User [gary fullett /24.240.192.12] joined forum on Thu Aug 16 21:15:42 EDT 2001
<George> it is a lot of hard work and patience
<Zack> Hey Gary
<Gerry> Hi Gary!
<gary fullett> good evening everyone
<George> Gary has helped me a great deal
<gary fullett> how is everyone tonight
<eddie> hi Gary
<George> richer
<Zack> Congratulations on a great S&P retest call--right on the dot :):)
<Zack> Gary is da man :)
<gary fullett> whlucky guess on support
<gary fullett> lucky
<gary fullett> not whluky LOL
<gary fullett> was a perfect retest
User [scott] left forum on Thu Aug 16 21:17:10 EDT 2001
<Zack> Good reaction also
<George> who's going to wear the pointy cap tonight? ok I will
<gary fullett> zack designates it
User [scott /209.208.58.180] joined forum on Thu Aug 16 21:17:49 EDT 2001
<gary fullett> so whom ever he thinks worthy wears it
<Zack> You made the money George--you can wear the cap :):)
<gary fullett> welcome scott
<frank> since I am new it will likely be me
<George> Gary I came out good on the bp today
<gary fullett> U did?
<gary fullett> No frank
<scott> hi gary
<gary fullett> zack wears it mostly
<gary fullett> and he has the most exp
<gary fullett> welcome frank
<George> yes already got my statement
<gary fullett> please ask any and all questions
<frank> thanks
<Zack> No frank--newbies here are very welcome--don't wear the pointy cap untill they deserve it :):)
<gary fullett> scott is this your first time as well?
<gary fullett> and we all deserve it at times
<gary fullett> :)
<scott> third time
<scott> this week
<gary fullett> I will begin in a few minutes
<scott> i need a life
<scott> lol
<gary fullett> I want to go over wyckoff principles tonight
<gary fullett> me too scott
<gary fullett> 3 times a week for 5 yrs :)LOL
<gary fullett> if you all dont mind
<George> k
<gary fullett> but if u came back scott maybe you like this
User [GaryD /64.192.229.17] joined forum on Thu Aug 16 21:20:33 EDT 2001
<George> hey gary d
<eddie> Gary, I read the archive from last night and have a ?
<Zack> Hey GaryD
<gary fullett> I want to talk on horizonatl support
<gary fullett> and why it is significant
<scott> youre a real humainitarin gary
<GaryD> Hi everyone
<gary fullett> and price action and volume more
<Gerry> hi
<gary fullett> naw I love this stuff so I am devoted
<gary fullett> hi gary did u see the low in the s and P today?
<Zack> Ask away eddie
<eddie> I f price movement up is small and volume is relatively high it means the CM is probably selling?
<gary fullett> whew!!
<gary fullett> generally Yes
<gary fullett> But it depends on the trend
<gary fullett> amnd where the market is at
<gary fullett> but generally yes
<gary fullett> I call it stuffing action
<gary fullett> brb
<Zack> frank--hit enter every once in a while to avoid being disconnected from the chat :)
<eddie> I thinks that's the first time I heard you say that so I was just making sure
<George> Gary what does IMHO mean?
<frank> .
<Zack> "In my humble opinion"
<George> du du
<George> thanks
<frank> thanks ,appreiated
<Gerry> Can an opinion be humble?
<GaryD>
<scott>
<eddie> I think George get the cap for talking crap (dudu):)
<frank>
<George> ok I'm in the corner
<Gerry> George has to buy the pizza
<gary fullett> Im back sorry
<George> I make a good pizza
<gary fullett> eddie I have alot to teach
<gary fullett> and some thing I havent mentioned yet
<gary fullett> stuffing is my term
<gary fullett> along with amos
<gary fullett> Not a wyckoff term
<gary fullett> but it is the action that is imporyant not the particular name
<gary fullett> I want to talk on the cm first
<gary fullett> do you all know what the cm is
<gary fullett> I know I said this many times
<gary fullett> but do u really Understand what it is?
<frank> y
<eddie> y
<gary fullett> it is important
<George> composite man, commercial trader
<gary fullett> that you know
<GaryD> I think so
<gary fullett> I know on some forums
<gary fullett> there is alot of misconception
<gary fullett> and I want to clear it up for you not them :)
<Gerry> k
<gary fullett> can someone tell me what the cm is
<George> k
<GaryD> THose w/ very deep pockets and very good information. They manipulate and effectively control the markets
<Gerry> my idea too
<gary fullett> did I use the term manipulate?
<Zack> Nope--never
<gary fullett> it is a strong word
<GaryD> not in a pejoritive sense, but in the sense of buying and selling to contrl price action
<gary fullett> if u mean the word manipulate as influence then yes
<gary fullett> okay good
<frank> y
<gary fullett> manipulate seems like it is a word that is illgal activity
<GaryD> influence via buying and selling
<gary fullett> the cm
<gary fullett> influecnces ,markets
<gary fullett> by their buying and selling based on thier knowlegde
<Zack> Wait a minute--have to get my dictionary and find out what pejoritive means :):)
<gary fullett> gary then u r right
<gary fullett> :)LOL
<GaryD> yeah, didn't mean it that way, but certainly to serve their interests and no one elses
<gary fullett> it makes sense when a cm
<gary fullett> buys 1000 soybeans
<gary fullett> that he would influence the market
<gary fullett> but not realy manipilate it from the sense he is doing somehting wrong
<gary fullett> I had a client
<gary fullett> ask me today
<gary fullett> about beans
<gary fullett> he said how can beans open 2 lower
<gary fullett> when the opeing call is 2-5 higher/
<gary fullett> how can that happen?
<gary fullett> anyone?
<GaryD> a lot of sell orders
<GaryD> at the open
<Zack> Pre opening "bluff" in the pit :)
<eddie> prior to open negotians?
<GaryD> by the cm
<gary fullett> zack and eddie are correct
<gary fullett> I went over this several weeks ago
<gary fullett> before the markets open
<gary fullett> anyone can bid or offer buy or sell
<gary fullett> and size contracts at any price
<gary fullett> they are not held
<gary fullett> when the pit opens they cant do this
<gary fullett> u have to be "on the market"
<gary fullett> meaning highest bid
<gary fullett> lowest offer acceptancew
<gary fullett> do u all understand this?
<frank> y
<George> y
<Gerry> y
<eddie> y
<gary fullett> important to how markets function
<GaryD> Is it good to know pre-opening calls and watch the market reaction -- like the news?
<eddie> so that's why the opening range is important
<gary fullett> it is important in 1 sense
<gary fullett> when a market is called 5 higher in beans
<gary fullett> and opens lower what does this say to you
<frank> no supply
<gary fullett> or if the market is called 10 higher
<GaryD> market is unlikely to take off, at least right away
<gary fullett> and opens up 20 higher?
<eddie> cm bluffiing like Zack said?
<gary fullett> if a market opens lower than called
<gary fullett> this is bearish
<gary fullett> Like beans today
<gary fullett> if a market opens higher than called
<scott>
<George> I got out at the right time looks like
<gary fullett> than bullish
<gary fullett> shh a secret
<frank> gott it oposite
<gary fullett> why do I say that?
<gary fullett> nope frank
<gary fullett> because if the cm wants to open the market 5 higher
<eddie> Kelly listening?
User [Joe K /172.129.153.195] joined forum on Thu Aug 16 21:38:26 EDT 2001
<gary fullett> and is willing to pay 10 higher this means strenghth
<frank> said no supply should have saidno demand beaish
<Zack> Hey Joe KKK
<eddie> Hey Joe
<gary fullett> naw watching big brother
<Joe K> Move over Zack........ Hey guys !
<Gerry> hi
<frank> hi
<gary fullett> sometimes the cm wants to mark up prices gives an opening call
<gary fullett> not as high to induce buying
<gary fullett> so the cm in beans today open the market lower today
<gary fullett> after a higher call
<gary fullett> he was willing to sell the market lower
<gary fullett> this was weakness
<gary fullett> because tto sell lower u must sell lower bids
<gary fullett> and he did this today
<gary fullett> understand the impornatance of opening calls relative to where they actually open
<gary fullett> ?
<GaryD> yes
<GaryD> thanks
<Gerry> Why would he want it lower?
<gary fullett> does everyone understand
<eddie> What makes the cm decide to lower price at a certain time?
<George> y
<gary fullett> because he is bearish
<frank> can the cm see the bids and asked andamounts so can better judge which way the market is going evenbefore the trades occur
<gary fullett> and cant get the market higher to sell
<gary fullett> yes frank very good
<gary fullett> if a cm wants to sell
<gary fullett> he must
<gary fullett> gets bids to sell
<gary fullett> he is not looking for a 1 lot to sell to
<gary fullett> he needs size to sell
<gary fullett> if there are no higher bids forces him to sell lower
<gary fullett> rember what i said as the opening range as a pivot point
<George> y
<gary fullett> beans opened on the highs today
<gary fullett> even lower
<gary fullett> and the market broke
<Zack>
<gary fullett> that is why it is a pivot
<eddie> so we should wait to see if he takes it to support,and if it holds, then that's a good buy time?
<gary fullett> because the cm on the opening makes a stand
<gary fullett> yes u should buy support
<gary fullett> if the trend is up espceailly
<frank> when a trade occurs at the bid does that then indicate a bearish trend and if at asked price a a bullish treand
<GaryD> looks like we came close to support today in beans. So this sets up a buy here?
<gary fullett> 494 was a gap area support in beans
<Zack> One trade does not make a "trend" or in my mind an indication of a trend frank
<gary fullett> what do u mean a trade occurs at the bid?
<gary fullett> agree zack
<gary fullett> support is an area
<gary fullett> Not 1 price
<Gerry> is that a shakeout? Opening lower like that?
<Joe K> It's shake and bake, and I helped ! lol
<gary fullett> sometimes it can be
<gary fullett> gerry
<Gerry> thks
<gary fullett> if the market opens under support
<gary fullett> and then goes above support
<gary fullett> then it could be a shakepout
<gary fullett> shakeout
<scott>
<frank> I see at least in watching stock trsansactions moment by moment they are quoted as at bid or ask at times some times oe predominating ove rhte other , I wAS
<eddie>
<scott> gary, what do you term opening time-frame
<gary fullett> cant look at it that closely
<frank> ok
<gary fullett> frank
<gary fullett> but I understand what u mean
<gary fullett> the first 15 minutes generally scott
<scott> thx
<gary fullett> watch the first half hour in amrkets
<Zack> The opening time frame can vary a little scott--depending on the liquidity of the market you are looking at
<gary fullett> and the first hour is important as well
<scott> indexs
<gary fullett> for trend of the day
<Joe K>
<gary fullett> with stocks the opening price range is not as relavant
<gary fullett> as they are in commodities
<scott> thx for clarifying
<GaryD> S&P opening range important?
<gary fullett> not as much so
<gary fullett> No
<gary fullett> the first hour range is important in the s and p
<gary fullett> not the opening generally
<Joe K> In general because Commodities are geared more towards near term and shorter trade duration than stocks
<GaryD> thanks, Gary
<gary fullett> that is true Joe
<gary fullett> also
<eddie>
<gary fullett> stock have so many factors
<gary fullett> corn is corn
<gary fullett> but the s and p 500 index has 500
<gary fullett> differnt influences
<gary fullett> and differnt sectors
<Joe K> theres corn, and now GMO corn too ! lol
<gary fullett> I want to say somehting about wyckoff
<gary fullett> that I never
<gary fullett> gmo?
<Joe K> lol
<gary fullett> said before ever
<scott> so were really talking a traders trading vehicle
<gary fullett> yes scott
<gary fullett> wyckoff
<gary fullett> had a chart
<gary fullett> that indicated
<gary fullett> strenghth and weakness onn stocks
<gary fullett> he he rated them
<gary fullett> and he rated the stocks within a group
<gary fullett> he always bought strenghth
<gary fullett> and sold weakness
<gary fullett> within that industry group
<gary fullett> if gm and form are 2 car stocks
<gary fullett> and he was bulllish car stocks
<gary fullett> and ford was more bullish tech wise
<gary fullett> he would buy ford and Not buy gm
<Joe K> Also many stock traders can see strength and weakness by looking at the Sector, not just the individual stock
<gary fullett> if beans are stonger than corn
<gary fullett> BUY beans dont buy corn
<Zack>
<George>
<scott>
<Gerry>
<gary fullett> do u understand this?
<GaryD>
<Joe K> y
<gary fullett> many novice traders
<Gerry> y
<George> y
<gary fullett> buy weakness
<gary fullett> and sell strenghth
<gary fullett> WRONG WRONG WRONG
<gary fullett> it may work out sometimes
<gary fullett> but in the long run
<gary fullett> it will not
<gary fullett> is it like news
<gary fullett> U may buy bullish news
<gary fullett> and amke money
<gary fullett> in the long run it will not be profitable
<scott> i remember news lol
<gary fullett> it is how the market reacts to news
<gary fullett> not the news itself
<gary fullett> Understand this
<gary fullett> Important
<scott> y
<scott> :-)
<George> y
<gary fullett> good
<gary fullett> it is not that a market that goes to support
<gary fullett> But how it reacts to support that is important
User [Wombat /144.138.79.59] joined forum on Thu Aug 16 22:01:34 EDT 2001
<gary fullett> and vice versa
<Zack> G'day Wombat
<frank> since corn is corn does this mean that commodities therefore are more Wyckoff compliant /consistent technically than stocks
<Wombat> hi all
<eddie> hi Wombat
<gary fullett> whew great q
<Joe K> actually wyckoff was in stocks and bonds
<George> Hey Wombat
<GaryD> I see this in the indexes - everything is weak, but the Nazdogs are the relative leader in weakness. They travel farther and the patterns set up beeter than the others
<Gerry> hi W
<gary fullett> I wouldnt say that frank
<gary fullett> wyckoff didnt trade commodites
<gary fullett> but his principles are good for both
<gary fullett> so I am not sure I know the answer but I understand what u r saying
<gary fullett> so u dont buy nasdaq
<gary fullett> and buy the stronger s and P instead
<GaryD> weel, short it
<gary fullett> okay frank
<gary fullett> good q
<gary fullett> I may have to think on that :)
<scott> so why does wycoff appreal more to commodity traders if this is a correct assumpton my part
<gary fullett> wyckoff appeals to both
<gary fullett> I thinkbecause commodties tend to move
<gary fullett> faster
<gary fullett> they do wyckoff proiciples go faster sometimes
<gary fullett> excpt for expensive stocks
<scott> which would be more like a commodity
<eddie> Many stocks that are on the S&P NASDAQ haven't been aroun long enough to establish long term Wyckoff waves
<Gerry>
<Joe K>
<gary fullett> that is true eddie
<gary fullett> any other questions?
<gary fullett> did I answer the previous questions?
<Joe K> can springs be time released ?
<scott> expensive stock are more like commodities?
<gary fullett> to a degree they move more
<gary fullett> they have wider swings
<gary fullett> they may move the smae percentage
<gary fullett> same
<gary fullett> but a 200 stock that drops 20 bucks
<gary fullett> is like a 100 dollar stock moving down 10
<frank> seems like there are many more unseen forces affecting stocks (news,mergers,suites,earnings,deaths,deals) that fect the movements of the PURE waves making their movemnet less perdictable than commodities
<gary fullett> a 10 percent move
<gary fullett> BUT
<gary fullett> the money is moire
<gary fullett> U have a great
<gary fullett> point frank
<gary fullett> But commodites
<gary fullett> ahve thier own
<gary fullett> weather
<eddie> but the accumulation and distribution, with vol is usually apparent in stocks
<Zack> Frank--many compexities come into play in commodities also--including world conditions with several different influences all the time--nothing is easy :):)
<gary fullett> I wouldnt say one os more harder tha another
<gary fullett> but I will say that if u look at
<gary fullett> support and ressiatnce the same way
<gary fullett> so support in rice
<gary fullett> is the same support at IBM
<gary fullett> a sc in lumber
<gary fullett> is similar
<gary fullett> to a sc in microsoft
<scott>
<gary fullett> but with stocks
<gary fullett> u can have a down market and a good stock
<gary fullett> a sideways market and a bad stock
<gary fullett> so with stocks u
<gary fullett> have to watch the general treand
<gary fullett> then the trend
<GaryD>
<gary fullett> within an idustry
<Joe K> and the sector trend
<gary fullett> then the particular tock
<gary fullett> stock
<gary fullett> so that may be tricker
<gary fullett> with commodities
<gary fullett> corn is corn
<gary fullett> it get affected by other grains
<gary fullett> but not like stocks do generally
<gary fullett> so u do have a good point there frank
<GaryD> For stocks, I read that Wyckoff ould construct his own industry groups of 5 or 10 stocks (in that industry). Can we use the the sector indicies, like SOX for this?
<gary fullett> Yep
<scott> you wouldn't be trying to conert us now gary?
<GaryD> Good, thanks
<Gerry> convert
<scott> lol
<gary fullett> convert u?
<Wombat>
<gary fullett> to?
<Gerry> stocks lol
<Zack> I think in general commodities appeal to traders because of the leverage involvedif Wyckoff can help the speculater become a good trader there is more bang for the buck in commodities than in stocks
<eddie> Does the cm already know where he wants support/resistance to be or does he just tkes price to a level and see how the reaction is?
<gary fullett> the second half of your statement is right eddie
<gary fullett> he lets the amrket detrmine strenghth
<gary fullett> and he buys or sells at areas
<gary fullett> he deems value
<gary fullett> I traded stocks using wyckoff 22 yrs ago
<eddie> he can do that because of his staying power?
<gary fullett> and I foind them to move to slow for me
<gary fullett> that was before nasdaq sticks
<gary fullett> yes eddie
<Joe K>-><gary fullett> cinn homered 4-3 cards crying
<gary fullett> and he knows that he will con duct a campaign
<gary fullett> and evenatully be rewarded
<Joe K>-><gary fullett> fuck stock talk lol
<gary fullett> so he may scale down buy
<gary fullett> 480 beans
<gary fullett> 470 beans 450 beans
<gary fullett> Knowing beans will go to 520
<gary fullett> what does he care if he has a drawdown
<scott> hmmmm, the power of deep pockets
<gary fullett> understand eddie
<eddie> y
<gary fullett> isnt that thebasis of the US
<scott> lol
<gary fullett> more knowledge more money more power
<gary fullett> I am serious
<scott> hillary
<gary fullett> isnt that true?
<gary fullett> I have her staements scott
<Gerry> y
<gary fullett> shhhhhhh
<gary fullett> lol
<scott> 1K=100K
<gary fullett> yep
<George> Gary,would you consider using cotton next tuesday as one of your teaching charts?
<gary fullett> I have em
<gary fullett> yes I am goerge
<gary fullett> I wanted to see the retest
<George> thank you
<GaryD>
<gary fullett> I am serious about knowledge power and money
<gary fullett> doesnt that run this country/
<Joe K> lumber might be shaping up for a dive
<George> y
<scott> y
<gary fullett> do u agree with that statement or not?
<Gerry> y
<Joe K> yup
<GaryD> generally, yes
<gary fullett> I dont understand why on some forum ( execept for ignorance)
<scott> enumerate on that gd
<gary fullett> why poeple dont understand that
<Zack>
<gary fullett> it is such a simple concept
<Gerry> denial
<Joe K> same applies in life as in the jungle lion is king, can be killed, but is the dominant force in the circle of power
<scott> gd plays the lotto
<Wombat> very true in all societies
<gary fullett> I agree
<gary fullett> ever hear of the golden rule?
<gary fullett> zack LOL:)
<eddie> because us westerners are always looking for external stimulation and happiness
<Joe K> golden ratio
<gary fullett> wyckoff remebered
<Zack> Yep--them's what has the Gold make the rules :)
<gary fullett> studied for many yrs
<gary fullett> how trades trade
<scott> people with kpm do unto others of their ilk
<gary fullett> and how the public reacts
<gary fullett> and wrote a theses
<gary fullett> he didnt make it up
<gary fullett> he was just observant
<gary fullett> why does a market react bullish on bullish news "sometimes"
<gary fullett> and react negatively
<gary fullett> on bullish news sometimes
<gary fullett> how can a trader tell which bullish news willl be bullish
<Joe K> cant
<scott> kpm people setting us up for the slaughter
<GaryD> only by the market reaction to the news
<gary fullett> Joe is right
<Joe K> unless its something like a devestating nature event
<gary fullett> so how can u trade news
<frank> because the cm knows things we don't
<gary fullett> and gary is right
<gary fullett> so we wait for the CM to tell us by price action and volujme
<gary fullett> case in point
<gary fullett> On monday crop condtions
<gary fullett> came in bullish
<gary fullett> a reduction in yield right/
<gary fullett> ?
<Joe K> yup, market sold it
<GaryD> y
<Gerry> y
<George>
<gary fullett> but seveal
<gary fullett> weeks ago
<gary fullett> it was bullish news
<gary fullett> and we rallied
<gary fullett> on the same news
<gary fullett> why?
<Joe K> also you here factored in and not, how do you know what is what isnt ? you dont
<gary fullett> because u cant trade news
<gary fullett> U cant beat the cm ride thier coatails
<gary fullett> by watching price action and volume
<gary fullett> if u watch the news
<gary fullett> U dont watch the markets
<gary fullett> U cant know all the news that infliuences a market so dont watch it
<eddie>
<gary fullett> the cm will tell u the direction they want
<gary fullett> by thier actions
<gary fullett> let them do th work
<gary fullett> we take scaps
<gary fullett> scraps
<gary fullett> I am sorry I am taking a long time on this But this is backbone stuff
<scott> ok
<Joe K> Gary, would you say it appears in Beans, that their is attempt to get the Funds short here recently ?
<GaryD> It's good
<eddie> scraps off the backbone lol
<Zack> Scraps--I like that--Yep Gary--a milion here a million there--pretty soon it adds up to big money
<gary fullett> yes sir
<scott> baby-back ribs
<gary fullett> lol
<gary fullett> I think
<scott> lol
<gary fullett> the beans are getting traders frustrated
<gary fullett> within a trading range
<gary fullett> 540-480
<gary fullett> their job ( cm)
<gary fullett> is not to be followed
<gary fullett> do u know those trucks that say "dont follow"
<George> y
<Joe K> lol
<gary fullett> the cm started that!!!
<gary fullett> LOL:)
<Gerry>
<gary fullett> as joe says they like to wear shades
<Joe K> Zack told me it was ok......thanks Zack !
<Joe K> Trucks cause Fender benders
<gary fullett> why doesnt the cm tell u his postions
<GaryD> They can't be followed because it would then be one-sided
<gary fullett> so we can all support his postions?
<eddie> In Mumbai they say Please to honk horn :)
<scott> more like fatalities
<gary fullett> gary mentioned the answer
<gary fullett> if they annouced they were long
<gary fullett> and they know
<gary fullett> who would sell?
<GaryD> yeah, it makes sense
<GaryD> there would be no market, then, really
<Joe K> Lastnight you remember Beans rallied to 513 area late in day ? I almost wanted to buy that rally, but Gary strapped me in, kinda funny we came back down
<scott> it's like a chess game, he who can think 13 moves ahead wins
<gary fullett> 520 is key in nov beans bot 513
<Joe K> 2 times outside days up, were sold into next day
<gary fullett> of course
<Zack> Oh here I go again--first I have to look at a dictionary--now I have to look at an Atlas to see where the heck Mumbai is--thanks a lot eddie :):)
<gary fullett> that is why they have campaigns
<Joe K> Their are big time games in beans right now
<eddie> Bombay
<Joe K> Chop em all up
<Joe K> make em all hurt and bleed
<frank> .
<Joe K> punish them
<gary fullett> why do u think most lose in commodties
<Joe K> Bulls or Bears dont matter
<gary fullett> because they dont follow larg influces that make money
<gary fullett> if u want to make money u must think how that money is made
<Joe K> buying at improper places and not containing losses to be small
<gary fullett> I would rather emulate bill gate sin computers
<gary fullett> than a person who hasnt had any sucess
<scott> ???
<Gerry> Scott, imitate a winner.
<Gerry> Not a loser
<scott> thx
<Gerry> k
<gary fullett> anyone rember Micheal jordan?
<eddie> Mumbai the goddess of the fishermen, cm of the fish trade known for scaled trades lol
<scott> floridian, not too good on the uptake
<George> y
<gary fullett> he alwasy dressed nicely
<eddie> tennis shoes right?
<gary fullett> dressed for sucess
<Zack> Cool eddie :):)
<gary fullett> it is important that u understand his role
<gary fullett> i mentioned about
<gary fullett> horizonatl support
<gary fullett> wyckoff didnt use
<gary fullett> slpoing trend lines
<gary fullett> he used horizonatl lines
<gary fullett> does anyone know why?
<Joe K> truer picture
<eddie> sloping lines are indication of supply/ demand?
<Joe K> Diagnals more indicative too trends
<scott> it standardizes the rise and slop
<scott> 0x0
<GaryD> It's easy to see the trends, don't really need them
<gary fullett> opposite eddie
<gary fullett> horizonatla
<gary fullett> horizontal lines
<frank> horizontals indicate levels of critcal support and resistance while sloping indicate more theoretical limits
<Gerry> sideways for cause, slope for trend
<gary fullett> tell u where suport demadn should come in
<gary fullett> ressiatnce or supply comes in
<gary fullett> frank is correct
<gary fullett> where have u been for 5 yrd frank :)
<frank> studying
<scott> franks been here 5 years?
<gary fullett> :)
<frank> can'tseem to puit it to practice well though
<gary fullett> maybe here u can :)
<frank> first time here
<gary fullett> a suport line
<gary fullett> horizontal line
<eddie>
<gary fullett> wiill show u where demadn or buying should vome in
<gary fullett> come
<Zack> Make sure to come back frank--you're always welcome here :)
<gary fullett> if u have this line and the market doesnt react from this line what does this tell u
<George> weakness
<Gerry> weak
<Joe K> Supply is heavier in market
<scott> cm holding it
<gary fullett> says
<gary fullett> the market may not be as strong as it should be at that support
<eddie> like in sugar at the end of July
<Zack>
<gary fullett> why would the market not react from support?
<scott> lack of participants
<George> lack of demand
<frank> no demand
<gary fullett> do u mean small spec scott?
<Joe K> Not enough Demand, or hevier supply, or CM containing, or controling range
<scott> i'll go with that
<eddie> cm knows future negative news?
<Joe K> has a good idea
<Gerry>
<gary fullett> I woulkd say lack of small spec
<frank> found it with an internet search
<gary fullett> it is because the cm decides that he doesnt wnat to defend that area
<gary fullett> of support
<gary fullett> like being in the army
<gary fullett> u give up an area
<gary fullett> and retreat to a better ground
<frank> why would the cm want price to drop so he can buymore or because he is short?
<gary fullett> could be both frank
<gary fullett> he may want to acculate
<scott> unless you served with Patton
<gary fullett> accumualte
<gary fullett> at lower levels
<gary fullett> so he lets support go lower
<gary fullett> if a cm wants to defned a support
<eddie> Paton accumulated metals :)
<gary fullett> how do u see this on a chart?
<Joe K> CM cant rally a market alone
<frank> increased volume?
<Joe K> Often has to wait and have the opertune time to get help
<gary fullett> we see this by price action and volume
<gary fullett> tha is what i mean
<George> good price action along with volume
<gary fullett> by the reaction
<gary fullett> RIGHT!!!!!!!!!!!!!!!!!!!!!!!!
<gary fullett> George
User [Zack /65.88.104.174] joined forum on Thu Aug 16 22:55:00 EDT 2001
<gary fullett> u dont wear the poiny hat
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<George> great
<gary fullett> zack dont give the pointy hat to georgew for a week
<gary fullett> do u see what george wrote
<gary fullett> that is the answer!!!!!!!!!!!!!!!!!!!!!!1
<Zack> No got disconnected--was it baaaaddd
<scott> i'll be wearing the pointy hat for the next couple months
<Joe K> If we see reaction is positive from a support area, we can assume the CM is DEFENDING that area for Accumulation, or in order to markup prices in the near future
<gary fullett> no way scott
<eddie> very nicely said JoeK
<frank> stocks
<Gerry2> I'm here
<gary fullett> Joe is right
<frank> trying to start
<scott> a member here who goes by many aliases
<scott> i won't incriminate him tonight
<gary fullett> I know this is all basic stuff
<gary fullett> but this very very important wyckoff knowledge
<gary fullett> that U must know
<scott> good for me though
<gary fullett> so with horizontal suports and ressiatnce
<gary fullett> U can tell where demand or supply comes in
<scott> am i being call into the principles office
<Joe K> Just as if its longer term support he is defending that longer term marku should take more time to be in proportion to the time it takes cause to surmount a rally in the near term, just on a smaller scale
<gary fullett> and that is what wyckoff wanted to do
<Joe K> Difference in Cause is proportionate to differences in time frames
<eddie> It certainly builds confidence when you pull off a successful trade based on wyckoff
<gary fullett> correct joe
<gary fullett> I am glad
<Joe K> So accumulation or markup you have to weigh up on ALL time frames
<gary fullett> that it seems like thi s is beginning to sink in
<gary fullett> so
<gary fullett> any questions
<gary fullett> on anyhting tonight
<frank> n
<gary fullett> on horizonatl ranges
<George> n
<eddie> yes just not enough time:(
<gary fullett> and why they are important?
<Joe K> Same holds true for distribution, and also realize, markets only spend about a THIRD of their time Trending as a general rule
<frank> where do you suggest following commodities on the net
<gary fullett> corect joe
<GaryD> Hey Joe, good comments. Thanks.
<George> gotta go folks really enjoyed this,as always thanks Gary you're a great help to all of us
<Joe K> Thankyou
<gary fullett> u r welcome goerge
<eddie> Why would vol increase on what appears to be a SC on the daily, but then begin a range with small price movement?
<GaryD> bye Geo
<eddie> Like in Cotton on AUG 10
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<Joe K> Because Cause in near term is not ready
<Joe K> like it is longer term
<gary fullett> right joe
<gary fullett> a sc
<gary fullett> has wideprice action
<gary fullett> then the range has smaller ranges
<eddie> ok I just saw the spike in vol and thought it was interesting
<gary fullett> was roll over too eddie
<eddie> ok
<Joe K> I jump alot of times , in Daily, SC looks good, but longer term its like a flea on a dog, in contrast to the big picture
<Zack> I don't think there was a true SC in Cotton--just rollover volume
<gary fullett> I think we covered good stuff tonight
<GaryD> Very good stuff, thanks Gary
<frank> thx for the lesson
<gary fullett> on tuesday charts
<Joe K> Many traders focus alot, often too much on just the near term
<gary fullett> wendnesday wyckoff principles
<gary fullett> thursday small talk
<Joe K> I know I do at times
<Joe K> sorry
<GaryD> Me too, Joe
<Joe K> lol
<Gerry2> Thanks Gary, G'nite all!
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<Zack> Thanks Gary--take care everyone and goodnight
<eddie> very informing, thanks Gary goodnight everyone
<GaryD> Could you include a P&F chart next week?
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<Joe K> Goodnight all another good one Gary !
<gary fullett> well I will leave it here for the week
<gary fullett> abd see u all on tuesday
<frank> goodnite
<gary fullett> yes gary
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<gary fullett> good night
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