling that Must come in
<gary fullett> not the buying because the buying has proved itself
<gary fullett> I hope u understand what I am sayng
<Jack> i do
<gary fullett> But the market has NOT taken out rsistance yet has it?
<gary fullett> so in order for the market to rally further it will need buying
<gary fullett> or demand at the 550 are ain may for example
<gary fullett> but it is in a trading range
<gary fullett> remeber what I said about a market going to to the path of least ressiatnce?
<gary fullett> well the path of least resisatnce is Beans
<gary fullett> is Up
<Jack> why
<gary fullett> why is it up?
<Jack> y
<gary fullett> because the market is making higher highs and higher lows
<gary fullett> the daily trend is up
<Jack> I thiught that but was not sure
<gary fullett> so rallies dont have to priove itself in an uptrend 
<gary fullett> it is supply that must break the back of the bulls
<gary fullett> now I know Im mentioend
<gary fullett> that the volume should increase on rallies
<gary fullett> but it doesnt have to on EVERY rally
<gary fullett> but over all within the trend it should
<Sherry> 
<Peggy> 
<gary fullett> now if we get to resisatnce and try to break above it
<gary fullett> on light volume
<gary fullett> the market most likely will fail
<gary fullett> because the CM that the move has not attracted more buyers
<gary fullett> and the market will fall back into its range
<gary fullett> it will need more volime to rally above the highs of the move
<gary fullett> it is at that level where the bulls and the bears will fight
<gary fullett> so the volume would natuarally increase
<Jack> 
<gary fullett> but since the CM is probably long and has accumaulted
<gary fullett> eventaully this resistance will be brokern
<gary fullett> dpr that was a Great question
<gary fullett> it is a question we wrestle with in the 8 pm class all the time 
<gary fullett> volume 
<Peggy> 
<gary fullett> Jack does this help u are well understand?
<gary fullett> questions?
<Jack> yes it does
<gary fullett> great
<gary fullett> please understand the 3 principles of wyckoff
<gary fullett> they are important
<gary fullett> and if you donr please let me know
<gary fullett> supply vs demand
<gary fullett> effort vs result cause vs effect
<gary fullett> these are the 3 principles
<gary fullett> that if we can get a good handle on we can undersatnd markets
<gary fullett> and what the Cm intends to do with the market
<gary fullett> so we are constantly watching market action
<gary fullett> and trying to determine
<Sherry> 
<Jack> 
<gary fullett> what the intentions of the strong hands are
<gary fullett> the CM
<gary fullett> they Know the market and its "news" bettre than we do..
<gary fullett> so we cant beat em
<gary fullett> but they leave footprints
<gary fullett> and we can see
<gary fullett> them
<gary fullett> so when we look at a market
<gary fullett> what should we look at first
<gary fullett> trend
<gary fullett> is ituip or down?
<gary fullett> if it is up we are looking to buy pullbacks to support
<gary fullett> and we continue to do that
<gary fullett> untill we see signs
<gary fullett> of a top
<gary fullett> and we see this in the Prelimary supply
<gary fullett> then ultimately the selling climax
<gary fullett> we went over the wyckoff wave so u can see these 2 area
<gary fullett> okay?
<Jack> ok
<gary fullett> so if we see a sideways ttrading range
<gary fullett> we must determine is it accumaultion
<gary fullett> or distribution
<gary fullett> buying on balance or selling on balance
<gary fullett> if the trend is up like the soybeans
<Sherry> 
<gary fullett> we buy at support within the range like the cm
User [dpr /206.63.203.197] joined forum at Mon Apr 24 19:53:01 EDT 2000
<gary fullett> understand?
<Jack> y
<Peggy> y
<gary fullett> does this make sense to u?
<Jack> y
<dpr> y
<gary fullett> it is not a hard concept but lots of work to see and exp
<gary fullett> most people dont want to put the effort into wyckoff
<gary fullett> so they dont follow it
<gary fullett> but that is fine with me
<gary fullett> that is why it works
<gary fullett> so we are watching the market 
<gary fullett> for demand and supply
<gary fullett> strenghth
<gary fullett> and weakness
<gary fullett> remeber the term the trend is your friend
<Sherry> So buying on balance = Hoizontal line buying, vice versa for selling?
<gary fullett> so we buy support in an uptrend
<gary fullett> but if the buying gets too excessive this couldmean the beginning of the end
<gary fullett> yes sherri
<gary fullett> we can see demand and supply
<gary fullett> from the hoizontal
<gary fullett> lines 
<gary fullett> with support
<gary fullett> being the floor
<gary fullett> and resisatnce being the celind
<gary fullett> ceiling
<gary fullett> we can see demand and supply best 
<gary fullett> during a sideways trading range
<gary fullett> when we draw horizontal lines
<gary fullett> rather than the sloping lines
<gary fullett> but it is the quality of these rallies and breaks that determine the direction of the market
<gary fullett> what happens if the grains break or go down tomorrow
<gary fullett> and the volume increases
<gary fullett> ?
<Sherry> supply
<Jack> sellers have moved in?
<gary fullett> yes
<gary fullett> would we expect to see this?
User [mrj /206.251.171.40] joined forum at Mon Apr 24 20:00:48 EDT 2000
<gary fullett> not if the trend is up
<dpr> 
<gary fullett> but if we do
<mrj> Hello everyone
<Jack> hello
<gary fullett> then the trned may fail
<Sherry> hi
<gary fullett> so if the market does pullback it should be on lighter volume and orce action
<gary fullett> price
<gary fullett> so as wyckoff students we are constantly
<gary fullett> look ing
<gary fullett> at price action and volume
User [davep /24.147.119.114] joined forum at Mon Apr 24 20:02:21 EDT 2000
User [Jorg /171.217.130.253] joined forum at Mon Apr 24 20:02:24 EDT 2000
<gary fullett> price action should coincide with approapite volume
<gary fullett> buton a daily basis this may not be always the case
<gary fullett> so we are always doing checks and balances
<gary fullett> markets just dont go up and down
<gary fullett> they need time to prepare
<gary fullett> in case 
<gary fullett> of the grians the prepartion has been 
<gary fullett> a while now
<gary fullett> are there any questions?
<Jack> n
User [amos /62.0.146.211] joined forum at Mon Apr 24 20:03:58 EDT 2000
<gary fullett> The next beginners class will be on wednesday
<dpr> 
<gary fullett> I will send charts tomorrow
<mrj> hi dave & jorg
<Jorg> hi
<davep> hi mr j<Enter Text Here>
<gary fullett> did everyone understand tonights principles
<gary fullett> and class
<Jack> yes
<gary fullett> hi Jorg welcome
<dpr> yes thankx
<gary fullett> did it help
<Peggy> yes, application is the only problem I have, tho!!!
<Jorg> hi gary
<Sherry> yes
<Jack> yes
User [eric /206.98.11.180] joined forum at Mon Apr 24 20:04:56 EDT 2000
<gary fullett> application is the most difficult
<mrj> hi eric
<gary fullett> but I am trying to help with this
<eric> hi mrj and all
<gary fullett> experince in trading is very importabt
<Peggy> I appeciate that. Thank you for all this time you teach us.
<gary fullett> I do my best
User [Lavona /207.50.1.141] joined forum at Mon Apr 24 20:05:58 EDT 2000
<Jack> yes, what peggy said
<gary fullett> give me 2 minutes and we will sTART
<mrj> hi Lavona
<gary fullett> the next class
<gary fullett> I wll help u jkacka nd peggy with that that takes time and exp
<Lavona> Hello mrj and everyone
User [Jack] left forum at Mon Apr 24 20:06:28 EDT 2000
<Peggy> everyone, the beginner's class was a great
User [lmarsh /12.14.197.173] joined forum at Mon Apr 24 20:06:52 EDT 2000
<Peggy> presentation on supply and demand. Reread it.
<mrj> hey marsh
<amos> Hello everybody. I want to apologize for missing Thursday chat if anybody was there. I promised to be
<lmarsh> hello mrJ, fellow traders
<gary fullett> brb
<amos> here and I missed. I simply got mixed up with the days and when I realized--was too late.
<amos> Othere
<Lavona> all is forgiven Amos
<lmarsh> ok amos. hope you had a nice holiday
<amos> than than that- hope everyone had a reasonable holiday.
<davep> ok amos, some of us missed you :-)
<amos> you know sacrificing a lamb ain't as easy as it used to be
<Lavona> lol
<Peggy> 
<gary fullett> okay I am back
<gary fullett> if you dont mind
<gary fullett> I want to review for a few minutes
<amos> Thank g-d the markets are easier (Huh???)
<gary fullett> or to make sure you all know the 3 basics principles of wyckoff
<gary fullett> does anyone know what they are?
<gary fullett> except for the poepl in the last class
<gary fullett> lol
<gary fullett> anyone?
<lmarsh> accumulation, distribution, markup?
<gary fullett> 1 ) demand vs supply
<gary fullett> 2) effort vs result
<davep> cause & effect
<gary fullett> cause vs effect
<gary fullett> yep
<gary fullett> does EVERYONE understand these?I
<eric> 
<lmarsh> yes, 
<mrj> y
<Sherry> 
<eric> y
<gary fullett> great
<gary fullett> sometimes we talk about abstract things here
<gary fullett> and I just want to make sure about the basiscs
<gary fullett> so we have proper foundation
<gary fullett> okay then since we know the 3 principles no need to rehash
<gary fullett> any questions about markets or on wyckoff
User [fibo /206.104.30.88] joined forum at Mon Apr 24 20:14:11 EDT 2000
<mrj> hi fibo
User [sal /216.192.251.67] joined forum at Mon Apr 24 20:14:19 EDT 2000
<mrj> hi sal
<Jorg> is it too difficult to explain the idea with price volume?
<Peggy> hi, fibo
User [fibo] left forum at Mon Apr 24 20:14:27 EDT 2000
<Lavona> Hi fibo
User [fibo /206.104.30.88] joined forum at Mon Apr 24 20:14:34 EDT 2000
<sal> hi all
<davep> hi fibo, hi sal
<fibo> hello everyone
<Lavona> hi sal
<gary fullett> not at all jorg
<gary fullett> when a amrket is an uptrend 
<Jorg> so what is it about
<lmarsh> hi sal / fibo
<gary fullett> generally the rallies will be on heavier volume and wider price action
<gary fullett> this shows demand
<eric> hi sal fibo
<gary fullett> if a mrket rallies
<gary fullett> and the volume generally doesnnt accompy it
<gary fullett> the rally can be suspect
<Sherry> 
<gary fullett> the same is true on the downside though revrsed
<Jorg> right sounds logical
<Jorg> right
<gary fullett> in an uptrend the longs
<gary fullett> generaly are the poeple that are the strong hands
<gary fullett> the composite man as wyckoff caled
<gary fullett> them
<gary fullett> so we are always watching price action and volume
<gary fullett> to dtermine the stenghth and weakness of amrkets
<Jorg> can be misleading sometimes though
<gary fullett> how so?
<Jorg> today nasdaq broke with rising volume
<Sherry> 
<davep> 
<Jorg> and still reversed lateron
<gary fullett> the stock market is so complex
<gary fullett> that is difficult
<Jorg> k
<gary fullett> to take
<gary fullett> a day by day basis in that market
<Jorg> anyway
<gary fullett> but the action lets say in the nasdaq
<gary fullett> is negative
<Lavona> maybe ran out of sellers buyers came back
<Jorg> ok sounds ok rally with increasing volume
<gary fullett> the volume on the break was on good volume to the downside
<gary fullett> the action is bearish
<Jorg> but there should be more to it
<gary fullett> but the market rallied and didnt prepare for a move
<gary fullett> so the rally will probably fail from todyas lows
<sal> 
<gary fullett> it could rally early but the trend in the nasdaq i belive is down now
<gary fullett> as amos and I have mentioned
<eric> 
<gary fullett> it appears that most markets are biding
<gary fullett> their time
<gary fullett> until may
<gary fullett> the markets are preapring for a move
<gary fullett> the CRB index
<Lavona> where should the LPS
<davep> 
<gary fullett> has been holding support well and this bodes well for commodities
<gary fullett> in which market lavona
<lmarsh> 
<amos> 
<Lavona> Nasq
<Jorg> explain this relation a bit more please volume/price
<mrj> 
<fibo> 
<Peggy> 
<dpr> 
<Jorg> and it's result in futher prices
<gary fullett> wow a long subject jorg but I can go over a tad more
<gary fullett> amos at what level do u see lps?
<gary fullett> volume
<gary fullett> is the gas for a market to move
<gary fullett> markets move in the path of least resisatnce
<gary fullett> and by reistance here I dont mean a selling area
<gary fullett> but I mean markets move in the easiest direction
<gary fullett> so in an uptrend
<Lavona> k
<gary fullett> the easiest direction is up'
<gary fullett> so one owuld expect
<gary fullett> volume to increase and price action to increase on rallies
<gary fullett> this shows demand
<amos> In general (if you can say this in private)--if you have a terminal shakeout--then last point of support will be inside the accumualtion range
<amos> if --not-- you may have a lps after the jump across the creek. depends on nature and length of accumulation/diostribution processess.
<gary fullett> if a market rallies and the volume decreases 
<gary fullett> that rally is suspect
<sal> 
<Jorg> ok no problem
<Lavona> Thank you beleive I understand the function of the LPS now
<gary fullett> amos can u explain lps
<Jorg> thanks ;-)
<gary fullett> okay greta lavona
<Sherry> 
<gary fullett> okay..
<amos> lps is the point at which the CM is as close to starting the Mark up/mark down as possible.
<gary fullett> this week is an omportant week
<amos> If it is accumulation it is the "last" train to San Fernando" which is not such a good term, because
<gary fullett> does everyone knows what lps stands for?
<amos> if you are a momentum trader--you can always join the move.
<eric> 
<Peggy> no
<amos> It may be a misnomer--but it is a good point (low risk) to get in.
<davep> i didn't before . . .
<gary fullett> last point of support
<gary fullett> lsp
<gary fullett> lps sorry
<gary fullett> lpsy is the last point of supply
<lmarsh> 
<Sherry> 
<Lavona> 
<gary fullett> okay..
<dpr> 
<amos> lpsy is the mirror image of lps
<gary fullett> does that help peggy?
<sal> 
<Peggy> y
<amos> it is the last point of supply--which in Wyckoff terminology ( a bit confusing) say s it is
<amos> the last point at which supply is "hiding" its true move and the mark down is to start.
<amos> In a classical case it is a weak rally inside the trading range which makes up the distribution phase following the sign of weakness.
<amos> You must understand that classical cases are rare--but they are the frame of reference.. That is like sayin--look
<amos> at the Mona Lisa. This is a classical smile--now go on and paint like that.
<amos> It is not easy--but you have something to immitate
<gary fullett> we are interested in market behavior not classical action
<amos> That is like saying--I know what I need--do not confuse me with your facts.
<davep> 
<amos> If you are not interested with classical action--then do not use the terminology ...and you are home free--sailor
<mrj> could you provide chart examples tomorrow night?
<gary fullett>-><amos> coff on a weekly basis is near supoport
<lmarsh> 
<gary fullett> coffee on a weekly basis should be watched
<gary fullett> of which Mr J?
<eric> 
<mrj> of "lpsy" and "lps"
<gary fullett> k 
<gary fullett> tomorrow we will be addressing several
<gary fullett> markets that are at weekly supports like coffee
<Sherry> 
<amos> Has anyone noticed any markets that are at a rather significant support on the long term charts?
User [Jorg] left forum at Mon Apr 24 20:38:39 EDT 2000
<mrj> yes
<amos> e.g.?
<mrj> Australian Dollar
<amos> mrj. I am looking --but do not have long enough chart--I will look later. Any other markets that are at significant support?
<fibo> cotton is back to it's creek on weekly
<gary fullett> yes at the 5600 area
<Lavona> storm has moved in must shut down. thanks 
User [Lavona] left forum at Mon Apr 24 20:41:14 EDT 2000
<fibo> bye lavona
<mrj> nite
<amos> yes , but major major support for july cotton is 52, not 56.
<fibo> may contract is still on the weekly for now
<gary fullett> right fibo
<amos> still, the main support in cotton weekly is the 51 area
<gary fullett> amos what markets are at weekly support at these levels
<fibo> k
<gary fullett> I will send them tomorrow for further review
<lmarsh> please do, thanks
<amos> cocoa, coffee, wheat, gold, silver
<sal> 
<gary fullett> do u think these markets are undergoing accumaltion?
<amos> yes
<eric> 
<gary fullett> so a buy of these markets with ppropaite stops would be a wise idea wyckoff wise
<amos> not necessarily--if the accumulation continues for several more years
<gary fullett> tomorow I will be send weekly charts
<gary fullett> so we can see major moves that may be unfolding
<gary fullett> because as we get furhter along in the yr
<gary fullett> and the markets have been within a range
<gary fullett> we may see
<gary fullett> some nice moves
<gary fullett> do u think markets can stay here for several yrs?
<amos> they already have
<gary fullett> I know but several more from here?
<Sherry> 
<amos> why not? Who is to tell?
<davep> 
<gary fullett> u r the professor u need to tell us
<gary fullett> :)
<sal> 
<amos> If the stock market goes on a bull rampage for 20 years--is it to turn around in 1 or 2?
<fibo> 
<Sherry> so lets work the range
<gary fullett> well the grains the beans are nearing toh top of its daily range
<amos> I already started to brand some of my cows
<gary fullett> the grains as we mentioned should make thier moves 
<fibo> lol@amos
<gary fullett> after the may delivery 
<lmarsh> :) 
<dpr> 
<gary fullett> brand cows?>
<fibo> working the range...
<amos> Look, all we have to work with is in first third of the second quarter of the year 2k is look at the
<Sherry> 
<amos> quarterly chart and decide whether the information we have from the first quarter is bullish, bearish or indtermainate.
<amos> The stock market had a close in the middle, of sorst,--that means that there is supply, but demand is not
<mrj> 
<amos> dead.
<amos> So expect a large trading range for the rest of 2000.
<amos> Beans closed well--expect a bullish progress.
<amos> Wheat--is still weak,
<amos> Gold--I do not remember what the weekly looks like.
<amos> You can get a general feeling (not necessariloy good for trading because the quartely chart has no
<amos> practical entry point with reasonable stoploss--unless you are the Sultan of Brunai.
<amos> But is gives you a general feeling.
<fibo> gold closed close to it's low
<amos> change is inevitable, except from a vending machine
<sal> lol
<lmarsh> : )
<fibo> :-)
<eric> 
<Sherry> 
<davep> 
<amos> I know it is not easy to talk about quarterly charts--but it is important for
<amos> long health line.It is like doing the yearly check up.--does not mean you wont
<mrj> 
<amos> get a small cold during the next 12 months--but gives you a general knowledge about your total health.
<amos> In the long run, except of the fact that we all die--long term charts can give you indications
<amos> for good trades.
<amos> They mean nothing for short term traders-- and they comprise the vast majority of players in the markets.
<amos> I want you to know, that I am stil working on editing the Linda Rashcke thingy and I hope to bring
<amos> it one day to a format that will be more usefull to "normal" people like us.
<gary fullett> thats great
<mrj> Could we review and complete the SMI schematic
<lmarsh> yes
<fibo> will you translate it into "normaleze?" :-)
<Sherry> ; ]>
<amos> fibo, you see that the market ignored the 10811 in the dow which was the 50% so where is the next resistance?
<fibo> 10957 is .618
<amos> is there something before?
<fibo> not that i can see
<sal> 
<amos> On the weekly chart, I think 10922 is a clear creek. So if we have now a creek at 10922 and a fibonacci retracements at 10957--you have
<amos> a nice collusion of two point the market should respect--they are rather close to each other which increassed you LOK.
<amos> This may be another good point to try the short side of the market!!
<fibo> yes weekly is more clear
<amos> This is one thing that this group has hard time organizing and establishing as a routine (mantra , if you wih)--
<amos> coming everytday with a gunch of good points of support and resistance in various markets--and lolking for those markets
User [Frank /207.230.57.85] joined forum at Mon Apr 24 21:05:22 EDT 2000
<mrj> hi Frank
<fibo> hello Frank
<amos> that have a significant accumulation (bad word) of those points--so that the level of knowledge increases--and gives all of
<amos> us a chance at a good trade.
<Frank> hi mr j, fibo and all
<davep> hi frank
<Frank> dp
<Sherry> ;o>
<lmarsh> quilty as charged.....
<amos> guilty does not interest me---poor does
<gary fullett> well if u all dont mind I need to do my charts and get ready for tomorrow I will be sending charts tomorrow and I will be here for 2 hours
<lmarsh> understand, will apply self better. not going anywhere if i don't.
<gary fullett> tomorrow will be lots of charts
<mrj> I'll ask again---could you review and complete SMI schematic
<gary fullett> amos can u do that for mr J 
<amos> now?
<mrj> not just for me Gary
<fibo> nite gary and thanks
<mrj> no amos
<gary fullett> not now but wednesday
<gary fullett> what part of the schmatic?
<mrj> thank you
<amos> Yes, we will, we must do it regularly and then when we ginish we go with "brain" and try to conquer the world--if Pinky helps us.
<mrj> review and complete
User [sal] left forum at Mon Apr 24 21:10:08 EDT 2000
<eric> 
<amos> see you all tomorrow nite
<Frank> mr j
<lmarsh> thanks amos
<davep> nite gary, thanks
<fibo> nite amos
<davep> nite amos, thanks
<eric> thanks amos
<davep> nite everyone
<gary fullett> okay mr j will do
User [amos] left forum at Mon Apr 24 21:11:11 EDT 2000
User [davep] left forum at Mon Apr 24 21:11:13 EDT 2000
<gary fullett> I will see u all tomorrow
<gary fullett> good night
User [gary fullett] left forum at Mon Apr 24 21:11:22 EDT 2000