Friday, October 7, 2011

Oct 07 2011

(Participation in the room in real time requires membership)

With SVM reaching over 1:1, just as yesterday's update said it's time to partial out. Profits should be protected - especially in this market changes its mood in a blink of eye. With +$1.45 pocketed and stop moved within 30 cents of original entry, it's already a winning trade, whatever happens next. Congratulations to those who followed.

Other than that, great end to a great week, with one nice win after another.

Session Time: Fri Oct 07 00:00:00 2011
[08:41] {Threei}  *(US) SEPT UNEMPLOYMENT RATE: 9.1% V 9.1%E
[08:41] {Threei}  huh?
[08:41] {nemo} yeah, huge gap up, might as well go back to bed
[08:42] {nemo} spy likely get hung up around 118.30
[08:42] {Threei}  how these numbers can be right?
[08:42] {Threei}  totally out of line with all others
[08:43] {nemo} verizon workers came back from strike...subtract 53 k workers
[08:51] {Threei}  rofl
[08:51] {Threei}  "Happy anniversary to President Obama and the first lady. They had a nice private dinner to celebrate the 19th anniversary of the last time someone said 'yes' to an Obama proposal." -- Craig Ferguson
[08:57] {Threei}  OK, I see this was not a joke
[08:57] {Threei}  about jobs I mean
[08:57] {swill} lol
[08:57] {Threei}  verizon strike end is really referred as the reason
[08:57] {Threei}  so, how is this market reaction is not a joke?
[08:58] {swill} oh
[08:58] {Threei}  this is siuch an improvement to unemployemtn situation? ridiculous
[09:00] {z} that's what i was wondering vad...why are people so giddy that most of the increase was from a return from a strike
[09:00] {z} ridiculous
[09:00] {Threei}  I guess either not many realize that
[09:00] {Threei}  or people are so eager for any good news, they settle for anything
[09:15] {swill} how would the taiost view this as part of the whole effecting the market
[09:15] {Threei}  let's ask a taoist
[09:15] {swill} do yoou know one
06[09:15] * Threei slaps nemo around a bit with a large copy of leather-bound Tao Te Ching
[09:16] {swill} lol
[09:16] {Threei}  yes
[09:16] {RonS} gm...forrest gump...
[09:16] {Threei}  ron :)
[09:16] {swill} lol
[09:17] {thomcbell} that is my line the leather binding
[09:18] {thomcbell} Vad i did bind in leather FYI
[09:18] {thomcbell} reads pure that way
[09:18] {Threei}  seriously?
[09:19] {thomcbell} yes - print and bind at staples - it, however, is not aged, brown and tattered as it should be
[09:19] {swill} what a great idea
[09:20] {Threei}  well... nothing a little fire, acid and crayons couldn't do
[09:25] {Threei}  looking at SPY daily, I can envision pullback from here clearly
[09:25] {Threei}  but this kind of days tends to be against our approach
[09:25] {Threei}  will try to be as conservative as possible
[09:25] {Threei}  don't want a bad end to a great week
[09:29] {Threei}  hmmm
[09:29] {Threei}  fire in ese school
[09:29] {Threei}  I hope he didn't stage it so he can trade
[09:31] {Threei} Long Setup:  FCX  .40 break half lot
[09:31] {Threei}  oops
[09:31] {Threei}  late
[09:32] {Threei} Short Setup: FCX  .60 break half lot
[09:33] {Threei}  1:1
[09:33] {Threei}  1:2, out
[09:34] {Threei} Long Setup:  SLW  .70 break
[09:34] {Threei}  half lot
[09:35] {Threei}  .55 stop
[09:36] {Threei}  nope
[09:37] {Threei} Short Setup: LVS  .80 break
[09:39] {Threei}  1:1
[09:39] {z} stopped out .92
[09:40] {Threei}  .95 the high??
[09:40] {z} can u put the stop up if possible vad?
[09:40] {Threei}  don't I in 99.999%
[09:40] {Threei}  1:2
[09:41] {Threei}  1:3
[09:41] {swill} oby whan has taught you well
[09:42] {Threei} Long Setup:  LVS  .50 break
[09:42] {Threei}  invalidated
[09:44] {Threei} Long Setup:  FCX  35 break
[09:45] {Threei}  stop under .90
[09:46] {Threei}  target 1:3
[09:49] {Threei}  1:1
[09:51] {Threei}  second half is rinsed out
[09:51] {Threei}  not daring to hang on
[09:54] {Threei}  ah well
[09:56] {Threei}  as I said...
[09:58] {nemo} ahhh forgot...jews not trading today
[10:01] {Threei} Long Setup:  LVS  42 break
[10:01] {Threei}  invalidated
[10:02] {Threei}  too bad, was forming nice double bottom
[10:06] {patience} good morning
[10:06] {Threei}  morning patience
[10:06] {Threei}  heard from ese this week at all?
[10:06] {Threei}  I wonder about explosion in his school... thought he rigged it to be free to trade
[10:06] {Threei}  but he still isn't here :)
[10:06] {patience} no
[10:15] {Threei}  LVS got away but I couldn't see any safe entry
[10:15] {patience} in gdx
[10:23] {Threei} Long Setup:  RIMM  24 break
[10:25] {Threei}  1:1
[10:35] {Threei} Short Setup: LVS  .50 break
[10:35] {Threei}  stop above .60
[10:35] {Threei}  target 1:3
[10:41] {Threei}  1:1
[10:41] {Threei}  1:2
[10:56] {RonS} gj 3i...held out for +.30  thanks
[10:57] {Threei}  :)
[11:11] {Threei},0,1095831.story
[11:23] {Threei}  SVM swing trade update
[11:57] {Threei}  09:25] {Threei} looking at SPY daily, I can envision pullback from here clearly
[11:57] {Threei}  spot on
[11:59] {Threei}  White House reiterates that they are not expecting a double dip recession
[12:04] {Threei}  Italy downgrade by Fitch
[12:16] {Threei}  Fitch is on a rol today
[12:29] {Threei}  (GE) Germany Chancellor Merkel: For Germany, the Euro acts as an 'elixir of life'; Germany must stand by the Euro- Reiterates opposition to Euro bonds; highlights that Greece's acceptance to the Eurozone was not initially compatible with the stability treaty
[12:55] {Threei} Long Setup:  TZA  .70 break
[12:56] {Threei}  half lot
[12:56] {Threei}  stop under .50
[12:57] {Threei}  target 48.20 - .40
[12:58] {Threei}  1:1
[12:58] {Threei}  am I good or what
[12:59] {Threei}  1:2
[13:00] {Threei}  don't rush to pat me on the back all at once
[13:01] {z} nice call vad
[13:01] {Threei}  ty
[13:02] {thomcbell} it was good -
[13:03] {Threei}  glad to have a good day at the end of the good week
[13:04] {thomcbell} He does not pride himself, and is therefore the chief among men
[13:04] {Threei}  :)
[13:24] {z} anything in particular on the radar here vad?
[13:25] {Threei}  not really
[13:25] {Threei}  market went a bit jellyfishy here
[13:25] {Threei}  waiting for something to shape up or for my brain to unplug completely for the weekend, whichever happens first
[13:26] {Threei}  that of course assumes it was plugged to begin with
[13:26] {Threei}  which is not a foregone conclusion
[13:26] {nemo} spy at daily pivot, bounced off of weekly pivot
[13:26] {z} we shall only hope
[13:26] {nemo} hope?
[13:26] {Threei}  nah... I function better whenin coma
[13:26] {z} h o p e
[13:26] {z} yes
[13:27] {z} vad do you watch particular price channels on rimm or just pure technical setups?
[13:28] {z} or price points per se...
[13:28] {Threei}  setups
[13:28] {Threei}  chart formations
[13:29] {Threei}  nemo's methodology adds certain price points
[13:29] {Threei}  I suspect combination of both is especially powerful
[13:30] {z} yea for sure
[13:31] {nemo} here's a good one, remember yesterday morning's TNA play, when you saw the long and I said look for it to bounce when spy hit a price?
[13:31] {nemo} well, it hit that price again at 1:10 and bounced
[13:32] {nemo} mea culpa I'm incapacitated
[13:32] {z} lol
[13:33] {Threei}  sometimes happens the same when larisa who uses something deeply technical tells me after some of my calls:
[13:33] {z} anyway vad, noticed u trade a lot of breaks of .X0 or .X5
[13:34] {Threei}  how on earth have you gotten that entry without using anything but perice/vlume? It's exact entry my indicators called
[13:34] {nemo} hehehehe
[13:34] {nemo} funny you should say that
[13:36] {nemo} I was sitting back so my eyes wouldn't bleed on the desk earlier, and I use a volume@price indicator, which tells me how much was on the bid and how much on the ask at a given price when we got to the high around 117.20 everything was on the offer
[13:36] {Threei}  wait
[13:36] {Threei}  you mean bids/asks sizes,
[13:37] {Threei}  or ytou mean prints at those?
[13:37] {Threei}  at those prices
[13:37] {Threei}  in other words,
[13:37] {nemo} price and volume
[13:37] {Threei}  "everything was on the offer" refers to offers or to prints at the offer price?
[13:37] {nemo} yes
[13:37] {Threei}  lol
[13:37] {Threei}  what yes
[13:37] {z} ok vad, i need some guidance here....when u get a chance...
[13:37] {Threei}  one or another?
[13:38] {nemo} FSC has a horizontal price bar that gives the volume in the length of the bar and the proportionate distribution of bids and offers
[13:38] {Threei}  I don't know how that tool works
[13:38] {nemo} I saw nothing but offer and thought,  "MMmmmmmh down elevator starting"
[13:38] {Threei}  look at SVM level 2 please
[13:38] {nemo} who me
[13:38] {Threei}  bids at .8.38
[13:38] {Threei}  yes
[13:38] {Threei}  offers at 8.39
[13:39] {Threei}  sorry
[13:39] {nemo} fsc can't get it before market hours
[13:39] {Threei}  8.46 bid
[13:39] {Threei}  8.47 offer
[13:39] {nemo} what time
[13:39] {Threei}  tright now
[13:39] {Threei}  and print at .47
[13:39] {Threei}  so what is it you refer to
[13:40] {Threei}  when say "everything was on the offer"
[13:40] {Threei}  sizes of offers at the ask price?
[13:40] {Threei}  or prints at the ask price?
[13:40] {nemo} I'll email a screen shot
[13:40] {Threei}  it won't help me
[13:40] {Threei}  I don't know hat that tool indicates
[13:40] {Threei}  there are bids, there are offers, there are prints
[13:41] {Threei}  I don't underdtand what that phrase refers to
[13:41] {nemo} well, when we know there are an abundance of green prints we know there is heavy selling
[13:41] {Threei}  huh?
[13:41] {nemo} if the price doesn't get through that level, we have resistance
[13:42] {Threei}  I am lost
[13:42] {Threei}  green prints are prints at the offer
[13:42] {nemo} red=buying on the bids
[13:42] {Threei}  if anything, it's heavy buying
[13:42] {Threei}  red - print at the bid size
[13:42] {nemo} or it's supply coming into the market
[13:42] {Threei}  OK... there is a lot of confusion here
[13:42] {nemo} and is it smart money buying, or smart money selling
[13:43] {Threei}  there are some commonly adopted definitions
[13:43] {Threei}  let's operate within them to avoid confusion
[13:43] {Threei}  any print is both buy and sell,
[13:43] {nemo} green=transactions on the offer
[13:43] {Threei}  so to make it generally idetified, common definition is:
[13:43] {nemo} red=transactions on the bid
[13:44] {nemo} so far so good
[13:44] {nemo} ?
[13:44] {Threei}  print at the offer is buy
[13:44] {Threei}  print at the bid is sell
[13:44] {Threei}  yes
[13:44] {thomcbell} A down thru the pivot
[13:44] {thomcbell} on spy
[13:44] {nemo} or at least a meeting of the minds at that price at that moment yes?
[13:45] {thomcbell} could get interesting - 3 day trailing pivot 112.05
[14:05] {nemo} heavy volume iwm
[14:06] {nemo} it breaks this level and spy goes tna long
[14:06] {nemo} spy not breaking .80
[14:43] {z} anyone got big weekend plans?
[14:43] {Threei}  yes
[14:43] {Threei}  doing nothing on a very very large scale
[14:43] {z} so taking it easy...
[14:43] {Threei}  well, last weekend was very eventful
[14:44] {z} yea slinging hammers and nails at your audience;)
[14:44] {z} lol :)
[14:44] {Threei}  yup :)
[14:44] {Threei}  so aside of having a dinner to attend on Sun evening, this one is for light walking at the lake
[14:44] {Threei}  or ocean shore
[14:44] {Threei}  or forest
[14:45] {Threei}  or all three
[14:45] {Threei}  but no mountain climbing
[14:45] {z} sounds pretty nice.
[14:45] {Threei}  advantage of Victoria...
[14:45] {z} beats my area...burnt up..
[14:45] {Threei}  you've got all that within 20 min driving
[14:45] {z} by the heat
[14:46] {RonS} texas?
[14:47] {z} yes, just north of austin.
[14:47] {RonS} hmmm, drought down there too?...that area the only part of texas i like...
[14:48] {z} yes horrible drought.  farmer's almanac calls it a 100 yr. drought
[14:48] {z} but i think there was a similar one n the 50's
[14:48] {z} lol
[14:49] {z} so that kind of invalidates that theory
[14:49] {nemo} God's wrath...
[14:49] {z} we had 90 some odd days so far this year 100+ temperature
[14:50] {z} probably so nemo.
[14:50] {z} either that or al gore's global warming ;)
[14:50] {nemo} 2012
[14:52] {z} i have some crop circles in my backyard 8D
[14:53] {nemo} wear a tinfoil hat, do ya'?
[14:55] {z} ?
[14:55] {Threei}  oops... I forgot mine... that's why I hear voices whispering "buy ESLR" in my ear all day?
[14:56] {nemo} rotfl
[15:19] {Threei}  no feel for market at all
[15:20] {Threei}  I have an idea... let's relax for the weekend
[15:20] {z} probably a good spot to call it quits for the week :)
[15:20] {Threei}  yeah, great week
[15:20] {z} good job
[15:20] {z} thx 3
[15:20] {Threei}  next on will be right another the corner
[15:20] {Threei}  thank you asll
[15:20] {Threei}  have a great weekend
[15:20] {RonS} see you all monday
[15:20] {Threei}  see you on Monday
[15:20] {z} same cya all monday