Monday, August 16, 2010

Aug 16 2010

Flat low volume August day with not much happening.

Session Time: Mon Aug 16 00:00:00 2010
[08:30] {Threei}  *(US) AUG EMPIRE MANUFACTURING: 7.1 V 8.00E
[08:36] {magoo} morning
[08:36] {Threei}  hey mags
[08:36] {magoo} hi vad, nice to have u back
[08:36] {Threei}  ty, nice to be back
[08:36] {magoo} have good time?
[08:36] {Threei}  fantastic
[08:36] {Threei}  Oregon coast is a pure beauty
[08:37] {Threei}  how did the week go?
[08:38] {magoo} very slow
[08:38] {Threei}  as it well should
[08:38] {magoo} wed mkt almost collasped
[08:39] {Threei}  slow collapse is not a collapse yet... :)
[08:39] {magoo} tues bounced after fed
[08:39] {magoo} we were 300 down wed and looking grimm, but held
[08:55] {jfjf64} mornin all
[08:55] {larisa} gm :)
[08:56] {Threei}  jf, larisa :)
[08:57] {larisa} :)
[08:57] {jfjf64} welcome bk 3i
[08:58] {Threei}  ty
[09:05] {strider} morning vad.  How you feeling this morning?
[09:05] {Threei}  strider :)
[09:06] {Threei}  since when my personal feelings matter any? :)
[09:07] {strider} While you were gone, we all agreed to pretend to care.
[09:08] {Threei}  how considerate...
[09:08] {Threei}  lwt me pretend I believe it then
[09:08] {strider} that's perfect.
[09:08] {strider} all's right with the world.
[09:11] {dino} gm all, welcome back vad
[09:11] {Threei}  dino :)
[09:11] {Threei}  ty
[09:11] {magoo} nemo was missing whole time u wee out vad, consnsus here was he stalking u
[09:11] {dino} ed's getting killed again, apol, cpla, esi, etc
[09:12] {dino} apol not yet, but...
[09:12] {Threei}  lol
[09:14] {dino} lol, barclays downgrades esi to equalweight, after it drops 70 points since april, value added research
[09:14] {Threei}  where would have we all been without barclays
[09:18] {dino} stra wow -36
[09:19] {magoo} news?
[09:19] {dino} doe dispute
[09:19] {Threei}  Strayer Education Comments on a recent report from the Dept of Education - filing
[09:19] {Threei}  - On August 13, 2010 the U.S. Department of Education released data and analysis in connection with its Notice of Proposed Rulemaking dated July 26, 2010 on Program Integrity: Gainful Employment. The data and analysis released related to Strayer University are at odds with the Companys internal analysis conducted in light of the guidance issued by the Department. The Company is seeking to clarify the discrepancy and attached herewith is our communication with the Department.
[09:20] {dino} the hounds of govt have been unleased on the ed's
[09:20] {Threei}  **Reminder from Aug 15th: ESI: US Dept of Education releases data on new requirements at for-profit colleges and student loan eligibility; The Education Department's proposed rule would require for-profit colleges to show their programs improve graduates' job prospects without saddling them with large amounts of debt, according to the Education Department; Companies can keep eligibility for federal aid in a variety of ways. They can demonstrate that 45% of former students are repaying loans, or that former students' debt for loans incurred in the school's programs doesn't exceed 8% of total income or 20% of "discretionary income," the new rules propose; Rules slated to go into effect for the 2012-2013 school year.
[09:20] {Les} and every other productive element of society dino
[09:20] {Les} morning
[09:20] {Threei}  hey Les
[09:22] {magoo} news SYUT vad?
[09:22] {Threei}  Synutra Intl. Inc. Confirms that China Ministry of Health has released positive test results of Synutra infant milk
[09:22] {Threei}  - Synutra has announced that the Ministry of Health has found no link between Synutra's infant milk powder and premature development in infants.
[09:23] {Threei}  my first impression so far, short the bounces
[09:23] {Threei}  but let's be conservative and see how honed up my feel for the market is after a week of breain cells being in the freezer
[09:25] {dino} unfortunately les. and now they oversee bank meetings in new fin. reg. law. can you say atlas shrugged
[09:26] {Les} in less than 1000 pages. I probably can
[09:26] {Threei}  lol
[09:26] {magoo} COCO lows of 2000
[09:26] {Les} was gonna buy the book, then saw the page count...
[09:26] {magoo} DV interesting vad
[09:32] {dino} why is apol holding up
[09:33] {Threei} Short Setup: BP  .35 break
[09:33] {Threei}  if stays under .40
[09:34] {Threei}  invalidated
[09:35] {dino} esi pop
[09:35] {Threei}  valid once again
[09:35] {dino} too fast
[09:35] {magoo} xcpla down 13
[09:36] {dino} fdx sm l .00
[09:36] {Threei}  no go bp
[09:36] {Threei}  dino, all edu names wriote responses... I'd assume there is something in those
[09:37] {Threei}  COCO sudden dump
[09:37] {Threei}  just as it looked like recovery starts
[09:38] {Threei} Long Setup:  LVS  .60 break if holding .50
[09:39] {Threei}  let's recalibrate it: .55 long if holding .45
[09:40] {Threei}  (US) Preview: Aug NAHB Housing Market Index due out at 10:00ET
[09:41] {Threei}  1:1, half out
[09:41] {Threei}  scalpers be happy
[09:41] {dino} whr sm l .50 jumpy
[09:42] {Threei}  wow COCO... cruel
[09:42] {Threei} Short Setup: CECO  .70 break half lot
[09:43] {Threei}  ugh.. late alert
[09:43] {dino} itri sm l .48, thin
[09:43] {Threei}  sorry... don't chase
[09:46] {magoo} COCO Close vad
[09:46] {Threei}  must be
[09:46] {Threei}  at least for a scalp
[09:47] {Threei}  most likley one more leg down
[09:47] {Threei} Short Setup: LVS  .50 break
[09:48] {Threei}  stop above .60
[09:48] {Threei} Long Setup:  COCO  .209 break
[09:49] {Threei}  if holding above .15
[09:49] {Threei}  that was fast
[09:49] {Threei}  see if lets you in opn pullback
[09:49] {strider} .209?
[09:49] {Threei}  .20
[09:49] {Threei}  ok, same setup
[09:49] {Les} use yer imagination hillbilly
[09:50] {Threei}  LVS 1:1
[09:50] {Threei}  half out
[09:50] {Threei}  scalpers, as usual
[09:51] {Threei}  no go COCO
[09:51] {dino} out whr .12, +.62
[09:53] {dino} out fdx .42, +.42
[09:59] {Les} tbt read vad
[09:59] {Threei}  numbers in one min
[09:59] {dino} cree sm l .50
[09:59] {Les} ok
[10:00] {Threei}  *(US) AUG NAHB HOUSING MARKET INDEX: 13 V 15E
[10:04] {jfjf64} lvs
[10:04] {Threei} Long Setup:  RIMM  .10 break
[10:04] {Threei}  if holding 52
[10:05] {Threei}  invalidated
[10:08] {Les} tbt read now vad?
[10:08] {Threei}  I don't see anything interestibng on it
[10:09] {Threei}  either way
[10:09] {Les} ok
[10:09] {Threei}  narrow and jellyfish-like
[10:10] {Les} very poetic
[10:10] {Les} I see coastline has brought out the poet in you
[10:10] {Threei}  as much as jellyfish can be a subject of poerty...
[10:10] {Threei}  which IMO is not too much
[10:11] {Threei}  but I am no expert
[10:11] {dino} out cree ..00, +.50
[10:11] {Threei}  to me, fridge-bridge is a perfect rhyme
[10:11] {Threei}  wtg dino
[10:11] {dino} ty
[10:13] {dino} ndx, s/p gaps filled 7/21
[10:16] {Threei}  RIMM India govt officials to reportedly be given "manual" access to BlackBerry service, effective Sept 1
[10:18] {strider} rimm short?
[10:19] {Threei}  not on breakdown
[10:19] {strider} market tired of going down
[10:19] {magoo} lvs read vad?
[10:20] {Threei}  none really... locked in a range
[10:23] {dino} out itri .99, +.51
[10:24] {jfjf64} nice  dino
[10:25] {dino} ty
[10:26] {Threei}  what's with SOLR?
[10:27] {dino} no news
[10:30] {strider} hpq?
[10:31] {Threei}  pullback to about .80, maybe long candidate
[10:32] {i2r} major screwup with TD today, that'll be the last draw for me
[10:32] {i2r} done like bacon
[10:32] {Les} crispy?
[10:33] {i2r} very crispy and annoying burnt
[10:33] {i2r} annoyingly*
[10:35] {Threei}  crispy's good... burnt's not
[10:36] {Threei}  good side to it is, when you try laser, you'll be unable to believe you evenr considered TD acceptable option
[10:38] {Threei} Short Setup: HPQ  41 break
[10:40] {Threei}  invalidated
[10:42] {magoo} BIDU strong
[10:44] {strider} when is trev coming back?
[10:45] {Les} esi
[10:45] {hawk} ags gaining strength, POT, MOS, CF
[10:45] {dino} esi lod
[10:46] {hawk} Trev on vacation, email/call laserdave
[10:47] {Les} u need his number st?
[10:47] {strider} No.
[10:47] {strider} have the number.
[10:47] {Les} k
[10:47] {strider} just wondering.   going into 3 weeks now.
[10:52] {dino} ouch wpo
[10:53] {strider} hpq pb
[10:53] {Threei}  BofA/Merrill Lynch provides market analysis
[10:53] {Threei}  - Believes equity markets have entered a correction that could last into October.
[10:53] {Threei}  - Volume intensity model has confirmed this last week. Aggressive selling on increased volume after such anemic volume for weeks leeds firm to believe the tone of the market is shifting.
[10:53] {i2r} longest cancellation in history of TD, 45 minutes to cancel what would have been a winning trade
[10:53] {Threei}  eeck
[10:53] {Threei}  OK, I'll venture tio ask: what is the normal time to cancel order?
[10:54] {i2r} seconds
[10:54] {i2r} usually 1 sec
[10:54] {Threei}  boy...
[10:54] {i2r} they had major issues today
[10:54] {Threei}  ecen that is too long
[10:54] {i2r} that was it for me
[10:54] {i2r} calling dave :)
[10:54] {Threei}  normal is INSTANT
[10:55] {strider} RFN.
[10:55] {i2r} that would be nice
[10:55] {strider} acronym, not symbol
[10:55] {Threei}  you click - it's done, unmeasurable without special presicion tools
[10:55] {i2r} I asked them if it got filled
[10:55] {i2r} they couldn't answer
[10:55] {i2r} for 30 minutes
[10:55] {i2r} I said I don'
[10:55] {i2r} I don't care, make sure it's cancelled, even if it's in profit
[10:56] {i2r} and if it goes against me, I expect TD to dish up the loss
[10:56] {i2r} they apologized and asked for patience
[10:56] {dino} patience works there?
[10:56] {i2r}  lol
[10:56] {i2r} I hope not
[10:57] {dino} busting you, but serious bummer.
[10:57] {i2r} I'm sure he or she (?) would pull the hair out by now
[10:57] {magoo} it happens with every broker sooner or later
[10:57] {magoo} just hope not frequent
[10:58] {i2r} yeah I figure
[10:58] {magoo} btw, .046799
[10:58] {magoo} of a second
[10:58] {i2r} not the end of the world, but enough already
[10:58] {i2r} that's nice
[10:58] {dino} yes it does magoo
[11:00] {Threei}  ugh, got distracted... HPQ formed double top
[11:00] {Threei}  and nicely broke down
[11:05] {Threei} Long Setup:  LVS  .75 break
[11:06] {magoo} target?
[11:07] {Threei}  with any market help should be good for more than scalp, with partial around .85 which is Fri day high
[11:07] {strider} stop below .70?
[11:08] {Threei}  yeah
[11:10] {strider} invalidated?
[11:11] {Threei}  well
[11:12] {Threei}  cent here, cent there
[11:12] {Threei}  I'd say it's valid
[11:12] {nemo} spy looks like it wants to turn
[11:12] {Threei}  and LVS looks breaky
[11:13] {Threei}  new high
[11:13] {strider} in .76
[11:13] {strider} stop below .70
[11:14] {i2r} in .76 l sm
[11:15] {Threei}  I just spoke to Dave guys - for the time being he is the contact to use
[11:15] {Threei}  who needs his e-mail or phone number, ask
[11:16] {Threei}  LVS touched 1 cent below .85
[11:17] {magoo} as in .84 lol
[11:17] {Threei}  ummm
[11:17] {Threei}  lemme check
[11:18] {Threei}  .85 - .01, equals... equals... ummm
[11:18] {Threei}  wow, you are right
[11:20] {strider} stop now?  b/e?
[11:20] {Threei}  just under
[11:21] {Threei}  went over 1:1, so gotta trail
[11:21] {nemo} wath the tren line
[11:21] {i2r} out LVS, +.02
[11:21] {nemo} started at 9:50
[11:21] {Threei}  depends on how you draw it...
[11:21] {Threei}  9:50?
[11:21] {Threei}  there won't be a trendline from there
[11:22] {Threei}  there is another way to trade it, which is:
[11:22] {nemo} yeah...outliers over the next 10 minutes, but look at the slope through that area
[11:22] {Threei}  initial stop at .65
[11:22] {dino} ugp
[11:22] {Les} {----- wallops Nemo with a concrete reinforced barb wired trend line
[11:22] {Threei}  then you would still be in, whole thing, but I am not delighted by this during lunch time
[11:23] {strider} seems like lunch time has expanded to about 3 hours....
[11:23] {strider} 2
[11:23] {Threei}  whole august is lunch time... with brief distraction by breakfast
[11:24] {nemo} bacon?
[11:24] {Threei}  what else
[11:25] {Les} failed to sell TBT at the dt +.15. stopped flat
[11:26] {magoo} at diner, wanna freak out waitress, order veggie burger with bacon
[11:26] {nemo} hi les...;)
[11:26] {Les} outta here. still got family home this week
[11:26] {hawk} lol mags
[11:26] {Les} another snoozer of a day. cheers
[11:26] {nemo} was it something I said? ;)
[11:27] {nemo} tell me what it was, so I can repeat it if he comes back
[11:28] {strider} hpq long .72
[11:29] {Threei}  I did better mags
[11:30] {Threei}  I rendered waitress in Mo's Chowder speechless by wondering why there was no vodka in my beer and assuring her that beer without vodka is wasted money
[11:32] {i2r} lol
[11:32] {Threei} Long Setup:  HPQ  .75 break
[11:32] {Threei}  if stays above .70
[11:33] {dino} thats funny magoo. but the waitress asked me if i wanted to box for leftovers, i said i'd rather wrestle for them
[11:35] {magoo} lol
[11:37] {strider} stop hpq
[11:37] {nemo} did it trigger?
[11:37] {Threei}  no
[11:37] {strider} I was in earlier.
[11:38] {nemo} it would seem the stop would make sense below the swing low
[11:39] {strider} LVS making dlb top
[11:39] {strider} dbl
[11:43] {strider} what is a swing low?
[11:43] {Threei}  anyoneelse is as scared on answer as I am?
[11:44] {nemo} the most recent low or high that formed a peak, so the most recent swing low on HPQ would have been 40.67
[11:44] {strider} thx
[11:45] {nemo} that was, prior to the red candle at 11:43
[11:45] {hawk} a swing low comes just before the sweet chariot
[11:47] {komalg} which scanning criteria are you using for HPQ,LVS ?
[11:48] {Threei}  LVS is not from scanner, this is our "usual suspect", ogten on a radar
[11:49] {komalg} what abt HPQ,BP,RIMM,CECO?
[11:49] {Threei}  HPQ hit scanner as JBE earlier in the morning
[11:49] {Threei}  RIMM's another one of usual suspects
[11:49] {Threei}  CECO is huge down, hit scanner as 52 week lows earlier,
[11:50] {Threei}  attracted attention as big gapper
[11:51] {komalg} Thank you.
[11:53] {komalg} How do you define entry price like..... go long on LVS when it breaks .75,How do you pick this value?
[11:53] {Threei}  from the setup structure
[11:54] {Threei}  if you go over examples we post in daily logs, you'll see a lot of them there
[11:54] {komalg} I see.
[11:57] {Threei} Long Setup:  HPQ  .70 break
[11:57] {Threei}  if stays above .65
[12:02] {Threei}  gosh... nothing changes... guess who is about to deliver speech
[12:02] {nemo} O
[12:02] {strider} 0
[12:02] {magoo} charles manson?
[12:03] {Threei}  lol
[12:03] {nemo} Sharon Tate?
[12:03] {i2r} woody allen?
[12:03] {nemo} Mia Farrow?
[12:03] {nemo} Soon Yi?
[12:04] {dino} magoo speaking?
[12:06] {strider} anybody in?
[12:06] {nemo} lunchtime breakouts not my favorite
[12:06] {magoo} well, i didnt go 4 for 4 outta gatte like u dino, nice
[12:07] {magoo} some of us still gotta trade (unfortunately)
[12:07] {strider} vad? you in?
[12:07] {Threei}  why wouldn't I?
[12:07] {dino} was responding to vads' guess who's on tv
[12:07] {i2r} HPQ L sm .70
[12:07] {Threei}  and why does it matter?
[12:07] {magoo} i like ESI for bounce
[12:08] {magoo} anyone got a read on it?
[12:08] {i2r} sorry, .69, was going for .70
[12:08] {i2r} stop under .65
[12:08] {dino} ranging 55 to 56.50 esi, imo
[12:08] {magoo} ty
[12:09] {magoo} anyone still in lvs with me?
[12:09] {magoo} thinking .97
[12:11] {magoo} hello?
[12:12] {i2r} DROPPED LVS
[12:12] {i2r} awhile back
[12:12] {Threei}  hmmm... magoo seems to be spoiled by abundance of comminication... our usual ignoring puzzles him
[12:13] {Threei}  dino, are you the one giving him strange ideas that his questions are expected to be answered?
[12:13] {Threei}  no, can't be
[12:13] {magoo} read RIMM vad?
[12:13] {Threei}  I am not delighted by RIMM
[12:13] {dino} not i
[12:13] {Threei}  didn't think so... not your style
[12:14] {Threei}  let me put it this way mags: I would play RIMM short is market sold off and wouldn't play long is market went up
[12:15] {Threei}  is = if
[12:16] {dino} rimm by providing code is rolling over vs. aapl, goog who havben't provided it (yet)
[12:16] {i2r} language isn't a barrier hear, we can sense what is meant before you even type it vad
[12:17] {Threei}  oh good
[12:17] {Threei}  hopefully I can stop typing at all soon, and just nod
[12:17] {i2r} lol
[12:17] {i2r} CREE on the move
[12:19] {Threei}  see how willingly RIMM drops?
[12:20] {Threei}  and market hasn't even fropped all that much
[12:20] {Threei}  65% of Voters Are Angry At Federal Governments Policies
[12:21] {dino} disconnect, scanner solid green
[12:21] {i2r} are we ready for RIMM?
[12:22] {Threei}  nah
[12:22] {i2r} or waiting until 51.00
[12:22] {Threei}  long is not the way to go on it,
[12:22] {i2r} k
[12:22] {Threei}  short was plausible above .30, but no clear setup at the moment
[12:22] {Threei}  HPQ no go
[12:22] {i2r} out HPQ  .66, -.03
[12:23] {i2r} wow, good timing
[12:23] {i2r} I just didn't feel it anymore
[12:23] {dino} the "gut" factor
[12:23] {i2r} same factor says to go L on RIMM
[12:24] {i2r}  at least it did at .20 on RIMM
[12:24] {i2r} hard to say
[12:24] {dino} i hate trading rimm
[12:24] {i2r} you have a personal relationship with RIMM, dino?
[12:24] {dino} bad one
[12:26] {komalg} For HPQ,why are we thinking to go long as we have down move?
[12:27] {Threei}  at the moment of the call, it formed consolidation for a break of resistance while holding support
[12:27] {Threei}  and market was testing highs
[12:27] {komalg} Btw,got stopped out 0.7
[12:27] {komalg} I see.
[12:31] {magoo} RIG the one gotta away
[12:32] {jfjf64} what up  guy   did  i miss lot
[12:32] {magoo} yea...big day
[12:32] {jfjf64} grr
[12:32] {magoo} best of august
[12:33] {magoo} every setup worx
[12:33] {magoo} and boy ill tell ya, there were many he he
[12:34] {jfjf64} comon
[12:34] {nemo} what was the name of the paradox about the Cretins?
[12:35] {jfjf64} lvs 3i
[12:35] {strider} liars paradox
[12:35] {dino} esi breaks range
[12:36] {Threei}  magoo is in it from earlier call, and waits for .97, jf... I don't have a feel for it here
[12:36] {magoo} no, i cut out
[12:36] {magoo} .83
[12:37] {Threei}  ah, OK
[12:37] {dino} lol barclays cuts esi target from 159 to 121
[12:37] {magoo} sigh
[12:37] {magoo} its 56 right?
[12:37] {dino} yes
[12:38] {Threei}  must be strong buy then
[12:38] {Threei}  right?
[12:38] {Threei}  easy double
[12:38] {magoo} jesus..whows their analyst? sir charles
[12:38] {dino} sheesh, oppenheimer cuts cpla from106 to 90
[12:39] {dino} they are either wrong or best buys of the year
[12:46] {gregns} Is that a h & s on rimm ?
[12:47] {Threei}  RIMM no support at all
[12:47] {Threei}  well
[12:47] {Threei}  formation wise, yes
[12:47] {Threei}  but npormal H&S occures around the high
[12:47] {Threei}  and singifies reversal
[12:47] {Threei}  in this case, it's a right formation in the wrong place :)
[12:47] {gregns} thks
[12:51] {Threei} Short Setup: LVS  .80 break
[12:52] {Threei}  if stays under .85 of course
[12:54] {Threei}  1:1 was easy but it must be capable of more
[12:58] {komalg} In case of missed entry(0.80),what price should I look for to enter?
[12:59] {Threei}  chasing with such a tight stop shouldn't be for more than 1-2 cents
[12:59] {Threei}  even 2 is a stretch
[13:00] {magoo} ty rimm vad, shorted 51
[13:00] {magoo} out .78
[13:00] {Threei}  :)
[13:05] {Threei}  1:2
[13:05] {Threei}  and was so kind to give second chance for entry
[13:05] {Threei}  you took it, komalg?
[13:05] {komalg} ya,I was doubting myself, and didn't take a trade
[13:06] {komalg} I need to build more confidence.
[13:06] {Threei}  that'sa OK
[13:06] {Threei}  you are fitst day in the room
[13:06] {komalg} ya.
[13:06] {Threei}  take your time to get familiar with things
[13:06] {komalg} ok.
[13:10] {komalg} If it comes 08 level again,is it a valid entry?
[13:10] {komalg} 0.8
[13:10] {Threei}  no
[13:10] {Threei}  not a third time
[13:10] {komalg} ok.
[13:15] {jfjf64} gs  .05  3i   long
[13:17] {Threei}  not sure jf
[13:17] {Threei}  50/50
[13:17] {jfjf64} ty
[13:21] {Threei}  (US) Dept of Interior: Offshore drilling activity to undergo policy revisions, requiring an environmental review for permits
[13:22] {magoo} whats lowest lvs got on this short...72?
[13:23] {Threei}  .70
[13:24] {magoo} ty
[13:29] {magoo} double top RIMM?
[13:29] {Threei}  most luikely, yes
[13:34] {i2r} so we are shorting????
[13:34] {Threei}  discretionary...
[13:34] {i2r} or it's over?
[13:34] {i2r} I missed it
[13:34] {Threei}  wait
[13:35] {Threei}  what are you asking then? :)
[13:35] {Threei}  double top magoo refered to was at 51 with low around .90
[13:35] {Threei}  so, short entry between those two numbers was a play,
[13:35] {Threei}  discretionary one, so no "official" calll
[13:36] {Threei}  do you really want to short 10 cents lower?
[13:54] {Threei}  start partialling around here mags
[13:54] {magoo} ok
[13:55] {magoo} u like rig short vad
[13:55] {Threei}  can't tell really
[14:09] {Threei}  GS got hit hard
[14:10] {magoo} pressure coming mkts
[14:29] {dino} sm l esi .62
[14:30] {i2r} trying to use laser, but having trouble logging in initially, anyone had the same issue?
[14:30] {nemo} yeah, you probably have to change a setting in the setup
[14:31] {nemo} email laser dave
[14:31] {i2r} hmm, I thought that might be it, just so many settings
[14:32] {nemo}'s one number
[14:32] {nemo} I'll bet that's it
[14:33] {nemo} in executor type  then 15905
[14:37] {i2r} seems to change those values upon each logon, i'll see what dave says, maybe it's the logon id issue
[14:37] {i2r} thx nemo
06[14:42] * Threei slaps laserdave around a bit with a large chart of uptrending market
[14:43] {laserdave} nice
[14:44] {laserdave} well lets start uptrending then
[14:44] {Threei}  you slept so long, it reversed
[14:44] {laserdave} :)
[14:50] {i2r} +.10 on RIMM on the uplift
[14:51] {komalg} today I realized that pateince= trading.I was used to get implusive all day's kind of strange feeling.
[14:52] {komalg} Scanner showing lot's of stocks,why are we not taking any trade?
[14:53] {jfjf64} hmm
[14:53] {nemo} style of trading
[14:53] {nemo} what do you see you want to trade komalg?
[14:55] {nemo} komalg?
[14:55] {komalg} Like I have JBE scanner in front of me,So kind of wondering,why are we not picking any stock
[14:55] {nemo} which one are you looking at?
[14:55] {komalg} are we looking for any particular stuff during this time?
[14:55] {komalg} NFLX..
[14:56] {komalg} or DGIT
[14:56] {nemo} o.k...what and why would you call a trade in nflx..entry and stop please?
[14:58] {nemo} no call komalg?
[14:59] {nemo} Personally, I didn't see a good trade there
[14:59] {komalg} ok
[14:59] {nemo} a long break (jbe) would have had a huge stop
[15:00] {nemo} volume wasn't showing any indication of accumulation
[15:01] {nemo} just because the scanner, which is a static analysis, spits out a stock, doesn't mean it's a play
[15:02] {jfjf64} komaig once  in awhile  nemo  mks  sence
[15:03] {nemo} also, one of Vad's sayings is "All salmon, become followers.."  nflx was strong today, but now spy is weak, the likelihood of nflx becoming a follower si greater
[15:03] {komalg} ya, I understand,so question is how to pick good one from scanner?
[15:03] {nemo} learning process dude
[15:03] {nemo} 10,000 hours on the screen
[15:04] {komalg} I see.
[15:04] {nemo} now, spy goes north, nflx might be a good play, with right entry and stop/position sizing
[15:04] {nemo} only if formation is there
[15:04] {komalg} are you looking at 1 min spy?
[15:04] {nemo} 1 and 5
[15:06] {komalg} I forgot to give you answer for NFLX entry=34 and stop=34.05
[15:07] {komalg} sorry GILD entry=34 and stop=34.05
[15:07] {nemo} you mentioned nflx and dgit
[15:09] {komalg} ya, I understand now what are you saying for NFLX,stop is huge.
[15:09] {nemo} woulda' been, which makes it a useless play, because, why play a huge stop, if your risk reward isn't greater than 1:1...that would be a fair amount of real estate for nflx to cover to make it worth while
[15:10] {jfjf64} .59 s lvs
[15:11] {komalg} how can I know more clearly that break out is valid or no? means how can I see fake break out or real one?
[15:11] {komalg} I am getting used to more level 2 level
[15:11] {nemo} you can't necessarily, that's why you have a stop
[15:12] {Threei}  observe komal... it takes time, don't try to get definite answers in one day
[15:12] {nemo} trading is an art
[15:12] {komalg} but sometime move is so fast,I can see clearly what's going on
[15:12] {nemo} not a science
[15:12] {larisa} :)
[15:12] {nemo} hi lari
[15:12] {larisa} hi nemo :)
[15:12] {Threei}  many of these things have no exact answer, it's art in the same degree as it is science
[15:12] {nemo} where have I heard that before?
[15:13] {Threei}  and if something moves so fast that you can't read it, you have no business to trade it
[15:13] {i2r} well put
[15:14] {komalg} I will observe for sure.but sometime it is very frustrating
[15:14] {dino} welcome to the jungle
[15:15] {komalg} I agree.
[15:15] {i2r} not as frustrating as trading with TD
[15:15] {Threei}  lol
[15:15] {dino} esi stopped .35, -.27
[15:15] {Threei}  it doesn't have to be frustrating
[15:15] {nemo} dude, you're automatically up against the big leagues in this game, heavyweights hit hard, you don't want to get knocked out
[15:16] {Threei}  set realistic goals
[15:16] {Threei}  you are learning whole profession
[15:16] {Threei}  it's not something that can be done in days or weeks
[15:16] {nemo} 10,000 hours
[15:17] {dino} brb
[15:17] {nemo} komalg...practice makes perfect, right?
[15:17] {komalg} yes.
[15:17] {nemo} wrong
[15:18] {nemo} perfect practice makes perfect
[15:18] {nemo} you practice incorrectly you reinforce bad patterns
[15:18] {komalg} Today I am seeing myself in differnt zone,before I was jumping like monkey from one trade to other ending up with loss.
[15:18] {nemo} and let me tell you from some nasty scars
[15:18] {Threei}  so, you just answered your own question
[15:19] {nemo} you want to learn right the first time so you don't have to unlearn bad practice and break painful psychological patterns
[15:19] {Threei}  about why we don't grab every trade spat out by scanner
[15:19] {i2r} {-pulled up a chair, with coffee from starbux
[15:19] {i2r} {- listening to nemo
[15:19] {komalg} Yes.I understand now completely.
06[15:19] * nemo puts boots on
[15:20] {i2r} "completely" takes time, from my experience :)
[15:20] {i2r} I said to Vad, yeah, I get it now
[15:20] {i2r} a few -K later, I got it even more
[15:20] {i2r} now i totally get it
[15:20] {nemo} amen brother
[15:20] {nemo} yeah, right in the sphincter
[15:21] {nemo} sorry
[15:21] {i2r} until I do something stupid again
[15:21] {nemo} komalg, I was thinking about tna break of .55, but I didn't like the action in the spy, woulda' got a scalp, but look at it
[15:21] {nemo} chart formation was reasonable
[15:22] {nemo} bounced at yesterday's close, didn't feel right
[15:22] {nemo} now, if we get a higher low, might be a play
[15:22] {jfjf64} die  lvs
[15:23] {komalg} Could you pls tell me why you pick .55....and also what kind of chart formation
[15:23] {nemo} what I saw, was a low that bounced at yesterday's close on a high volume hammer candle
[15:24] {nemo} can be indicative of a bottom
[15:24] {komalg} I see.
[15:24] {nemo} two minutes later I see an attemt at a double bottom
[15:24] {nemo} then had a higher volume candle break of .55
[15:24] {nemo} see the progression
[15:25] {komalg} I am trying to understand.
[15:25] {nemo} but spy is middling here so to much mud for my like
[15:25] {nemo} also, my psychological state is not really in the game today for reasons I won't go into, so you then have to question analysis
[15:25] {nemo} all this goes into it
[15:28] {nemo} now spy showing it might want to break
[15:29] {Threei}  poor AONE
[15:29] {magoo} read on LVS vad?
[15:30] {Threei}  none
[15:30] {Threei}  just violated downtrend
[15:30] {Threei}  and hasn't established uptrrend yet
[15:33] {nemo} so komalg, after all is said and done, I would have had a 1:4 trade...can't win them all
[15:34] {komalg} I agree.
[15:35] {komalg} I believe,I will learn more in this trading room as I am expecting positve result for myself.
[15:38] {magoo} GS read vad?
[15:38] {Threei}  up after pullback
[15:38] {Threei}  any drop to about .25 - .30, look for long entry
[15:50] {jfjf64} good day all
[15:50] {dino} cya jf
[15:50] {Threei}  take care jf
[15:50] {magoo} man stra at lows -38
[15:53] {komalg} see you tomorrow.
[15:53] {Threei}  take care komal
[15:58] {Threei}  ok guys
[15:58] {Threei}  normal august day
[15:58] {Threei}  full of nothingness
[15:58] {dino} thx all, gotta hop
[15:59] {Threei}  have a good evening, see you tomorrow
[16:01] {larisa} bye!