User [amos /62.0.146.42] joined forum on Mon May 15 12:59:59 EDT 2000<BR>
User [lmarsh /12.14.197.174] joined forum on Mon May 15 13:01:09 EDT 2000<BR>
User [fibo /206.104.30.177] joined forum on Mon May 15 13:04:10 EDT 2000<BR>
User [jake /147.72.69.187] joined forum on Mon May 15 13:04:38 EDT 2000<BR>
<fibo> hi amos hi jake<BR>
<jake> Hi,  glad to see more then one person<BR>
<amos> oh a live soul....<BR>
<fibo> lol<BR>
<fibo> are you sure we aren't in another room?<BR>
<amos> I  think I am on an island and I am looking for Friday.<BR>
<amos> fibo, I have been shouting to kelly and gary about this.<BR>
<fibo> oh o.k.<BR>
<amos> Last thusday--I could not log in...<BR>
<amos> tho I see myself at the "correct" address...<BR>
<fibo> i think there have been 2 different rooms several times lately<BR>
<amos> what do you suggest is the address of the "real room?"<BR>
<jake> There is usually 7 or 8 people here by now<BR>
<fibo> i would think it would be the one we checked!<BR>
<fibo> used to be if you clicked on the one at the top you got one room.. which i did<BR>
<jake> I try clicking on several, and always got this one<BR>
<fibo> but if you clicked on the other place it said chat room it is another one<BR>
<fibo> CM had fun with the grains today<BR>
<lmarsh> asdfadfafds<BR>
User [Frank /63.160.52.198] joined forum on Mon May 15 13:09:11 EDT 2000<BR>
<amos> very tough if you did not have the monthly chart in your mind!!!<BR>
<fibo> hi Frank<BR>
<lmarsh><BR>
<lmarsh><BR>
<lmarsh><BR>
<lmarsh><BR>
<fibo> yes amos..<BR>
User [lmarsh] left forum on Mon May 15 13:09:39 EDT 2000<BR>
<Frank> hi Fibo and every one<BR>
<jake> Hi Frank<BR>
<Frank> hey jake<BR>
<Frank> amos was today a down spring?<BR>
<amos> I wonder if there are 2 rooms.<BR>
<amos> Today was a significant day. the close in the middle said that for the day ---there was<BR>
<amos> some balance bet demand and supply--but whether this was a washout<BR>
<amos> or supply will still appear...only the next 5-6 days will tell.<BR>
<jake> You talking grains in general?<BR>
User [Jeff j /216.248.92.29] joined forum on Mon May 15 13:13:15 EDT 2000<BR>
<amos> taking beans and corn.....the wheat has taken a life for itself<BR>
<jake> Yes, but needs some pull back now<BR>
<fibo> i wanted to see Jul corn take out 250 on Friday..but it didn't so i got out of the july.<BR>
<amos> Meats are different, energy is testing upper bounds and many commodities are<BR>
<amos> beginning to find their own path....<BR>
<amos> The only common denominator is the CRB which will prevail<BR>
<Frank> I thought based on the curtis arnold pps system today would go up, but in my head I thought it would go down today<BR>
User [Jeff j] left forum on Mon May 15 13:14:33 EDT 2000<BR>
<amos> What is clear is that if today was another significant washtout--then it is very bullish...<BR>
<Frank> I played it up but did not enter so lost no money<BR>
<amos> it incidates that the composite man is in a hurry to scare longs off.<BR>
<amos> After today "limit down"--fewer people will be bold enough to go long in a big way in the next<BR>
<amos> few weeks....<BR>
<fibo> true<BR>
<fibo> even though the weekly still looks good<BR>
<amos> I have not studied the chart too well to give today a good definition but I noticed that<BR>
User [wes /152.167.178.52] joined forum on Mon May 15 13:16:15 EDT 2000<BR>
<fibo> hello wes<BR>
<Frank> I was set to go short lean hogs but that gap scared me off<BR>
<amos> if you draw a reverse channel...that is you first connect the last two highs<BR>
<wes> hi folks  hi fibo<BR>
<amos> in July beans and then you draw a parallel demand line off the bootom--we hit that channel perfectly today...<BR>
<jake> Hi wes<BR>
<wes> hi jake<BR>
<Frank> amos they are taking cheap shots at our herioine on the cafe and tfc bulitin boards!<BR>
User [lmarsh /12.14.197.201] joined forum on Mon May 15 13:18:31 EDT 2000<BR>
<amos> who is your herioine, Frank?<BR>
<Frank> linda bradford raschke<BR>
<lmarsh><BR>
<lmarsh><BR>
<lmarsh><BR>
<lmarsh><BR>
<amos> I did not see this???? where? when?<BR>
<Frank> sighhhhhh<BR>
<Frank> caught it this pm on the boards perhaps later u can streighten them out<BR>
<wes> fibo think today was (c) in cz0?<BR>
User [lmarsh] left forum on Mon May 15 13:21:24 EDT 2000<BR>
User [lmarsh /12.14.197.201] joined forum on Mon May 15 13:23:16 EDT 2000<BR>
<lmarsh> <Enter Text Here><BR>
<lmarsh><BR>
<lmarsh><BR>
<lmarsh><BR>
<fibo>-><wes> possibly wes.. since this is a Wyckoff class we don't talk much elliott on here<BR>
<amos> have i lost you again?<BR>
<fibo> i'm here amos<BR>
<amos> this multicity is not functioning well in the last 2 weeks<BR>
<wes> still having chat problems?<BR>
<amos> Gary told me it was fixed...but you can't trust deck builders<BR>
<fibo> lol<BR>
<Frank> amos u think that Jack Schwagers failed signal indication In" Getting Started In Technical Analysis"<BR>
<wes>-><fibo> 8)<BR>
<Frank> is valid?<BR>
<fibo> brb<BR>
<amos> Frank, you give me way too much credit if you think I know what everyone said in each of their books...<BR>
<wes>-><fibo> ok no elliott<BR>
<amos> please tell me what that failed signal indication says.<BR>
<Frank> jtm<BR>
<Frank><BR>
<amos> Je'tem too.. some more<BR>
<amos> You know folks that Gary is in class and will come here in half an hour?<BR>
<Frank> page 152 A failed signal is among the most reliable of all chart signals.  when a market fails to<BR>
<wes> k...   i may be puting kids to bed then though<BR>
<fibo> back<BR>
<Frank> follow through in the direction of a chart signal, it very strongly suggests the possibility of a significant move<BR>
<amos> Frank there are so many signal--which of them fail?<BR>
<Frank> in the opposite direction<BR>
<amos> Not all failures have the same significance..can you be more specific?<BR>
<Frank> In grains beans and corn  a triangle<BR>
<amos> what signal is a "triangle?" what is the rule? what should have the market done that it failed?<BR>
User [Jeff Z. /24.17.169.192] joined forum on Mon May 15 13:33:46 EDT 2000<BR>
<Frank> triangles are the least risk to trade out of<BR>
User [Jeff Z.] left forum on Mon May 15 13:34:01 EDT 2000<BR>
<amos> anybody knows what happened to sal?<BR>
<Frank> triangles symetrical thqt is are suposed to forcaste a continuation of trend<BR>
<fibo> probably busy with end of school<BR>
<amos> ok fibo<BR>
<amos> frank, you mean a flag?<BR>
<Frank> last time i heard sal was romping around the golf course<BR>
<amos> BTW, the 23 weeks potential cycle low in the beans--is now becoming a distinct<BR>
<amos> possibility--which means that the week of May 22-27 will become a major road sign!<BR>
<fibo> k<BR>
User [jake /147.72.69.187] joined forum on Mon May 15 13:39:06 EDT 2000<BR>
<fibo> wb jake<BR>
<jake> Ok,  I must have been time out<BR>
<Frank> july corn a line drawn down  from 258 to 246.5, and a line drawn up from 237 too 240.75 forms a<BR>
<Frank> symetrical triangle<BR>
<wes> brb<BR>
<amos> Frank, I agree, this is a chart pattern that has validity. But it is much more profitable to trade<BR>
<Frank> the basis for a significant break out like we had today<BR>
<lmarsh><BR>
<amos> these when the daily symmetrical traingle is on cohut with a confirming signal on the higher time<BR>
User [lmarsh] left forum on Mon May 15 13:41:21 EDT 2000<BR>
<amos> frames....<BR>
<amos> These days when everyone has a computer and a chart--to rely on simple chart patterns can be<BR>
<amos> very misloeading....a trendline that "everybody" sees, or is "allowed" to see--is going to<BR>
<amos> be broken more often than not....<BR>
User [mrj /209.16.79.108] joined forum on Mon May 15 13:42:43 EDT 2000<BR>
<amos> ou must take into account that every pattern possible is immediately discussed on all the forums and<BR>
<Frank> hi mr J<BR>
<mrj> hi everyone<BR>
<mrj> hey Frank<BR>
<amos> every broker and vendor is "shouting " it the moment is even has a chance to appear....<BR>
<fibo> hello mrj<BR>
<mrj> hi fibo<BR>
<amos> we do not talk options in this chat room...any body is using them> any special technique?<BR>
<fibo> i use options and futures<BR>
<amos> do they save you, fibo?<BR>
<Frank> If i had not been so set in my thinking I would have caught corn today<BR>
<mrj>-><Frank> small class tonight  Was anything said about corn<BR>
<amos> what about tomorrow, frank?<BR>
<fibo> i like to get the options at first then go to futures.  I trade the options just like the futures.. get in & out at the<BR>
<fibo> same signals as futures<BR>
<Frank> I have begun to really comprehend the meaning of daily movement<BR>
<amos> so you do not use them as protection and you do not sell some premium  to benefit from the time decay?<BR>
<fibo> the danger in options is that everyone thinks you have time left and "hope" they will make something.<BR>
<fibo> i just buy puts and buy calls..<BR>
<amos> explain . please , fibo<BR>
<Frank>-><mrj> is unsure if corn is genuine wash out or a manupulation for a bull run up<BR>
<amos> But if you are long and market moved strongly to resistance...would you entertain the idea of seelling a call to "protect your profits?"<BR>
<Frank> I wwill have to see the daily activity to know about corn tomarrow amos<BR>
<fibo> the only time to sell a call would be at the top of a market<BR>
<mrj>-><Frank> thanks Frank<BR>
<amos> No. Th etime to sell a call is at any significant resistance level...<BR>
<jake><BR>
<amos> If you sold 6.50 call after we rallied 60 cents in May---it would not be the worst thing to do.<BR>
<amos> Remember we talked about the possibility of moving a dollar...even then it won't have reached<BR>
<amos> the 6.50 target--so you were relatively "safe"<BR>
<fibo> i just never liked  selling options.<BR>
<amos> Well, this is my point--that it is a dangerous, but very profitable part of our business..<BR>
<amos> you just have to know what you are doing....but here we discuss significant support and resistance levels--<BR>
<amos> and using the trechinque of option selling can enhance your bottom line.<BR>
<amos> It is the same with insurance...<BR>
<amos> It is not safe to sell insurance--but insurance companies are richer than those insured.<BR>
<fibo> we always bought puts for price insurance when we used to farm..<BR>
User [vik /204.50.130.135] joined forum on Mon May 15 13:56:04 EDT 2000<BR>
<fibo> hi vik<BR>
<vik> hi<BR>
<vik> is there a claas to nite<BR>
<mrj><BR>
<fibo> y<BR>
<amos> We are always classy, vik<BR>
<fibo> lol<BR>
<vik> yep<BR>
<Frank> just a discussino vik<BR>
<amos> discassino....I like that<BR>
<amos> vegas nite<BR>
<Frank> I just love these peaple who think the only place they can learn something is a class<BR>
<amos> Gary pointed out on some forums that gold and coffee were interesting<BR>
User [gary fullett /152.166.57.37] joined forum on Mon May 15 13:59:27 EDT 2000<BR>
<Frank> about time carpenter<BR>
<fibo> hi gary<BR>
<amos> Frank, Jesus! would suffice<BR>
<gary fullett> good evening<BR>
<gary fullett> how is everyone<BR>
<vik> hi<BR>
<fibo> good gary and you?<BR>
<mrj> hi gary<BR>
<gary fullett> amos nice to see u<BR>
<Frank> do not care for holes in my hands, thanks<BR>
<gary fullett> very well<BR>
<gary fullett> I was able to pick up some grains today a good levels<BR>
<Frank> hard to eat M&Ms<BR>
<mrj> lol<BR>
<fibo> bought at support gary?<BR>
<gary fullett> I think wheat is showing lots of strenghth<BR>
<Frank> me too gary<BR>
<gary fullett> 277 in july wheat<BR>
<fibo> wheat has a gap up on the weekly chart<BR>
<gary fullett> and 540 in beans as well as 236 in corn though I am not sure on corn<BR>
<gary fullett> I thik the lows may be in for the week but we may back and fill here though<BR>
<fibo> well the Jul. corn didn't take out the 250 on friday so it went down again<BR>
<gary fullett> what cause todays break?<BR>
<fibo> CM was washing out weak longs<BR>
<gary fullett> right fibo I didnt remember u on friday afternood<BR>
<gary fullett> that I know about the cm was htere any news attributed to it<BR>
<fibo> haven't heard any news<BR>
<Frank> INO said weather but wheat should have showed different if that was so<BR>
<gary fullett> why is that frank?<BR>
<gary fullett> you mean rain would have affected wheat the most<BR>
<Frank> because weather affects all the grains not just corn and beans and wheat responded notably,<BR>
<Frank> different than corn of beans<BR>
<gary fullett> okay<BR>
<gary fullett> so ids there a topic tonight?<BR>
<gary fullett> or any markets that were discussed tonight?<BR>
<gary fullett> A chart that looks very interesting to me is OJ<BR>
<gary fullett> it looks like demand is coming in at support<BR>
<gary fullett> Can u see me<BR>
<Frank> what month gary<BR>
<mrj> y<BR>
<gary fullett> july<BR>
<gary fullett> I think that tomorrow will be an importantant day<BR>
<fibo> yes gary<BR>
<gary fullett> it has undergone  long accumulation on the daily  chart<BR>
<gary fullett> the sideways range<BR>
<gary fullett> but is looks for constructive  to the upside than the downside<BR>
<gary fullett> I think commodities are bottoming at iferent<BR>
<gary fullett> times<BR>
<gary fullett> like sugar last yr at the 4 dollra level<BR>
<amos> 4 cents<BR>
<gary fullett> I think other commodities will take over leadership<BR>
<gary fullett>-><fibo> did u buy the break today or are you waiting?<BR>
<gary fullett> I have the fax charts fixed now so tomorrow charts will be sent<BR>
<fibo>-><gary fullett> waiting<BR>
<gary fullett> so it will be anormal tuesday<BR>
<gary fullett>-><fibo> I think u may be right though I couldnt wait I am an impatient tarder :)<BR>
<fibo>-><gary fullett> lol. well it did get close to support<BR>
<Frank> I have finally figured how to see you and charts at the same time, the charts are tfc but it works<BR>
<gary fullett>-><fibo> I felt it in the wheat not really in the beans though I did buy them too<BR>
<gary fullett> great Frank<BR>
<fibo>-><gary fullett> wheat looked the best<BR>
<gary fullett>-><fibo> yeas I sold last thursday and rebought today<BR>
<gary fullett>-><fibo> but I lost money on wheat in the May contract<BR>
<Frank> I only have 9 months experience on this electronic marvel<BR>
User [vik] left forum on Mon May 15 14:16:25 EDT 2000<BR>
<fibo>-><gary fullett> i still have some wheat calls<BR>
<gary fullett> well what I will do is I will start fresh tomorrow if you  donrt mind<BR>
<gary fullett> with charts and all<BR>
<mrj><BR>
<gary fullett>-><fibo> good<BR>
<gary fullett> so I will see you all tomorrow night<BR>
<fibo> o.k. nite gary<BR>
<gary fullett> good night I will have a beginners class at 7pm cst<BR>
<amos> nite all<BR>
<mrj> gn all<BR>
<gary fullett>-><fibo> seems slow now aND I AM POOPED<BR>
<fibo> nite amos<BR>
User [amos] left forum on Mon May 15 14:17:40 EDT 2000<BR>
<Frank> only chickens go to bed this early<BR>
<gary fullett> NIGHT<BR>
User [gary fullett] left forum on Mon May 15 14:17:48 EDT 2000<BR>
<fibo>-><mrj> thanks for the e-mail on the gold<BR>
<mrj> ok fibo hope you enjoyed<BR>
<fibo> i can get gary's charts but they won't print off.<BR>
<fibo> i am like Frank. i use the ones' on my computer or tfc<BR>
<Frank> same here fibo<BR>
<fibo> won't print off?<BR>
<Frank> gee miss all those lines<BR>
<mrj> fibo what are your thoughts on corn I'm still long<BR>
<fibo> the trend line held today mrj. weekly trend line held also<BR>
User [jake /147.72.69.187] joined forum on Mon May 15 14:21:27 EDT 2000<BR>
<mrj> y<BR>
<fibo> wb jake<BR>
<jake> tks<BR>
<fibo> jake you have to put your name in once in awhile or you get bumped off<BR>
<jake> Yes,  I forget<BR>
<fibo> oh ok<BR>
<Frank> as wide of range as corn was today i bet tomarrow is an inside or narrow range day in corn<BR>
<fibo> it recovered nicely on beans and corn after being nearly limit down.  major support is at 231 and 228 area but the trend line is holding for now<BR>
<mrj> monthly trend up also<BR>
<Frank> if it heads south drastically tomarrow i bet we have a change in trend<BR>
<mrj> If it breaks Feb support at 228<BR>
<Frank> that is 6 cents and todays range was 8 cents<BR>
<fibo> large range for corn<BR>
<Frank> where did u get into corn mr j?<BR>
<mrj> 238<BR>
<fibo> good<BR>
<mrj> stop 227 3/4<BR>
<Frank> u are 4 cents down so that is not so bad<BR>
<fibo> oh i was looking at dec. corn mrj.<BR>
<jake><BR>
<Frank> I do not care for that big of risk<BR>
<fibo> the hogs have sure fell of of their highs<BR>
<Frank> just let my dogs out, it occurs that before indoor plumbing we all lived a dogs life<BR>
<mrj> fibo do you think we've had a BC in hogs<BR>
<fibo> lol@Frank<BR>
<mrj> lol frank you're right<BR>
<fibo> yes at least for 13 days we have had one :-)<BR>
<mrj> :)<BR>
<fibo> was watching it but didn't sell any. It gapped under its trendline and ice line, etc.<BR>
<fibo> i guess it was too easy to see:-)<BR>
<mrj> k<BR>
<Frank> there was a large degree of percent increase the last high day of lean hogs<BR>
<Frank> the gap scared me off today<BR>
<fibo> there is major support at the 69.50 creek line<BR>
<fibo> the volume has been very large on the down move the last few days<BR>
<Frank> it is there now fibo<BR>
<fibo> low was 70.85 today..it was limit down<BR>
<Frank> july was 6967<BR>
<fibo> sorry Frank.. i was looking at June Hogs<BR>
<jake><BR>
<Frank> a limit down quite often means a up bounce, just changed months yesterday<BR>
<fibo> 68.90 &67.95 support in Jul.<BR>
<Frank> thanks<BR>
<fibo> or if it is weak it might gap limit down again<BR>
<Frank> yep<BR>
<mrj> fibo would you consider that this recent price action from the high is preliminary supply<BR>
<fibo> i guess if it went on up and made a new high it would be.<BR>
<mrj> just wondering thanks<BR>
<fibo> if it doesn't go up and make a new high and the move is over the PSY would have been around 4-11<BR>
<mrj> y<BR>
<fibo> the highest volume was on 3-31<BR>
<fibo> then  good volume on 4-11<BR>
<fibo> then notice how the volume got smaller as the price got higher into the top<BR>
<mrj> k<BR>
<fibo> it had a shortening of the upward thrust..<BR>
<fibo> then gaped down through the trend line and volume increased<BR>
<mrj> price and volume at the high seem to lack BC characteristics<BR>
<Frank><BR>
<fibo> it may just be a large correction of this large leg up.<BR>
<fibo> Wyckoff says that soemtimes a buying climax can occur but it may take prices a few more days before the supply overtakes the demand<BR>
<mrj> k<BR>
<Frank><BR>
<fibo> i know in the corn that lots of times the high willl not have higher volume .<BR>
<jake><BR>
<mrj> crude oil seemed to be more classical<BR>
<fibo> yes i think some have the high vol. at the tops and some don't<BR>
<fibo> each market has it's own nuances.<BR>
<mrj> anybody watching Australian Dollar<BR>
<fibo> i don't watch the currencies<BR>
<fibo> i need to go..enjoyed the chat<BR>
<fibo><BR>
<Frank><BR>
<Frank> n<BR>
<mrj> I just watch it<BR>
<Frank> nite all<BR>
<mrj> nite fibo<BR>
<fibo> nite all and good trading<BR>
<mrj> nite all<BR>
<jake> bye eveyone<BR>
User [fibo] left forum on Mon May 15 14:53:24 EDT 2000<BR>
User [jake] left forum on Mon May 15 14:53:31 EDT 2000<BR>
<mrj> nite jake<BR>
User [mrj] left forum on Mon May 15 14:53:35 EDT 2000<BR>
User [Frank] left forum on Mon May 15 14:55:04 EDT 2000<BR>
User [Kelly Norris /64.71.0.39] joined forum on Tue May 16 01:01:39 EDT 2000<BR>