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There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
I would agree that this could be absorption, but I think we are not ready to mark up yet, so I would expect a retest lower before higher.
Gary
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
What do you look for to make the determination that price needs to retest lower before going higher? Do you need to see a lack of supply by having a bar close down on light volume?
Do you feel that P n F is a necessary, or just another way of looking at the information? If useful can you suggest a source to learn PnF?
When a market is about to mark up or mark down, you will generally see increased volume and increased range at the edge areas, indicating specs and funds are entering the fray. If you don't see this activity, the market is probably not ready and will stay within the range.
If you google Dorsey, you'll find P&F information. The importance of point and figure is very essential to Wyckoff as to the guesstimate of the potential move. It is used as an important guideline of the Wyckoff principle of cause and effect.
Gary
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
I'm not sure if this has been posted here or not, I didn't go through the whole thread.
Here's a PDF copy of The Richard Wyckoff Method of Trading and Investing in Stock. For $35 you can have it printed and bound at your nearest Staples (if you prefer old fashioned books).
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
