Monday, July 18, 2011

Jul 18 2011

Another typical summer day - profitable but extremely boring other than first couple hours.

Session Time: Mon Jul 18 00:00:00 2011
[09:08] {dino} gm all\
[09:08] {Threei}  dino :)
[09:13] {Threei}  (US) Moody's comments on US: Speculative grade liquidity continues to remain healthy despite economic risks
[09:13] {Threei}  - According to data from July Speculative-Grade Liquidity (SGL) Monitor, corporate America appears to have the capacity to manage near-term hurdles
[09:13] {Threei}  - The large amount of debt coming due in three to five years is also causing caution among speculative-grade companies, though refinancing activity has slowed in the last few months as issuers look for calmer credit markets.
[09:13] {Threei}  - Companies have been stockpiling liquidity
[09:13] {Threei}  PIMCO's El Erian: European debt crisis is getting worse; European leaders are still behind the crisis and need to get in front of it
[09:14] {Threei}  lol, the only way to get in front of it is to dissolve EU
[09:14] {dino} or let it default
[09:19] {Threei}  Euro vs US Dollar Egan-Jones's John Egan: Swap lines between the Fed and ECB mean that the Fed will be the lender of last resort for Europe; calls for a Brady bond solution to the European debt crisis
[09:19] {Threei}  - Believes that eventually all of the PIIGS nations will default on their loans.
[09:19] {Threei}  ***Please note that Egan made very similar comments in Barrons over the weekend.
[09:20] {larisa} gm :)
[09:20] {Threei}  larisa :)
[09:20] {larisa} vad :)
[09:21] {Threei}  (US) US Treasury Sec Geithner: Reiterates that the debt ceiling will be raised; notes that he will keep his position for the "forseeable future" - CNBC
[09:21] {Threei}  - Does not believe assertions from US banks that they are not lending because of the regulations included in Dodd Frank Act.
[09:21] {Threei}  - Does not want the US economy vulnerable to crisis
[09:21] {Threei}  - EU needs to act forcefully to avoid contagion
[09:24] {RonS} gm...apparently since he has said this six times in the past threee weeks, noone is listening to him
[09:24] {Threei}  ron :)
[09:25] {Threei}  note the SLW strength in red market
[09:26] {dino} wbmd
[09:27] {Threei}  WebMD Health Corp Cl A Guides Q2 cont ops $0.23 v $0.22e, R$141M v $143Me; cuts FY11 Rev to $580-600M v $631Me (from $610-640M on April 5th)
[09:27] {Threei}  - Guides Q3 Revenues $135-140M v $158Me
[09:27] {Threei}  this is haircur at the neck level, eh
[09:27] {Threei}  rimm
[09:28] {Threei}  keeping it as short candidate when first opening volatility exhausts itself
[09:28] {Threei}  SLW is a short candidate too, but rather in the bounce
[09:29] {Threei}  ideally, somewhere aroung .85-.90
[09:30] {Threei}  need couple minutes of consolidation, opening spikes are often brutal lately if you get caught on the wrong side
[09:30] {Threei}  wow, folks are sleeping late this morning
[09:31] {Threei} Short Setup: RIMM  .25 break if stays under .35
[09:33] {Threei} Short Setup: SLW  .85 break if stays under .95
[09:34] {Threei}  both invalidated
[09:34] {Threei}  looking for new triggers, same direction
[09:34] {Threei}  RIMM, .30 break new trigger if stays under .40
[09:35] {jfjf64} mornin
[09:35] {Threei}  SLW .85 brweak again
[09:35] {Threei}  same setup
[09:35] {Threei}  morn jf
[09:39] {Threei} Short Setup: FCX  .80 break
[09:39] {Threei}  if stays under .95
[09:40] {samire} in
[09:40] {Threei}  target .45, 3 partials
[09:42] {Threei}  roll over FCX, clean double top
[09:42] {Threei}  ugh, SLW got away
[09:43] {Threei}  40 break was the best entry but happened too fast for a call
[09:45] {Threei}  long hesitation, FCX
[09:45] {nemo} held strong in market drop
[09:46] {Threei}  well, rejection off resistance was quite decisive
[09:46] {Threei}  needs little market help now
[09:47] {Threei}  changing target to about .30 - .35
[09:47] {Threei}  if finally works afer such long pause, should be capable of more
[09:47] {Threei}  stop is the same
[09:49] {Threei}  market looks ready for a drop
[09:51] {Threei}  first partial under .70
[09:54] {dino} yum sm l .20
[09:55] {Threei}  looks like SYP needs to lose 130.80 for shorts to start really workinh
[09:55] {Threei}  SPY
[09:55] {Threei}  let's trail FCX to .91
[09:55] {Threei}  tightening risk a bit
[09:55] {samire} ok
[09:56] {Threei}  fiiiiinally FCX... took your sweet time, eh
[09:56] {Threei}  half out
[09:56] {Threei}  stop to .86
[09:56] {jfjf64} good  tape  reading
[09:56] {jfjf64} lol
[09:57] {Threei}  next partial under .50
[09:57] {nemo} rimm dying
[09:57] {Threei}  out 1/4 more
[09:57] {Threei}  .49
[09:57] {Threei}  stop to .81
[09:57] {dino} gj
[09:58] {Threei}  and will start trailing more aggressively soon
[09:58] {Threei}  ty
[09:59] {Threei}  both RIMM and SLW got way... but heck, gotta pick your battles
[09:59] {Threei}  FCX shwed clear topping action, those two were less clear
[10:00] {Threei}  *(US) JULY NAHB HOUSING MARKET INDEX: 15 V 14E
[10:00] {larisa} .95 prints were scary, clear that -it would explode. did not get scared ?
[10:01] {Threei}  if I had, would I ever admit it?? :)
[10:01] {larisa} this is not the point.. stop at .15 cents and dangerous level.. just trying to understans :)
[10:01] {Threei}  out last portion
[10:02] {Threei}  well, point is - that's resistance... until it's broken, trade is valid
[10:02] {Threei}  the rest is emotions
[10:02] {Threei}  they exist but they shouldn't influece actions
[10:02] {larisa} and you hiding those :)
[10:02] {Threei}  but of course - that's what we men do
[10:03] {Threei}  we don't dance and we don't show emotions
[10:03] {larisa} gj then :)
[10:03] {Threei}  lol
[10:04] {_shogun25} could FCX have a re entry ?
[10:04] {_shogun25} short ?
[10:04] {Threei}  if forms a setup, sure
[10:04] {Threei}  watching it but none is present yet
[10:05] {Threei}  SLW, .50 break was a valid short entry if wouldn't break it on such a long vertical bar
[10:05] {Threei}  watchif it reconsolidates for a .50 - .60 range and another break
[10:05] {Threei}  no, not a clean setup... ugh
[10:06] {Threei}  sharp market drop... no news
[10:07] {_shogun25} SLW came in pretty heard
[10:07] {_shogun25} down hard
[10:07] {Threei}  yeah, robbed us of entries couple time already
[10:08] {Threei}  FCX just started forming nice setup with .75 trigger too, then this market drop kille dit before it established the range enough for the call
[10:08] {_shogun25} are moving averages considered when making a decision for entry eg: support resistance ?
[10:08] {Threei}  as one of factors, yes
[10:09] {nemo} don't tell him about the chicken entrails
[10:09] {Threei}  or teal leaves and dart boards
[10:09] {Threei}  those are our secret weapon
[10:09] {dino} coin toss
[10:10] {nemo} SPY at S2, below this .94 then you have a gap below that
[10:10] {Threei}  aww dino... that one we don't even mention, to preserve its integrity
[10:10] {dino} lol
[10:10] {Threei} Short Setup: SLW  .50 break
[10:10] {Threei}  if stays under .60
[10:11] {_shogun25} good bye spy
[10:11] {Threei}  hmmm... let's trail it to .56
[10:12] {Threei}  risk of double bottom here
[10:12] {Threei}  out
[10:13] {Threei}  (US) Fitch: Expecting an agreement will be reached in Congress to raise the debt ceiling; if no agreement reached, will place US rating on watch negative
[10:13] {samire} down slw
[10:15] {Threei}  wow WBMD
[10:16] {Threei} Short Setup: SQQQ  .35 break
[10:16] {nemo} you want to short the short?
[10:16] {Threei}  you mind?
[10:17] {Threei}  not available
[10:17] {nemo} no, just a bit confusing
[10:17] {nemo} do quld
[10:17] {nemo} qld
[10:17] {nemo} long
[10:17] {Threei}  that's not exactly the same
[10:18] {Threei}  but never mind, I don't think it's available for short anyway
[10:18] {nemo} no, take it long
[10:18] {Threei}  that's not the same risk/volartility wise
[10:20] {Threei} Long Setup:  SLW  .60 break
[10:20] {Threei}  if stays above .50
[10:20] {Threei}  invalidated
[10:20] {Threei}  switching to double bottom hunt
[10:21] {jfjf64} like
[10:21] {Threei}  if dives under .40, consolidates for a min or two
[10:21] {Threei}  holds .30, then breaks .40 as a long trigger
[10:22] {Threei}  looks like market is ready for a bounce
[10:22] {Threei}  nothinbg major, but some long plays are in order
[10:23] {dino} wbmd smr l .90
[10:23] {samire} is slw still valid  ?
[10:23] {Threei}  nah
[10:24] {Threei} Long Setup:  RIMM  .60 break if holding .50
[10:25] {Threei}  target .90 - .95
[10:26] {Threei}  3 partials, standard routine
[10:27] {nemo} NOC
[10:27] {Threei}  1:1
[10:29] {_shogun25} where is your stop for rimm
[10:29] {Threei}  standard routine is:
[10:29] {Threei}  partial out at 1:1, trail stop to under b/e
[10:30] {Threei}  please read the little blurb How Trading Room Operates
[10:30] {Threei}
[10:30] {Threei}  out balance
[10:30] {jfjf64} ty
[10:33] {samire} shorting day
[10:33] {samire} so far
[10:34] {Threei}  certainly
[10:35] {samire} JDSU for a bounce   ?
[10:35] {Threei}  doesn't look inspiring to me
[10:35] {samire} thanx
[10:35] {RonS} rimm lod
[10:36] {Threei}  about as attractive as dead crow on the roadside
[10:36] {Threei}  those with vivid imagination will have to forgive me for the visual
[10:38] {Threei} Long Setup:  LVS  .65 break
[10:38] {RonS} dino, watching hogs?...down on report chinese govt to release pork reserves to combat 57% jump in pork prices yoy...
[10:39] {Threei}  if holding .55
[10:41] {Threei}  let's modify it
[10:41] {Threei}  .60 break trigger if holding .50
[10:41] {Threei}  a bit aggressive
[10:41] {nemo} rimm
[10:41] {Threei}  but market seems to warrant it'
[10:41] {nemo} two way
[10:41] {dino} thx ron, will look
[10:42] {samire} agree about thr market
[10:42] {Threei}  bounce timne
[10:43] {nemo} what a chopfest today
[10:43] {Threei}  yeah, plenty of invalidations
[10:44] {Threei}  but most of what triggers, works
[10:44] {Threei}  break of .65 should launch LVS
[10:45] {nemo} could be a bear flag too
[10:45] {jfjf64} comon
[10:45] {jfjf64} lvs
[10:45] {dino} wbmd to .60
[10:46] {Threei}  nice one dino
[10:46] {Threei}  LDK halted
[10:46] {Threei}  news pending
[10:46] {dino} ty to .70
[10:46] {Threei}  this think should have been a bankrupt long ago
[10:46] {Threei}  thing
[10:47] {Threei}  come on already LVS, .90 waits for you
[10:47] {samire} most likely bad news 4 LDK
[10:48] {Threei}  my feeling too
[10:48] {dino} out wbmd .70, +.80
[10:48] {Threei}  wtg
06[10:48] * Threei kicks LVS in the rear
[10:49] {dino} ty
[10:49] {Threei}  hmmm... did I mix up rear and front?
[10:50] {Threei}  if it survives this market drop, should be a good one
[10:52] {Threei}  have you taken RIMM, nemo?
[10:53] {Threei}  no go LVS
[10:53] {Threei}  SPY lose support
[10:54] {Threei}  lost
[10:54] {nemo} nope
[10:54] {RonS} unusual low volume down day...meaning down days have been high volume days recently...
[10:55] {Threei}  true
[10:55] {_shogun25} good bye spy
[10:56] {RonS} big es, dow, nq buying in futes here
[11:00] {Threei}  LDK Solar Co LTD ADR Chriaman of audit committee Louis Tung-jung Hsieh resigns
[11:01] {Threei}  the most stupid call you could possibly think up:
[11:01] {Threei}  WebMD Health Corp Cl A UPDATE: CitiGroup Cuts WBMD to Hold from Buy
[11:01] {dino} value added
[11:01] {Threei}  meaning if you have it - hold it, if you don't - don't buy it?
[11:02] {RonS} dino, i guess better than the gs upgrade friday, eh?
[11:03] {Threei}  on WBMD?
[11:03] {dino} nav sm l .50 stop od
[11:03] {RonS} ese must have been frogging last night...
[11:03] {Threei}  lol... GS loses its Midas touch or what
[11:04] {RonS} ...he always is saying he was out at a gig...
[11:04] {nemo} SPY hit S3 and bounced
[11:04] {Threei}  not really clear here, SPY
[11:05] {nemo} clear as mud, has gap support below .84
[11:05] {Threei}  if it tries to form a bounce, it's exactly the same formation that failed a short while ago
[11:05] {Threei}  but if it finally succeed, I'd go for RIMM long
[11:06] {Threei}  notice how RIMM didn't make new low while SOY did
[11:06] {Threei}  SPY
[11:06] {Threei} Long Setup:  RIMM  .60 break
[11:06] {Threei}  if stays above .50, but this is so obvious that I shouldn't have insulted your intelligence
[11:11] {nemo} tzoo 60% short interest
[11:12] {larisa} how nice :)
[11:12] {nemo} frickin' mos
[11:12] {samire} I LIKE THAT
[11:12] {samire} REAL
[11:12] {larisa} you posting trades to another room ?
[11:13] {nemo} ?
[11:13] {_shogun25} whats RIMMs target ?
[11:14] {Threei}  not really clear yet, let's let it trigger and evaluate on the go
[11:15] {Threei}  samire...please no broadcasting the calls, OK?
[11:15] {samire} YES
[11:16] {jfjf64} busted
[11:16] {jfjf64} dont  get  the  russian  MAD
[11:17] {_shogun25} rimm testing the 20SMA
[11:17] {Threei}
[11:17] {Threei}  (US) Fed's Lockhart: Reiterates Fed is on 'wait and see' mode with regards to decisions on stimulus - TV interview
[11:17] {Threei}  - Reiterates there is a 'very high bar' with regards to stimulus (Note: Lockhart first commented in March about a "high bar" for QE3).
[11:17] {_shogun25} this is my first time in here is Vad in here today ?}
[11:18] {Threei}  ummm
[11:18] {Threei}  I am very tempted to say no
[11:18] {_shogun25} Lol are you Vad
[11:18] {Threei}  but my built-in love for the truth makes me admit, I am he
[11:18] {Threei}  him?
[11:19] {_shogun25} i found your web site last night
[11:19] {nemo} "I am he" is correct
[11:19] {_shogun25} pretty good stuff great story
[11:19] {Threei}  I have a website??
[11:19] {Threei}  ty
[11:19] {nemo} "To be" is an intransitive verb, thus it does not take a direct object
[11:19] {Threei}  oh boy nemo...
[11:20] {_shogun25} haha isnt it all just a mind state
[11:20] {Threei}  please no words longer than 2 syllables
[11:20] {nemo} so "dumbass" is o.k.?
[11:20] {RonS} lol
[11:21] {Threei}  only if ladies don't mind
[11:21] {nemo} makes them think of their husbands
[11:21] {RonS} rotflol
[11:21] {Threei}  SPY tries to form that reversal
[11:23] {Threei}  we need it to hold 130, break .15 - .20 area
[11:23] {Threei}  and longs will rule for the next 30 min
[11:24] {samire} RIMM CLOSE
[11:24] {Threei}  go easy on caps please, samire
[11:25] {samire} ok
[11:26] {Threei}  I still have no clear read on target but let's do partial at 1:1, then see how it goes
[11:26] {Threei}  so far so good SPY
[11:26] {Threei}  clean bottoming formation
[11:26] {_shogun25} nice lift
[11:27] {nemo} spy likely to move to resistance, vwap dropping into that area
[11:27] {Threei}  word of wisdom from high above:
[11:27] {Threei}  Fed's Bernanke: US is still feeling the effects of the crisis, recovery process is complex and an international phenomenon
[11:27] {Threei}  where is it now nemo?
[11:27] {_shogun25} Ben Burtanki
[11:27] {Threei}  1:1 RIMM
[11:28] {Threei}  first part out, stop to under b/e
[11:28] {Threei}  hmmm... a bit too vertical
[11:28] {samire} great call
[11:28] {Threei}  ty
[11:28] {Threei}  offer 1/4 more .78 - .80
[11:29] {nemo} .83 vwap rimm
[11:29] {dino} smr msb l .00
[11:29] {RonS} out 1/2 rimm .57 to .72
[11:29] {Threei}  nice aggressive entry
[11:30] {Threei}  RIMM is mimicking SPY now almost to the tick
[11:30] {RonS} like what was happning in the futes and your poignant comment that rimm was not reacting down w/ the mkt
[11:30] {RonS} liked
[11:31] {Threei}  poignant?? :)
[11:31] {RonS} something nemo wears...
[11:31] {_shogun25} sounds kinky
[11:32] {_shogun25} i have taken my profits in RIMM
[11:33] {Threei}  yup, that was too vertical move, no fault in taking it off the table
[11:33] {RonS} stop 1/2 b/e rimm...the baastaad
[11:33] {Threei}  and someone has tripped off market cord
[11:33] {Threei}  my bets guess is, nemo resumed his drunken stumbling around
[11:34] {nemo} hangover stumble...Mai Tai'ed my way into oblivion last night...Hawaiian night at the neighbors
[11:34] {Threei}  or am I wrong in assuming it ever stopped...?
[11:34] {nemo} yeah, had to hook up windshield wipers to my eyeballs
[11:35] {Threei}  mai Tai is tough on ya... too much ice in it'
[11:35] {nemo} Was I supposed to put ice in it?
[11:35] {Threei}  lol
[11:35] {nemo} Drank out of the same pineapple all night, pretty soggy at the end
[11:36] {Threei}  ate it when done drinking?
[11:36] {nemo} There was only enough of it in the first place to function as a container, not into the outside skin
[11:36] {Threei}  can't tell if it's just a shake and bounce resumes now, or bounce failed and we are headed for new lows
[11:36] {samire} is time 4 tza  ?
[11:36] {Threei}  50/50 here, coin toss
[11:37] {samire} ok
[11:37] {Threei}  I like this consolidation, my problem is this sharp move prior
[11:37] {samire} no gambling
[11:38] {nemo} Not likely to go much further
[11:38] {Threei}  one more little pullback, say to .70, holding it and clibm back up into resistance - I would be more confident in call
[11:39] {Threei}  as it is, risk is intolerbably big
[11:40] {samire} welcome to summer time
[11:40] {_shogun25} double bottom forming on SPY
[11:41] {Threei}  not really shogun... more looks like another breakdown
[11:42] {_shogun25} oh yeah i see
[11:43] {_shogun25} so if it holds at this level posssible leg down ?
[11:44] {Threei}  well, generally speaking yes but:
[11:44] {Threei}  1. we are in a lunch time wqhere patterns are less pronounced
[11:44] {Threei}  and 2, we are down already quite a lot
[11:44] {_shogun25} ok
[11:44] {Threei}  aand maarket tends to stall after such moves lately
[11:45] {nemo} we're also at breakout levels for the previous runup on spy and the russell 2000
[11:45] {larisa} I think  is was last shake before reversal. who is wiF me ? :)
[11:45] {nemo} I'll follow you anywhere Lari
[11:45] {larisa} ok !
[11:45] {nemo} which should make you worried
[11:46] {Threei}  brown noser
[11:46] {_shogun25} haha
[11:47] {dino} gap s/p 1287
[11:47] {_shogun25} looking weak IWM
[11:52] {Threei} Long Setup:  TNA  .10 break half lot
[11:52] {nemo} like it
[11:52] {Threei}  stop .95
[11:54] {Threei}  not a scalp
[11:55] {larisa} crazy dizzy :)
[11:55] {Threei}  yeah
[11:56] {Threei}  nervous moment but this is one of those "must try" trades
[11:56] {_shogun25} no risk no reward
[11:56] {Threei}  best chance for longs to take advantage of over-complacent bars
[11:56] {nemo} if it drops .03 I'd get out
[11:56] {Threei}  if they fail they fail
[11:57] {Threei}  but if they win, this thing can easily do 77.60 and more
[11:57] {Threei}  no go
[11:57] {_shogun25} im stopped out
[11:57] {Threei}  yup
[11:58] {Threei}  see why half lot?
[11:58] {_shogun25} yeah its a beast
[11:58] {Threei}  a lot of nervousness here, volaitlity is bigger than usdual
[11:59] {_shogun25} RIMM is back down at support
[11:59] {_shogun25} creating a range
[12:00] {nemo} one entry early
[12:00] {Threei}  come on TNA... a rinse?
[12:00] {Threei}  that's indecent
[12:01] {Threei}  heh... rinse it is
[12:02] {larisa} so TNA is the best to take advantage  if you believe in  long reversal ? So crazy/ did not watch it before. always like that?
[12:03] {Threei}  no, not always
[12:03] {larisa} k
[12:08] {RonS} wow bac
[12:12] {Threei}  (GE) EU rules that Germany may not implement draft online gambling tax rules
[12:12] {Threei}  - Right now the German online gambling market is unregulated so companies can run their international Web sites and aren't required to pay any tax in Germany, but the country has proposed new online gambling regulations that include a 16.67% tax on betting turnover.
[12:15] {samire} long cedc
[12:15] {samire} .05 stop
[12:23] {Threei}  (US) White House Press Secretary: Strongly opposes the GOP deficit plan, calls the bill empty political posturing- Passage of the debt ceiling increase should not be conditional on a balanced budget constitutional amendment, pledges to veto the bill.
[12:24] {Threei}  this game of chicken will end badly
[12:25] {larisa} hubby just came back from Russia, they are REALLY nervous over there, scared to death actually :)
[12:25] {larisa} or :(
[12:27] {Threei}  about what?
[12:30] {larisa} new crisis coming
[12:32] {Threei}  well... wouldn't say it's unfounded fear...
[12:36] {dino} evep spike
[13:08] {Threei}  market's frozen
[13:20] {_shogun25} gotta love the market in the summer
[13:20] {Threei}  while it's quiet,
[13:20] {Threei}
[13:23] {larisa} beautiful
[13:23] {Threei}  ty
[13:26] {dino}    zzzzzzzzzzzzzzzzzzzz
[13:48] {Threei} Short Setup: GLD  156 break
[13:48] {Threei}  if stays under .10
[13:52] {samire} testing internet
[13:53] {Threei}
[13:53] {Threei}  (FR) France Govt Min: Expecting an intermediate solution on the Greece crisis at Thursday's summit; arrangement likely to be based on the French-German agreement
[13:53] {Threei}  - Confirms euro zone officials are considering a bank levy as a method of involving private sector creditors in Greece's aid package (Note: earlier today German press reported this bank tax was under consideration).
[13:53] {Threei}  - Reminder: Germany Chancellor Merkel commented that she will only attend the July 21st EU summit if there is to be a clear outcome.
[13:53] {Threei}  internet passed the test
[13:54] {samire} so are u !!!!
[13:54] {samire} great day
[13:54] {samire} most rooms lost money today
[13:54] {larisa} lol
[13:55] {Threei}  glad you was able to profit here
[13:55] {Threei}  still need GLD to work
[13:55] {samire} yes
[13:55] {Threei}  it touched .91
[13:56] {samire} yes it did
[13:56] {Threei}  but I hesitated a fraction of second to cover, and then it's gone
[13:57] {Threei}  Confirms euro zone officials are considering a bank levy as a method of involving private sector creditors in Greece's aid package
[13:57] {Threei}  gods, they are idiots
[13:58] {_shogun25} are you out of GLD
[13:58] {Threei}  yes
[13:58] {Threei}  played it all wrong
[13:58] {Threei}  even if missed cover, should have trailed stop to b/e since it was so close to 1;1
[13:59] {RonS} out nav .50 to .72  thanks dino...thing was in compound low
[13:59] {Threei}  good one guys
[14:01] {_shogun25} wow frustarting to day
[14:01] {Threei}  really?
[14:01] {Threei}  samire liked
[14:01] {samire} yes
[14:02] {Threei}  what's frustrating, I thought we had a good hit rate
[14:02] {samire} i am in 3 other rooms...all lost
[14:02] {samire} Vad won today
[14:02] {Threei}  with stops tightly controlled, a few good wins obviously outweighing losses
[14:02] {_shogun25} i guess got in late and my stops were too big
[14:03] {Threei}  there are rules how things are played... never chase more than couple cents
[14:03] {Threei}  never use market orders on fast moving ones,
[14:03] {Threei}  use limit at the price upo to which you are willing to chase
[14:04] {_shogun25} i need more discipline in the focus area
[14:04] {_shogun25} i have been very risk averse
[14:04] {Threei}  that's what we here are about
[14:04] {Threei}  we are boring disciplined guys
[14:05] {Threei}  no cowboy stuff
[14:05] {Threei}  we play setups and keep our stops
[14:05] {Threei}  fall asleep when market stops activity
[14:05] {samire} 100% agree
[14:06] {Threei}  and out biggest gamble is bettinbg a bottle of beer on ther market close
[14:06] {_shogun25} i will read the info in your guide tonight
[14:06] {Threei}  usually bet goes between dino, larisa and I... and I lose most of the time
[14:06] {Threei}  also, shogun, make sure you go over this:
[14:07] {dino}  cold beer, not tht warm stuff vad mails to me
[14:07] {Threei}
[14:07] {Threei}
[14:07] {_shogun25} thank you
[14:07] {Threei}  if you devote a night or two to going over all the articles, you'll be much closer to understanding how we operate
[14:08] {Threei}  sorry dino, I tried to mail it to you with ice but it melted
[14:08] {_shogun25} i was laid off at the begining of the year and hav been trying many different things with the hopes of creating an income
[14:08] {dino} lol
[14:09] {_shogun25} seems patience is the main ingredient
[14:09] {dino} do not trade my trades shogun
[14:09] {nemo} better ask patience abou that
[14:10] {_shogun25} lol ok dino will not do then
[14:10] {samire} shogun....just give your money to dino
[14:10] {_shogun25} haha the dino donation
[14:10] {Threei}  he is right shogun, his trades are in different risk profile
[14:11] {Threei}  takes time to get there
[14:11] {Threei}  don't push, it happens with time... it's a process
[14:11] {samire} he is in the right place
[14:12] {_shogun25} at the begining of the year i traded live wiped out my bank and have been trading in demo ever since
[14:12] {nemo} where have I heard that before
[14:12] {Threei}  many times...
[14:12] {_shogun25} i think every trader on the planet has that story lol
[14:13] {nemo} yeah, that would be the point
[14:13] {Threei}  I dunno what it is about trading that makes people think it can be mastered without proper education
[14:13] {Threei}  see this time and again
[14:13] {_shogun25} i guess it was how I was introduced to it
[14:13] {nemo} KTEL
[14:14] {Threei}  in the most important news of the day (and dino do pay attention):
[14:14] {Threei}  Former Two and a Half Men star Charlie Sheen is planning a return to series television in Anger Management, a new sitcom based on the 2003 film of the same name.
[14:14] {nemo} Saw that
[14:14] {larisa} what education? buy at the bottom. sell at the top. easy. yes, ?nd hide emotions :)
[14:14] {Threei}  yes dear :)
[14:15] {Threei}  that's all there is to it
[14:15] {Threei}  just two correctgions, if I may
[14:15] {_shogun25} but to be in the right place is the trick no ?
[14:15] {Threei}  1. let's replace "easy" with "simple"
[14:15] {Threei}  and
[14:15] {dino} be tough to beat 2 1/2 men, but then again, 2 1/2is not the same men
[14:16] {Threei}  2. It is through many complications that you come to that simplicity
[14:16] {larisa} boring
[14:16] {Threei}  yes
[14:16] {Threei}  my middle name
[14:16] {Threei}  I am all for excitement - after market close
[14:16] {Threei}  or before the open
[14:17] {Threei}  bore me with profits, and I will yawn all the way to the bank
[14:17] {_shogun25} sounds awesome
[14:23] {samire} enjoy the ride
[14:24] {Threei}  quite tempted by TZA here
[14:24] {Threei}  just hate that stop would have to be under .50
[14:24] {Threei}  OK, my solution:
[14:24] {Threei}  waitng for pullback closer to .50 where stop wokuld be tighter,
[14:25] {Threei}  if no pullback then I will have missed it
[14:33] {Threei}  and here goes TZA
[14:43] {dino}  vsat drop
[14:46] {nemo} slw
[14:51] {dino} a sm l .00
[14:55] {samire} Vad.....I noticed some thing in your trading
[14:56] {samire} 2 points
[14:56] {Threei}  listening
[14:56] {samire} 1)
[14:57] {samire} u win most the time
[14:57] {samire} 2)
[14:57] {nemo} he cheats
[14:57] {samire} you loose most of your trades in stocks over $ 60.00
[14:57] {samire} today is a good example
[14:57] {samire} tna and GLD
[14:57] {Threei}  a bit too tight stops, could be
[14:58] {samire} exactly
[14:58] {samire} and i do not take those lately
[14:59] {nemo} that TNA was a good setup
[14:59] {samire} then stop should be double normal
[14:59] {Threei}  look at it this way samire
[14:59] {Threei}  you can modify any of the calls to your liking,
[15:00] {dino} schw l .00 break
[15:00] {Threei}  in this particular case, by widening a stop and decreasing the size
[15:00] {Threei}  if you notice such pattern, adjust to it
[15:01] {samire} i will
[15:01] {Threei}  and second thing to keep in mind - no matter how much you tweak, certain percentage of trades will still be losers, so don't fall into trap of endless tweaking in futile attempt to get rid of stops altogethewr
[15:01] {Threei}  not going to happen
[15:02] {samire} yes
[15:02] {RonS} took a .04 to .16  thanks dino
[15:04] {dino} gj
[15:05] {samire} final hour
[15:11] {dino} out nav .80, +.30
[15:14] {RonS} gj
[15:14] {dino} ty
[15:31] {dino} out a .31, +.31
[15:31] {RonS} gj
[15:31] {dino} thx
[15:40] {dino} husa spike
[15:41] {Threei}  (FR) France Fin Min Baroin: Confident in EU leader's ability to respond to crisis and deliver investor confidence following the EU summit on Thursday
[15:41] {Threei}  - Notes discussions have progressed well with counterparts, France will not support a selective default
[15:41] {dino} lol, just a total one
[15:42] {Threei}  hehe
[15:42] {Threei}  ok... last trade...
[15:42] {Threei}  up or down?
[15:42] {samire} both
[15:42] {Threei}  if up, FCX 55 break
[15:43] {Threei}  if down, TZA .55 break
[15:43] {Threei}  and no samire, not both :)
[15:44] {Threei}  (GR) Greece Fin Min: A debt agreement can be reached at Thursday's summit
[15:45] {Threei}  or not
[15:47] {Threei}  Greece on track to reach a budget surplus in 2012
[15:47] {Threei}  say what?
[15:47] {Threei}  did he take lessons from Iraqi minister of information?
[15:48] {dino} he says this to get $ only.
[15:48] {Threei}  well, there should be some limit to lies
[15:49] {Threei}  clkaim that Greece can be in surplus this year is beyond ridiculous
[15:49] {Threei}  next, sorry
[15:49] {Threei}  dopesn't matter
[15:49] {samire} sold fcx 0.05
[15:49] {samire} thanks Vad
[15:49] {Threei}  sure... now, TZA?? :)
[15:50] {samire} ok
[15:50] {Threei}  you wanted both after all, lol
[15:52] {Threei}  FCX 1:1
[15:57] {dino} out msb -.17
[15:58] {Threei}  ok guys, thank you all
[15:58] {Threei}  have a good evening, see you tomorrow for another boring and profitable day
[15:58] {Threei}  btw samire
[15:59] {Threei}  TZA works too {G}
[15:59] {dino} gn all, thx for ideas
[16:00] {patience} ty vad
[16:01] {larisa} bye :)