User [gary fullett /172.158.204.121] joined forum on Wed Jul 05 20:56:17 EDT 2000 User [Capt /24.24.35.202] joined forum on Wed Jul 05 20:56:31 EDT 2000 User [MarketWizard /4.4.241.22] joined forum on Wed Jul 05 20:56:39 EDT 2000 Hi Gary Hi Gary good evening How you been doing? how is everyone today? User [mrj /206.251.171.115] joined forum on Wed Jul 05 20:57:52 EDT 2000 great Gary did you talk to kelly about the size of the print on the charets? Or do I have to go get a magnifying glass? Hi gary, capt and MW Hi mrj I had to print these small tonight but I will get them larger Hey MrJ Ok Thanks in adobe acrobat reader there is a magnifying glass with a plus sign in the middle click on that and then drag the mouse to what u want to magify u can continue to magnify by clicking on the left mouse button Gary remember an old time trading floor guy that was SeaBassBob @ aol? if your version of acrobat reader doesn't have this feature, the newer version has it and can be downloaded in the Archive section I have tried to tweek my printer etc. It is just the dates and prices on the chart I am having a hard time with it is hard to follow the conversations yes MarketWizard, i remember Thats me Dude, Just stopped it to say Hi. how are you doing Bob Im doing great, Im the Hog pit Tech. to some big boys. that is great why dont u give me a call and we can chat okay lets begin did everyonre have a good holiday y yes great okay lets begiin sure email me at MarketWizard@netzero.net lets take the bonds first the trend in this market has been sideways in my opinion I will see you dont want to interupt class anymore bye. we have been trading between the 99 area User [MarketWizard] left forum on Wed Jul 05 21:05:15 EDT 2000 and 9300 area fro several months here I wuld imagie that this will stay this way till after the election the market has been going sideways for the pasr 2 months in particular reason? with the top of the range being 98 16 and 9600 area well the reason isnt important sorry but I think that the market feels fully priced here dont be sorry I will answer I think the Fed wont raise rates before the election k and that the bond market really has no reason to move out of thi range so I think sell the rallies buy the breaks till November the market now has reqched the resistance at the 9800 area the volume has dried up on theis rally so it apprears that the amrket lacks the demand to rally above the trading range the point I wanted to show here was the at the market went to resisatnce User [JOE K /172.134.177.97] joined forum on Wed Jul 05 21:11:36 EDT 2000 hi joe k and had a great opportunity to break out today with gold 6 bucks lower hey everyone and crudr oil 2 bucks lower hey Joe we will probably what had chance to break out ? retest the bottom of the range support here bonds k questions on the bonds? please note that Most markets stay within a trading range so seling at the 9816 area at resistance to me is a decent play with an appropiate stop question on bonds? to me the trend is neutral here so what I think we need to see supply if this is distribution and demand if this is accmulation so let the price action AND volume what is an appropiate stop for bonds? I have never traded them? determine the next move in bonds whew that is a good question Generally? I think that about 1/2 point to 1 point in the bonds 500 -1000 risk User [Dennis /209.206.88.232] joined forum on Wed Jul 05 21:15:52 EDT 2000 for a move is approapite depending on the size of the account thank you there is a Mid am contract for lesser risk hello Dennis okay Capt? Pound yes just wanted a ball park idea Brtish Pound... good I like bal parks that is a good question risk management important the pounds trend is down the market had some climatic action in mid May then the market had some type of automatic rally from the lows to the ,move to 15350 after this automatic rally the makret went into a trading range from 15250 to 14950 do u see this range? trading range? y this market is y building cause it appears to me that the move will be UP and that this is accumaltion why do I think this? If market breaks resistance would you think that the 15350 area would be new resistance? it is because the market has some climatic action tghen a n automatic rallt rally if it break resisatnce at 15350 that level then becomes SUPPORT not resistance User [wyatt /166.93.111.143] joined forum on Wed Jul 05 21:23:28 EDT 2000 hi wyatt good evening wyatt so above the 15350 area hi everyone the market will break out thjis is an area I understand that but first it has to break15250 correct? of the jump over the creek Yes resiatnce 15250 support 14950 if the market is bullish it ill Jump over the creek with volume and price action above reisstance but the important thing here is that the market seemed to have some climatic action an automatic rally retest and a trading range ingriedients for a move UP do u see these areas I illistrated? y y yep remeber sideways action builds cause for a pending move larger the cause the larger the move and generally more sustain Gary volume seemed to be low on "climatic action" Any explanation this volume isnt accurate User [amos /62.0.147.192] joined forum on Wed Jul 05 21:28:15 EDT 2000 as it show seot volume in may june contract was the SC when June was the lead month but June is off the board so i didnt have this volume good morning amos hi so i think that MAY was climatic for the June contract questions on the Pound? Aug cattle very interesting chart great wyckoff chart feed or live Live lets look back till last March actaully last febraury the low was at the 6900 area see this? y did u go to lindas chat on Monday y after the low of 6900 the market rallied to the 7040 area then the market broke I couldn't go yo Lindas m back to the support at 6900 mid march see this? Monday I had to study Wyckoff y y then arally back to 7050 in mid april so as u can see the amrket developed a tading range with key support being 6900 key resistance at the 7050 area see this? y y y now we have a range and we are building cuase this is what the market is showing us we have a puzzle and we need to pice together what is happening we know that the amrket will eventaully break out of this range so creek area at 70 50 ice area at 6900 so far so good? y lets look at mid may y the market went to 6900 area the volume picked up and the close was well off the lows it went to the 6860 area made a spring and close at at 6920 area see this y y 5 days later the market testedt support again at 6900 but this time LOOK at the volume what was it? high right what does this show? supply it shows supply right Capt One NEVER knows how many times a market will retest support or resistance but one knows that the longer it tests and retests the larger the pending move so this trading range we didnt kknow if it was accumaltion or distribution so we watch for teh pending breakout either Demand or supply and we watch price action well in mid may we saw heavier volume and larger price action to the downside indicating supply the Bears are winning this tading range battle price action and volume is slanted to the bear side do u see this action? y y :) y User [amos] left forum on Wed Jul 05 21:45:59 EDT 2000 great so abreak of this supporyt will mean that any rally back to 6900 will be ice and that when 6900 area is broken this support becomes resisatnce and it is a breaking of the ICE understand? got it if the market went above the 70 50 area this would be a jump over the creek this action can happen on a 5 min chart 30 minutes chart 60 minute chart daily weekly or monthly this happens to be a daily chart but it can occur within any time frame this market will continue lower till we see some climatic action well if u had a sell stop under the creek the amrket broke about 250 points 1 k in cattle look what happend in late May the market had large price range it made its lows late may and in 2 days the market closed aboove the lo it made before it made its low of the move this appeared to be a 2 day selling climax. but why cant the markt rally strong from this climactic selling? no cause right :) so one can only expect the rally to go back to resistance User [Dennis /209.206.88.232] joined forum on Wed Jul 05 21:53:12 EDT 2000 where is that? back to previous support now reisstance at the Ice area 98.90 6890 :) 68 sorry I know what u meant :) and failed then the market broke and retested the 6890-6900 area the Ice area and look at the action it failed and retested the cliamctic action of the 6640 area this is an important wyckoff chart it showes trading range break thru the ice climatic selling rally back to ice with No cause a retest of resistance which was previous support and a retest of the climatic action on the lows and the subsequesnt rally that we are now in Great wyckoff chart any questions in cattle n do u understand the principles of this Important so please ask sure do make sense? alot I call you tomorrow yes of course toll free 877 306-7100 whered it close today let the market talk to u watch strenghth and weakness try to get a clue what the CM 67.70 is trying to tell u thanks u must listen to price action and volume and believe that wyckoff works then pulling trigger on the trades that talk to u make sense and hopefully $$$ we are our own worse enimies so gary,ya think it will re-test ice now ? Yep but the cuase gimmie some is larger now lol because we retested the lows again yes i see could go above that to the 7000 area if u look at a market it can fool u sometimes but if u understand wyckoff priniples in my opinio in the long run u will do well that doesnt mean u wont lose money but it will allow u to understand market action and behavior and undersatnd what BIG money is telling u and to me that is the Key to understand what Big money or what the cm is telling u It is the understanding that will set you free! Amen question on cattle? no great questions in general? k not at this time Beans amos mentioned that 474 in Nov beans was important weekly support we tested it and finally went underiit if the amrket can close above the 474 area we could have a spring of the 474 area when the market went to the 462 area the action is weak in beans No doubt about it but there is support at 474 area then 452 area so it is logical that the market can rally User [williamstem /63.180.2.219] joined forum on Wed Jul 05 22:07:15 EDT 2000 from this area but if the market can close above 474 this wee Hi folks! it is apossible spring obviously the larhger the move above 474 the better the spring f it cloase at 474 the spring will be suspect hi will hi williamstem hi will hi actually if the amrket dips to the 450 area it can be part of a lrager accumaultion even though the dailies look poor larger term opic can be very constructibve interesting to note look at the date that the market made its low last yr looks like first week in July so we could bottom this week 1 yr from the lows and the news Cant be More bearish huh? week of 7-9-99 Gary, so we need a close above 474, to confirm a spring, below it ? thank u Mr J if we close under 474 weak still if one has large pockets a buy in this area and a stop under 450 could be a nice trade 20 cents risk for a 4-60 cent move or one can wait for confirmation low of 12-13-99 was 446 1/4 on a weekly close aove 474 or better questions on the beans? to me this is a critical area these last 20 cents and the weekly bean support As weather driven as this market is now,wouldn't corfirmation come first? not necesairly because u can break out and weather could kill u like the rally 2 months ago weather was drought then it rained and we made contract lows I see. so eevn if u break out it may mean noothing but one cant control weather except mother Nature u can fool mother Nature Alright I give,how? I mean u cant fool mother nature sorry don't try to fool mother nature or the market they both have nasty tempers Gary what about Wheat do u see this area in beans I speak of yes wheat retested the lows Y y Thats too me, far over-sold it gave up 2 months of work in 2 days this shows weakness but it is into support so can raly from here OJ I will leave the CRb for tomorrow night because I want to spend time on it k weekly OJ ok k we talked about this market many times and I mentioend that 8100 area was support I want to talk about reistance and why longer term charts are important we rallied above reisatnce above 8500 and went to 8900 area if u look back at the lows last oct this was the previous lows now it becomes reistance so the market went to 8900 this was an area to take profits (or before this) look at the close that the amrket had the week it broke out hard to tell is that about 8600? This market seems to like large swings in a day also,how far to set stops? 86.95 yes it is william Thanks mine was a guess yes about 8500-8600 area but when the amrket went to the 8900 area look at the wekely close? it closed near the lows of the week see this? 3 weeks ago then aretest and another week close this Means that supply is coming in at reistance BEARISH sign and the amrket collasped market even though the daily was Bullish the wekely went to resisatnce and 2 times it went to resiatnce at 89 the market ran into supply the Cm had 2 weeks to distribute for a move of about 700 points !!!!! So the weeklies define the limits more precisely?Support and Resistance? well monthlies define it more than weeklies weeklies more than dailies the larger the time frame the more accurate support and resistance because it takes longer to test and retest area understand? Yes Yes yup Still looking at Cattle lol More than understand..slowly waking up! I hope that is good capt waking up because u r bored or waking up because u are understanding? got to go good night everyone night Mr J thanx I study W day and night I think it is Night Mr j thank you nite mrj User [mrj] left forum on Wed Jul 05 22:33:51 EDT 2000 Capt, dont worry, Im still getting a grip on it me too after 20 yrs :) but mainly, I like it, because it deals with DEFINED RANGES Understanding is the most important thing to me all the rest falls into place after that I hope this makes sense me too, i still get confused :) I agree capt most vendors It seems like each market is a different personality to me. I only been here a week but i am through all charts fro sept to Jan take past data "and make it fit" it does to a great degree william they ALL have htier own chartateristics but the still follow wyckofff principles Gary can we look at Sugar soon, maybe after CRB, and maybe CD ? K will send cool wyckoff aloows to u evealute markets for what they tell u by volume and price action No news Just watching the market for it price action volume support reisatnce demand supply effort vs result Can yuo give a bit of information when we do CRB of hoe it relates to the rest of the market for us traders? how important points to look at strenghth and weaknesses the CRB is simply the Dow Jones of commodities it raltes to market as it is a guage to inflation higher CRB means higher commodities in generally higher priced commities higher inflation so it is watch for this the CRB strenghth has been mostly on the energies market How about doing the bonds chart? I've been watching that one. so we need to eatch the support after this break in oil we did talk on bonds before u came tonight Thank you I have understood that in the past but no one ever said it to me did u have a question? I hope I said it to u capt yep ya did geat does that help capt thank you i am here to learn did u have another question on the CRB no and I am here to help !!!! please ask anything anyone William did u have a question on bonds? I have been trying to grasp the swing of this market and its channelling that it seems to be doing okay any questions on anything tonight or on wyckoff in general? it is in a trading range Where's the Book? Yours from 986 area to 9300 my book ? 9816 area No Ya said you were going to do one I think with summer and the ellection we will be going sideways I will do one prob this summer k That was just a prod. so I think with the elections and no pendig rate hike bonds will be in a range :) da book the cm doesnt have "nes" to move it I wnat to write something but I dont know exactly how I want to phrase it We want to read everything Especially using options with this stuff! books by traders are the best !! it can waste premiumum huh I have lots of trading floor stories so I will get some things down hopfully in the near futures I'd read that! I can talk hours about the 87 crash when I was on the floor that day u can practice on us lol lol gary bad day for you ? or good / made about 300 bucks :) it is a very interesting story so it was good I will relate it to u all tomorrow k u will be enlightended to the things I saw Cool k :) and why i think it happened never be a day like that again I think' never say never Yeah! well with this I will call it a night and see u all tomorrow I will talk about the crb 87 crash k, night and some floor traders tricks User [JOE K] left forum on Wed Jul 05 22:49:49 EDT 2000 Night and thank you have a great night all Thanks ,see ya!I'm off! good night nite gary and everyone thank you sir User [Capt] left forum on Wed Jul 05 22:50:31 EDT 2000 thank u sir User [williamstem] left forum on Wed Jul 05 22:50:31 EDT 2000 User [gary fullett] left forum on Wed Jul 05 22:50:33 EDT 2000