Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.
Gary Fullett
-
Content Count
37 -
Joined
-
Last visited
Everything posted by Gary Fullett
-
Thank you for the kind words. As you mentioned, I would be happy to answer anyone's questions. Gary
-
There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
Here's the chart I promised. Gary There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
I'll be happy to post a chart with a hinge later on today. Hinges can occur for the upside and the downside as well. Gary There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
As part of our daily newsletter, we include P&F charts. As far as the other things that are omitted from forums, I think it's mainly because traders are looking for buy and sell setups versus the text of the Wyckoff course. Certainly if there are any questions about the 5 steps and the 9 buying and selling tests, I would be more than happy to discuss them. Gary There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
The midway retracement of a market is something that Wyckoff observed in his work. It is not an edge of a market, that should generally allow for a trade. If a market is trending, there is greater probability that the trading range will make a move in the direction of the trend, unless there is action that negates it. For example, if you have a sequence where you can identify the selling climax, the subsequent trading range is more likely accumulation for higher prices versus distribution for lower prices. Gary There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
What you labeled as preliminary support is not preliminary support. There are two areas to enter the trade. One, which is more aggressive, would be to identify the absorption or hinge before the jump over the creek, and the best way to buy the market would be the area you labeled as a retest of the jump over the creek. Gary There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
First of all, let me say there really are NO silly questions. I appreciate you having the courage to ask. P&F charting is only used for count, which indicated the potential for how far a move can go. It is not used like a bar chart vehicle. Also, keep in mind that it's only a guesstimate, which Wyckoff used. Volume is relative to the area that it's trading. So the volume today wouldn't be comparable to the volume 6 months ago, for example. Keep time frames separate from one another. A 5 minute chart may show excessive volume due to a report or news event, but it may not be comparable to a 60 minute chart. The key to understanding that is to understand the trend and the background of the market. In uptrends, we want to by springs and the springboard. A buying climax, unfortunately, is really only seen in hindsight. So it's difficult to determine when it's actually occurring. Gary There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
That bar that you see is a supply bar and is bearish. The subsequent behavior after that bar is also weak demand. If the trend is up, this could be a shakeout bar. If the trend is down, this indicates the likelihood of lower prices. Gary There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
Sure. I use CQG. There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
Yes! Great job!! Gary There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
You obviously identified a market that was going through some bottoming action. Though I would label things a tad differently, the main part of what you did was excellent work because you identified the proper Wyckoff sequence. Gary There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
I've been trading using Wyckoff methods since 1982. If Wyckoff trading is what you prefer your method to be, I would seek out the PURE Wyckoff course and teachings, versus any derivative of Wyckoff. Wyckoff is the "bible" for price, action and volume, so I would refer to that directly. It is true that Wyckoff works in all time frames, and with all markets. Of course, I would stay away from very low priced stocks. With forex, from what I understand, it is somewhat difficult to get accurate volume. Gary
-
Wyckoff never used the terms accumulation and distribution in his work [This is incorrect. Simply open up the original course -- http://www.traderslaboratory.com/forums/wyckoff-forum/6192-wyckoff-original-course.html -- and use Ctrl+F to find dozens of references to Accumulation and Distribution, the concepts of which are fundamental to Wyckoff's approach]. When a market goes through a sequence of a buying climax, it is quite true that it is seen in hindsight. However, if supply is present and forms a lower trading range, we can deduce that this lower trading range is more likely preparing itself for the markdown phase. Wyckoff looked at markets in a wave structure. When there are stronger waves to the downside than to the upside, we can get an idea that the market is weak. The most important piece of information that one can have in trading is knowing the trend for the time frame they are trading. When we have a series of higher highs and higher lows, the higher trading ranges that form are more likely to lead to markup versus markdown. All we can do is read the price, action, and volume to determine strengths and weaknesses and go with the reading of the tape. In the chart presented, it appeared to me that there were supply bars evident, which lead me to deduce that the market may go lower. Gary There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
I drew my horizontal support line from two important areas. One, it was the reaction high before we moved lower in early 2012. Also, in mid January, it corresponds to a markup bar and then the low in mid February made a reaction high in late February so that's why I drew the line where I did. Those two areas show me greater reactions to where you drew it. Your lines aren't bad, but I think mine tell a better story. Gary
-
ES daily, 60 minute, and P&F. I'd love to hear any thoughts or comments. There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
I use CQG for my charts. Gary There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
-
Thank you so much for the compliments. I have read the material for years on your Aussie website, and personally gleaned much knowledge from your postings. Cheers! Gary
-
Motorway, Very well said. I apologize for mis-typing in my earlier post. Price movement is the result, not the effect. You are correct. Thanks for pointing out my error. Gary
-
Emini S&P chart
-
Volume is the effort, price movement is the effect. Gary
-
Euro weekly chart
-
I would compare the P&F chart to the bar chart, but only as a comparison, not an absolute. Keep in mind, Wyckoff did not use volume or time in his charting. This is something I do to try and capture a possible edge. I don't look at them exactly the same, but I do compare them. Gary
-
The theory of the composite operator is that they run campaigns. Be careful not to use one bar or a series of bars to make a statement about a market overall. It is too difficult to explain here the nuances of wide bar / high volume or wide bar / low volume bars. It varies on where these bars occur, trend, trading range, etc. You need to look at the whole picture, and not just one or two bars. Gary There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.
