User [gary fullett /172.161.165.198] joined forum on Tue Jul 11 20:56:08 EDT 2000
User [John /24.0.216.97] joined forum on Tue Jul 11 20:58:05 EDT 2000
<gary fullett> good evening John
<John> hi, how are you?
<gary fullett> well and yourself?
<gary fullett> welcome to class
<John> just fine thanx
<John> thank you
User [mrj /206.251.171.191] joined forum on Tue Jul 11 20:59:04 EDT 2000
<mrj> Hi Gary and John
<John> hi
<gary fullett> is this your first time here?
<John> my 1st time
<gary fullett> great we will start in a few minutes
<mrj> welcome aboard
<gary fullett> How Mr J
<gary fullett> do you get the charts John?
<John> just started yesterday email
<gary fullett> have you looked at any of the archives?
<John> have a lotta catching up to do
<gary fullett> please ask if you have any questions
<gary fullett> take your time
<John> i sure will
<gary fullett> markets will always be there
<gary fullett> no rush
<John> luv wycoff's concepts
<John> exactly
<gary fullett> do you currently trade?
<gary fullett> are you familer with wyckoff?
<John> havent in a few months, but have a lot
<gary fullett> wonderful
<John> a little...very little...lol
<gary fullett> okay
<gary fullett> the reason for the question
<gary fullett> is because I just want to know what level you are at so I can not be over your head or boring if you know already
<gary fullett> the log goes out to about 400 people
<gary fullett> all with varying degree of trading knowledge
<gary fullett> so i would like everyone to be on the same page
<gary fullett> okay
<John> terrific
<gary fullett> before I begin did anyone have any questions?
<mrj> n
<gary fullett> john did u have a question about wyckoff or in general?
<John> one Q
<gary fullett> please
<John> would you say W's concepts
<John> are applicable to all markets
<John> in all timeframes?
<mrj> y
<gary fullett> great q
<John> i.e sp daytrading
<gary fullett> I would say definetly yes
<mrj> soory Gary jumped the gun
<John> ver pos trading
<gary fullett> to stocks as well as commodities
<gary fullett> that is fine Mr J
<John> thought so...:-)
<gary fullett> please chime in
<gary fullett> it works intraday
<gary fullett> daily weekly
<gary fullett> monthly
<gary fullett> hourly
<gary fullett> the wyckoff
<gary fullett> wave and principles
<gary fullett> are contantly
<gary fullett> evolving
<gary fullett> so there are wyckoff waves that occur all the time
<gary fullett> all times frames all markets
<gary fullett> great question
<mrj> y
User [Frank /63.160.52.182] joined forum on Tue Jul 11 21:07:59 EDT 2000
<mrj> Hey Farnk
<gary fullett> the wyckoff wave is on the website
User [Guest /204.119.225.75] joined forum on Tue Jul 11 21:08:13 EDT 2000
<gary fullett> so if u get a chance look at it
<gary fullett> I refer to it all the time
<mrj> hi guest
<gary fullett> and I will help u if needed
<gary fullett> I will back track when I come to a term so u can follow bettre
<Guest> hi
<gary fullett> great John were able to get tonights charts?
<Frank> hi mr J, get the email i sent today?
<John> not yet
<John> but i can right now
<gary fullett> as well as everyone else
<mrj> yes I sent one back to you
User [John] left forum on Tue Jul 11 21:09:44 EDT 2000
<Frank> I shall go look
User [MarketWizard /4.4.241.175] joined forum on Tue Jul 11 21:10:08 EDT 2000
<mrj> got mine Gary
<gary fullett> hey mkrt
<gary fullett> weloome back
<mrj> Hey MW
<MarketWizard> Whats goin on?
<gary fullett> nothing
<gary fullett> and u?
<Frank>
<MarketWizard> On the floor, doing the tech thing. Been putting togeather a website.
<gary fullett> okay lets begin
<gary fullett> great mrkt please add when u can tonight
<MarketWizard> Ok
<gary fullett> I wanted to talk about the several markets tonight
<gary fullett> mrkt
User [Joe K /172.145.202.161] joined forum on Tue Jul 11 21:13:08 EDT 2000
<gary fullett> do u follow the hogs on the floor
<gary fullett> I sent a hog chart
<mrj> hi Joe
<MarketWizard> gary spit out the symbols and i will load them
<gary fullett> lh q0
<Joe K> hey Mr J everybody
<gary fullett> java Joe
<MarketWizard> Got it
<gary fullett> u r on the floor right?
<Joe K> Keep pushing it Gary
<gary fullett> CME?<
<gary fullett> ?
<MarketWizard> What time scale?
<gary fullett> do u want to talk about hogs before I do your spin
<gary fullett> anyone u feel comfy with
<gary fullett> class mrket wizard has a great perspective on markets
<gary fullett> and is a good trader so i hope you dnt mind if he shares
<gary fullett> I will start with hogs and he can add'
<gary fullett> Aug Hogs
<MarketWizard> I do a combination of Fractal Geometry anlong wiyh Point & Figure.
<gary fullett> the market has been in uptrend
<gary fullett> but if u look in Mid may
<gary fullett> the market went above resisatnce at the
<gary fullett> 7100 area
<gary fullett> and closed fairly well
<gary fullett> do u see this?
<mrj> y
<gary fullett> the market should have cntiued to rally
<gary fullett> after this great close
User [lmarsh /12.14.197.165] joined forum on Tue Jul 11 21:18:05 EDT 2000
<Guest>
<MarketWizard> That was the Wave 3 top
<gary fullett> hey lmarsh
<mrj> hogs Marsh
<gary fullett> the next day the market broke
<lmarsh> hi Gary, everyone.
<lmarsh> thanks mrj
<gary fullett> this was some type of weakness
<mrj> :)
<gary fullett> so if it was a sign of weakness
<gary fullett> what we need
<gary fullett> to watch is the next rally
<gary fullett> again on the retest
<gary fullett> the market went to the 7100 area
<gary fullett> but if u look at where it stopped
<gary fullett> it stopped at horizontal resisatnce
<gary fullett> from Mid april
<gary fullett> see this line I drew
<gary fullett> this was an area of supply
<MarketWizard> Thats the Wave 5 Top
<gary fullett> the move up to the 7200 area
<gary fullett> on the BC
<gary fullett> was an upthuust of this range
<gary fullett> of the 7100 area
<Guest> wave 3 top? wave 5 top
<gary fullett> it was designed to take out buy stops above the 7100 area
<MarketWizard> eliot
<gary fullett> so 7100
<gary fullett> is the supply area
<gary fullett> with the Buying climax or BC and upthurst being about 7200
<gary fullett> so if one was to sell the retest after a sign of weakness
<gary fullett> the 7100 area
<gary fullett> was it with a stop above previous highs at 7200
<gary fullett> do u see what i mean about supply line?
<gary fullett> at 7100?
<gary fullett> now the market broke and closed today under a crtical suppptr line
<gary fullett> under 68 cents
<gary fullett> do u see this?
<Guest>
<gary fullett> can u see me?
<gary fullett> can u see what i am writing?
<Joe K> y
<mrj> y
<gary fullett> okay great
<gary fullett> questions on hogs
<gary fullett> comment?
<Joe K> missed first part
<mrj> volume for today?
<mrj> did it support price action
<MarketWizard> You mind a little commentary on LHQ considering im the Hog pit technician on the Floor?
<gary fullett> volume was about 6400
<gary fullett> yes markt that is why I prefaced it by sayin that
<gary fullett> please add what u wish
<MarketWizard> Ok after a complete 5 wave set intact
<MarketWizard> And a wave 2 double Zig-Zag complete
<lmarsh>
<MarketWizard> and a H&S top in place
<MarketWizard> The key level for tommorrw will be 67.65 to 75
<MarketWizard> You are about to see a wave 3 down, which is a site behold
<gary fullett> they closed at 6775
<MarketWizard> Right there
<Joe K> cool
<gary fullett> so overall u r bearish
<gary fullett> ?
<MarketWizard> 65 is the # but limit down stooped it short
<MarketWizard> Big time
<gary fullett> okay well that is consistent
<Joe K> has the wave 3 down already begun
<gary fullett> with wyckoff
<gary fullett> saying that abC happened and a sign of weakness
<MarketWizard> below 67.65 triggers leveraged sell Fractal
<gary fullett> Java joe good question for market
<mrj>
<Guest>
<gary fullett> I would like to speak on coffee
<gary fullett> It is an interesting chart
<gary fullett> on the daily as well as the weekly
<MarketWizard> Mininium measureing objective for H&S 64.75
<Joe K> what is leveraged sell fractal ?
<gary fullett> thamnx market
<gary fullett> coffee on the daily chart
<Joe K> thanks market wizzard
<gary fullett> there are many who watch coffee and think it is only fundamental
<MarketWizard> Joe i have some links on my website that will explain it
<gary fullett> I disgree though fundamntal s can move the market faster
<MarketWizard> The site is
<gary fullett> sometimes
<gary fullett> a great support line
<MarketWizard> http://www.homestead.com/marketwizard/marketwizard.html
<gary fullett> that I draw
<gary fullett> thanx mrkt
<gary fullett> is a down trend line that can be support
<MarketWizard> Im gonna go see you all later
<gary fullett> if u look at coffee
<gary fullett> thanx market
<Guest> buy
User [MarketWizard] left forum on Tue Jul 11 21:35:33 EDT 2000
<Guest> mw
<Joe K> thanks market sorry gary
<gary fullett> if u look at 9500 area
<gary fullett> dont be sorry
<gary fullett> when I knew him yrs ago
<gary fullett> he didnt spout like that :)
<gary fullett> fatuals yikes
<gary fullett> the coffeee market has a sideways action
<gary fullett> and broke down from the 9500 area see this
<gary fullett> a break thru the ice
<Joe K> y
<lmarsh> y
<gary fullett> what is interesting about this break thru the ice
<gary fullett> any idea?
User [Frank /63.160.52.182] joined forum on Tue Jul 11 21:37:55 EDT 2000
<gary fullett> when a market breaks thur the ice
<gary fullett> the break is generally sharp
<gary fullett> in coffeee 500-700 point ranges are not that uncommon
<mrj> coffee Frank
<gary fullett> look how long it took to get to 8200
<Frank> thks
<gary fullett> it took about 6 weeks
<gary fullett> I always mentioned to u that wyckoff is about Price action and volume
<gary fullett> well the price action took 6 weeks to break 13 oo points
<gary fullett> that is not very fast break in coffee
<gary fullett> considering we rallied that
<gary fullett> in 2 days
<gary fullett> so the speed or price action to the down was labored relative to the rally
<gary fullett> of the last 2 days
<gary fullett> do u see this?
<lmarsh> y
User [wyatt /166.93.111.127] joined forum on Tue Jul 11 21:40:53 EDT 2000
<Joe K> which tells us what
<gary fullett> do u see the sopoing suppport line I drew?
<gary fullett> sloping
<lmarsh> y
<gary fullett> joe u cant ask u are a fundamentalist
<gary fullett> I am saying to the wyckoff techs
<gary fullett> that the rally is FASTER
<gary fullett> then the break Now
<gary fullett> it rallied 2 days
<Joe K> i can valadate everything fundamentally too
<mrj> hi wyatt
<gary fullett> which it took 6 weeks to break!!
<gary fullett> so Demand occured in coffe
<gary fullett> and it came in at that support line at about 82 with that Support line
<gary fullett> hey wyatt
<Joe K> ok question
<wyatt> hey mrj it's me late again lol
<gary fullett> better late than never :)
<wyatt> hi gary :)
<gary fullett> so the market went to support
<mrj> :) better late than never
<gary fullett> and rallied
<Joe K> if you say it took 6 weeks to fall, where is SC located ?
<gary fullett> I know that there was talk about frost
<gary fullett> but the market went to support
<gary fullett> joe very good question
<gary fullett> if u look
<gary fullett> 3rd week in June
<gary fullett> the heavy volime
<gary fullett> the amrket had heavy volume
<gary fullett> but didnt make new lows
<gary fullett> this to me was Prelimary support
<gary fullett> thjen the market went to 8200
<gary fullett> this to me was the SC
<mrj> volume 21,575
<Joe K> k
<gary fullett> Now I know u will say that the volume wasnt the heaviest
<gary fullett> on the lows
<gary fullett> so it cant be a SC
<Joe K> thats what stumped me
<mrj> no more supply
<gary fullett> and u would be right from a classical point of view but markets arent perfect
<gary fullett> right
<gary fullett> MR J
<gary fullett> the pS at 90 cents
<gary fullett> meant the CM was buying
<gary fullett> yes he lost 7 cents when the market went to new lows
<gary fullett> so what?
<gary fullett> he is up money now
<Joe K> cm games
<gary fullett> when u see a change in VOLUME and /or Price action
<gary fullett> Most times it will be a change of direction
<gary fullett> yes joe
<wyatt> cm has a bag full of tricks
<gary fullett> but 2 things very important
<gary fullett> 1)
<mrj>-><Frank> will do Frank thanks
<gary fullett> the high volume at 90 cents
<gary fullett> PS
<gary fullett> the trend line support at 8200
<gary fullett> 2)
<gary fullett> the speed of the rally realtive to the break
<gary fullett> see this
<wyatt> y
<gary fullett> so if it goes up faster than down what does this mean?
<lmarsh> demand
<gary fullett> Yes yes yes
<gary fullett> demand overcoming supply
<mrj> Resistance at 96-97--former support
<gary fullett> see this?
<gary fullett> does it makes sense
<gary fullett> it is easy to see
<gary fullett> Mr j great observation
<gary fullett> I was talking to a client today and mentioned the 9400 area
<gary fullett> as reisatnce
<gary fullett> where did the market break thru the ice?
<Joe K> ok, where to now 94
<gary fullett> about 9500 area
<gary fullett> so 9400 to 9600
<gary fullett> is ice area
<Joe K> where is your creek at
<Joe K> 105 ?
<gary fullett> in the back yard joe
<lmarsh> lol
<gary fullett> creek to me is above 108
<gary fullett> with all this rain :)
<Joe K> 110 i meant 105 is ice
<gary fullett> so to me coffee didnt do anything magical
<gary fullett> just followed
<gary fullett> support and resistance
<gary fullett> ideally the market sholdpullback several hundred
<lmarsh> we hadn't had any rain of late, but boy the humidity is outrageous
<gary fullett> points buid cause
<Guest>
<lmarsh>
<mrj> range was 95.50 to 107.40
User [Guest] left forum on Tue Jul 11 21:55:55 EDT 2000
<lmarsh> everone froze?
<mrj> I'm here marsh
<Joe K> nope
<lmarsh> ok
<mrj> Frank?
<mrj> wyatt?
<wyatt> don't think so
<mrj> :)
<Joe K> Hope coffee freezes
<mrj> lol
<wyatt> me too
<mrj> good luck Joe
<lmarsh> : )
<Joe K> thanks
<Joe K> me and gary got into it today
<mrj> great
<Joe K> fundamental vs wyckoff
<Joe K> lol
<mrj> it needs to follow through huh Joe
<Joe K> well I just think it wont stop at 95
<Joe K> 2 cold fronts hitting brazil this weekend
<Joe K> spells more short covering before Fri
<Joe K> could be wrong
<Joe K> we'll see
<Frank>
<Joe K> garys probably trying to get back, buisy time on net
User [gary fullett /172.161.200.27] joined forum on Tue Jul 11 22:02:37 EDT 2000
<Joe K> speak of the devil
<mrj> 101.45 would be mid-point of trading range---a close above there would seem positive wouldn't it
<gary fullett> sorry... got locked up
<gary fullett> had to reboot
<Joe K> yes mr j
<gary fullett> i think decemeber coffee is going to 120
<gary fullett> that is what i was saying before I locked up
<Joe K> sept ?
<gary fullett> I think sept can trade back to the 103 area
User [Guest /204.119.225.75] joined forum on Tue Jul 11 22:05:19 EDT 2000
<Joe K> k
<gary fullett> okay Joe got it :)
<Joe K> I've had it
<Joe K> :)
<Frank>
<gary fullett> u know what I know :)
<gary fullett> question on daily coffe?
<Joe K> i know nothing
<gary fullett> about Demand
<gary fullett> sloping supoort line
<gary fullett> do u see the ice in this area?
<Joe K> y
<gary fullett> at todays highs?
<mrj> did volume support today's price action
<Joe K> y
<wyatt> mrj i would agree, i have 100.75
<mrj> thanks wyatt
<mrj> ok Joe
<gary fullett> volume was pretty good in cofee
<gary fullett> it was about 10 k
<Joe K> gary was volume in the 20's
<Joe K> 10 ???
<gary fullett> overall over 20k
<Joe K> ok
<gary fullett> in all contracts
<lmarsh>
<gary fullett> I was talking about sept
<Joe K> k
<Joe K> traitor
<gary fullett> but with july and dec
<gary fullett> do ui have a question Benedict Arnold Joe
<Joe K> nope i dont Judas
<gary fullett> now lets swing to the weekly chart on coffee
<gary fullett> :)lol
<Joe K> :)
<gary fullett> weekly is intresting as well
<gary fullett> do u see the weekly support at the 90 cent area?
<gary fullett> from last sept
<gary fullett> by the way it is interesting that coffee bottom in sept
<gary fullett> dec options may prove to do well along with sept
<gary fullett> see the po cent support from last yr?
<mrj>-><Frank> ok Frank
<gary fullett> 90
<gary fullett> yes it is interesting
<gary fullett> on the daily chart
<gary fullett> where was ice?
<wyatt> y
<gary fullett> 90 right
<gary fullett> it was weekly support
<gary fullett> daily ice
<Joe K> y
<gary fullett> interesting
<gary fullett> that is why u must look at daily weekly and monthly
<gary fullett> so e went under 90 support both on the daily
<gary fullett> and weekly
<gary fullett> look at the last 2 weeks
<gary fullett> it sprung that 90 cent level
<gary fullett> if the market can finish above
<gary fullett> 90 area it will be a spring :)
<gary fullett> so we can get a retest of the 88-92 area this week
<gary fullett> and then rally
<gary fullett> that would be ideal wyckoff
<gary fullett> rarely is it perfect
<gary fullett> but that area is support and to me
<gary fullett> that is where it should be bought
<gary fullett> okay Joe
<mrj> monthly and weekly still in downtrend, aren't they
<gary fullett> do u see this on the weekly chart?
<Joe K> growling
<gary fullett> Yes very much so Mr J
<gary fullett> daily as well
<mrj> y
<gary fullett> but I think that if the 90 area weekly
<gary fullett> holds the trend can turn up
<Joe K> even the hourly and minutely
<Joe K> lol
<mrj> lol
<gary fullett> joe would like to know when Folgers and maxwell house Buys
<Frank>
<gary fullett> Mr j
<gary fullett> the trend in coffee will be down really until the market gets above the
User [lmarsh] left forum on Tue Jul 11 22:16:52 EDT 2000
<wyatt>
<mrj> I have no idea :)
<gary fullett> 108 area
<mrj> as big as they are they can buy any time they please
<gary fullett> so it can be here accumalte and ttechnically be down
<gary fullett> and they do :)
<mrj> :)
<gary fullett> questions on coffee?
<mrj> n
<gary fullett> great
<gary fullett> I want to talk on the grains
<gary fullett> beans
<gary fullett> there was a question yesterday
<gary fullett> about the beans
<gary fullett> if they had a SC
<gary fullett> and I said the action ws okay
<gary fullett> not great
<gary fullett> and that the market needed
<gary fullett> to show more demnd
<gary fullett> and todays action
<gary fullett> proved that to be true
<gary fullett> that demand wasnt evident
<gary fullett> it retracred the whole rally
<gary fullett> so supply is still coming in to the beans
<gary fullett> so just because market action seemes to be positive
<gary fullett> the volume really needs to be there
<gary fullett> and cuase needs to be shown
<gary fullett> before it can be sustained
<gary fullett> that is why i was susspect
<gary fullett> o the rally yesterday
<gary fullett> what is important now
<gary fullett> is that 453
<gary fullett> area
<gary fullett> the low yesterday
<Joe K> y
<gary fullett> and monthly support from last yr
<gary fullett> they may take the market to the 440 area
<gary fullett> take out all the stops under support
<gary fullett> there are many stops under 450 in my opinion
<gary fullett> spring it
<gary fullett> people will think under 440 that 400 bucks is a given
<gary fullett> and everyone will get short
<mrj> the weekly continuation chart shows 446 1/4 as next level
<gary fullett> and this may lead to a buck rally
<Joe K> i think they are all allready short
<gary fullett> so they may sprinfg it about 10 cents under that mr j thank u
<Joe K> lol
<mrj>-><Frank> my oldest son is allergic to those dang things
<gary fullett> they funds will sell more under 450
<gary fullett> yes they are short and they will add
<gary fullett> so I would watch theseareas
<gary fullett> what is intereresting
<gary fullett> is that tomorrow there is a report
<gary fullett> so Key Day
<gary fullett> it is interesting
<gary fullett> that a report happens when a key area is approched
<Joe K> thats a yield report right
<gary fullett> that is how the cm can make a move
<gary fullett> and the public not be with him
<gary fullett> as many poeple get ut before a report
<gary fullett> yes Joe and I hope it yield me money
<Joe K> me too
<gary fullett> most people bearish
<gary fullett> so it will take a bearish report
<gary fullett> to sustain it
<gary fullett> if the market is bearish but not as bearish as expected
<gary fullett> the market will hold support and rally
<gary fullett> watch the action at syupport and about 10 cents underit
<gary fullett> markets tend to over shoot levels looking for stops
<gary fullett> judge markets by its action and reaction
<gary fullett> if it comes to a support it should react
<gary fullett> so 453 rea
<gary fullett> is critical
<gary fullett> if a market acts the way it should from support u can buy
<gary fullett> if not get out if long
<gary fullett> just because a amrket has support
<gary fullett> supports should be bought
<gary fullett> BUT if if doesnt act right
<gary fullett> or rally with good volume
<gary fullett> and price action u m must get out
<gary fullett> and vice versa
<gary fullett> on a breaking or weak market
<gary fullett> watch the reaction from resisatnce or support
<gary fullett> to tell u if u should Hold the position
<gary fullett> okay?
<mrj> the level of volume seems to have dropped significantly from four weels agp---supply may be drying up?
<gary fullett> I think so
<gary fullett> the market has been creeping
<gary fullett> it seems
<gary fullett> that they are selling
<gary fullett> but as the arket breaks
<Joe K> its hard to tell, comes in spurts
<gary fullett> hey get cautious
<gary fullett> Ithat is why i think they will spring it
<gary fullett> take out stops people will think 400
<gary fullett> and they will rally without them
<Joe K> makes sense
<gary fullett> so popel who want to buy at 400 wont be able to
<gary fullett> and poele who are short looking for 400
<gary fullett> wont get it either
<gary fullett> the CM fools them both
<gary fullett> and hat is what i think will happen
<gary fullett> that
<mrj> As Richard Schabacker would say " logical and with common sense"
<gary fullett> :)
<gary fullett> questions?
<mrj> :0
<mrj> :)
<Joe K> lol
<gary fullett> okay with that it is time for a shower for me
<gary fullett> and to walk the dog
<Joe K> k
<gary fullett> and have kelly continue on the deck :)
<Joe K> night guys
User [Joe K] left forum on Tue Jul 11 22:37:11 EDT 2000
<mrj> good nite Gary, Joe and Wyatt
<gary fullett> I will see you all tomorrow night
<wyatt> good night guys
User [mrj] left forum on Tue Jul 11 22:37:33 EDT 2000
<gary fullett> night sir
User [gary fullett] left forum on Tue Jul 11 22:37:36 EDT 2000