Monday, January 9, 2012

Jan 092012

Course on chart pattern recognition is available now:  

Very quiet but profitable day. One of those when patience is strongly recommended. 1:3 on FAZ as a highlight of the day.

Session Time: Mon Jan 09 00:00:00 2012
[09:05] {dino} gm
[09:06] {Threei}  morning dino
[09:08] {JK13} good morning all
[09:08] {Threei}  jk :)
[09:08] {swill} morning
[09:08] {Threei}  swill :)
[09:11] {rambler} goodmorning all...
[09:13] {Beau} good morning you all
[09:14] {Threei}  rambler, beau :)
[09:15] {Threei}  from the morning communique:
[09:15] {Threei}  The two leaders are expected to discuss the future of the Eurozone and markets are up with optimism that the leaders will pave the way to a solution and prepare for next summit of January 30th.
[09:16] {Threei}  if that's the only reason for the gap, I'd say it's likely to fizzle out
[09:16] {Threei}  well, there is always one more, old and reliable: EU didn't collapse over the weekend, let's party
[09:19] {stewy} hi everyone, gd morning
[09:19] {Threei}  stewy :)
[09:22] {Threei}  LOL:
[09:22] {Threei}  Cut the euro some slack - were you great as 12 years old?
[09:26] {Threei}  first idea is, well, you guessed it... FCX short on 39 break
[09:27] {Threei}  if you haven't, then I am probably not as predictable as word on the street has it
[09:27] {Threei}  first fsc trade is always half lot
[09:27] {Threei}  FCX
[09:28] {Threei}  new keyboard, my fins are not fully adjusted yet, so some mistypes are liklely - as strange as it may sound
[09:28] {rambler} SLW has lost its starting position....
[09:28] {Threei}  lol... it did
[09:29] {Threei}  such is great power of eternal rise and fall of the awesome forces
[09:30] {Threei}  FCX, if stays under .10
[09:30] {Threei}  still valid
[09:30] {ese} gm
[09:30] {Threei}  ese :)
[09:31] {Threei}  LVS is another candidate
[09:31] {Threei} Short Setup: LVS  .55 break
[09:31] {Threei}  awww
[09:31] {Threei}  late
[09:32] {Threei}  le't see
[09:32] {Threei}  maybe anoither setup
[09:33] {Threei} Short Setup: LVS  .60 break
[09:33] {Threei}  if not going over .70
[09:33] {Threei}  die already FCX
[09:34] {Threei}  LVS invalidated for now
[09:34] {Threei}  FCX target 1:2
[09:35] {Threei} Short Setup: X  .50 break half lot
[09:36] {Threei}  if stays under .60
[09:36] {Threei}  FCX 1;1
[09:37] {Threei}  stop to .01 for the balance
[09:37] {Threei}  X 1:1
[09:37] {Threei}  same management
[09:37] {Threei}  unless you are scalping
[09:37] {Threei}  in which case you don't give a fkying sneeze
[09:39] {ese} L IDIX .00
[09:40] {ese} STOP .82
[09:40] {Threei} Long Setup:  SLW  .40 break
[09:41] {Threei}  if stays above .30
[09:41] {ese} Stoped .80 -.20
[09:41] {Threei}  SLW invalidate
[09:42] {Threei}  X looks to be coming to 1:2 finally
[09:42] {Threei}  let' trail it to .46
[09:45] {Threei}  X 1:2
[09:45] {Threei}  out in full
[09:45] {Threei}  so, pesky scalpers won one, sane traders won one
[09:46] {stewy} x scalped but could not short fcx .  hmmm
[09:46] {Threei}  not in inventory?
[09:47] {Threei}  LVS got away from us
[09:47] {Threei}  .60 trigger eventually workd but there was no consolidation narrow enough for a nice tight stop
[09:48] {Threei}  or I got distracted by othr trades...
[09:48] {Threei}  OK, gotta determine if this is market reversal
[09:49] {Threei}  if SPY breaks .80, we switch to long setups
[09:49] {Threei} Long Setup:  SLW  .35 break
[09:50] {Threei} Long Setup:  FCX  .05 break
[09:50] {Threei}  FCX stop under .95
[09:50] {Threei}  SLW .25
[09:51] {Threei}  target 1:2 for both
[09:52] {Threei}  SLW 1:1
[09:52] {Threei}  trail by the book
[09:52] {Threei}  again, unl;ess you are pesky scalper
[09:56] {Threei}  SLW scalpers win, FCX no go
[09:57] {Threei}  market still feels like long plays for now though
[09:59] {Threei} Long Setup:  STJ  .80 break half lot
[09:59] {ese} L idix .50
[10:00] {Threei}  if stays above .70
[10:01] {Threei} Long Setup:  DIS  40 break
[10:04] {Threei}  STJ 1:1 close enough, out
[10:04] {Threei}  market is a bit unsteady
[10:07] {Threei} Short Setup: GLD  .20 break
[10:07] {Threei}  smaller shares'
[10:07] {Threei}  if stays under .30
[10:08] {Threei}  invalidated
[10:08] {Threei}  come on Dis, trigger already
[10:09] {Threei}  as they say in Congress, man up
[10:09] {dino} psmt sm l .51
[10:10] {pragmatic} huge bid dis 40
[10:10] {Threei}  bid?
[10:10] {pragmatic} a
[10:10] {pragmatic} sk
[10:10] {Threei}  yeah, that's what makes it good play
[10:11] {pragmatic} had to enter aggressively. jumped right to .5
[10:11] {Threei}  often happens on break of such strong dam
[10:11] {dino} out psmt .06, +.55
[10:11] {rambler} nice Dino....
[10:12] {cipher} wtg
[10:12] {Threei}  and that's why you never deplpy market orders on breakouts
[10:12] {pragmatic} yup
[10:13] {dino} ty
[10:14] {Threei}  1:1
[10:15] {Threei}  frikin FCX rinsed us
[10:16] {rambler} the nerve....
[10:16] {Threei}  yeah
[10:16] {Threei} Long Setup:  SLV  .35 brak
[10:17] {Threei}  break too
[10:17] {Threei}  stop under .25, garden variety
[10:18] {dino} out dis +.12 ty vad
[10:18] {Threei}  :)
[10:22] {Threei}  let's keep risk smaller now and trail stop to .29
[10:23] {dino} out .32
[10:23] {Threei}  out
[10:23] {Threei}  no confidence
[10:24] {Threei}  may work, may fail, 50/50
[10:24] {rambler} got up to page 104 on the 111 booklet over the weekend.....good stuff
[10:24] {Threei}  :)
[10:25] {dino} mg drop
[10:25] {Threei}  JPM, two-sided setup
[10:25] {Threei}  .50 - .60
[10:25] {Threei}  with my inclination on the short side
[10:26] {Threei} Short Setup: JPM  .50 break if stays under .60
[10:27] {dino} mwe drop
[10:28] {ese} L idix .01 avg .26
[10:29] {Threei}  JPM short invalidated
[10:29] {Threei}  long is discretionary
[10:29] {Threei}  if you took it, feel free to exit as see fit
[10:33] {dino} psmt sm l .25
[10:33] {Threei} Long Setup:  FAZ  .90 break
[10:33] {Threei}  if stays above .80
[10:35] {ese} needs to make it run this time or i'm out even ...IDIX
[10:35] {ese} went 3k/3k
[10:35] {cipher} +.20 idix thx ese
[10:36] {Threei}  small shares play, eh ese
[10:36] {ese} out .41 +.16
[10:36] {ese} good enough
[10:37] {Threei}  gj guys
[10:37] {ese} your welcome cipher.....
[10:37] {ese} oh for!!!!!!!!
[10:37] {dino} psmt stop -.26
[10:37] {cipher} now if I only did "ese size" :-)
[10:37] {Threei}  FAZ target 1:3
[10:37] {ese} ya sure .....pop up to .53
[10:38] {ese} ya (&&*^*&$!!!!!(*(*&
[10:38] {Threei}  1:1, first partial out
[10:38] {pragmatic} nice FAZ
[10:38] {cipher} motherbagger idix!
[10:38] {Threei}  lol
[10:38] {Threei}  now tell us how you really feel
[10:38] {dino} sina drop
[10:38] {Threei}  don't sugarcoat
[10:38] {Threei}  1:2 FAZ
[10:39] {Threei}  stop .94 for the last part
[10:39] {ese} that size is rare for me these days vad......
[10:39] {rambler} I'm not getting my fills...
[10:40] {Threei}  on what?
[10:40] {rambler} they like you more better......
[10:40] {ese} this one felt comfortable odd how you get that feeling sometimes
[10:40] {rambler} 34.10 on FAZ
[10:40] {Threei}  it just touched it
[10:40] {Threei}  now you should
[10:40] {rambler} got it..
[10:40] {Threei}  right
[10:41] {dino} gj ese
[10:42] {ese} tks
[10:42] {Threei}  not odd ese... that's intuition kicks in... brought up by years of experience
[10:42] {dino} "gut"
[10:42] {ese} ya
[10:43] {Threei}  ok FAZ
[10:43] {Threei}  let's start final frive
[10:43] {Threei}  drive
[10:43] {Threei}  there
[10:43] {Threei}  out .19
[10:43] {Threei}  1:3
[10:43] {stewy} faz thnaks smile smile
[10:43] {Threei}  :)
[10:44] {rambler} excellent  Vad, thks..
[10:44] {Threei}  welcome sir
[10:45] {Threei}  this is the mment when magoo would say "finally you are of some use"
[10:45] {cipher} sina l .58
[10:45] {rambler} was going to ask if you were going to skip 1:3 and hold for more...
[10:46] {Threei}  and I would ask dino to put his elbow in msgoo's ribcage
[10:46] {Threei}  no
[10:46] {Threei}  1:3 was what I was going for
[10:46] {Threei}  could see it as far as that
[10:46] {dino} used to throw shoes at him
[10:46] {Threei}  if it goes more, it's beyond my read
[10:46] {Threei}  hehe... that works
[10:46] {ese} did I see a post last week that said mags may be comin back?.....If
[10:47] {Threei}  yes ese
[10:48] {cipher} out .70 & .75 +.12 & .17
[10:48] {ese} nice.....I miss that dry wit in your face good to have him back
[10:49] {Threei}  nice cipher
[10:49] {cipher} ty
[10:49] {Threei}  wow
[10:49] {Threei}  who tripped over market's cord?
[10:49] {Threei}  and unpluged it
[10:51] {dino} 07 red
[10:51] {swill} stop to tight
[10:52] {swill} on faz
[10:52] {Threei}  play by the book, swill...
[10:53] {Threei}  don't improvise
[10:53] {Threei}  starard procedure is there fior a reason
[10:53] {Threei}  reasin is - exclude the thinking from the process
[10:54] {Threei} Short Setup: HIG  .70 break
[10:54] {Threei}  if stays under .80
[10:55] {dino} sohu sm l .27
[10:56] {cipher} sina bounce
[11:06] {Threei}  (FR) France Banking federation: Financial transactions tax would be counterproductive and inefficient **REMINDER: Comments come after French Pres Sarkozy today reiterated that a financial transaction tax is needed (Tobin tax).
[11:06] {Threei}  stupid is as stupid does...
[11:12] {Threei}  ok, let's trail stop tp .76
[11:12] {Threei} Short Setup: JPM  35 break half lot
[11:13] {Threei}  if stays under .10 of course
[11:14] {Threei}  half lot in this case reflect low confidence rather than voltility
[11:18] {Threei}  held by fingertips
[11:21] {dino}  out sohu .80, +.53
[11:21] {Threei}  market pretty much lost shape... jellyfish
[11:21] {Threei}  like poking an amoeba
[11:22] {dino} nasty
[11:23] {stewy} .
[11:23] {stewy} nice one dino
[11:23] {Threei}  le't scratch JPM here
[11:23] {Threei}  out flat
[11:23] {Threei}  ditto HIG
[11:23] {dino} ty
[11:24] {stewy} is that your jellyfish rule?
[11:25] {Threei}  yeah, I don't wrestle with those
[11:25] {Threei}  notice JPM would habe been stopped now
[11:26] {stewy} certainly been that sort of day
[11:26] {Threei}  well, morning was decent
[11:26] {Threei}  especially FAZ play
[11:27] {Threei}  here HIG would get stopped
[11:27] {Threei}  so, good idea to get out when things lose shape
[11:28] {swill} what do you mean by lose shape?
[11:29] {Threei}  no drive, no clear pattern... just random bobbing
[11:29] {swill} i see. ty
[11:30] {Threei}  now, you think playing JPM you live dangerously?
[11:30] {Threei}  An Australian woman has survived a terrifying fall after her bungee cord snapped during a 111-metre leap off Africa's Victoria Falls Bridge, plunging her into the crocodile-infested Zambezi River below
[11:30] {Threei}  Read more:
[11:31] {RonS} yikes...diaper change?
[11:31] {Threei}  just by readung that, if you have vivid imagination :)
[11:31] {dino} mg sm l .53
[11:32] {RonS} mg?
[11:32] {stewy} vad those fingertip situations is what bled me last year
[11:32] {dino} y
[11:32] {stewy} i lost nerve before the trade lost shape
[11:33] {Threei}  hpefully Taoist Trader will make the difference
[11:33] {dino} psmt sm l trig .50
[11:33] {Threei}  wu wei principle...
[11:34] {Threei}  do not interfere with natual course of things
[11:35] {Threei}  and don't be arrogant thinking that you know better than market
[11:36] {swill} i'll let the energies flow
[11:40] {swill} and play by the book, with practice
[11:45] {dino} out psmt .86 +.34
[11:45] {dino} out mg .93, +.40
[11:46] {dino} taking 10 minute break
[11:47] {Threei}  very nice trades
[11:47] {Threei}  and well deserved break
[11:50] {RonS} took mg 22.40 to 23.05  +.65  thanks dino
[12:01] {dino} gj ron
[12:02] {dino} psmt drop
[12:05] {RonS} chk
[12:06] {dino} chk drop
[12:07] {Threei}  (IR) Germany comments on reports of additional uranium enrichment in Iran, calls development a further escalation- Confident in the EU's recent decisions on Iran oil embargo
[12:08] {dino} like that will stop them
[12:08] {Threei}  uhhu
[12:09] {rambler} playing hard ball...
[12:09] {Threei}  this train goes to the wreck place fast
[12:09] {dino} i know, why don't we give them food like we do for n korea
[12:09] {dino} lol
[12:09] {Threei}  (EU) Institute of International Finance (IIF): Greece bond swap discussions are ongoing; bondholder haircuts could potentially exceed 50%
[12:09] {Threei}  - Sees nominal haircut remaining at 50%
[12:09] {Threei}  **Note: On Jan 2nd it was reported that Germany might seek to have Greece's private creditors take larger write downs on their Greek debt holdings; The article said Germany was studying a proposal for 75% write downs on Greece's debt with regards to PSI
[12:10] {Threei}  PSI - whatever, we already know we are going to lose 100%
[12:10] {dino} and they don't call that a default
[12:10] {Threei}  heh
[12:11] {swill} i think iceland defaulted and are fine now
[12:11] {dino} wow nflx again
[12:11] {Threei}  PSI: hey guys, if you vut our head off but call it a haircut rather than beheading, think we feel better?
[12:11] {dino} right swill
[12:12] {Threei}  EU: you see, the only difference between haircut and beheading is a location of the cut
[12:12] {JK13} lol
[12:12] {Threei}  and that's a subject of discretion and error
[12:13] {Threei}  with somewhat wide margin
[12:14] {Threei}  there... where else you get trading education, stand-up comedy and lessons in typing with your knees
[12:15] {swill} excellent
[12:16] {Threei}  Election 2012: Obama 46%, Santorum 39%
[12:16] {Threei}  santorum... come on
[12:16] {Threei}  is this how "never gonna happen" spells these days?
[12:38] {cc_8} ha
[12:45] {RonS} brcd...bad print cause halt?
[12:46] {RonS} BRCD said to have reviewed multiple bids
[12:46] {stewy} lunch today: peanut butter and jelly(fish)
[12:50] {Threei}  hmmm
[12:52] {Threei}  fried jellyfish... I need to see it to believe it
[12:52] {swill} i'm having ameba on a stick
[12:52] {Threei}  rofl
[12:53] {rambler} wrap it in bacon....
[12:53] {swill} yes
[12:53] {Threei}  that's cheating - bacon makes anything edible
[12:54] {rambler} so true....
[12:59] {Threei}  I take that back... broccoli is notable exception. Even bacon couldn't save it
[12:59] {Threei}  broccoli must die
[12:59] {rambler} thats what cheese is for.....
[12:59] {rambler} you make sauce and smother broccoli....
[13:01] {Threei}  I am sorry... it makes no sense to me... whny spoil good food (cheese) with broccoli, aka root of all evil
[13:01] {rambler} lol..
[13:02] {cc_8} i like broccoli
[13:03] {Threei}  I will have to review our relationship...
[13:03] {RonS} ...last guy who said that has his subscription price double...
[13:03] {RonS} had
[13:03] {RonS} :)
[13:04] {Threei}  and I was in a good mood that day, normally it's triple
[13:04] {Threei}  or facing firing squad
[13:04] {cc_8} i meant my bro's-e-coli infection is cured
[13:04] {RonS} lol
[13:04] {rambler}'re out of the closet now.....
[13:04] {RonS} good one...
[13:06] {Threei}  and I gave broccoli all the benefits of the doubt: I wrapped it in bacon, smoked it for a hour with hicjkory and added a good shot of Grey Goose. Really, could I possibly have done more for it?
[13:06] {Threei}  but no - it was still disgusting
[13:17] {thomcbell} good evening everyone
[13:19] {Threei}  you are leaving?
[13:19] {Threei}  or just waking up?
[13:19] {Threei}  "evening" part vonfuses me
[13:19] {Threei}  confusesd
[13:19] {Threei}  grrr
[13:19] {Threei}  fins don't hit right keys
[13:20] {thomcbell} no late entry
[13:20] {thomcbell} travelled to visit Denver for the week
[13:20] {JK13} I thought you were speaking german for a moment
[13:20] {Threei}  lol
[13:25] {dino}  psmt sm l .03
[13:31] {dino} stop to .24
[13:32] {dino} out +.18 slip
[13:57] {dino} psmt higher lows
[13:59] {dino} sm l .30 ave
[14:06] {dino} out .71, +.41
[14:06] {rambler} beauty Dino....
[14:07] {dino} thx
[14:14] {Threei}  William Daley resigning as White House chief of staff
[14:14] {Threei}  didn't take long
[14:24] {Threei} Long Setup:  FCX  .25 break
[14:38] {dino}  out fcx +.03
[14:39] {Threei}  not fooling around eh? :)
[14:39] {dino} thought the mkt was dropping
[14:42] {dino} calling it a day. my 13 1/2 year old golden had a stroke thursday. she cannot get up and stopped eating. i have to take her to the vet and put her down
[14:42] {Threei}  ouch
[14:43] {Threei}  sorry to hear dino
[14:43] {rambler} bummer Dino.....
[14:44] {dino} thanks. it's a tough one, she always laid on the floor in my office while i was trading
[14:44] {Beau} dino so sorry.
[14:45] {Beau} we will doing that tomorrow-15 yr old shep.
[14:45] {dino} sorry too beau
[14:51] {stewy} sorry to hear dino
[14:52] {Threei}  this is why I don't have pets... just can't imagine going through this after many years with them
[14:54] {rambler} I've had a cat on my boat for the last 12 years up and down the coast....
[14:54] {rambler} don't know what I'll do when he's gone..
[14:56] {Threei}  cats are my favorites
[14:56] {rambler} ya..he's great company...
[15:00] {Threei}  *(US) NOV CONSUMER CREDIT: $20.4B V $7.0BE
[15:00] {Threei}  huh
[15:01] {Threei}  how on earth do you miss the number by factor 3 in your estimates... and still keep your job
[15:28] {swill} i'm segregated in the chat room today
[15:30] {rambler} LVS boucing along 42.30, now bkoke thru....
[15:30] {rambler} crap...
[15:33] {Threei}  market is too narrow and slow
[15:39] {swill} my deepest condolences to those with sick animals
[15:40] {stewy} vad, in this kind of mkt, does a mover like nflx pop up on yr scanner?
[15:43] {Threei}  sure, many times
[15:45] {stewy} did it not present good setups to your liking?
[15:46] {Threei}  this partivular one is nmore a matter of risk
[15:46] {Threei}  it's beyond my level of comfort
[15:48] {stewy} thx
[15:51] {Threei}  very quiet day
[15:51] {rambler} zzzzzzz.......
[15:56] {Threei}  Ok guys, thank you all
[15:56] {Threei}  have a great evening, see you tomorrow
[15:56] {rambler} thanks Vad, c u tomorrow.....