User [mrj /206.251.171.204] joined forum on Wed Jul 19 20:58:24 EDT 2000
User [Zack /206.71.111.188] joined forum on Wed Jul 19 20:59:16 EDT 2000
<Zack> hi mrj
<mrj> hey Zack
<Zack> I guess we're a little early
User [Guest /209.214.0.104] joined forum on Wed Jul 19 21:00:29 EDT 2000
<mrj> hi Guest
<mrj> they should be here shortly
<Guest> Good evening guys
User [Guest] left forum on Wed Jul 19 21:01:11 EDT 2000
User [Nagual /209.214.0.104] joined forum on Wed Jul 19 21:02:01 EDT 2000
<Nagual> Hiya all
<mrj> hi nagual
<Zack> Hi Nagusl
<Nagual> Joe says Gary will be a little late
<Zack> How'd you make out in coffee today Nagual?
<Nagual> Zack how are you doing with Gold?
<Nagual> I got long at 11450 and again at 10950.Average 11200 but have to see weather resuklts in the morning to get out or let it ride
<Zack> Gold broke support in the first 30 min. Dropped from 282 to 278
<Zack> Then bounced right back to 279 and cents and stayed there untill close
<Zack> Almost a strait line at just under former support (now resistance)
<Zack> Hig volume down--low volume rest of day.
<Zack> On a daily time frame I would guess you would call it a sell off folowed be an automatic reaction back to the lin
<Nagual> There is good divergence between price and daily stochastics but they have not crossed over yet
<Nagual> Mean Gold
<Zack> On a longer time frame I don't know if the volume was large enough to call it a sell off
<Zack> Looked more like M was trying to weed out some weak longs by running the stops
User [Capt /24.93.31.115] joined forum on Wed Jul 19 21:09:54 EDT 2000
<Capt> Hey all
<Zack> hi Capt
<mrj> hi Capt
<Nagual> hiya Capt
<mrj> Gary's going to be late Capt
<Zack> I would be interested to hear Gary's thought on todays action in Gold :)
<Capt> Seeing that Gary is late I'll let Mrj lead the class until Gary gets here--Take it away Mrj :)
<Capt> I didn't watch gold today Zack what did it do?
<mrj> thanks but I don't think the substitute is up it Afraind he mmight get thrown out of the class :)
<Capt> Yeah yeah yeah :)
<mrj> :)
<Zack> Busted support in opening 30 min from 282 to 278 immediately bounced back to 279 and cents (just under former support) and stayed there all day on low volume
<Zack> First 30 min was high volume
<Capt> Hmmmm
<Nagual> Coffee wise Sao Paulo will give me the hint at 09:00t forn NY openning.It is better guide than London's IMO
<Zack> Where do you get the Sao Paulo info from Nagual?
<Nagual> from my broker at Refco.I have Esignal real time quotes,Nasdaq Level II,etc but i have not got into finding out yet if i can get it there(Esignal(
User [Joe k /172.162.12.215] joined forum on Wed Jul 19 21:18:45 EDT 2000
<Zack> Hi joe
<Joe k> evening everyone
<Nagual> Hiya Joe KKKK
<Joe k> gary said he would be a tad late tonight
<Nagual> don't mean KKK as a redneck
User [Frank /63.160.52.220] joined forum on Wed Jul 19 21:19:53 EDT 2000
<Joe k> you guys in here talking weather ? lol
<Zack> kkkk--thats Joe Krazy Koffe Klux Klan :)
<Joe k> lol
<Nagual> roflmao
<Joe k> joes mad coffee is acting funny
<Joe k> wont let me get some
<Nagual> weather for monday expexted to drop -4
<Joe k> cool
<Joe k> literally
<Joe k> lol
<Joe k> Nagual, so what you think /
<Joe k> see a top ?
<Zack> That was Baaaad Joe :)
<Joe k> yup i know zack
<Joe k> Anyone want to talk Wyckoff ?
<Nagual> hard to tell.tomorrow will either go higher again depending oon thenews in the morn or retest that support at 11000 and 10800
<Joe k> agree nagual
<Joe k> thats why im respecting it here
<Nagual> wyckoff volume on pullbacks explain
<Joe k> Anyone ? Stab at it ?
<Nagual> i am at 11200 average
<Zack> Go for it Joe. You've been here longer than us
<Nagual> today's coffee vol at 12300 what does it mean in the pullback?
<Joe k> From best i know nagual, and I dont want to over step my boundaries
<Capt> Well have you had a buying climax yet
<Joe k> We have to look at volume around the key areas
User [mrj /206.251.171.198] joined forum on Wed Jul 19 21:26:04 EDT 2000
<Joe k> but
<Joe k> also, we have to consider
<mrj> puter crashed
<Joe k> July going off the board
<mrj> Hi Frank and Joe
<Joe k> consolidation
<Joe k> Hi Mr J
<Joe k> MR J help me out
<mrj> what on
<Joe k> Volume
<Joe k> and pullback
<mrj> in general or related to specific market
<Joe k> coffee
<Joe k> today
<Capt> you have to indentify that firsy then you will see a point of support then a retest etc. for classic type wyckoff
<Joe k> I was saying generally we watch it arround key points
<Joe k> yesterdays was more
<Joe k> wasnt it Nagual ?
<Nagual> like 25000
<Capt> oops part of my message got dumped
<Joe k> yes
<Nagual> today's 12000
<Frank> if you guys want to make the best of volumn use the total volumn from all outstanding futures contracts
<Zack>
<mrj> what was today's volume
<Joe k> i think the volume was more a so so factor today
<Nagual> 12300
<mrj> ok
<Joe k> today, what was important was a bounce off 110 to me
<Joe k> it went below
<Joe k> theyed tryto spring it
<Joe k> they meaning the cm
<mrj> what does the reduced volume fro today tell you
<Joe k> tried to shake some longs
<Frank> that is not specific wycoff but it works better than just one month
<Capt> could be buying climax
<Joe k> nothing really Mr j
<Joe k> Capt No
<Capt> why
<Joe k> BC happens on bigger volume
<Joe k> it would hit a higher mark
<Joe k> and poss even retest that mark
<Joe k> before coming off
<Capt> well then automatic return defined the bc
<Nagual> 12300 is a good volume in coffee,of course compared with yesterday's is not
<Joe k> I think this was simple consolidation
<Frank> hi mr j how are u tonight? took a pan of that pork and sausage jumbalia up too my brothers and they thought it was really good, and so did I
<mrj> great Frank
<Frank> buzz like too foundered
<Joe k> Nagual, I think yesterday, was the most Volume in a long time
<Nagual> correct
<mrj> what is the CM thinking
<Joe k> in what ? Mr J
<Zack>
<Nagual> how do you know the thinking of CM
<mrj> why did prices go up
<Joe k> the CM tried to shake longs today in coffee
<Zack> Same in Gold?
<Joe k> We know the CM doesnt like company
<Frank> what contract of coffee do u trade?
<mrj> prices went up the last few days why
<Joe k> The CM knows 114 looked good to everyone
<Joe k> The CM sprung it lower
<Nagual> in a way they did from 11905 close yest to today's low 10950
<Joe k> to shake some longs
<Joe k> consolidation day
<Frank>
<Joe k> chip chop
<mrj> wouldn't it be because of "news"
<Joe k> no
<Nagual> news are bullish
<Joe k> Wyckoff is non news event
<Joe k> NO NEWS
<mrj> so what did CM do
<Joe k> HE sprung it
<Joe k> down to 109
<mrj> we don't pay attention to news but others do
<Joe k> shook some longs
<Joe k> found a little demand
<Joe k> and then it closed
<Joe k> I follow the news
<mrj> Joe what news of late havbe you spoke about on ino
<Joe k> but I trade Technically
<Joe k> Weather
<mrj> great
<Joe k> cold fronts
<Joe k> But I dont trade it
<Joe k> If I did, Id be long and walk away
<mrj> so CM knew probably in advance who bought on this rally and who sold
<Zack> Gold lookes the same today. Joe , explain a little more about "springing it" please
<Joe k> Ok, 1st of all, Im no expert
<Joe k> but Gary asked me to take the class
<mrj> CM already had his longs
<Joe k> till he got here
<mrj> who did he sell to
<Joe k> so we can discuss 1 thing at a time
<Joe k> make sense ?
<Joe k> 1st question
<Joe k> Shoot
<Joe k> we can all answer this with wyckoff
<Nagual> news moved coffee bad monday gapped from 101 to 120
<Joe k> Ok, Nagual
<Joe k> NEWS ?
<mrj> who did CM sell to
<mrj> to those following news
<Nagual> weather news frost
<Joe k> I argued with Gary 5 hours about news
<Joe k> He was long before the frost came
<Joe k> why ?
User [Zack /206.71.111.188] joined forum on Wed Jul 19 21:41:30 EDT 2000
<Nagual> if there was not frost monday you think it would've gapped brutally?
<Joe k> here me out
<mrj> weather news was catalyst for CM to initiate upmove to attrack the rest of us to jump aboard
<Joe k> Ive argued this point
<Joe k> exactly
<Zack> Sorry. ISP kicked me off
<Joe k> mr J
<Joe k> The CM uses the news
<mrj> he sold on the way up to those buying in based on news
<Nagual> i thought they do not
<Joe k> No for instance Nagual
<Joe k> if I sold now, because I know I can get to a point where you will buy
<Joe k> who benefits
<Joe k> me
<Joe k> right
<Joe k> the CM
<Joe k> because Im selling down, then buying with ya
<Joe k> and forcing shorts to cover
<Joe k> thus
<Joe k> creating greater demand
<Joe k> something I wanted in the first place
<Joe k> see the CM
<Joe k> is atrickster
<Joe k> a trickster
<Zack>
<Joe k> he knows
<Nagual> why to get prices where they want to get long again?
<Joe k> nobody has the money to mess with him
<Joe k> because then he has 2 additional things
<Joe k> 3 actually
<Joe k> Cause
<Joe k> short covering
<Joe k> and fresh demand
<Nagual> Cause ?
<Joe k> makes his bullishness even greater
<Joe k> yes cause
<mrj> cause has not been developed
<Nagual> Cause is what?
<Joe k> whenever a market is stuck
<Joe k> in a range
<Joe k> like a ping pong ball
<mrj> a trading range Nagual
<Joe k> bouncing back and forth
<Joe k> its building cause
<Nagual> that's cause here in wyckoff
<Joe k> to break out
<mrj> that follows Selling Climax
<Joe k> it does both
<Joe k> Cause can be found in 3 areas
<Joe k> maybe more
<Joe k> range
<Joe k> at the end of BC or SC
<Joe k> and in consolidation
<Nagual> got it
<Joe k> markets cant gostraight up
<Joe k> markets go up, and sideways
<Joe k> or down and sideways
<Joe k> builing cause along the way
<Joe k> to move greater
<Joe k> thats why gary isnt seeing 175 coffee here
<Joe k> we havent built enough cause at present levels to surge that high
<Nagual> vertical moves correct the same way.Iprefer 45 degrees trend
<Joe k> because you know them better
<Joe k> and they work
<Joe k> right ?
<Nagual> coffe at 70 degree
<Joe k> Nagual look at horizontal levels today
<mrj> the up move in coffee is an emotional one based on preceived damage to coffee trees,etc.
<Joe k> yes and no
<Joe k> generally yes
<Nagual> horizontal will be your cause or consolid
<Zack> Joe is there any measurement that can be used for the relationship of time building cause to anticipated movement of price?
<Joe k> yes
<Joe k> we cant look at a clock
<Joe k> we have to look in time frames
<Joe k> daily
<Joe k> weekly
User [Capt /24.93.31.115] joined forum on Wed Jul 19 21:53:25 EDT 2000
<Joe k> monthly
<Joe k> Monthly we can see the CM is long term bullish
<Nagual> wyckoff does not use open interest?
<Joe k> no
<Joe k> but Volume is similar right ?
<Joe k> Heres a good example of the CM
<Frank>
<Joe k> like in BEANS
<Joe k> nov beans
<Zack>
<Joe k> today we got a little demand
<Joe k> but the cm may want more
<Joe k> so Gary said, he may send a probe out there
<Joe k> and he did
<Joe k> remember lower 540's ?
<Joe k> then a reaction
<Joe k> little bit
<Joe k> not huge volume
<Joe k> so he may go fishing again
<Joe k> Remember
<Joe k> he doesnt like company
<Joe k> his job is to chop up bears and bulls
<Joe k> make em all crazy
<Joe k> who is the Cm ?
<mrj> got to go good night guys good trades tomorrow
<Joe k> ok mr j
User [mrj] left forum on Wed Jul 19 21:58:22 EDT 2000
<Joe k> sorry gary aint here
<Capt> nite mrj
<Joe k> Who is the CM ?
<Zack> The movers and shakers of the market
<Joe k> that greater force in the know
<Joe k> yes
<Joe k> hes well informed
<Joe k> think he dont have top level frost news ?
<Joe k> the best
<Joe k> and before us
<Zack> Or embelish it :)
<Joe k> Why would NY close short before a long weekend ?
<Joe k> in coffee ?
<Joe k> Why ?
<Joe k> can we hurt the CM ?
<Joe k> come monday ?
<Nagual> they knew nothing weather thretening
<Joe k> I think so Nagual
<Joe k> like remeber July 4th
<Joe k> long weekend
<Joe k> he went home short
<Joe k> and slept
User [gary fullett /152.175.210.27] joined forum on Wed Jul 19 22:01:59 EDT 2000
<gary fullett> good evening
<Joe k> thank God
<Nagual> hiya gary
<Zack> hi Gary
<Joe k> lol
<Capt> hey Gary
<Joe k> talking volume and CM in coffee
<Joe k> im bowing out
<Nagual> great job joe
<Joe k> thankyou
<Zack> Good job Joe
<gary fullett> I hoped u talked well on coffee
<Joe k> gary ?
<Joe k> ok making sure your there
<gary fullett> Soory i m late just walked in visting my aunt
<gary fullett> since we are talking coffee
<gary fullett> are there questiosn for me
<gary fullett> or did u exhaust them
<gary fullett> ?
<Nagual> pull backs and volume
<gary fullett> interesting day in coffee with 114 holding earlt
<gary fullett> then taking out th sell stops
<Nagual> 12300 volume
<gary fullett> yep volune was about 123
<gary fullett> 12,300
<gary fullett> that is correct
<gary fullett> that was 123 in sept
<gary fullett> over all it was 18,700
<Joe k> gary he wants to know how we can understand yolume on a day like this
<Nagual> right sept
<gary fullett> I watch every tick
<gary fullett> so i know :)
<Joe k> with CM intentions
<gary fullett> did u have a question on it
User [LateComer /172.143.128.23] joined forum on Wed Jul 19 22:07:03 EDT 2000
<Joe k> no
<gary fullett> I see you mentioned pullbacks and volume
<Nagual> how do you know the Cm intents in a day like today in ref to vol
<gary fullett> volume was fairly heavy today huh
<gary fullett> ah great queston!!
<Joe k> yes
<gary fullett> only my clients know !!!
<gary fullett> seriously
<gary fullett> that is a great question
<gary fullett> lets talk about coffee
<gary fullett> then I will talk about amrket behaivor
<gary fullett> and tomorrow back to other charts
<gary fullett> lets talk about what we knopw okay
<Zack>
<gary fullett> was yesterday
<gary fullett> a bullish or bearish day?
<Joe k> big volume bullish
<LateComer> <Enter Text Here>
<gary fullett> why does big volume say bullish?
<gary fullett> lets disect this okay?
<gary fullett> class this example is just not for coffe but in any market
<Nagual> big volume accompanied rising prices
<gary fullett> but snce coffee is a great example
<gary fullett> we will talk about that
User [Frank] left forum on Wed Jul 19 22:10:14 EDT 2000
<gary fullett> correct was does that say ?
<Joe k> demand was created
<gary fullett> is big volume and big price action always bullih?
<gary fullett> demadn was created at the 84-96 area
<Joe k> no
<gary fullett> not at 115
<gary fullett> correct joe not always bullish
<gary fullett> why>?
<Joe k> canbe bearish too
<Joe k> volume runs both ways
<Nagual> if prices decline accomp by volume
<gary fullett> okay let me explain
<Joe k> k
<gary fullett> the cm doesnt like comapny
<gary fullett> right
<Nagual> so 12300 good volume declin prices
<gary fullett> wasnt a bearish day today
<Capt>
<Zack>
<gary fullett> so the cm buys on breaks remeber
<LateComer>
<gary fullett> so he bought from the 84-96 area
<gary fullett> that was DEMAND
<gary fullett> that i spoke of
<gary fullett> then "news " came out
<gary fullett> what was the "news "
<gary fullett> frost right
<gary fullett> ?
<gary fullett> so that let
<Joe k> frost
<Capt> y
<gary fullett> the market rally
<gary fullett> 122
<gary fullett> so nice profits for him huh
<gary fullett> at least 20 cents
<gary fullett> so when the "news came out
<gary fullett> what do u think the Cm didi?
<gary fullett> did?
<Nagual> sold
<Capt> started to sell
<gary fullett> I bet u r right
<LateComer>
<gary fullett> I told some here when they asked me a target i said 120 in decmeber
<gary fullett> it went to 124 yesterday
<gary fullett> so the C, sold into the sharp raly yeterday
<gary fullett> but the market closed well didnt it?
<Joe k> y
<LateComer>
<gary fullett> the Cm did sell some of his longs not all
<gary fullett> what do u think the small specs
<gary fullett> did?
<gary fullett> they went home long
<Joe k> got long
<Nagual> bought
<gary fullett> dont u think the CM knew this
<gary fullett> yep
<Joe k> yes
<gary fullett> so he was able to sell at great prices
<gary fullett> and coffee was in weak hands :)
<gary fullett> locals in the pit
<Zack>
<gary fullett> and small spec with funds
<gary fullett> on the close long
<gary fullett> he "knows the market is going highe
<gary fullett> but he doesn like comapny
<gary fullett> so what does he do
<gary fullett> he opens the market lower
<gary fullett> hmmmm today !!!!
<Nagual> so they shok smallones today?
<gary fullett> and immediatly goes to where it is obvious support
<gary fullett> where was that?
<Nagual> 114
<gary fullett> nagula getting there :)
<gary fullett> sorry nagual
<gary fullett> sp
<Nagual> spmeans?
<gary fullett> right
<gary fullett> mispelling
<gary fullett> of you name sorry
<Joe k> lol
<gary fullett> sp means spelling
<gary fullett> what was the low
<Joe k> 109.50
<gary fullett> in the first half hour
<gary fullett> 11350 right
<gary fullett> No Joe
<gary fullett> 11350
<Joe k> sorry
<gary fullett> then what did the cm do
<Joe k> bought
<gary fullett> he cnducted a rally to the high of the day giving the popel who bought the close
<gary fullett> yesterday the "hope"
<gary fullett> of making money
<gary fullett> then he dropped the market
<gary fullett> to 11200
<gary fullett> then conducted another fake rally
<Nagual> and gave hope again
<gary fullett> to give hope
<gary fullett> correct
<LateComer>
<gary fullett> and then what
<gary fullett> made news lows
<gary fullett> at 10900
<gary fullett> I said under 114
<gary fullett> suppoty ws 11200
<gary fullett> then 108
<gary fullett> the closing was very interesing
<gary fullett> when the market broke under 112
<gary fullett> nd made news
<gary fullett> new lows
<gary fullett> where do u think people had stops
<gary fullett> under that level
<gary fullett> so the CM cleaned them out
<gary fullett> and went to 109
<gary fullett> discouring
<gary fullett> the longs
<gary fullett> the close was a raly for 300 points
<Nagual> who bought then at 10900
<gary fullett> who do u think bought that?
<gary fullett> THE CM
<Joe k> cm
<Zack>
<gary fullett> because he knew 108-103 is key
<gary fullett> he doesnt careif the amrket goes to 103
<Joe k> sells and buys at HIS price
<gary fullett> he buyd more
<gary fullett> remeber he bought 84-96
<gary fullett> and sold 114-120
<gary fullett> so anything he replaces from 109-and lower is wonderful
<gary fullett> makes sense?
<Joe k> yes
<Zack> y
<Capt> y
<gary fullett> I want to talk aboit ranges and the volume since nagual asked
<gary fullett> what was the ranged today?
<gary fullett> and volume
<gary fullett> because wyckoff is about range and volume
<Nagual> 700
<Joe k> Gary, why doesnt the CM let everyone, including himself, just take it higher, and then sell
<gary fullett> on a pullback u would ideally want to see
<gary fullett> lighter volume
<gary fullett> and
<gary fullett> smaller ranges
<gary fullett> indicating supply not enetring
<gary fullett> but because we are volitile that may not hold true
<Joe k> 6 cent range today
<Joe k> wasnt it
<Nagual> 7 joe
<gary fullett> because he doesnt want comapny
<gary fullett> joe
<Joe k> k
<gary fullett> he wants to discourage buying
<Joe k> ok ok
<gary fullett> right nagual
<gary fullett> what was the range yesterday
<gary fullett> by the way
<Joe k> 18
<gary fullett> the high volume
<Joe k> ?
<gary fullett> yesterday
<Nagual> 2195
<gary fullett> the cm knew the public was buying
<gary fullett> he neeed to
<Nagual> sorry
<gary fullett> discourage that so he broke it today
<Nagual> 8
<gary fullett> too many longs enetered yesterday
<gary fullett> needed to shake them out
<gary fullett> 8 cents was the range
<Joe k> what do you fore see tomorrow
<gary fullett> about 20 witht he gap
<gary fullett> I see the sun tomorrow
<Joe k> lol
<Nagual> no comprende 20 gap
<gary fullett> I am getting there
<Joe k> CM wise ?
<Joe k> k
<gary fullett> that is on my 900 number :)
<Joe k> lol
<Zack>
<gary fullett> what was settlement
<gary fullett> on monday?
<Nagual> 11175
<gary fullett> not today
<gary fullett> on monday
<Nagual> 11905
<gary fullett> before the gap yesterday
<gary fullett> sept?
<Joe k> 90 something
<Nagual> sorry again
<Joe k> 93
<gary fullett> joe stop drinking
<Joe k> somewhere arround there
<Nagual> 10135
<Joe k> burp
<Joe k> sorry
<gary fullett> right Nagual
<gary fullett> what was the high
<gary fullett> 12200
<Joe k> 103
<Nagual> 104
<gary fullett> over a 20 cent range
<gary fullett> with the gap
<gary fullett> yeMonday the market closed
<gary fullett> at 10135
<gary fullett> the high was 122
<gary fullett> 12200 minus -10135
<Nagual> on tuesday
<gary fullett> is that 20 cent gap i am talking about
<Capt>
<Joe k> k
<Zack>
<gary fullett> understand?
<gary fullett> okay
<Nagual> 2065 gap
<gary fullett> so the Cm needed to get out the weak longs
<gary fullett> u can also tell what the market will do
<gary fullett> by watching options
<gary fullett> 2065 range
<gary fullett> the sept
<gary fullett> 105-110 call spread
<Nagual> so you think they got rid of them today?
<Joe k> weaker ones some
<gary fullett> if you were long the 105 call and short the 110 call do u think u made money yesterday
<gary fullett> it is a bull spread
<Joe k> yes
<gary fullett> what do u mean got rid of them?
<Nagual> of the weak longs
<gary fullett> that spread LOST money on a large rally
<gary fullett> becasue the "knew"
<gary fullett> the market would break today
<gary fullett> yes nagual
<gary fullett> the weak longs got out
<Joe k> oh i got ya
<gary fullett> now we know what happened the last 2 days and were right
<gary fullett> our job
<gary fullett> is to amke money tomorrow
<Zack>
<gary fullett> we trade futures
<Nagual> y
<gary fullett> when a market is bullish
<gary fullett> it is normal to have a 3-5 day pullback
<gary fullett> when the amrket is VERY bullish
<gary fullett> only a 1-3 day pullback
<gary fullett> did coffee pullback today?
<gary fullett> yes it did
<Nagual> big
<gary fullett> i think coffee at this stage can be very bullish
<gary fullett> so I would expect coffee to pullback 1 -3 days
<gary fullett> u asked what ideally should happen?
<Joe k> yes
<gary fullett> A BREAK TO THE 13020 AREA
<gary fullett> 10320
<gary fullett> maybe a spring
<gary fullett> and a rally to close above 114
<gary fullett> or higher
<Joe k> I would like that
<Zack> Spring?
<gary fullett> either tomorrow
<gary fullett> or friday
<gary fullett> nw
<Nagual> you mean 10320
<gary fullett> they may discourage poeple close the markey about here on friday
<gary fullett> consolidate
<gary fullett> discourage longs
<gary fullett> and massively gap on Monday
<gary fullett> spring
<Joe k> GARY, wouldnt it make more sense to do it Thur, because Fri is a weekend position ?
<gary fullett> zach is hen a market penetrates
<gary fullett> support and jumps up from it
<gary fullett> nope
<gary fullett> because people will hold into friday
<Joe k> because CM dont care right ?
<gary fullett> so if they rally on riday poeple will hold on
<gary fullett> they want your money
<Joe k> yes
<gary fullett> of curse they dont care
<gary fullett> they care that u r wrong
<Joe k> yes
<gary fullett> so they may close at 104
<gary fullett> n friday
<gary fullett> and gap above 122 on monday
<gary fullett> watch the range tomorrow
<gary fullett> if the market is to break it should be controlled
<gary fullett> smaller range less volume than today
<gary fullett> smaller range
<gary fullett> less volume
<gary fullett> indicates les supply ordselling pressure
<gary fullett> that is what the Bulls want
<gary fullett> the ranges should increase on the up with volume
<gary fullett> but u dont want to see heavy volume
<gary fullett> and veruy wide ranges
<gary fullett> the public will get in
<gary fullett> and the cm doesnt likre that
<gary fullett> did I answe u joe and nagual?
<gary fullett> questions?
<Joe k> yes
<Joe k> say we open up 8 cents tomorrow
<Nagual> yes so tomorrow is best to exit even at a small loss and reentry later on?
<Joe k> we actually want to see the cm take us down here right
<gary fullett> as i mentioned yestersay
<gary fullett> and today
<gary fullett> I ould maintain a light long postion
<gary fullett> if u can afford it
<gary fullett> other wise
<gary fullett> i would buy between 108-103
<gary fullett> dependiing on the action
<gary fullett> I may buy above 114
<gary fullett> it depends on the action
<gary fullett> I am not one
<gary fullett> to predict
<gary fullett> the action in a sense
<Nagual> you were saying tomoorow if it opoens 8 cents
<gary fullett> if the amrket acts right I am Long
<gary fullett> if not I wait
<gary fullett> today for example
<Zack>
<gary fullett> 114 was ideal for a scalp not to hold as u could buy later
<gary fullett> 8 cents?
<gary fullett> higher or lower?
<Nagual> CM always sell big resistances?
<Joe k> higher
<gary fullett> I had a great feeling today we would struggle all dya
<gary fullett> I mentioned this to someone in class
<gary fullett> YES
<gary fullett> nagaul but not his whole postion
<gary fullett> he may buy 100 contracts and sell 50 only
<Joe k> but as we struggle, its really consolidation, and thats good
<gary fullett> if 8 higher
<gary fullett> I think I would buy that
<gary fullett> 8 lower
<gary fullett> I would buy at 98 area
<Nagual> but a small specis best to get rid of all positions and reenter later on
<gary fullett> stop under 93
<gary fullett> yes very true nagaul
<gary fullett> i buy support and sell resistance
<gary fullett> so if feel we are closer to a bottom to a top
<gary fullett> i would hold on
<gary fullett> and noot get out
<gary fullett> but if u are in the mid of a rang
<gary fullett> get out and reposition
<gary fullett> I was aksed if I ould go home long coffee
<gary fullett> tonight
<gary fullett> I said that the only thing bullish
<gary fullett> about the action was the late 3 cent
<gary fullett> rally on the close
<gary fullett> and that is good
<Zack> A question on Gold action today, please Gary?
<gary fullett> but we may retest tomorrows low and dip underit
<gary fullett> or gap above 114
<gary fullett> and retest 22
<Nagual> but might be false hope again from CM for small ones
<gary fullett> 1 sec zach okay
<Zack> k
<gary fullett> zack sp sorry
<gary fullett> not generally on the second day if strong
<gary fullett> but they may discourage longs yes
<gary fullett> I watch market action then make a descion
<gary fullett> I dont nec
<gary fullett> try to predict what the markt will do even though I have target
<gary fullett> I think coffee can test 150 area
<gary fullett> so the cm can drop it 10 cents for a 50 cent move:)
<Nagual> but not before retracing to 104 or so
<Joe k> ideally
<gary fullett> today could have been that retrace
<gary fullett> remeber the market broke 13 cents from the high
<gary fullett> 122 to 109
<Joe k> thats true
<gary fullett> the cm doesnt care to be wrong for 20 cents if he KNOWS
<gary fullett> a 50 cent move will happen
<gary fullett> he has tons of money
User [Capt /24.93.31.115] joined forum on Wed Jul 19 22:53:04 EDT 2000
<Nagual> about 625 from that range of 2035 you spoke beforre
<gary fullett> I would prbabaly buy the 103-108 area tomorrow depening on the action
<Nagual> 62% i mean
<Capt> Did you see the lean hog chart? It is a good wyckoff example. Got on board today and rode it down for 135 points oops it wasn't coffe
<gary fullett> or I would buy a higher pening
<Zack>
<Capt> nite all
<gary fullett> correct nagual
<gary fullett> good night capt
<gary fullett> good trade went to resistance
<gary fullett> I hpe u had 10 on
<gary fullett> other questions on cofee
<gary fullett> I will talk about wyckoff principles tomorow
<gary fullett> with cofee so u can undertand the mechanics
<gary fullett> zack question please?
<gary fullett> on gold?
<Nagual> thanks Gary
<Zack> Gold dropped from 282 to 278 in opening thirty min
<gary fullett> yep
<gary fullett> nagual u r welcome
<gary fullett> I am online all day if u want to discuss coffee
<Zack> popped back to just under 280 resistance 279 and stayed ther all day long.
<Nagual> tks
<gary fullett> I hope it helped
<gary fullett> yes zack
<Zack> Was this is bfeak on the downside or just to shake out the ewak lonGS?
<Zack> weak longs
<gary fullett> I think gold went to support
<gary fullett> and may go to the 276
<gary fullett> longer term I am bullish
<gary fullett> I think gold is in a range
<gary fullett> and is accumalting
<gary fullett> and we are going to the bottom og the range
<gary fullett> needs to get over 288 to be bullish
<gary fullett> i mentioned this yesterday
<gary fullett> silver abovve 511
User [joe k /172.133.121.23] joined forum on Wed Jul 19 22:58:42 EDT 2000
<gary fullett> I was able to sell gold for cliennst yestersay
<gary fullett> looking for this action
<joe k>
<gary fullett> so yes I think the break is to discourage longs
<gary fullett> does that help zack?
<Zack> Yes. Thanks Gary
<Zack> Not enough volume for a selling climax?
<gary fullett> I thought it did act like one earlier
<gary fullett> but not rally after review
<gary fullett> I think we need to g o lower first
<Nagual> Consolidation occur after SC doesn't it ?
<gary fullett> i think 276 may be tested
<Nagual> or automatic rally
<gary fullett> after a SC u will see an autoamatic
<gary fullett> rally
<gary fullett> then a retest of the SC
<gary fullett> then consolidation
<gary fullett> sideways trading to build casue
<gary fullett> cause
<gary fullett> understand that nagual?
<gary fullett> important
<Nagual> yes
<Zack> Thanks. That helps a lot
<Nagual> SC then AR then retesSC and cause
<gary fullett> if u contact me
<gary fullett> and are interested in gold
<gary fullett> I can help
<gary fullett> so u can place an order with you broker when the SC occurs
<gary fullett> YES Nagual beautiful
<Zack> Was planning on contacting you anyway. Need a new broker!
<gary fullett> does that help zack
<gary fullett> Im not a broker
<gary fullett> :)lol
<gary fullett> yes I amthough i hate the term
<gary fullett> I love trading
<gary fullett> and helping peple make money if I can
<gary fullett> there is ridk but I try to elimate that
<joe k> pretty good fills for an old fart
<joe k> lol
<Zack> Advisor? Farther confessor?
<gary fullett> who u calling an old fart?
<joe k> lol
<joe k> woops
<gary fullett> this is a war folks
<gary fullett> our enemy
<gary fullett> is the market
<Zack> Hey, I thought that was my moniker
<gary fullett> we must be focused
<gary fullett> and listen to the market
<gary fullett> the market talks we must listen
<gary fullett> watch market action
<gary fullett> volume
<gary fullett> prie action
<gary fullett> buy support sell resistance
<gary fullett> think like big money
<gary fullett> if u play basketball u
<gary fullett> pattern yourself like micheal joran
<gary fullett> if u trade trade like the BEST
<gary fullett> udot jones
<Nagual> Coffee i forgot to ask:possibilityn for a gap down tomorrow?
<gary fullett> Richard Dennis ect
<joe k> lol
<gary fullett> after the close tomorrow nagaul i would tend not to think so
<gary fullett> I will give u sevral
<gary fullett> scernrios
<gary fullett> if we gap 200-330 higher
<gary fullett> the amrket will be sold
<gary fullett> if we open up 600-800 higher we shouild fly
<gary fullett> if e open up unchanged we will attempt to rally
<gary fullett> and brak to suport
<gary fullett> whew lots of choices
<gary fullett> the reason why a 200-330 point gap will prob be sold
<gary fullett> because it wont be strong nough to attract buyers
<gary fullett> and the cm will sell to discourage sellers
<Nagual> brake the rsistance you mean if uopen unchangesd
<gary fullett> I think 114-116 will be critical
<gary fullett> id we pen unchanged
<gary fullett> I think
<gary fullett> 106-108 is important
<gary fullett> I think if we make new lows it should be bought
<gary fullett> not today
<gary fullett> but tomorrow
<gary fullett> but I have to watch market action
<gary fullett> it is hard to say what will happen
<gary fullett> but my exp
<gary fullett> and pit exp
<gary fullett> tells me
<gary fullett> what i told u
<Nagual> 600/800 points gap up it would fly but best to sell it at resistances
<gary fullett> if u call or contact me I can help
<gary fullett> at 122
<gary fullett> noit before
<gary fullett> 120-122
<gary fullett> if we open
<gary fullett> 118
<gary fullett> i think willc an test 122-126
<gary fullett> 12565
<gary fullett> is my next ressiatnce above 122
<gary fullett> support
<gary fullett> 108
<gary fullett> support 10350
<gary fullett> rresisatncre 114
<gary fullett> 116
<gary fullett> 122
<gary fullett> 12565
<gary fullett> does that help
<Nagual> y
<gary fullett> but I can tell alot more
<gary fullett> by the first half hour
<gary fullett> nagual
<gary fullett> and others can u stay a few more minutes
<gary fullett> I think it maybe review
<Nagual> y
<Zack> y
<gary fullett> for othrs though
<gary fullett> the opening range
<gary fullett> is generally the high or the low for the day
<joe k> y
<gary fullett> very very important statement
<gary fullett> do u understand that
<Zack> y
<joe k> y
<gary fullett> what was the opening in coffee today?
<Nagual> mean from first half an hour?
<gary fullett> yes gen
<joe k> extreme support and resistance
<Nagual> 116
<gary fullett> within a few hundred dolloasr
<gary fullett> right nagual
<gary fullett> what was the high?
<Nagual> 116
<gary fullett> RIGHT
<gary fullett> do u see what I mena
<gary fullett> mean
<gary fullett> high of the day opening
<gary fullett> that is why I hestited staying long
<gary fullett> intraday
<gary fullett> tomorrow whatch for that
<Nagual> confused a little
<gary fullett> okay
<gary fullett> confused on?
<Nagual> 30 minutes you take ?
<Zack>
<gary fullett> so let say the first 15 min
<gary fullett> or so the high is 116
<gary fullett> that is either the high or the low
<gary fullett> the pit traders
<gary fullett> use thje opening ranges as thier pivot point
<gary fullett> they buy above it
<gary fullett> sell under it
<Nagual> after 30 minutes
<gary fullett> 15030 minutes generally nagual
<gary fullett> the opening in coffe
<gary fullett> was 116
<gary fullett> buy above it sell under it
<gary fullett> that is what they did today
<Nagual> got it i usually wait one hour but i noticed is too long
<gary fullett> the pening reflects the cm to open the market based on overnight 'news
<gary fullett> then the pit and forces take over
<gary fullett> yep too long
<gary fullett> shorter time frame
<joe k> dang its getting deep in here
<joe k> woo hoo
<gary fullett> do u have live quotes nagual?
<Zack> phd
<Nagual> advise from Nick Van Nice
<Nagual> y
<gary fullett> he folowed wyckoff then :)
<gary fullett> so u can tell the opening range
<gary fullett> otherwise call your broker
<gary fullett> nick van nice is smart
<gary fullett> and corrct
<gary fullett> I have 1 our delayed :)
<gary fullett> 1 hour
<Nagual> i have real quotes
<Zack> lol
<joe k> lol
<gary fullett> Ihave end of day quotes lol "_
<joe k> lol
<gary fullett> no I have real time
<gary fullett> sorry for joking long day :)
<joe k> i have real time
<Nagual> need that
<gary fullett> u do joe?
<joe k> its Gary
<joe k> lol
<gary fullett> yeah and my hands are tired
<gary fullett> any other questions?
<joe k> nagual use to give me quotes too Gary
<joe k> lol
<joe k> im a mooch
<Nagual> 15/30 minutes watch not an hr
<gary fullett> still needd to do my charts from today
<gary fullett> yes I think so nagual
<Zack> lots of questions. But later :)
<gary fullett> he should charge u
<gary fullett> call or email zack
<gary fullett> it is a free email and a free call :)
<gary fullett> dont even have to be a client
<Nagual> he owes me a bottle of Glenlivvet
<joe k> yes i do
<gary fullett> where do u live nagual?
<Nagual> Miami
<joe k> hes East Coast like me
<gary fullett> so it is alocal call to joe in NC :)
<joe k> no
<gary fullett> lol :)
<gary fullett> only 2 states
<Zack> Oregon for me. Big time difference
<joe k> Im in NC man
<Nagual> been in coffee all my life.farming etc,processing well my family
<gary fullett> u r just having dinner huh zack
<joe k> wow your over there Zack
<gary fullett> I trade lots of coffee
<gary fullett> have a client that traded 30-50 lots
<gary fullett> 3-5 times a day
<gary fullett> I love trading it intraday
<Zack> Have to rush to finish in time to join chat :)
<gary fullett> chat?
<gary fullett> oh dinner I see
<gary fullett> where is your farmin at nagual?
<gary fullett> farming?
<Nagual> Colombia
<gary fullett> I had an office in Bogata
<gary fullett> they had some large traders there
<joe k> Mountain grown !!!
<gary fullett> folgers :)
<gary fullett> good to the last drop
<joe k> lol
<gary fullett> I am serious about that office
<Nagual> I am from Manizales right in the heart of the coffee zone"Eje cafetero"
<joe k> Did you 2 start trading coffee when you first traded ?
<gary fullett> yes I did caught the move to 270
<gary fullett> do they grow more than brazil?
<Nagual> not me personally.I 've done stocks for a long time now
<gary fullett> in your region
<gary fullett> okay
<gary fullett> well I need to do charts
<Zack>
<Nagual> no way but it is the biggest producer for colombia
<gary fullett> i still do them by hand
<joe k> Columbia second largest producer in the world, but Vietnam is close behind
<gary fullett> thanx
<Nagual> robusta
<gary fullett> I always follow that news Joe :)
<joe k> yes
<joe k> not news
<Nagual> no robusta in colombia
<gary fullett> I dated a girl by that name Robusta
<joe k> coffee knowledge
<joe k> lol
<Nagual> means fat
<gary fullett> I know :)\
<gary fullett> she was too :)
<joe k> conillion
<Nagual> her boyfrien Conillion
<gary fullett> Robusta roberta :)
<joe k> lol
<joe k> tomorrow should be very interesting
<Zack> Too much :) Gotta go. Thanks Gary and you too Joe
<gary fullett> okay need to do charts see u tomorrow?
<gary fullett> thanx joe for filling in
<joe k> ok guys goodnight
<joe k> anytime
User [Zack] left forum on Wed Jul 19 23:32:29 EDT 2000
<joe k> hope i did ok
<gary fullett> I wll be here if anyone needs me tomorrow
<Nagual> nite all and tks
<gary fullett> good night :)
<gary fullett> my pleasure
User [gary fullett] left forum on Wed Jul 19 23:32:54 EDT 2000
<joe k> we'll be holering at ya
<joe k> what ya think ud
User [Nagual] left forum on Wed Jul 19 23:34:43 EDT 2000
User [joe k] left forum on Wed Jul 19 23:34:47 EDT 2000