Thursday, October 6, 2011

Oct 06 2011

(Participation in the room in real time requires membership)

After first morning convulsions were over, we had a perfect day with trade after trade working like charm and no single stop. Enjoy the log.

SVM swing trade deserves an update here. Chart as of today, with annotations reminding the setup that originated our trade:

SVM made a new high today. Pullback bottomed out making a higher low, and since we proceeded to a higher high, it's time to trail the stop. Mine at this point is moved just under $7, minimizing risk to  negligible. Please notice that in just 10-15 cents (7.15 or so) we are going to hit 1:1 risk/reward which is were we normally start partialing out to protect profits.

Session Time: Thu Oct 06 00:00:00 2011
[08:30] {Threei}  bad jobless claims
[08:30] {Threei}  (US) INITIAL JOBLESS CLAIMS: 401K V 410KE;
[08:32] {nemo} reaction...down elevator coming
[08:53] {Threei}  good call
[08:54] {nemo} not as dumb as I look
[09:01] {nemo} free stock charts is starting to mess with us free-loaders
[09:02] {Threei}  ?
[09:02] {Threei}  wqqhat do they do?
[09:02] {nemo} on the right hand margin they have ads to help pay for the free service
[09:02] {Threei}  well...
[09:02] {nemo} Well, they are starting to vary the width of that margin as the ads change, so they're also changing the width of your chart
[09:03] {nemo} during realtime, it's annoying
[09:03] {Threei}  sure... the idea is to annoy you into paying :)
[09:03] {nemo} of course
[09:05] {nemo} oh god, this might be the 2nd flat open in a week...I don't know what to do with myself
[09:05] {Threei}  hehe
[09:15] {Threei}  nemo... -.65 SPY, you breathing easier?
[09:17] {Threei}  (EU) ECB's Weidmann: Bundesbank position is well known, Euro zone must address the root causes of the problems it is experiencing as quickly as possible
[09:17] {Threei}  this is very ironic - root cause of their problem is EU itself
[09:17] {Threei}  address it is to dissolve EU
[09:19] {larisa} gm :)
[09:19] {Threei}  larisa :)
[09:19] {larisa} vad :)
[09:23] {Threei}  targeting opening shorts
[09:23] {Threei}  SLW and FCX
[09:23] {Threei}  just hope they'll give a range to short
[09:23] {Threei}  instead of sharp move with no signsal
[09:31] {Threei}  half lot
[09:32] {Threei} Short Setup: FCX  .90 breeak
[09:32] {Threei} Short Setup: SLW  .50 break
[09:32] {Threei}  FCX too late
[09:32] {z} no way to catch that
[09:32] {Threei}  no
[09:32] {nemo} slw
[09:32] {z} would have been nice :)
[09:32] {Threei}  SLW was possible though
[09:32] {Threei}  and 1:1
[09:32] {nemo} no, went from one to the other
[09:33] {Threei}  FCX
[09:33] {Threei}  watching for another setup
[09:33] {Threei} Short Setup: FCX  35 breeak
[09:35] {Threei}  no go
[09:36] {Threei}  rinse
[09:39] {nemo} is the market trading?
[09:39] {Threei} Short Setup: LVS  .40 break
[09:40] {Threei}  invalidated
[09:40] {nemo} looks like fcx
[09:40] {Threei}  FCX jumps are incredible this morning
[09:40] {Threei}  good thing we kept it to half lot
[09:40] {Threei}  LVS again
[09:40] {Threei}  same setup
[09:40] {Threei}  if stays under .55
[09:42] {Threei}  stop to .51
[09:42] {Threei}  should have just covered near .30
[09:47] {Threei} Long Setup:  TNA  .50 break half lot
[09:47] {Threei}  if stays above .35
[09:47] {Threei}  invalidated
[09:47] {Threei}  sheesh, FCX
[09:48] {Threei}  what the deuce
[09:52] {nemo} tna here or if spy hits .60
[09:52] {Threei} Long Setup:  TNA  .80 break half lot
[09:53] {Threei}  stop undr .70
[09:53] {Threei}  1:1
[09:53] {nemo} pivot point bounce for both
[09:54] {Threei}  1:2
[09:54] {Threei}  1:3, out
[09:54] {nemo} hehehehehe
[09:55] {swill} at a boy
[09:56] {Threei}  ty
[09:56] {swill} ty
[09:56] {Threei}  still can't believe the show FCX put on this morning
[09:56] {Threei}  look at those candles
[09:57] {Threei}  for anyone not careful enough to play small shares those are more like suppositories
[09:57] {Threei}  OK, double bottom maybe coming here
[09:57] {Threei} Long Setup:  FCX  .25 break half lot
[09:57] {Threei}  if stays above .15
[09:58] {Threei}  see the setup?
[09:58] {Threei}  very clear visual
[09:58] {nemo} yeah
[09:58] {swill} lol
[09:58] {Threei}  1:1
[09:58] {nemo} tna again
[09:58] {Threei}  stop to .19
[09:59] {Threei}  1:2
[10:00] {Threei}  guess who is coming on TV
[10:00] {Threei}  long time no see
[10:00] {Threei}  good set of questions too
[10:00] {RonS} b'ozo?
[10:00] {Threei}  solyndra, fast and furious and latest job numbers
[10:01] {Threei}  I am sure he can't wait to take the podium
[10:01] {RonS} couldn't wait until friday for "real" numbers?
[10:02] {Threei}  well, everyone pretty much knows what those are going to be...
[10:02] {RonS} did ya hear there is a provision in the jobs bill that if someone is unemployed and gets and interview and is not hired, they can sue?
[10:02] {Threei}  no... you are kidding
[10:02] {RonS} a real job creator...noone will interview anyone unemployed...
[10:03] {Threei}  oh, I get it
[10:03] {Threei}  this is a bill to create jobs for lawyers!
[10:03] {pragmatic} :)
[10:03] {RonS} ...always is...
[10:03] {Threei}  just imagine
[10:03] {Threei}  everyone becomes a lwayer
[10:03] {Threei}  a lot of jobs
[10:03] {Threei}  suits are everywhere
[10:03] {Threei}  in both meanings
[10:04] {Threei}  ok, life became easier with these two trades
[10:04] {Threei}  let's see if we can get ahead now
[10:04] {Threei} Long Setup:  TNA  .10 break half lot
[10:05] {Threei}  if stays above .95
[10:05] {nemo} I took the double bottoms
[10:05] {Threei}  target .45
[10:06] {Threei}  1:2
[10:06] {Threei}  nice spike for us
[10:07] {Threei}  target hit
[10:07] {Threei}  me out, and day became green
[10:07] {nemo} spy at vwap
[10:12] {Threei}  wow
[10:13] {Threei}  (US) Senators McCain (R-AZ) and Senator Hagan (D-NC) hold conference on foreign profit repatriation: Sees 1 year tax rate at 5.25-8.75%-
[10:13] {Threei}  Bill designed to bring back $1T in corporate profits back to the US and provide immediate jobs boost; carries penalties on firms that cut jobs
[10:13] {Threei}  - Tax rate is dependent on hiring
[10:14] {Threei}  don't know the details of course, and the evil is often in those - but this sounds way more sensible to me thatn president's "jobs bill"
[10:16] {Threei}  or am I missing something?
[10:17] {Threei}  don't answer all at once
[10:17] {swill} you didnt miss tna
[10:17] {Threei}  lol
[10:18] {Threei}  FCX, pullback to about .40 and I'll be interested in long
[10:18] {Threei}  meanwhile, two questions
[10:18] {RonS} hiring is dependent upon growth outlook and cost to employ...currently the first poor and second vastly more expensive due to health care bill
[10:18] {Threei}  first, anyone has any of mobile devices?
[10:19] {RonS} garage door opener
[10:19] {z} yep
[10:19] {Threei}  lol
[10:19] {Threei}  z, could you please have a look at from it,
[10:20] {Threei}  and see if there is a button for a viewing on a mobile device, allowing uncluttered view
[10:20] {Threei}  it's configured to have one, but it appears onky when you use one of those
[10:20] {z} yea sure
[10:20] {Threei}  and I don't have any
[10:20] {Threei}  aside of the one Ron has
[10:22] {z} yep works fine vad
[10:22] {z} on android device
[10:23] {Threei}  cool, ty, can you tell me where the button is located?
[10:23] {RonS} hmm...eur up 1.3 cent off low and challenging the overnight high
[10:23] {z} i didn't have to push any button just pulled it right up...there was a button that said view web version
[10:23] {Threei}  got it, thanks
[10:24] {Threei}  anoter question, for those who read Taoist Trader
[10:24] {Threei}  I got a few requests, and created this as a result of those:
[10:25] {Threei}
[10:25] {Threei}  look at it, tell me if it makes sense in your view
[10:25] {Threei}  I am skeptical, but quite a few asked for this
[10:35] {RonS} so, i am supposing that to see the routine pdf you need to cough the $47?  the outline of the philosophy is spot on.  the problem is that regardless what you provide "practical" americans find it difficult to embrace eastern philosophy so they will ask for exactly what to do
[10:35] {RonS} Jesse Livermore:  "the public always wants to be told what to do"
[10:36] {thomcbell} weekly pivot on spy here correct?
[10:36] {Threei}  so that's what they ask for
[10:36] {thomcbell} 115.27
[10:36] {Threei}  it's not a pdf that is included with main course
[10:36] {Threei}  it's a page-turning gadget, same as main text, plus what's listed in points 2 and 3
[10:37] {Threei}  they want this part only, so my approach is - here it is, but I'd prefer you to read the whole thing still,
[10:38] {Threei}  so this one is going to be refunded to you if upon reading it you decide to get it
[10:38] {RonS} guess my point is that w/o seeing it cannot supposing i know what is there
[10:39] {Threei}  you do, since you have main course, and if read TTR
[10:40] {RonS} oh, ok...never went back after i read it...will do it tonight
[10:43] {Threei} Long Setup:  TZA  .50 break
[10:43] {Threei}  half lot
[10:43] {Threei}  if holding above .35
[10:45] {Threei}  1:1
[10:45] {Threei}  hey, I may be getting down this trading thingy
[10:47] {swill} fish in a barrel, right
[10:47] {Threei}  at least after morning wild swings ended
[10:48] {Threei}  that was abnormalk even for the volatility conditions we experience lately
[10:51] {Threei}  TZA was worth another shot
[10:52] {Threei}  wasn't confident enough
[10:52] {nemo} you want to be careful between spy .50-.68
[11:10] {swill} lvs jb?
[11:11] {Threei}  pretty muhc, 42 break
[11:11] {Threei}  chart is right,
[11:11] {Threei}  time of the day - not so sure
[11:11] {Threei}  but I'll go for it
[11:11] {Threei}  chart looks too lucrative
[11:21] {Threei}  invalidated of course
[11:24] {swill} the cheque is in the mail
[11:30] {Threei}  SVM hit new high today since our entry at $7.25, based on double bottom pattern. Considering pullback over last few days that bottomed out with higher low and new high today, I believe it's time to trail the stop after today's close. Will do a chart update then
[11:36] {Threei}  LVS is trying to reestablish setup
[11:38] {swill} I wondered if if needed narrow consolidation?
[11:39] {Threei}  certainly
[11:39] {Threei}  need it to consolidate between .90 and 41
[11:39] {Threei}  42
[11:40] {swill} I see
[11:56] {Threei}  I think iot fizzled
[11:56] {Threei}  too far from resistance level now
[12:52] {patience} good morning
[12:53] {Threei}  not in NY time
[12:53] {Threei}  but good anyway
[12:54] {Threei} Short Setup: LVS  .50 break
[12:59] {Threei}  1;1 reached
[12:59] {Threei}  in onw sharp candle
[13:09] {Threei}  (GR) Greece Finance Minister denies any delay in bond swap deal
[13:09] {Threei}  cool, now that it's officially denied we know it's truew
[13:31] {Threei}  hmmm
[13:31] {Threei}  why didn't we go for second LVS short
[13:41] {Threei}  anyone still here?
[13:41] {patience} y
[13:42] {nemo} let me check my pulse
[13:42] {nemo} mmmhhhh.....
[13:42] {nemo} oh oh
[13:42] {Threei}  none observed?
[13:42] {nemo} yeah...I have issues
[13:42] {z} vad how does rimm look as short in this area?
[13:43] {z} or nemo...
[13:43] {nemo} no, bouncing of vwap at .00
[13:43] {Threei}  no setup here... a bit earlier, .20 break was a good one
[13:44] {Threei}  13:34, see it?
[13:44] {nemo} look to short somewhere around .12-.18 if market weakens too
[13:44] {z} if breaks 24?
[13:44] {z} ok
[13:44] {nemo} market starting to look long, bouncing of weekly pivot here
[13:53] {Threei}  have a look at FCX
[13:53] {Threei}  see clean support at .40 to break for a short trigger?
[13:53] {nemo} Z have a look at RIMM ;)
[13:53] {Threei}  .60 is invalidation, but worth keeping eye on
[13:54] {z} yea will wait until it gets to .50s
[13:54] {Threei}  what do you know... nemo does have a pulse after all
[13:54] {nemo} frankly, that might be abull flag on rimm
[13:55] {nemo} nahhh....shoved an extension cord up my ass and plugged it in
[13:55] {nemo} oops....sorry
[13:55] {Threei}  I am so not editing this
[13:55] {nemo} ROTFL
[13:56] {Threei}  let everyone know who our electrical grid works for
[13:56] {z} more than we need to know about your free time nemo lol
[13:56] {nemo} free time?
[13:56] {nemo} yeah right
[13:56] {Threei}  z... this is nemo at his busiest {GG}
[13:57] {nemo} studying for that frickin 56....and let's not forget bunny is HIGH MAINTENANCE
[13:57] {Threei}  bunnies often are... just ask heffner
[13:59] {nemo} yeah, she hasn't asked me for implants yet
[13:59] {RonS} no teeth implants?
[14:00] {nemo} she doesn't need those...oy frickin'vay
[14:03] {z} vad .20 break to short rimm if holding .35?
[14:04] {Threei}  nah
[14:04] {Threei}  need cnsolidation
[14:04] {Threei}  not just quick drop into suppoty
[14:04] {Threei}  support
[14:10] {RonS} see everyone in the a.m., have a good afternoon and evening...
[14:10] {swill} have a good one
[14:10] {Threei}  take care ron
[14:21] {Threei} Long Setup:  TNA  .20 break
[14:22] {nemo} if this goes I'd ride it...spy above .25 likel going to .75 area
[14:25] {Threei}  half out
[14:25] {Threei}  gotta respect volatility
[14:25] {nemo} yeah, I'm looking at levels though
[14:25] {Threei}  1/4 more out
[14:26] {Threei}  and last piece to ride
[14:26] {Threei}  stop to b/e
[14:26] {Threei}  letting it be
[14:26] {nemo} if you see another setup rebuy
[14:29] {Threei}  ever since first mornng convulsions, the day is as perfect as it gets
[14:33] {swill} yes indeed, convulsive.  I'm in the green
[14:34] {Threei}  :)
[14:51] {swill} Vad you asked yesterday.  Are we going to have a sell off or  buying at days end. What about today?  I have no idea.
[14:51] {Threei}  neither do I
[14:51] {swill} lol
[14:52] {Threei}  I feel selloff is in cards but I feel it all the time, lol
[14:52] {Threei}  having as perfect day as we did so far, I am not really inclined to risk much now
[14:52] {Threei}  if something very lucrative comes along, sure
[14:52] {Threei}  but so-so setups, nah
[14:53] {swill} Gotch ya
[14:55] {swill} slw db?  Or so so
[14:57] {Threei}  ummm
[14:57] {Threei}  can't tell really
[14:58] {Threei}  31 break is tempting
[14:58] {Threei}  but guts tell me it'll fail
[15:00] {swill} I'll keep an eye for narrowing perhaps
[15:01] {swill} what do I know
[15:11] {Threei}  well, gut was wrong
[15:13] {swill} mine too.  I've been wondering if the market feels a little hopfull
[15:15] {swill} or is that me
[15:15] {Threei}  dunno... I don't think in such terms
[15:16] {Threei}  to me, it's just a technical bounce within descending channel
[15:16] {Threei}  part of bear market
[15:16] {Threei}  volume drops as market climbs
[15:17] {Threei}  doesn't feel bullish to em
[15:18] {swill} I see.  I wish the free charts had voume
[15:18] {Threei}  they don't?
[15:18] {Threei}  they do I believe
[15:18] {Threei}  nemo?
[15:27] {swill} tza cup
[15:41] {nemo} hi, sorry...FSC has volume, but it's algo derived in realtime...I go by LASER volume intraday
[15:41] {swill} thanks
[15:51] {Threei}  OK guys, let's have a good evening
[15:51] {Threei}  thank you all
[15:51] {Threei}  see you tomorrow
[15:51] {larisa} bye :)
[15:51] {patience} thanks vad
[15:51] {Threei}  go SVM
[15:52] {swill} thank you