Commodity Chat With Trader Jim! (tm) with Jim Prince
from November 14, 2006

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Thanks for joining me this evening. I’m very excited about tonight’s chat. Several markets have been moving nicely since our last chat, so we have a lot to discuss this evening.

The December mini Dow Jones futures contract made a new all-time high today. December Gold and December Silver have been rather volatile of late. December Cotton broke to a new contract low yesterday, and the December Canadian Dollar is attempting to breakout of its flat-bottom triangle. And of course Corn, Oats, Wheat, Soybeans, and Soybean Meal have been rocket ships! If you’ve had a successful paper trade or real money trade in any of these markets (or others), please reveal your trade details to fellow Course Members.

Discussing your market experiences lets others know they are not alone in this business. So please feel free to share your excitement, passion, and dedication. It provides others with hope and optimism of what’s to come.

I’d like send a big “Thank You” to Ken Roberts. Ken started introducing folks to the World’s Greatest Business over 20 years ago. I was fortunate enough to not only be a student of Ken's, but I also had the great pleasure to work for him for 12+ years. I’m happy to be able to share with you what I’ve learned over the years.

Make sure you take a peek at Ken's Ultimate Technique for Success Course too. Find out more information by clicking here.

As we begin this evening’s session, remember the reason these monthly chats are conducted is to: provide you the opportunity to ask questions and to pick the brain of a 20+ year student of the markets and active trader.

It’s not the best use of our limited time here together for me to define basic terms and explain introductory principles taught in your Course materials. (That’s what our Course Counselors are here for. They can be reached at 541-955-2885) This chat is the time for you to use me to help you apply the basics you’re learning and to prepare you for what to expect once you’re out in the market itself (either paper trading or with real money). And if we have some fun and laughter along those lines, so much the better.

NOTE!!! When commenting on one of the WGB strategies or US Charts, please identify WHICH ONE. Also, when relating trading experiences and/or results, please provide details: Futures contracts, options, options AND futures, etc. This helps others follow along and learn from your experience too.

UK_Kev asks:
Hi Jim and all! Crude oil closed below its Flat-bottom triangle several times with TS at the time still in its down trend (60+ days), but you did not initiate a paper trade, any particular reason why? Aslo, are there any plans to add historical contract charts to the site? Many thanks and keep up the great work!
at 6:08:51 PM
Hi UK_Kev! Actually I did mention that a paper trade could have been initiated on a couple of those earlier breakouts. But had those breakouts been traded they more than likely would have turned into losing trades. The market bounced and eventually rallied from the low of the breakout point at 58.50 to a high at 61.33. That's a difference of 2.83 or $2,830 per futures contract traded. I seriously doubt that any of our knowledgeable and conservative students would have have held through that advance. ;) I'm not real sure what you mean by historical contract charts. . . we already have weekly and monthly charts going back many years for each market. Thanks for the nice words and please stop by often.
rob asks:
Hi Jim I have been studying the archives of your weekly instruction, and have found them very helpful. I have been practising some of the techniques you have taught and in fact have been doing rather well paper trading. I was wondering if you or any of the participants could recomend a good on line broker. I live in British Columbia, if that makes any difference.Rob .
at 6:14:22 PM
Hi Rob, Glad to see that you're taking advantage of all the tools we offer. In regards to brokers. . . we don't recommend any particular brokerage house. What I suggest you do is "Google" the phrase "commodity brokers" (without the "") and then begin contacting those you come across. Ask for their starter kit, review the information and then go from there. Also, if you're just beginning in this business I suggest that you use a full-service broker. The reason is it's too easy to make mistakes. Errors like submitting a sell order when you meant to buy and vice versa can be costly. Invest the extra $$$ in a full-service broker at least until you have some experience.
Jared of Idaho asks:
I have seen head and shoulder formations in Ken's chart book several times. It is not explained any where in our course material that I can find. Could you tell me how to use this formation to trade?
at 6:19:06 PM
Hi Jared of Idaho! Yes, the Head and Shoulder formation is taught in our Advanced Commodity Course. But you can paper trade just as I teach in the Chart Book. With a head and shoulder bottom formation you simply buy on a break above the neckline. Basically a head and shoulder pattern is a 1-2-3 formation -- without the left shoulder (the neck line would actually be the #2 point of a 1-2-3 formation. I hope this helps. If you have additional questions about this formation be sure to call a Course Counselor at 541-955-2885.
leather guy asks:
Hi Jim- do you have the same trading plan for a trade that is entered on a 123 top or 123 bottom than you do for a market that breaks out of a pennant in the middle of the markets trading range. The reason I ask is because 123 entries are extreme markets. Are your profit expectations higher for 123 tops or bottoms than they might be for entry signals that are from a triangle in the middle of a trading range. thanks
at 6:22:58 PM
Great question, leather guy! I have a separate plan for each and every trade. It doesn't matter what the formation or chart pattern might be. In other words, I treat each trade individually. It doesn't matter whether it's a 1-2-3 top in Bonds or Oats, or a pennant in Gold or Live Cattle. All decisions are based off that particular market, pattern, risk/reward, etc. at that particular point in time.
trwtrader asks:
Dear Jim, I just wanted to write to let you know you are an excellent teacher. I enjoy your weekly lessons and gain a great deal of insight from them. For the beginners and for even those with experience I cannot say emphatically enough, listen to Trader Jim! He knows what he is teaching you! I have been trading with real money for quite sometime now and should have several thousand dollars in my account, but I do not. Do you want to know why? Because I have been greedy, hopeful and fearful as a trader which is what Jim teaches is the demise of any trader. How foolish of me to think I could ever trade without stops and wait for the market to turn around (hope) and come back in my favor. Well Lumber taught me a $4,200 lesson on that principle. Not preserving my capital! As Jim just recently said “leaving the cash register drawer open for someone to come and take your money.” Not moving my stops as the market moves in my favor (greed). Did I really think corn was just going to keep goin
at 6:26:59 PM
Hi trwtrader. . . I'm glad you can take the lessons to heart from this point forward. Greed can be costly in this business and is the down fall of most. But the fact that you're aware of such errors means you're far ahead of the person that hasn't reached that point yet. Continue to grow and learn about yourself and you'll continue to do better and better. Use stops, set profit targets, and most importantly have a plan set before you enter a trade!
Corn Crazy asks:
Jim, I was long December corn from the 123 formation, I made $18,000....I LOVE THIS BIZ. tell me though, I was stopped out due to my trailing stop, but want to prepare for another run, should I wait for the top or get back in if Trend seeker says its still up? Chris in Florida
at 6:30:04 PM
Fantastic, Corn Crazy! But now is not the time to be greedy! Wait for a chart pattern to form. Don't jump back in just because of fear of missing another move. If you do, you're bound to give a lot of those profits back because you'll be trading based on the three enemies of all traders -- hope, fear, and greed! Wait for a chart pattern and Trend Seeker to line up -- just as we teach in the World's Greatest Business -- then do your thing!
Jared of Idaho asks:
When will the new revamped web site be up and running?
at 6:31:15 PM
Well we are getting closer and closer. . . looks like the new ETA is less than two weeks! Hold on to your hat cause you're gonna be blown away!
Salandy asks:
NJ Salandy: Trinidad & Tobago...Good evening everyone...Just to say that I have just liquidated Feeder Cattle Jan 2007 for a profit of $4,500 on my very first trade IN & OUT. Initial cost $ 500. Thanks Ken & Staff.
at 6:34:21 PM
Beauuuuuuuuutiful, Salandy! What a great start to your trading business. Now, continue to look for great opportunities and always, always have a plan prior to entering a trade. Plus do all you can to protect your capital -- it's the trading business persons inventory! Without inventory a business person is out of business! Congrats once again!
fretotrade asks:
This is my first time to the chat room
at 6:34:59 PM
Welcome, fretotrade! Feel free to ask any questions you might have on your mind.
Jim asks:
My first day as a member. Should I be hearing anything on my speakers or is the chat just visual?
at 6:36:16 PM
Welcome Jim! From one Jim to another. . . this is a "text" only chat. Click the refresh button at the bottom of the page to see new questions and answers. Welcome once again!
DeeBeeTX asks:
Hello Trader Jim and Everyone, To use an example: prices have just brokeout past the #2 point in a 1-2-3 Bottom, I have my option picked out and know where I'll place my mental initial stop. My question: how would I choose my short-term and long-term targets? Thanks for your live chats. I have learned many things from them. Keep up the good work.
at 6:41:13 PM
Hi DeeBee! A great tool is to refer to the "It Just Happened" and "It's About to Happen" email messages I send out. I always show targets within those messages and discuss them too. In the meantime, a relatively easy method is to locate levels of support/resistance on the Daily, Weekly, and Monthly charts. Also find the 50% levels as they can be used as targets too. Plot these levels on the Daily chart. The levels you discover can be used as targets. The closer levels would be considered short-term targets and those levels further away could be considered long-term targets. Be sure to refer to the free weekly video lessons too. I've produced several video examples about "potential targets" over the last few months. Call a Course Counselor and they can let you know the exact videos that this topic was discussed.
50% Retracement Video
LUCKPUP01 asks:
Chicago, IL First a big thanks for all you!!! I have a question. I know you are a technical trader but would you ever make a trade based on fundamentals ( for instance hurricanes and OJ ) ect. Just curious.
at 6:45:44 PM
Hey LUCKPUPO1! The short (and long) answer is no. I'm a chartist and therefore base all decisions off of the charts.
steevo asks:
hey Jim! I am looking at Mar07 Sugar... what is your feeling? a break out above 1250? <- paper trade?
at 6:49:54 PM
Welcome steevo, Go to US Charts Online and visit Ken's Chart Book and look for March Sugar. I provide a pretty detailed rundown of this market and plus the text on the chart will give you a good visual. I wish you the best!
JJ asks:
I've just finished the WGB option book. Do most traders have several "irons" in the fire at the same time or is it wise to start with looking at just a few?
at 6:52:52 PM
Hi JJ, I would say that on average most traders will have three to five paper trades in the works at anyone time. For me, this is more than enough. Go slow and if you're just beginning I suggest that you get your feet wet and start with maybe one or two markets. Do you know how you eat an elephant? One bite at a time! Approach your paper trading the same way. And, as always, if you need assistance be sure to call a Course Counselor at 541-955-2885 Monday through Friday 8:30am -5:00pm PT.
 











     Coming Soon!!!
hog_wild asks:
Hi Jim...I had a December cotton put option which expired last Friday. The market seemed to refuse to go down until the options expired - sure enough yesterday December cotton had a big drop. It reminded me of the manipulation of the markets that Ted Warren always commented about. Do you still offer a course which follows Ted Warren's ideas?? Love Ken's chart book and always look forward to your updates - thanks Jim. Can't believe it's been a year since I was down in Oregon on your course in early November 2005!!
at 6:58:32 PM
Howdy hog_wild! We sure do offer a course that teaches Ted Warren's methods. Click the link below to find out more. . .
Advanced Commodity Trading Techniques
Arlo asks:
Hello Trader Jim and thank you for inviting us to this session! I would like your opinion. The situation is as follows: Option trading a market with the trend going in my favor and trailing my position with tight (mental) stops. The market turns and hits my stop. Would you or would you not recommend consulting Trend Seeker to before calling the broker and liquidating the option. I know, plan your trade and trade your plan, but every turn is not a tend reversal.
at 7:03:03 PM
Hi Arlo, You are right, every turn is not a trend reversal. Is checking Trend Seeker before you exit part of your plan? If not then. . . . . . . .? Okay, so my question to you Arlo is if you have a plan in place are you following it? If you don't stick to your plan there will come that time when you surely wished you had. Don't let greed get the best of you. If you get stopped out of a position look for another chart pattern to form and then an opportunity to reenter the market.
Eric in Fort Worth asks:
Jim, I'm long 1 contract of Mar. Cotton because prices are low and a bottom formation/base is developing. Does this agree with your strategy, or might I have taken a position earlier than you would have (considering trend seeker, etc.)? Thanks.
at 7:08:21 PM
Howdy Eric, I don't try to pick bottoms. I wait for a 1-2-3 chart pattern to form and for the breakout to coincide with what Trend Seeker says. In the long run, Eric, I prefer to paper trade with the trend. Which falls right in line with the "It Just Happened" message sent out yesterday about Cotton. If you didn't see the message you can view it by clicking here and then logging into the Members section. Once there, you'll find it in the Members Mailbox.
Aupaz asks:
Just a comment on the question rob asked? When looking for a broker, interview the broker and ask him/her if they are familiar with Ken Roberts strategies, Many are.
at 7:09:15 PM
Great comment, Aupaz! And I second it!
john-n-bishop asks:
Evening Jim - My broker has called a number of times trying to get me once again to play the "spreads" i.e. bull call spreads, bear put spreads, etc. Last year I played a little bit a won a cup full and lost a pot! Meant to ask you at the Trading Camp your philosophy about spreads and whether or not they're really any more profitable than sticking with just plain old puts and calls - I suspect the risk factor is greatly enhanced - your thoughts please. Starbucks in GP yet?
at 7:13:19 PM
Hey John! Nice to hear from you! I don't trade many spreads. While I have done my share of bull call and bear put spreads in the stock market, I don't do them in the commodity markets. They don't work quite the same because of the time factor. 99% of the trades I do are straight buys and/or sells. I won't repeat it here, but if you scan through some of Ken's chats found in the archives you'll find a great opinion on spreads -- it's actually pretty funny stuff. (No Starbucks yet.)
willie asks:
Hi Jim, I've been following the grain markets,wheat seems to have a solid 1-2-3 top formation, but TS still says it's in an up trend. Any thoughts on why? Thanks Willie.
at 7:16:37 PM
Hi Willie! Yep, Trend Seeker analyzes the "overall trend", not just a couple days or weeks. Right now, TS feels the trend is still up and in fact it states that it's in a "strong" up trend. Plus, from a chartist's point of view recent price action is right at the daily 50% level. I personally don't like to short into (on top of) the 50% level. It is usually strong support. Time will tell, of course. Hope this helps.
ron in canada asks:
Hey Jim. Back a while ago, I asked Ken if he planned to put together a video that shows what his life is now like that he had commodities in his life. He alluded to there was a video in the works, and that it was going to be available in the next couple of months. this was part of a chat from several months back. Any idea on what the status of the video might be as I would be interested in obtaining a copy. I think it would be a great motivational tool for those of us who are not working hard enough at acquiring the skills and investing the time to become confident enough in our own skills. I know I fall into this category. If the video is already available could you point me in the direction of a link. Thanks.
at 7:20:56 PM
Hi ron in canada, I'm not real sure I've heard anything about such a video. The one thing I do know is that you can find out more about Ken's Ultimate Technique for Success Course by clicking here.
junie asks:
Hi Jim, Does a pennant formation signify a breakout in the previous trend? Thanks.
at 7:23:20 PM
Hi Junie! Remember from the Trading Camp that we like to trade the breakout of pennant formations in the direction of the overall trend? We also use Trend Seeker as a filter. In other words, the way we trade pennants is as a continuation of the overall trend.
Jim from Kalamazoo, MI asks:
I haven't traded in awhile. What is a good market to watch now?
at 7:29:15 PM
Welcome back, Jim from Kalamazoo, MI! I would take a peek at some of the markets listed in Ken's Chart Book, or take a look at the weekly Friday email, or refer to the "It Just Happened" email that was sent out yesterday. It focused on Cotton. In fact, you'd want to now focus on March Cotton (because Trend Seeker now says it's the new Front Month market) and consider applying the Hi Lo Breakout strategy to it if and when all the criteria are met.
Eric in Osaka asks:
Good evening (and afternoon for me, Wednesday the 15th here in Japan) to everyone. I really enjoyed the "Trailing Stops" video tutorial from last Friday! Thanks.
at 7:30:38 PM
Hi Eric in Osaka! Great to have you with us! Glad you enjoyed the recent video and thanks for the kind words.
rob asks:
Hi Jim Is there any formation that you find results in a better chance to get connected with a really good trend, or is it just a matter of looking for the formations that coincide with ts. I guess what I am asking, is what formations really grab your attention. Rob
at 7:34:08 PM
Personally I really like the pennant formations and flat-top (or flat-bottom) triangle formations. Trading a breakout of one of these patterns in the direction of the trend can be very powerful. They aren't all big movers or even winners for that matter (what technique is?), but the more you see them the more you'll believe in them. Don't take my word for it though, paper trade them yourself and watch the Chart Book to stay up-to-speed with those that I find. These are a couple of good ideas to enhance your paper trading skills.
Carol from Pueblo asks:
Jim, Can a Broker put in a Stop Order for and option to protect some profit, as part of my exit plan? My Broker says it's not a good idea--why?
at 7:37:14 PM
Hi Carol from Pueblo, Generally speaking a broker is not physically able to put in a stop on an option. It's not an "option" with the exchanges. He can, however, set an alert on his computer. If your option drops to that particular value he can then contact you and ask if you want to exit the position. This is a topic we cover quite extensively in our Trading Camps. But since this isn't a Trading Camp I hope my response helps you out. :)
Ultimate Technique for Success
Guy asks:
Guy from Milwaukee WI, Hi Jim, Do you plan on offering classes else where around the US besides Grants Pass?
at 7:40:41 PM
Hi Guy from Milwaukee WI. Not at this time. However, we have had discussions about going out on the road. Drop a Course Counselor a line and put your two cents in. If we get a big enough list for a particular area perhaps we'll seriously consider heading that direction. Thanks for your interest!
Aupaz asks:
Just wanted to say thank you Jim for the great training videos. Your voice is perfect-- very calming.
at 7:44:25 PM
Thanks, Aupaz, I think. So I'm wondering. . . if you're feeling tired but just can't seem to fall asleep, do you pass on the sleeping pills and just play my videos to help nod off? Just kidding. I appreciate your kind words and I'm glad that you enjoy the lessons.
teddyusa asks:
Hi TJ, I am a newbie but have been using US Charts data and following the Fri Alerts for a few months. Last Fri's Alert had Dec CT and not the front month Mar CT. I tought we should concentrate on the FM. Also, is it possible to arrange the items in the Chart Book in some logical order? (By Category or Alphabetically). Finally.. What happen to the missing data for Thurs Nov 09 in the Option History Tables?? Thanks Ted c.
at 7:48:45 PM
Hi Teddyusa! Actually March Cotton just kicked over to be the front month. Monday morning and over the weekend the December contract was still the front month. That is until Trend Seeker was updated Monday evening. All the markets in Trend Seeker are currently listed in alphabetical order. However, when the new US Charts site launches you'll be able to sort the markets in Trend Seeker as you see fit. It's pretty neat. We'll check into the missing data. Thanks for the heads up!
franman asks:
Hi Jim As always, we are very greatful for your insight and help. One question though, if a market drops really far all of a sudden and goes beyond your stop, do you get out anyway or wait for a comeback the next day, which usually happens after a sudden drop? Thank you for your opinion.
at 7:52:32 PM
Well, franman, I actually make that part of my Trading business plan. In other words, I have written within my plan exactly how I will react to that type of situation -- you should too! So, I'm gonna put this one on you to write down exactly how you'd approach such activity if it ever happens. That way you're less likely to let your emotions get in the way of making a logical trading/business decision.
BENNY asks:
HI, JIM ARE YOU GOING MAKE A VIDIO OF THE TRADEING CAMP SESSIONS, I AM ON THE EAST COAST AND FIND IT HARD TO GET THERE ...BENNY
at 7:54:30 PM
Hi Benny! Funny you asked. We were just chatting about that today. We are considering filming one of our Trading Camps early next year. Thanks for your interest.
ben asks:
Hi jim, like your new video. My question is refering to ken's chart of gold dec 2006 and he says that the "market is up extreme, if price pull back to the to the 610 level than a paper trade would be entered", i don't understand why wait, on what bases, and where did he got the 610 pull back figure to enter a paper trade.
at 8:01:40 PM
Hi ben, We've been following December Gold for sometime. When the breakout occurred I mentioned in the chart text that Trend Seeker had not yet agreed that Gold was in an up trend. Since I like to have the breakout and Trend Seeker in agreement, we never paper traded the initial breakout. Several days later however, Trend Seeker stated that the trend was up. But prices had moved quite a bit above the breakout point -- which was roughly 610. Therefore, rather than chase the market I suggested that we wait for a pull back to support of roughly 610 or so. That way we don't chase the market. Had we arbitrarily bought December Gold, say on November 9 as an example, there's a good chance that we would be sitting with a rather large loss. In situations like this I prefer to wait for a pull back rather than chase the market. In the long run (and in my experience) it's a wise thing to do.
Sandra asks:
Hi Jim, Just a quick question about the # of market TS follows??? When Ken was around I thought it was 42 now there is 52??
at 8:03:29 PM
Hi Sandra! Yep, we've added several additional markets. All the more better for your paper trading endeavors and choices.
Bill in NC asks:
Hi Jim..I have two questions..How valid is Ken's admonition to completely ignor fundamentals in decision making on options i.e. coffee as you did? 2nd. Is there a way to convert strike prices to points or it that done by the exchange?
at 8:07:21 PM
I learned from the Master and thus I totally ignore any "funnymentals." In my opinion it's just too difficult to try to factor what news to believe at any one time. So I don't bother doing it and I know Ken doesn't either. In regards to your second question I'm not real sure I understand what you mean, but I'll give it a shot. . . A strike price is not converted to points. However, the option premium is always listed in points and can be converted to $$$. US Charts Online automatically converts those points into $$$ to make it easier for you. Hope this helps.
mrbaxtor asks:
Hey Jim, I have calloptions on March Cocoa, the formation is a 123 bottom for dec with the 2 point at around 1500. I could only afford 2 contracts at the 1600 level. How do you stay in the market when the drop in prices seem to be due to the dec roll? I know what the chart says, it says get out, but how do you account for a end of contract roll, do I wait it out. I have a stop at 50% of my option purchase price and is rapidly approaching. Peel one contract and leave the other?
at 8:12:49 PM
Hi mrbaxtor! I never take a "roll-out" into consideration. I have a plan set ahead of time and for me I don't care what it is that pushes prices to my stop. If my stop is triggered I get out. Plain and simple. I've learned to let my ego go. I don't care if I'm wrong about market direction. That's why I use stops. If I'm wrong I get stopped out and move on. That's why it's so key to have small losses. Small losses mean you'll live to trade another day. Don't let your ego change your plan.
Principal from Iowa asks:
Jim, great services! Sometimes feel I'm a "lone wolf" out here in Iowa. Wondering if there are other members that from my area that I could converse, get together with, and even form commodity clubs with. Thanks again for all the learning opportunities.
at 8:16:13 PM
Hi Principal from Iowa. Out of respect to fellow Course Members we keep all contact info. private. But I do know from years past that Members have placed ads in their local papers in an attempt to contact Members in their area. Something to consider.
Morning Glory asks:
Is there a possibility that chartist' can see different formations or is it all very much textbook in that a triangle or channel is always that and nothing else? On occassion I mark a chart before hand and check it against Ken's chart book and come up with a different concept of the formation. Is this a "eye of the beholder situation" or not?
at 8:20:47 PM
Good questions, Morning Glory! In my opinion being a chartist is very much an artistic endeavor. I think the main thing to be concerned with is that you stay consistent with the way you mark the charts up. For instance, I have a friend that will actually draw his trend lines though the bodies of the price bars touching the opening and closing prices. Generally speaking I do not do this. I prefer to connect the highs and lows. The thing is neither of us are right or wrong. As long as we stay consistent with the way we each mark our charts we are much more apt to have the results we desire over the long haul.
pennsaukendave asks:
Trader Jim I really want to get started trading once again but I just don't seem to be man enough, I lack courage. What do you suggest for a girlie-man (no offense ladies).
at 8:25:26 PM
I suggest you seriously consider enrolling in Ken's Ultimate Technique for Success Course. Also be sure to look into some of the books that are available at Four Star Books. Click here to find out more information. These tools can help you in all facets of your life -- not just trading. I wish you the best!
George asks:
For whatever reason, Jim, your Friday weekly email has stoped coming to me. Might you see what you can do? Also, I've tried repeatedly to get onto the WGB web site, but it refuses to recognize my password/email. My password/email works fine getting onto charts online. Shouldn't the same password get me into both sites?
at 8:28:10 PM
Hi George, Call a Course Counselor in the morning and let them know about your challenge. They'll be happy to help you and will get you up and running in no time. Call them at 541-955-2885, Monday through Friday 8:30am - 5:00pm PT.
rob asks:
Hi Jim I would like to thank you for all of the great technical advise you offer. there is a world of upside to commodities.(or downside if you like shorts). If a person spends the time to digest all of the information available at (U.S.Charts) which is a lot, you will eventually have the confidence to persue the gentle art of making money. Many thanks for every ones input. Rob
at 8:28:58 PM
Glad to help, rob. Thanks for the nice words. I'll pass them on to the staff here at US Charts.
David asks:
Hi Jim, I am new to the chat line. I was wondering what you mean by "recent price action is right at the daily 50% level" and that was strong support in the wheat market. Where wood I look for the price action? Thank you, David
at 8:30:47 PM
Hi David, thanks for joining us tonight. Log into US Charts Online. Click on "Ken's Chart Book." Locate the chart of December Wheat and click on it. Once the chart loads you'll see my notes on the chart. This should help you a lot.
LUCKPUP01 asks:
Hey Jim , Im just wondering how long trend seeker has been around (just changed to your online service) and if you have any estimate of accuracy yet? Keep up the good work!!
at 8:33:27 PM
I love it, LUCKPUPO1! It's been around awhile and is, in my opinion, quite accurate. Just take a look at the "Days in Trend" column for any market and then compare the starting price of the trend (found on Trend Seeker) to the actual chart. You'll see some amazing things. Again, don't take my word for it. Study and paper trade Trend Seeker and see for yourself. It's a great tool to have in addition to your charts.
Stover asks:
Are you done yet?
at 8:33:52 PM
Yep, that's it for this evening. Thanks for joining us!
Well that's it for this month. Keep in mind, that you're not alone in your trading journey. US Charts Online, myself, and our wonderful Course Counselors (541-955-2885) are here to help you become the best you can be. On that note, be sure to check out our weekly video trading lessons at: US Charts Online. This is a fantastic teaching tool and free to all WGB Members and Online Chart subscribers! (The video link is in white text located at the top of the very first page you see after the disclaimer when logging in.)

Finally, make sure you have a plan prior to entering any trade and use stops to protect your trading capital. As a trader your capital is THE most valuable asset you have!

Plan your trade and trade your plan!

My next chat will be on Wednesday, December 6, 2006. God Bless and I look forward to seeing you then!
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