Tuesday, August 17, 2010

Aug 17 2010

Very nice and active morning with consecutive trades on RIMM, mostly short, and LVS, mostly long. Reversal on RIMM for a bigger trade on a long side and a few scalps made for an unusually nice day for August. 

Session Time: Tue Aug 17 00:00:00 2010
[08:35] {Threei}  *(US) JULY PRODUCER PRICE INDEX M/M: 0.2% V 0.2%E; PPI EX FOOD&ENERGY M/M: 0.3% V 0.1%E
[08:35] {Threei}  *(US) JULY HOUSING STARTS: 546K V 560KE; BUILDING PERMITS: 565K V 580KE
[08:40] {hawk} morning vad :)
[08:41] {Threei}  hawk :)
[08:47] {hawk} good thing for POT shareholders that I didn't carry it overnight.  If i had this offer never would have happened
[08:47] {Threei}  lol
[08:48] {Threei}  - BHP's offer "does not even come close" to the intrinsic value of Potash Corp
[08:49] {hawk} Cramer saying hold on for 165-170
[08:51] {magoo} morn, POT wow
[08:51] {Threei}  morning mags
[08:52] {magoo} in sympathy MOS IPI BG MON AGU
[08:52] {magoo} oph..hi boss:)
[08:57] {hawk} RIMM weak
[08:58] {magoo} news rimm?
[08:59] {Threei}  Amazon.com Inc Offers BlackBerry Torch for $99.99 with new services plan; About half of what it retails for with a 2 year contract regularly - Engadget
[08:59] {Threei}  - Note: 08/16 RIMM: Goldman Sachs lists the launch of BlackBerry Torch as "underwhelming" since the phone did not sell out in its first week of being available - Business Insider
[08:59] {Threei}  RIMM Goldman Sachs lists the launch of BlackBerry Torch as "underwhelming" since the phone did not sell out in its first week of being available - Business Insider
[08:59] {Threei}  RIMM UPDATE: Wedbush Morgan Cuts RIMM to Neutral from Outperform, price target: $57
[09:00] {Threei}  overall, it feels like RIMM can't compete with modern offerings
[09:07] {Threei}  I got my daily portion of bitter laughter:
[09:07] {Threei}  (US) Treasury Sec Geithner: There is no clear consensus on how best to design a new housing finance structure
[09:07] {Threei}  I mean,
[09:08] {Threei}  1. there is clear consensus on anything else?
[09:08] {lilyd} good morning and welcome back, Vad
[09:08] {Threei}  2. yoo imbeciles still believe you can design anything that must be allowed to design itself?
[09:08] {Threei}  hi lily, thank you!
[09:09] {lilyd} you know, the guys seem to have better days when you're around
[09:09] {Threei}  well, there must be some reason for my existence...
[09:10] {Threei}  it's certainly not a promotion of vegetarian lifestyle
[09:10] {lilyd} let's hope it's more than just that, though
[09:10] {Threei}  :)
[09:10] {nemo} VAD!  why didn't you tell us to take POT overnight?!
[09:10] {Threei}  I did... in the platinum service room
[09:10] {nemo} ahhh....silly me
[09:11] {Threei}  - Any wind down of GSE portfolios must be done very carefully, must keep overall mortgage rates "reasonably priced."
[09:11] {Threei}  ***Note that the administration has said it won't offer a new plan for reforming the GSEs until next year
[09:12] {Threei}  totally amazes me how none of them can see the forest behind trees
[09:12] {Threei}  they still think more tweaking could help,
[09:12] {Threei}  they can't step back, look at the bif picture and realize that the problem is the tweaking itself,
[09:12] {Threei}  intrusion in what must be a natural process
[09:17] {Threei}  EUR/USD Dealer chatter circulating of US think tank report that conditions for Fed to enact additional Quantitative Easing (QE) measures
[09:18] {Threei}  that conditions need to worsen for Fed
[09:20] {larisa} gm :)
[09:21] {Threei}  larisa :)
[09:21] {larisa} :)
[09:22] {i2r} morning all :)
[09:23] {Threei}  i2r :)
[09:23] {strider} morning everyone.
[09:23] {Threei}  strider :)
[09:23] {strider} :)
[09:25] {Threei}  watching RIMM
[09:25] {Threei}  chart wise, .40 break is long but I am inclined to look for shorts on it
[09:25] {jfjf64} mornin
[09:26] {Threei}  breaks on a long side feel like traps to me
[09:26] {Threei}  jf :)
[09:26] {Threei}  I am talking about RIMM specifically, not market in general
[09:26] {magoo} prob is rimm tends to have a rip day every now and then, as in 3-4 points up
[09:27] {magoo} it kills and kills until u harte it, next day bam..up
[09:30] {Threei}  how about that RIMM
[09:30] {ese} good morning
[09:31] {Threei}  ese! :)
[09:32] {ese} was up the island at deep bay yesterday at my wifes parents on the water ....tried to log into the board but couldn't do it
[09:32] {Threei}  RIMM, move over .30, staying under .40, and recross of .30 is short
[09:33] {Threei}  invalidated, but idea stays, let's wacth for diff trigger
[09:33] {nemo} we having a relief rally here?
[09:33] {Threei}  .40 break
[09:34] {Threei}  again
[09:34] {Threei}  if stays under .50
[09:34] {Threei}  1:1
[09:35] {Threei}  1:2
[09:35] {Threei}  1:3, out
[09:35] {magoo} missed that
[09:35] {Threei}  first break was certainly way too fast
[09:35] {Threei}  second was gettable
[09:35] {Threei}  1:4
[09:36] {magoo} nice
[09:36] {magoo} mioving faster than usual
[09:36] {jfjf64} nice
[09:37] {Threei}  should be shortable again around .20 - .30
[09:37] {Threei}  alternatively, 50 break
[09:37] {Threei}  if doesn't go above .15
[09:40] {Threei}  1:1
[09:41] {jfjf64} rimm our  flute
[09:41] {jfjf64} breath in
[09:41] {jfjf64} breath  out
[09:41] {jfjf64} ahhh
[09:41] {jfjf64} ty
[09:41] {jfjf64} ty
[09:41] {Threei}  :)
[09:41] {jfjf64} comon  2 smiles
[09:41] {Threei}  :)
[09:42] {jfjf64} ty
[09:42] {Threei}  1:2
[09:43] {i2r} ty Vad, that was sweet!
[09:43] {i2r} great start to a day :)
[09:43] {Threei}  "_
[09:43] {Threei}  hmm
[09:43] {Threei}  what was that
[09:43] {Threei}  supped to be :)
[09:43] {Threei}  supposed
[09:45] {Threei}  1:3, done
[09:46] {i2r} nice
[09:46] {Threei} Short Setup: LVS  .30 break
[09:47] {Threei}  if stays under .40 for day traders, .35 for extrascalpers
[09:48] {Threei} Long Setup:  LVS  .40 break if stays above .30
[09:50] {Threei}  1:1
[09:50] {magoo} jesus
[09:50] {magoo} missed
[09:51] {nemo} yeah, fast
[09:51] {dino} mos sm s .49
[09:52] {Threei}  1:2
[09:52] {Threei}  aww, missed RIMM this time
[09:53] {magoo} i suk
[09:53] {Threei}  wasn't clear
[09:53] {magoo} went for lvs .50 break, missed fill
[09:53] {magoo} missed all 3
[09:57] {Threei} Short Setup: RIMM  .60 break
[09:57] {Threei}  actually, it's aggressive entry for .50 break
[09:58] {Threei}  which would give way too wide stop
[09:58] {Threei}  so I am trying to find better way to p[lay it
[09:59] {Threei}  stop above .70
[09:59] {dino} stopped mos .76, -.27
[10:01] {Threei}  no go this time
[10:01] {magoo} now THAT one i caught lol
[10:02] {Threei}  NY Fed: Q2 Total consumer debt at $11.7T, down 1.5% q/q
[10:03] {Threei}  rinse
[10:03] {Threei}  overtightened stop, .75 was the way to go
[10:05] {dino} mos rinsed
[10:16] {Threei}  (US) PIMCO's Bill Gross: Believes that the US will need fresh stimulus measure in six months (update) (related EUR/USD GBP/USD USD/JPY TLT SHY )
[10:17] {Threei}  US will need fresh stimulus measure like rabbit needs syphilis, IMO
[10:18] {dino} anf hl l .75
[10:20] {nemo} you saw that too dino...stop to the low?
[10:23] {magoo} BP news vad?
[10:24] {Threei}  nothing fresh
[10:26] {dino} y
[10:27] {magoo} u see a short in RIMM vad ?
[10:27] {Threei}  no, not anymore
[10:27] {magoo} LVS ?
[10:30] {Threei}  RIMM seems to me changing trend
[10:30] {Threei}  and setting a trap for those who got overconfident shorting it
[10:30] {magoo} why, new low
[10:30] {magoo} breakin down imo
[10:30] {Threei} Long Setup:  RIMM  .50 break
[10:31] {Threei}  invalidated
[10:32] {Threei} Long Setup:  RIMM  .45 break
[10:37] {komalg} momentum is down so why you choose long and why .45?
[10:37] {Threei}  we had 3 successful shorts earlier on RIMM
[10:38] {Threei}  IMO, it p[layed out on short side and is ready to change direction
[10:38] {komalg} so what is your target?
[10:38] {Threei}  I don't have taregets, I have partialing levels
[10:39] {Threei}  defined by risk reward ratios
[10:39] {komalg} I see.
[10:40] {Threei}  1:1, half out
[10:41] {dino} anf stopped
[10:43] {Threei}  scalpers win
[10:44] {Threei}  done with RIMM for now
[10:45] {dino} sm s wlt .50
[10:46] {dino} bstop is .81
[10:50] {magoo} u readin LVS boss?
[10:50] {magoo} might launch
[10:52] {Threei}  want something easier
[10:52] {magoo} yea, it alreaddy run
[10:56] {dino} wlt stopped taking break
[10:59] {hawk} are most here using mibbit or mirc?
[10:59] {gregns} mibbit here
[10:59] {nemo} mirc
[10:59] {magoo} mirc
[11:00] {Threei}  LVS moved 2-3 cents while market was making highs
[11:00] {Threei}  maybe ready to be shirted
[11:00] {Threei}  shorted too
[11:00] {Threei}  let's see if we find right entrey
[11:00] {nemo} 16 32/33 please, french cuffs
[11:01] {dino} mibbit
[11:01] {Threei}  new high, invalidated as short for now
[11:02] {hawk} thx
[11:03] {ese} L pwer .90
[11:05] {ese} out 1/2 .03 +.13
[11:06] {ese} stop to .95 balance
[11:07] {dino} 8/11 close gaps filled
[11:15] {larisa} RIMM, ty on reversal call vad
[11:15] {Threei}  :)
[11:15] {i2r} me too, vad, collecting gravy
[11:16] {i2r} more like a stew
[11:17] {magoo} yea, good rimm reverse vad, out .87
[11:18] {i2r} out RIMM, +45
[11:18] {magoo} my only win,
[11:18] {magoo} missed all others, i slow or something
[11:18] {i2r} +.45 that is
[11:19] {ese} out remainder pwer .02 +.12
[11:19] {i2r} gj ese
[11:19] {ese} 2k/2k
[11:19] {ese} tks
[11:20] {Threei}  good to see you guys pay atention
[11:20] {Threei}  I'll try to get my wife to read today's log
[11:20] {ese} ?
[11:21] {magoo} huh?
[11:21] {ese} what did i miss
[11:21] {Threei}  oh boy
[11:21] {i2r} RIMM reversal
[11:21] {ese} oh oh....were in for it now mags
[11:21] {Threei}  nevermind you humorless grim creatures whose souls want nothing but profits
[11:22] {ese} ouch.....!!!!!!!1
[11:22] {ese} i told ya mags
[11:23] {magoo} well, dont want vads wife thinking hes productive do we
[11:23] {ese} man.......i was patient beyond belief this morning
[11:23] {ese} ya ya......
[11:23] {magoo} ese..you ever see blood diamond?
[11:23] {Threei}  lol
[11:23] {ese} yup
[11:24] {ese} based on true story
[11:24] {magoo} when dicaprio was wounded in ledges with rifle "ya ya comon"
[11:24] {ese} yup.....i got cha
[11:26] {Threei}  (US) Fed's Bullard: Any Fed asset purchase program should be modest - WSJ
[11:26] {ese} speaking of another bullet on the ledges......
[11:27] {Threei}  Sees 50/50 chance of Fed asset purchase plan taking place
[11:28] {Threei}  - Bullard would support asset purchases if inflation falls any further
[11:28] {larisa} out RIMM  +.60 thanks again vad
[11:29] {magoo} nice
[11:29] {Threei}  beautiful
[11:29] {dino} gj
[11:30] {larisa} :)
[11:32] {komalg} what do you think abt market direction?
[11:33] {nemo} spy goes to between 110.28 and .74
[11:34] {komalg} Pls clarify why to 110.08 and .74
[11:34] {nemo} look at 15 minute chart on spy
[11:34] {komalg} sorry .28
[11:36] {komalg} means previos higher low?
[11:36] {nemo} you had gap down on 11th se resistance?
[11:36] {nemo} se=see
[11:37] {komalg} yes
[11:37] {nemo} that's why I said it...now that's just an idea, nothing ever set in stone...I'm a Von Clausewitz desciple
[11:37] {nemo} disciple
[11:41] {Threei}  creep up ias certainly not something I'd try to play here, so if this is what happens next I'll stay inactive
[11:41] {Threei}  quick sharp drop would make me hunt for bounce plays
[11:42] {Threei}  and forming some kind of short setup would be ideal as the next turn of events
[11:46] {Threei} Short Setup: RIMM  58 break
[11:46] {Threei}  if stays under .15
[11:46] {larisa} :)
[11:47] {strider} 50 break
[11:47] {nemo} yeah
[11:48] {Threei}  if you want semi-aggressive type of entry, .05 break can be a trigger
[11:48] {Threei}  big bids there
[11:52] {Threei}  short scenario doesn't materialize
[11:52] {Threei}  creep up does though
[11:52] {Threei}  not willing to play it, it's a torture
[12:00] {Threei}  let's see if we get a bounce and new setup
[12:00] {Threei}  SEED Hearing Rodman & Renshaw making positive comments (8.89, +0.56, 6.72%)
[12:00] {dino} esi sm l .17
[12:04] {dino} wlt sm s .02
[12:09] {komalg} Hey guys,I am learning that day trading is fun.If I be more patience, and look for right set up,chances are more to succeed.
[12:10] {dino} open drop
[12:10] {Threei}  morning was fun... fast trades one after another
[12:10] {Threei}  now this is boredom
[12:11] {i2r} yep, totally
[12:11] {i2r} wondering if LVS is good to short soon
[12:11] {Threei}  I want to say yes very much
[12:14] {Threei}  but in clear conscience, can't just yet
[12:15] {Threei}  let me try some vodka though, it usually helps with quieting conscience down
[12:15] {i2r} it better work fast :)
[12:15] {Threei}  lol
[12:15] {Threei}  OK, discretionary:
[12:16] {i2r} using absolute or grey?
[12:16] {Threei}  around .10 it's a short with stop above .15
[12:16] {i2r} or stolichnaya?
[12:16] {Threei}  aggressive entry
[12:16] {i2r} k
[12:17] {Threei}  grey goose if I geel like spending, or Russian Standard if I feel like like original vodka taste, or Iceberg if I want Grey Goose taste without overpayiong THAT much
[12:17] {i2r} i see
[12:17] {i2r} i like grey myself
[12:17] {Threei}  30 break is "standard fare" entry
[12:17] {i2r} most of the time
[12:18] {i2r} k
[12:18] {Threei}  who doesn't
[12:18] {Threei}  truly premium vodka
[12:18] {Threei}  fopr truly premium price
[12:18] {i2r} true
[12:19] {Threei}  but if you prefer this bready taste characteristical for traditional russian kinds. Standard is the way to go
[12:20] {Threei}  and Iceberg is poor man's Grey Goose, and I bet you 95 out of 100 won't tell the difference in blind tasting
[12:20] {Threei} Short Setup: RIMM  50 break
[12:20] {Threei}  half lot
[12:25] {Threei}  1:1
[12:28] {i2r} good call on RIMM
[12:28] {Threei}  with one exception, like flute today
[12:28] {i2r} LVS will take longer to crash down
[12:28] {Threei}  rarely this thing is so easy
[12:30] {hawk} nice one, thx vad
[12:32] {Threei}  :)
[12:57] {strider} HPQ?
[12:58] {Threei}  toss a coin
[12:59] {strider} hye nemo...gotta quarter?
[12:59] {strider} hey
[13:00] {nemo} sure
[13:00] {i2r} there's an iphone app for tossing a coin, try it out and trade happily :)
[13:00] {nemo} go long...triple lot
[13:01] {i2r} you don't even need a quarter :)
[13:01] {Threei}  Obama to Attend Europian Summit in November
[13:01] {Threei}  I have an idea...
[13:01] {strider} uh-oh
[13:02] {Threei}  can we ask our europian friends to keep him?
[13:02] {Threei}  they seem to like him more than we do
[13:02] {strider} who would you trade for?
[13:02] {dino} out esi .57, +.40
[13:02] {strider} trde O for.
[13:02] {Threei}  oh, just send us your finest cheeses
[13:03] {i2r} gj dino
[13:03] {larisa} gj dino
[13:04] {dino} thx
[13:06] {i2r} LVS moving, question is where
[13:13] {i2r} up is the answer
[13:14] {magoo} vad, u got read POT?
[13:15] {Threei}  I am indifferent to it
[13:15] {Threei}  oh, you mean stock
[13:15] {Threei}  up
[13:15] {hawk} lol
[13:15] {Threei}  as for entry, well
[13:16] {Threei}  pullback to or under 142 would get me interested
[13:19] {nemo} komalg, see spy hit .28
[13:19] {Threei}  141.80
[13:19] {Threei}  my target for entry
[13:19] {komalg} ya
[13:20] {komalg} so chances are more that it may reverse?
[13:21] {nemo} not necessarily, but your risk reward from here is limited...so, if you're going to go long, you need to give this parameter more weight
[13:21] {komalg} If we know that it is reaching to fill the gap so why we took short on rimm? do we consider market direction to take a trade?
[13:22] {nemo} you look at the relative strength of an issue in comparison with the market always
[13:23] {komalg} I see.
[13:24] {komalg} but we were talking around 12 p.m so why were we not looking for long set up?
[13:26] {nemo} the market had run strong in the morning, yes?
[13:26] {komalg} yes
[13:26] {nemo} well, the market has rythms
[13:26] {komalg} does it mean that market won't run up again?
[13:26] {nemo} it had run hard, and needed rest
[13:27] {nemo} also, lunchtime tends to be relatively neutral for trading
[13:27] {nemo} either long or short
[13:27] {komalg} I see.
[13:27] {nemo} that's where the art comes in
[13:27] {nemo} btw...the market did just run again
[13:27] {ese} . no he is not
[13:27] {komalg} hey guys,I am a new baby for trading...so I am trying to understand and feel this art
[13:28] {nemo} 10,000 hours of screen time
[13:28] {ese} komag baby!!!!!!! welcome to the board.........
[13:28] {komalg} but some question should be clarify to get clarity
[13:28] {komalg} thank you guys!!!!
[13:29] {komalg} don't make fun.......I am here to bug you
[13:29] {komalg} LOL
[13:29] {magoo} i was dropped
[13:29] {magoo} i here?
[13:29] {patience} yup
[13:29] {hawk} u is
[13:29] {Threei}  he are?
[13:30] {Threei}  hmmm... mags, you sure? log doesn't show you disconnecting
[13:30] {nemo} we is
[13:30] {nemo} seizure?
[13:30] {Threei}  must be
[13:31] {strider} I think he means he was dropped as a baby...that's why, well...you know.
[13:31] {dino} multiple times
[13:31] {nemo} flat head, swept back teeth, pistol.....nevermind
[13:33] {Threei}  nemo, I asked you to keep my appearance secret...
[13:33] {strider} you only go out at night?
[13:34] {Threei}  I don't at all
[13:34] {strider} oh, that's right.
[13:34] {strider} Your 'people' bring everything to you.
[13:35] {strider} POT small c&h
[13:38] {strider} bp pb
[13:38] {strider} late
[13:38] {strider} .06 pb
[13:38] {strider} hmmm...
[13:45] {strider} vad, was looking at a Murano the other day.  You happy with yours?
[13:46] {Threei}  very
[13:46] {strider} I've had 3 Nissans...always got good service from them.
[13:47] {strider} wife has a Sentra now.
[13:47] {strider} bp now?
[13:47] {Threei}  nah
[13:48] {Threei}  mine is 2010, SL AWD, luxury package
[13:49] {strider} plenty of room for bodies?
[13:49] {strider} dead
[13:50] {Threei}  alive too
[13:53] {strider} market taking a long lunch.
[14:00] {i2r} I have murano, 2009, LE, fully loaded
[14:01] {i2r} didn't think anyone else I know has a murano though
[14:01] {strider} I think nemo is fully loaded, too.
[14:19] {i2r} today was a nice lesson in letting the profits run, focusing on simply the price movement rather than profit, and sticking to the stop as the controlling element, I was able to hold on to a winner longer. Something that was quite difficult in the past.
[14:20] {i2r} it's actually easier to trade that way, I find, than my usual nerv racking approach
[14:23] {dino} gj i2r
[14:23] {strider} ah, yes.  The ceremonial wracking of the nerves.
[14:24] {Threei}  rite of passage
[14:31] {strider} i2r, getting myself to stop trying to 'work' at trading has been my most difficult challenge.
[14:31] {strider} the harder you work, the better you do....everyone knows that.
[14:31] {strider} but doesn't work here.
[14:31] {komalg} I aggree.
[14:32] {i2r} yep, i see that now
[14:35] {strider} lvs breaking down
[14:35] {nemo} cree?
[14:36] {Threei}  (SP) Moody's notes it still has doubts on Spain's fiscal outlook despite austerity measures - interview (related EUR/USD EWP SOVRX )
[14:36] {i2r} out LVS +.20
[14:36] {i2r} now I'm ok with it going back up
[14:38] {i2r} i wanted CREE to be where it is today, just last week
[14:38] {Threei}  that's principle of uncertainty by Heisenberg, you know
[14:39] {Threei}  you can get time or place, but noth both
[14:39] {i2r} yep
[14:39] {i2r} i like RIMM
06[14:40] * strider slaps Threei around a bit with a large collapsed wave function
06[14:40] * nemo slaps strider around a bit with a large Schroedinger's Cat
[14:41] {komalg} what do you think at market?
[14:41] {komalg} abt
06[14:42] * Threei slaps everyone around a bit with large chronoclastic infundibula
[14:42] {strider} {----calls the ASPCA on nemo
[14:42] {i2r} lol
[14:42] {Threei}  there is nothing to think komal
[14:42] {nemo} komalg...don't see much in it
[14:42] {Threei}  look at it this way
[14:42] {komalg} yes,it is true
[14:42] {Threei}  matrket is not really a subject of thinking for traders
[14:43] {Threei}  it is for analysts,
[14:43] {magoo} just copmputer programmers lol
[14:43] {Threei}  and for those who don't understand what trading is
[14:43] {komalg} so what  should I do?
[14:43] {Threei}  they think trading involves careful deep thoughful analysis of the situation,
[14:43] {nemo} unlearn
[14:43] {Threei}  to figure out what happens next.
[14:43] {komalg} I see.
[14:44] {Threei}  What happens next is all their analysis are regularly proven wrong
[14:44] {komalg} yes.
[14:44] {Threei}  and they scream blloody murder (calling it manipulation),
[14:44] {Threei}  because, you see, they are never wrong,
[14:44] {Threei}  they figured it all out,
[14:44] {i2r} or it's useful for all the hindsight traders and analysts
[14:44] {nemo} well...don't forget the PPT
[14:44] {Threei}  and if somethig duifferent happens, it's not the indication of them being wrong, it just can't be,
[14:45] {Threei}  it's an indication of someone manipulating the market.
[14:45] {Threei}  But here is the thing
[14:45] {Threei}  whetrher there is manipulation or not, it's totally irrelevant
[14:45] {Threei}  because there is the only one thinmg that matters:
[14:46] {Threei}  do you trade profitably or not?
[14:46] {komalg} not that much
[14:46] {Threei}  if there is manipulating entity ion the market,
[14:46] {Threei}  your method of reading must account for that
[14:46] {i2r} I wanna know if LVS is reversing
[14:46] {komalg} I  agree.
[14:46] {Threei}  if it doesn't, what good your methid is?
[14:46] {Threei}  so,
[14:47] {Threei}  correct trading is not done by deep thinking and forecasting,
[14:47] {Threei}  no one knows what happens next.
[14:47] {Threei}  Corect trading is done by folloiwng the proven patterns,
[14:47] {Threei}  controlling your risk in case you run into case where pattern doesn't work
[14:48] {Threei}  and constant monitoring of how those patterns works, what changes occur
[14:48] {Threei}  in order to correct your action.
[14:48] {Threei}  Trading in May was very different from one in August
[14:48] {Threei}  and it will be very different in Octorber
[14:49] {Threei}  Stay sensitive to changes and observant, follow patterns in a disciplined fashion - and you will make money,
[14:49] {Threei}  not on every trade and not every day, but on a statistically valid number of trades and days you will.
[14:49] {Threei}  Try to out-think markets, and watch your account destroyed
[14:50] {komalg} I This is the best advise I ever get...I will follow  it.
[14:55] {strider} whoa
[14:55] {nemo} Having a Catherine the Great moment there Strider?
[14:55] {strider} 12 cent greeen candle, spy
[15:00] {magoo} vad, u watching LVS?
[15:02] {i2r} I think he's watching the bottle, it's getting empty
[15:02] {Threei}  I do, I just don't see anything in this slow move
[15:02] {Threei}  not enough pace
[15:03] {i2r} kinda dropping
[15:03] {i2r} lil by lil
[15:03] {strider} strider's quote for the day:To Epictetus, all external events are determined by fate, and are thus beyond our control, but we can accept whatever happens calmly and dispassionately. Individuals, however, are responsible for their own actions, which they can examine and control through rigorous self-discipline. Suffering arises from trying to control what is uncontrollable, or from neglecting what is within our power.
[15:04] {strider} fron wikipedia on Epictetus
[15:04] {strider} from
[15:04] {Threei}  sounds about right
[15:04] {Threei}  I would have a drink with him
[15:04] {i2r} :)
[15:05] {dino} and somedays you are the bear
[15:05] {nemo} ahhhh...The Holy Truths
[15:05] {Threei}  and sometimes it rains
[15:06] {magoo} why is "rain right?"
[15:06] {strider} Rufus?
[15:08] {strider} market going back to the barn?
[15:10] {i2r} barn sounds good
[15:10] {strider} not if you're trying to sleep.
[15:12] {strider} fcx dbl bottom nemo?
[15:12] {magoo} POT set new high
[15:12] {magoo} 146 pre mkt high
[15:13] {nemo} look it, but... it's following the market now
[15:13] {strider} si
[15:13] {magoo} stronger actually
[15:14] {nemo} yeah but not since 1:00 it's been following the curve
[15:14] {magoo} i think it prints 145 today
[15:14] {nemo} oh, I was taking fcx
[15:14] {strider} talking
[15:14] {nemo} with yo there mags
[15:14] {magoo} right time of day
[15:15] {magoo} has the feel here
[15:15] {strider} vad, you interested in fcx?
[15:17] {strider} .40 break?
[15:19] {nemo} look for this as the right side of an IH&S, take it if you want around here
[15:20] {strider} yeah, I see that.
[15:20] {nemo} take partial near .40 let the rest ride for the end of day unless it hits stop
[15:23] {strider} long .25 fcx sm.
[15:23] {komalg} one more qestion,in beginning what patterns should I look for?.In the book of tape reading,there are a lot patterns..
[15:23] {nemo} the 200 on the 2 minute is around .18 it could fall to there
[15:24] {strider} k
[15:25] {strider} where you getting two min. charts?
[15:25] {nemo} freestockcharts.com
[15:26] {nemo} did you partial?
[15:26] {strider} sure wish laser would do that.
[15:26] {Threei}  seriously?
[15:27] {strider} yeah.
[15:27] {magoo} [15:14] {magoo} i think it prints 145 today
[15:27] {magoo} [15:14] {nemo} oh, I
[15:27] {nemo} In these markets I've seen many stocks respect technical levels in different time frames
[15:28] {strider} stop to .35
[15:28] {strider} out .37
[15:29] {larisa} good agressive entry, strider. technically still in downtrend, but diverging like crazy. good job
[15:29] {strider} out too soon.  just had small shares.  should have partialled.
[15:30] {i2r} LVS, either going up or down, how  about that for a coin flip
[15:30] {Threei}  it can also stay in place
[15:30] {dino} esi sm l .70
[15:30] {strider} ah, the rain man :)
[15:30] {Threei}  coin can land on the edge, right?
[15:30] {Threei}  or hang in the air
[15:30] {nemo} don't laugh I fell once, and missed the ground
[15:31] {strider} or disappear into parallel universe.
[15:31] {Threei}  that would be nemo...
[15:31] {strider} just as long as they have parallel bars there.
[15:32] {Threei}  that was the matter of his investigation when he wernt there
[15:32] {Threei}  since then we only get once a week brief messages from him, saying: nothing to do here... eeck.. stay where you are... eeck
[15:33] {strider} They start out parallel, but by the end of the night, they run together.
[15:33] {Threei}  we sent Les to get him back... guess what,
[15:34] {Threei}  no Les either, and his reports mention something about parralel universe being very perpendicular
[15:34] {strider} les is a born space cadet anyway.
[15:34] {nemo} see...you have to be inari to bend space and time
[15:34] {strider} nemo just bends elbow
[15:35] {Threei}  whose?
[15:35] {strider} his own
[15:35] {Threei}  then, on whose throat?
[15:35] {strider} just lifting glass from bar to mouth.
[15:36] {Threei}  nope... not the way he drinks
[15:36] {Threei}  you obviously never drunk with him
[15:36] {Threei}  there is no lifting involved
[15:36] {strider} no.
[15:36] {i2r} he drinks that way only under your influence, vad
[15:38] {strider} but I hear nemo is doing post-graduate work, undere vad's advisement
[15:41] {komalg} LVS bounce from .30 level
[15:41] {i2r} last day of trading with TD and no trading for the next 2 weeks, sad times
[15:42] {Threei}  paper
[15:42] {komalg} are you talking abt TD waterhouse?
[15:42] {i2r} yes
[15:42] {i2r} thx vad, good idea
[15:42] {Threei}  use the break to your advantage
[15:42] {komalg} They are charging really higher money
[15:42] {i2r} yep, totally got it
[15:42] {i2r} perfect timing actually
[15:42] {Threei}  anyway, if you thought of the best time to do this, you couldn't pick better one
[15:43] {i2r} komalg, it's not so much about the money, although it's part of it
[15:43] {i2r} it's the execution of trades, lack of flexibilities and a sucky tool
[15:43] {komalg} yes, am planning to change to Laser
[15:43] {i2r} I'm with activetrader platform, paying $7 per trade, unlim shares
[15:44] {strider} so tell us how you really feel about it, i2
[15:44] {i2r} I will reserve myself until I test out laser in detail :)
[15:44] {i2r} although already loving what I'm seeing in the demo
[15:45] {i2r} everyone is diff, i'm not guaranteeing that I will love laser, but I am very willing to try, hearing everyone rave about it
[15:46] {i2r} funny, RIMM breaks into the up area and LVS breaks down
[15:47] {i2r} not even sure why it's funny, just thought I'd mention it lol
[15:47] {Threei}  hey, that's fine - some luahg seeing others falling in paddles
[15:48] {strider} i2r is self-amusing.
[15:48] {Threei}  and I can't stop hysterical laughter seeing cake in the face
[15:48] {i2r} :)
[15:49] {strider} pies, too, vad, or just cake?
[15:50] {Threei}  cakes excluisively
[15:50] {Threei}  pies just don't do it for me
[15:50] {i2r} I was thinking of enlisting in the army, saw them at the Air Show in Abbotsford this weekend, but when they mentioned that I'd start at $90 a day (Army), or $500 a week (RCMP) or in between of that in the Navy, I said, wow, that's pretty cool, you study and get paid. But then I realized that it's not $90 an hour, it's $90 a day.
[15:50] {strider} Have friends who are 1st cousins to Soupy Sales.
[15:51] {Threei}  oh, and speaking of movies, the very first comedy still has me in stitches
[15:51] {i2r} So I enjoyed the show and went back to trading in the morning
[15:51] {strider} But he just does pies.  or used to.
[15:51] {Threei}  filmed in 1895
[15:51] {Threei}  titled Watering the Gardener
[15:51] {i2r} If only I had the stomach to short PCLN, it was at +12 today
[15:52] {hawk} U see that in the theater Vad? ;)
[15:53] {dino} stop esi -.30
[15:53] {Threei}  lol
[15:53] {i2r} look at RIMM
[15:54] {Threei}  http://www.youtube.com/watch?v=Kd4jSTBhYDw&mode
[15:54] {strider} gotta go see a man about a dog.  see y'all tomorrow.
[15:54] {dino} cya
[15:54] {i2r} cya st
[15:55] {hawk} lol, like that
[15:56] {Threei}  okay guys, thank you all
[15:56] {Threei}  nice day
[15:56] {hawk} agree, gn all
[15:56] {Threei}  if we can float the rest of August like this, will be fine
[15:57] {Threei}  have a good evening, see you tomorrow
[15:57] {larisa} bye :)
[15:57] {komalg} bye
[15:57] {i2r} bye
[15:57] {i2r} same here
[15:57] {i2r} cheers everyone
[15:58] {dino} cya i2
[15:58] {dino} cov wlt .78, +.24
[15:59] {i2r} gj dino