Gary_Fullett joined. Gary_Fullett good evening Ory Hi Gary Anna Hi gary Gary_Fullett hi Gary_Fullett steve has some nice charts at 9 pm wyatt joined. Gary_Fullett i sent 3 as i wanted to focus on several wyckoff set ups Gary_Fullett i thought i may be mre popular then lebron James Gary_Fullett lol tonyw joined. Gary_Fullett but before i start any questions? Gary_Fullett i want to talk a litle wyckoff as well tonight Sim22 joined. Gary_Fullett sunday will be the next bar by bar webinar Alvin joined. Gary_Fullett i got the kinks out i think Gary_Fullett so should be better Gary_Fullett monday will also be a webinar Gary_Fullett both at 7 pm cst Gary_Fullett monday will be on the 3 wyckoff pirnciples Gary_Fullett and the trading ranges Gary_Fullett evetually the goal will be to do webinars on tuesday thru thursday Gary_Fullett ok no questiosn lets begin Gary_Fullett what is the Most importan tpiece of information a trader can have? Anna Trend Ory the trend Sim22 data LOL Gary_Fullett very very good, Gary_Fullett lol sim Alvin a computer Gary_Fullett it si trend Alex joined. Gary_Fullett and as u know that trend.. can be different Sim22 yep . joined. Gary_Fullett in differnt time frames. gfs left. joe_s left. joe_s joined. Chuck left. Gary_Fullett so if u r trading a daily time frame Gary_Fullett and the trend is up Gary_Fullett something must affect the daily trend to have u liquidate your postion Gary_Fullett so if u put on a trade on the daily chart basis Gary_Fullett the 5 min chart is meaningless Gary_Fullett and in the webianrs we will go over time frames Gary_Fullett as mnay have no clue Alvin Gary how do we join a webinar? Gary_Fullett about time frames Gary_Fullett u need to wriet kelly and be invited Alvin ok Gary_Fullett knorris@ltg-trading.com Gary_Fullett u cna register for the enxt month at a time Alvin will do thanks Gary_Fullett if u registered 1 time hokah joined. Gary_Fullett u dint need to ask Gary_Fullett so u only need to register 1 time Gary_Fullett kelly has gottten alot of multiple requests Gary_Fullett only 1 is needed Ory one time for each webinar Gary_Fullett i think if u can register for al thats vaaable at 1 time Gary_Fullett 1 reuest for the month Ory thats helpfull Gary_Fullett just tell her u want to be regiter for all Ory o.k. thnxs Gary Gary_Fullett yw Gary_Fullett any other questions? Gary_Fullett ok ets go... Gary_Fullett lets Sim22 y Gary_Fullett first chart the daily es Gary_Fullett mini s and p Gary_Fullett i have a few charts with the vertical bar aspect Chuck joined. Gary_Fullett and springs and upthrists Gary_Fullett very important to wyckoff Gary_Fullett as i have told u many times Gary_Fullett markest have a high pct to retest Gary_Fullett sometimes they make a spritng Gary_Fullett sometimes they retest exactly Gary_Fullett and sometimes they test is only 1/2 back or so. Gary_Fullett we have afew examples of this on the daily es chart Gary_Fullett look at the may24th low Gary_Fullett a low Gary_Fullett then a hihg end close see this? Gary_Fullett its not labled Gary_Fullett the u rallied and retested Gary_Fullett june 7th or so allen left. Gary_Fullett fell just short of a perfect retest Gary_Fullett so we had a retest Gary_Fullett and this lead to a rally Gary_Fullett and then an upthrist Sim22 y Gary_Fullett piecig of the resistance than back under the resistance Gary_Fullett so u can see the retest in may to june Gary_Fullett and the upthrust mid june Gary_Fullett see this so far? Randy y Gary_Fullett u cna se the upthrust Ory yes Ory y Gary_Fullett lead to another retest lower Gary_Fullett why didnt the spring have mark up but the upthriust lead to new lwos? Sim22 Like Mar 09? Gary_Fullett the sprin gfailed Gary_Fullett but the upthust didnt? Gary_Fullett why? Danny trend Gary_Fullett somewhat sim Gary_Fullett what about trend/? joe_s no demand joe_s lack of demand Gary_Fullett true Gary_Fullett but danny is correct tonyw in a downtrend, spring tends to fail, in a uptrend thrust tends to fail Gary_Fullett the trend was trending lower Gary_Fullett correct tony Ory so the spring failed Gary_Fullett so in a down trend spring fail Sim22 so was the UT a tip off? Gary_Fullett and upthrusts are ending action Gary_Fullett the upthrust is ending action in a down trend Gary_Fullett yet springs fail in down trneds Ory dont you need to have a rally to have an UT Gary_Fullett so the upthrust lea dto a move lower Gary_Fullett we had a low Gary_Fullett 6 bars ago Gary_Fullett increased volume Gary_Fullett high end close Gary_Fullett i have a vertical Gary_Fullett line there Gary_Fullett see this Gary_Fullett increased volume Gary_Fullett high end clsoe Gary_Fullett but the range was NOT wide Gary_Fullett so it was stopping action Gary_Fullett increased volume Sim22 y Gary_Fullett small range tis si what i call stuffing Gary_Fullett selers comeing in at the lows Gary_Fullett and the market held Sim22 like bag holding? Gary_Fullett correct Gary_Fullett so we knwo that we will have a retest Gary_Fullett as we know demand Gary_Fullett comes from lower Gary_Fullett so this usually occurs as a spring Gary_Fullett so the rally from te sprg has nt be large dz joined. Gary_Fullett but we ddi react froma sptring situations Gary_Fullett but as we have talked on springs failing in down trneds Gary_Fullett untill we get buying over selling Gary_Fullett so this vertical supply bar must be overcome by demand to mark up Sim22 y Gary_Fullett so for the spring to e a sucess ina down trned u must over ocme demand Gary_Fullett understand this is very important Sim22 y joe_s y Gary_Fullett we went over this chats slowly Gary_Fullett so shouldnt be an issue Gary_Fullett any q? Anna Over come by Demand Or One Spring leads to Another ::rolleyes Danny could it retest and if so will it go to the bottom of the vertical supply bar or the stoping volume bar. Gary_Fullett lol anna Sim22 so do we look for a low vol pullback for rally to be successful? Gary_Fullett it can stop at 1075 the vertial supply bar Gary_Fullett no not really sim Gary_Fullett u need demand Gary_Fullett a raly on increased volume and wider bat action Sim22 ok slick60 left. Gary_Fullett the market doesnt have to retest the spring Gary_Fullett but f we lack demand Gary_Fullett then we cna retest it Gary_Fullett to test it Gary_Fullett ok Gary_Fullett 15 min chart todays es chart Gary_Fullett u can clearly see s spring Gary_Fullett in tonghts newsltter i show wher eto find a trade on this chart Gary_Fullett i didnt on this chart tonight Gary_Fullett but in the newstter i do show it Gary_Fullett the intial low Gary_Fullett was 1055 area Gary_Fullett then a rtest and spring Gary_Fullett t0 1054 Gary_Fullett a piecing of the lows Gary_Fullett and a close above the support Gary_Fullett high end close is a spring Gary_Fullett see this spring? Sim22 y Gary_Fullett and this spring lead to demand Gary_Fullett and a move up and evetually they had an upthurs Gary_Fullett asu can see Gary_Fullett but i wanted tp show the spring Gary_Fullett on this shart the demand abr Gary_Fullett at the 105550 area Gary_Fullett will eb support on a retest Gary_Fullett any q? Gary_Fullett i want to show something that u dont see aot but it is very powerful. Gary_Fullett wheat chart Gary_Fullett i caught soem of this but like an idiot got out too quickly Gary_Fullett wheat daily suneel joined. Gary_Fullett when a amrket is cheap they tend to make bottoms on small ranges Gary_Fullett this shows a lack of demand and an apthy Gary_Fullett apathy Sim22 y Gary_Fullett lack of interest Gary_Fullett so we need some ending action BT joined. Gary_Fullett wor a cnage of behavior Gary_Fullett change Gary_Fullett the trend was down Gary_Fullett and needed a chage of behaior stopping action Gary_Fullett look at june 13th Gary_Fullett we had large volume Gary_Fullett wide range Gary_Fullett tis is what we call volb Gary_Fullett or volume off the bottom Gary_Fullett this is a change of behavior bar see this Gary_Fullett I mentione dhtis in class when it ahpped and showed in in the newsltter Gary_Fullett so u see a rally form tha bar Gary_Fullett but w knwo tha most times we get a retest Gary_Fullett so the rally stalled Gary_Fullett at a creek area roger joined. Gary_Fullett at 470 area Gary_Fullett see this/ Gary_Fullett it is drawn. Sim22 y Gary_Fullett so we dot knwo how afar the retest will be Gary_Fullett dont Gary_Fullett as i said we cna spring Gary_Fullett 1/2 back Gary_Fullett or exactly the retest lows Gary_Fullett low was 425 area high was 470 area Gary_Fullett thats 45 cents Gary_Fullett so 1/2 back is about 448 or so Gary_Fullett well the retest wa sjust under it Gary_Fullett the rally Gary_Fullett late june was the crop report and this caused the rally Danny this tested the close of the volume off the bottom bar which was demand is that a high probablity Gary_Fullett do u see Gary_Fullett the wide abr Gary_Fullett and a close under the resistance area Gary_Fullett this was a possible upthurst Gary_Fullett but after the vob Gary_Fullett the trend was up.. Gary_Fullett yes danny Gary_Fullett im impressed Danny ty Gary_Fullett 60 is a very high number for the night session and maybe arecord for thursday night Sim22 bc close was closer to top than bott does that suggest UT was a weak one? Gary_Fullett you are very welocme Gary_Fullett corec t Sim22 ty Gary_Fullett and woould most likely fail Gary_Fullett good Gary_Fullett okay any questiosn Gary_Fullett for thsoe who came late there will be a webinar on bat by bar charts Gary_Fullett sunday 7 pm cst Sim22 is it signifant that our possible UT closed above the closes of the cluster to the left? Gary_Fullett and a webianr monday on the 3 principles Gary_Fullett and a trading range Gary_Fullett means buying cam ein Sim22 y Gary_Fullett came in Gary_Fullett so u cna sign up with kellly at knorris@ltg-trading.com swetz joined. Gary_Fullett so any questiosn or comments Gary_Fullett as i am done with chats and commentary Sim22 ty Gary Gary_Fullett hey steve Danny great job gary Gary_Fullett ty swetz howdy Gary :) Gary_Fullett i wanted to go over this throughly roger done already? Gary_Fullett my 75 min done Gary_Fullett steves charts Ory hey Steve joe_s thanks gary Gary_Fullett ty swetz howdy Ory :) Gary_Fullett steve its all yours swetz okay swetz chart #4 of 5 swetz is the daily chart of the SnP index swetz the zig-zags are the buying/selling waves to help me determine the TREND swetz from the April high swetz we got a sharp strong selling wave swetz the strongest selling wave we had seen in quite some time swetz that selling wave was followed by a buying wave that was comparatively much weaker than the selling wave swetz the NL folks know that I was shorting this market at turning point of this buying wave anticipating another selling wave swetz which is what occurred as the SnP tested 1040 which was a major support or Ice level going back to the February low swetz the buying wave that followed this test was weak as well so we could logically anticipate ANOTHER test of 1040 swetz which we got swetz but notice that the VOLUME on each selling wave DECREASED swetz so selling pressure was DRYING UP swetz and 1040 was STILL providing support Sim22 y swetz so BUYERS had an EXCELLENT opportunity to take control of the market swetz so I began probing the market to the long side Ory left. Ory joined. swetz anticipating that DEMAND would enter since buyers surely see that supply was drying up Sim22 left. swetz but LOOK at the CHARACTER of the next buying wave from the June low swetz it started off pretty good but as the buying wave unfolded swetz volume DECREASED and the ranges NARROWED swetz in fact, right before the KEY REVERSAL OUTSIDE bar att the June high swetz we see 4 bars in a row where the CLOSES CLUSTERED together swetz we know from Wyckoff that this CLUSTERING of CLOSES often PRECEDES a TURNING POINT swetz it can also be a RESTING SPELL or a PAUSE in a buying wave (in this case) for buyers to take a temporary breather before the buying wave resumes itself swetz the OUTSIDE KEY REVERSAL bar told us that the TURNING POINT scenario was the one that was very likely going to happen swetz and the DOWNSIDE FOLLOW-THROUGH the next day put the nail in the coffin so to speak swetz for me, seeing this, I had to exit my longs established a couple of weeks ago FAST swetz now at A swetz we see 3 bars in a row that once again have a CLUSTERING of CLOSES swetz once again, we know from Wyckoff that this clustering of closes can be a TURNING POINT to begin another buying wave swetz OR swetz is just a PAUSE before resuming the selling wave swetz in Gary's room, the day before bar B occurred swetz we discussed that the poor close and LACK of upside follow-through swetz after seeing that blue bar close near the high on increased volume swetz told us that this clustering of closes was more than likely a PAUSE before a resumption of the selling wave swetz and sure enough at Bar B, we got confirmation of the selling wave resumption swetz with bar B have strong downward EOM or wide spread, a poor close, and increased volume swetz everything about bar B told us that sellers were firmly overcoming the buyers swetz so the selling wave continued swetz until the July low swetz 5 days ago swetz 5 bars ago I should say swetz on that bar volume INCREASED swetz BUT the position of the close was near the HIGH swetz and after the inside bar the next day, the next bar had upside follow-through confirming that at least a minor turning point had occurred swetz the strong upside follow-through yesterday and continued follow-through today told us that the July low turned out to be a more important turning point swetz now look at where today's close is swetz right at the 1/2 POINT of the last selling wave swetz and right at where the supply bar at B originated swetz we know from Wyckoff that whenever we see an overlapping bars and a clustering of closes like we saw at A swetz this action tells us that supply and demand is TEMPORARILY in BALANCE swetz we know that SUPPLY overcame demand at this area based on Bar B swetz how else could the market fall from this little 3 bar sideways area if sellers were not stronger than buyers at these prices swetz sellers had to be stronger based on Wyckoff's law of supply vs. demand swetz otherwise prices never would have fallen swetz now since we KNOW that sellers were stronger than buyers at the level we are at NOW swetz the Wyckoff trader would be looking for evidence that a turning point is forming right here to go short swetz anticipating that sellers will once again overcome buyers at this level since they did last time swetz based on the POSITION of today's CLOSE swetz being at the high of today's bar swetz we have NOT yet seen evidence of a turning point swetz today's bar tells us that even though demand is weak, it is still overcoming supply swetz if supply was overcoming demand, the close WOULD NOT have been where it is swetz the close would have been the LOW of today's range swetz so what I will be doing tomorrow is watching the intraday action to see if I can get a clue that sellers are gaining the upper hand to form a turning point swetz the first thing I will look for is to see if the buyers can create any upside follow-through at the open tomorrow swetz if they can't, I am getting my first clue that we just might be seeing a turning point forming swetz and I will look for an entry bar or trigger bar to go shorty swetz short swetz I will let the market's own action determine my course of action, NOT my prediction swetz of course, if the market keeps on rallying, I will NOT short it KevinA left. swetz remember, I am not predicting, I am identifying a logical resistance area based on what we know about the law of supply vs. demand and some of Wyckoff's concepts like the 1/2 point and how previous support often becomes resistance on a test swetz and then reacting to the market action as it unfolds based on my trading rules swetz okay, any questions? :) Ory no Steve,,,that was awesome Thxs swetz cool swetz okay, the last chart is the weekl chart of the SnP tonyw what is your trigger bar for short? swetz Tony - would like to see a wide down bar that closes at the low on increased volume on a 10 min chart tonyw Thank you, Steve. Anna I''ll short 1083-85 Up thrust (potentialy) Steve . its a friday so,, ::smile swetz np Tony :) swetz thx Anna :) swetz all I wanted to say about the weekly SnP chart which is the last chart yoohoo joined. swetz #5 swetz that the SnP is in a spring position on the weekly chart swetz within a very large TR that goes back several months swetz however, I want to emphasize that a spring after weakness often fails swetz based on the last buying wave that failed to rally above the 1/2 point that I have marked and then was followed by 2 wider range down bars that had comparatively more volume roger left. swetz I would consider this current spring as being an example of one coming from weakness swetz I would at least like to wait for some type of SUCCESSFUL TEST of this spring before getting more focused on the long side of the stock market swetz I do not buy springs that come from weakness swetz if I am not sure, I just wait to judge the character of the SPRING TEST Ory great point Steve swetz for now I am more focused on the short side even though I will occassionally probe the market with leadership quality stocks thart are in an UPTREND Danny The spring is at a 38.2% retracement level. swetz thx Danny :) swetz if I buy any stocks, the stocks MUST be either in an uptrend or have recently jumped the creek and are backing up to the creek in a bullish manner Chuck Can you please summarize what Wyckoff says about the 50% retracement? swetz sure Chuck swetz Wyckoff observed that the strong uptrends held above the 1/2 point on reactions and strong downtrends held below the 1/2 point on rallies swetz oops sorry, let me rephases swetz rephrase swetz Wyckoff observed that the REACTIONS in strong uptrends held above the 1/2 point Anna Steve, The Bar after'' D'' low volume Down Bar the Next bar UP So is it right to think... Pros say ok, but lets dip it down for some More? swetz and RALLIES stayed below the 1/2 point in strong downtrends swetz Anna - it is certainly plausible swetz but I would have thought if that was the case more volume would have come in on this current rally Gary_Fullett 1/2 BAK is just a guide wyckoff observed swetz as the big institutions would be jumping into the market seeing the shakeout or spring Chuck thanks very much swetz anytime Chuck :) Anna some equitys look attractive to me at the moment is why I think that way. Steve TY ! Gary_Fullett steve is the best swetz and I haven't seen strong volume on this rally and have seen only a few leadership quality stocks rally with evidence of demand Gary_Fullett and he writes a wonderful news llter on stocks Ory which Steve Chuck and he types like a son of a gun swetz Anna - I have tip-toed into the market on the long side but the key word is tip-toe :) Danny I am like steve I find very few stocks with high volume. Randy Thanks guys, very informative as ususal. Anna ::smile swetz to me, until I begin seeing more convincing volume come into the market on the buy side swetz I see this rally in the major market indexes as a opportunity to short the index Gary_Fullett he is the =good typist bcause he is from the south Ory o.k. seeems fair Gary_Fullett agree steve swetz but I am hedging myself a little bit by tip-toeing into only the very strongest stocks on the buy side Randy perhaps you should go study in the south Gary. LOL swetz lol Randy Gary_Fullett i should .... i will in the winter dz seems htat weekly chart passed 9 selling tests swetz Gary gives Kelly the snow shovel in the winter and comes back when summer begins :) Randy good idea!! now your thinking tonyw Great teaching as usual, Thank you very much, Gary and Steve joe_s thanks steve and gary this was a good session Chuck great stuff. again. swetz dz - I think you make a good point :) Ory a wonderfull session TY Anna Thanks Steve , Gary !! Gary_Fullett yw Gary_Fullett webinar on sunday swetz thx Joe, Anna, Ory, Chuck, dz, Tony, and Randy swetz have a good night folks :) swetz cy guys tomorrow or next week dz thanks for the great lesson Chuck cheers Gary_Fullett dz u r correct Ory gn Steve swetz gn Gary too :) Gary_Fullett and unles sdeand take sout the supply areas we will fail swetz left. Gary_Fullett ty steve great stuf n ight Gary_Fullett good nght all se ya soon Gary_Fullett left.