Monday, January 23, 2012

Jan 23 2012

(Course on chart pattern recognition is available now:   )

 Moderately profitable day although scalpers got more wins than those who partialed out and trailed - follow-through was miserable.

Session Time: Mon Jan 23 00:00:00 2012
[09:09] {stewy} good morn vad
[09:09] {Threei}  good morning
[09:09] {rambler} morning...
[09:10] {Threei}  rambler :)
[09:13] {JK13} good morning
[09:13] {Threei}  jk :)
[09:13] {Beau} good morning you all
[09:14] {Threei}  beau :)
[09:14] {nemo} this place has become much too polite
[09:14] {Threei}  yours to fix
[09:15] {nemo} that would be a long term project.  I have to go back in to the office tomorrow
[09:15] {Threei}  gptta start somewhere
[09:15] {nemo} Oh, found out my translation of Master and Margerita was from an "approved" translation so it's missing some material
[09:22] {Threei}  RIMM... CEO change is not looking positive so far
[09:22] {Threei}  my guess is, that's because new CEO said no sale
[09:23] {Threei}  and market isn't convinced RIMM can make it on its own
[09:24] {Threei}  (IT) Italy PM Monti to visit Washington DC on Feb 9th to discuss financial firewalls at the While House
[09:27] {Threei}  no clear opening play yet
[09:27] {Threei}  RIMM short if we are lucky to get decent bounce
[09:30] {ese} morning
[09:31] {Threei}  ese :)
[09:31] {Threei} Short Setup: FCX  .45 break half lot
[09:31] {Threei}  if stays under .55
[09:31] {Threei}  no chance eh
[09:32] {nemo} bids and offers just dropped
[09:32] {Threei}  yup
[09:32] {JohnH} I got it. done at 1:1
[09:32] {Threei}  cool, wtg
[09:33] {Threei}  let's see if we get a bounce for another short
[09:33] {Threei}  let it go over .50
[09:33] {Threei}  to short the recross back down if stays under .60
[09:34] {JK13} fcx 1:1
[09:34] {Threei}  wtg
[09:34] {Threei} Long Setup:  SLW  .90 break
[09:34] {Threei}  if stays above .80
[09:35] {Threei}  tighten to .84
[09:36] {Threei}  let's take profit in full
[09:36] {Threei}  1:1
[09:36] {Threei}  lol, got fill at .06
[09:37] {stewy} got slw thx
[09:37] {JK13} slw 1:1  tks Vad
[09:37] {rambler} nice one Vad..
[09:37] {Threei}  :)
[09:37] {Threei}  FCX is weaker than I'd expect
[09:37] {Beau} thanks vad +.13
[09:37] {Threei}  welcome guys
[09:37] {Threei}  pleasant start to the week
[09:38] {Threei}  despite nemo's presence
[09:38] {Threei}  there... feeling better about room being too polite??
[09:38] {Threei} Short Setup: FCX  .30 break
[09:38] {Threei}  if stays under .40
[09:40] {Threei} Short Setup: SLW  .30 break
[09:40] {Threei}  FCX 1:1
[09:40] {Threei}  SLW invalidated but on radar
[09:41] {Threei}  SLW same setup
[09:41] {Threei}  valid again
[09:42] {Threei}  stop above .40
[09:42] {Threei}  target 1:2
[09:42] {Threei}  no go
[09:43] {Threei}  what's got into spy?
[09:43] {Threei}  no news
[09:43] {Threei} Short Setup: RIMM  16 break
[09:44] {Threei}  stop above .10
[09:44] {rambler} can't short...
[09:45] {Threei}  yeah, not available here either
[09:45] {ese} L DECK .95
[09:46] {Threei}  1:1
[09:47] {Threei}  ugh... SLW got away, thought of .50 short but got no consolidation
[09:49] {Threei}  RIMM 1:2, feel free to cover who got it
[09:49] {stewy} got rimm 1;2 THX
[09:49] {Threei}  :)
[09:49] {JohnH} FCX short at .65?
[09:50] {Threei}  not sure
[09:50] {Threei}  .70 break is real possibility
[09:50] {thomcbell} nothing there yet
[09:50] {thomcbell} fcx
[09:50] {thomcbell} according to my new visiion
[09:50] {JohnH} I figured good stop at .75
[09:50] {thomcbell} :)
[09:52] {Threei} Long Setup:  FNB  .50 break
[09:52] {ese} I think i remember hating this stock..."deck" that is....sheesh..spread a mile wide and bops all over the place
[09:52] {dino} deck toughie
[09:53] {Threei}  look FNB daily ese
[09:53] {Threei}  your style
[09:53] {thomcbell} lvs vad?
[09:53] {thomcbell} looking for scalp short entry?
[09:53] {ese} will in a sec.......this is lookin like it's gonna stop me out
[09:53] {Threei}  probably, LVS...
[09:54] {Threei}  if market helps
[09:55] {ese} daaaaaaaaa.........out .68 -.27
[09:55] {Threei}  FNB if triggers - stop under .40, slow climb candidate, capable of 1:3
[09:57] {ese} L fnb .53
[09:57] {Threei} Long Setup:  GS  .50 break small shares
[09:58] {Threei}  a bit too fast
[09:58] {Threei}  stop under .35 if you got it
[09:58] {thomcbell} lvs invalidated
[09:59] {Threei}  FNB new 52 week highs
[10:01] {ese} (*&^&%^$#ing!!!!!! deck
[10:01] {JohnH} got FNB on the comeback
[10:01] {Threei}  GS 1:1
[10:02] {ese} Eric Martin institute for the mentally insane is just down the road here......think i'm gonna pay them a visit.....
[10:03] {Threei}  1:2, out
[10:03] {ese} shoulda had +.25 but NOOOOOO!!!!! i get -.27 stopped out instead
[10:04] {Threei}  it's a price of abnormal volatility
[10:04] {Threei}  what are you going to do, ignore stops?
[10:04] {ese} lol
[10:04] {Threei}  next time you do it, it doesn't reverse, and continues going against you destroying your day
[10:04] {Threei}  then week
[10:05] {Threei}  then month
[10:05] {Threei}  then whole account
[10:05] {Threei}  you don't want to know how many times I've seen this
[10:05] {ese} you know that imitation AK47 you got as a present a few years back filled with vodka....................i'll see ya in a few minutes
[10:05] {Threei}  hehe
[10:06] {Threei}  and these instances when a stock reverses right after stopping you out, know what they are?
[10:06] {ese} what
[10:06] {Threei}  an apple in snake's, umm
[10:06] {Threei}  what was uit a snake help aple in?
[10:06] {ese} ?
[10:07] {Threei}  great temptation
[10:07] {Threei}  a trap
[10:07] {Threei}  that's how market lures you into ignoring the discipline
[10:07] {Threei}  FNB is a slow trader
[10:08] {Threei}  don't watch it tick by tick, it will drive you crazy
[10:08] {ese} what can i say..........had greed on my mind and got bit
[10:08] {Threei}  put sell targets in
[10:08] {Threei}  put stop in
[10:08] {Threei}  wait for it to reach either
[10:11] {dino} gdi sm l .75
[10:11] {JK13} GS long again?
[10:12] {nemo} iffy
[10:12] {nemo} market coming in a bit
[10:12] {JK13} answer is no
[10:12] {Threei}  yeah, it's a no
[10:13] {dino} fnb stop -.03
[10:14] {JohnH} yeah, if spy takes a breather FNB could come down
[10:15] {nemo} cree holding up in this little pullback
[10:15] {nemo} I'm in at 27
[10:15] {nemo} .01
[10:18] {Threei} Long Setup:  SLV  .65 break
[10:18] {dino} gdi to .10
[10:18] {Threei}  if stays above .60
[10:18] {nemo} cree might be good here if it breaks .10
[10:19] {stewy} slv fingernails?
[10:20] {Threei}  invalidated for now
[10:20] {dino} gdi to .24
[10:21] {dino} to .34
[10:21] {dino} to .45
[10:23] {dino} to .55
[10:23] {dino} to .65
[10:24] {dino} to .75
[10:24] {Threei}  choking it
[10:24] {Threei}  nice
[10:24] {Threei}  SLV near strong support
[10:25] {JohnH} good call on FNB dino
[10:25] {Threei}  looking for long trigger
[10:25] {dino} out gdi .80, +1.05
[10:25] {Threei}  wtg
[10:25] {dino} ty
[10:26] {rambler} beauty part or that...tks
[10:26] {Threei} Long Setup:  SLV  .55 break
[10:26] {Threei}  if stays above .50
[10:26] {dino} gj rambler
[10:33] {ese} nice one with gdi dino.......
[10:34] {dino} ty
[10:36] {rambler} SLV stop..
[10:37] {rambler} maybe to hasty...
[10:42] {thomcbell} small short lvs 47.88 break
[10:42] {dino} spy sm s .99
[10:44] {thomcbell} 2:1 target on lvs
[10:45] {thomcbell} 1:1
[10:47] {Threei}  nice one LVS
[10:48] {dino} spy stop -.06
[10:48] {nemo} what, you shorted it down by vwap?
[10:49] {nemo} DE
[10:50] {nemo} sorry late
[10:50] {thomcbell} stop to 47.88 on balance lvs
[10:53] {dino} masi spike
[10:56] {Threei}  things slowed down, but likely to pick up now on a short sife
[10:56] {Threei}  side
[10:56] {Threei} Short Setup: FCX  .80 break
[10:57] {Threei}  stop above .90, target 1:2
[10:57] {thomcbell} lvs out
[10:58] {ese} L hdy .23
[11:00] {Threei}  no go
[11:03] {rambler} that was a classic rinse....
[11:03] {Threei}  no kidding
[11:03] {Threei}  trigger by 1 cent, stop by one cent
[11:07] {Threei}  look at this
[11:08] {Threei}  right into 1:2
[11:09] {dino} fcx to .66
[11:09] {dino} cov +.16
[11:10] {cipher} i covered for +.09 but feel guity :-(
[11:11] {Threei}  you should... and to prove it and deserve forgiveness, you need to share the profit with those who got stopped
[11:11] {Threei}  just imagine how much better you'll feel
[11:12] {rambler} like therapy...
[11:12] {cipher} uh oh vad is starting to sound like mr O
[11:12] {cipher} share the wealth
[11:12] {Threei}  hehe
[11:12] {JohnH} nice selling climax on spy?
[11:12] {Threei}  "spread' was the word ZI believe
[11:13] {Threei}  I doubt it John, feels like more selling in cards
[11:14] {dino} cog sm s .49
[11:17] {Threei} Long Setup:  TZA  .10 break
[11:17] {Beau} fnb stop or did I miss earlier out?
[11:17] {Threei}  yes, under .40
[11:18] {nemo} watch the pivots on iwm and spy, not alot of room
[11:18] {nemo} to short that is
[11:18] {Threei}  most likly will be invalidated
[11:19] {nemo} .11 corrseponding pivot on tza
[11:19] {Threei}  if triggers though, it will serve essentially as SPY short on .60 break,
[11:20] {nemo} yep, just giving you the level
[11:20] {Threei}  and if that happens, there is a very strong chance of SPY losing .40
[11:20] {Threei}  and plunging into abyss
[11:24] {Threei}  56% Favor Building Keystone Pipeline, Think It�s Good for Economy
[11:24] {Threei}  doh
[11:25] {dino} cov cog .20 +.29
[11:28] {Threei}  invalidated
[11:30] {dino} slxp drop
[11:33] {Threei}  FCX is back above .90
[11:33] {Threei}  should serve a short on .90 break
[11:34] {Threei}  changing to .95 break
[11:34] {Threei}  to have tighter stop
[11:35] {Threei}  SPY reverses back down
[11:36] {Threei}  lost .60
[11:37] {thomcbell} oh lvs
[11:37] {Threei}  sure enough TZA spikes to 1:1
[11:37] {Threei}  half out .85 FCX
[11:37] {Threei}  stop to .96
[11:37] {Threei}  perfect entry eh
[11:38] {Threei}  TZA, grrr
[11:43] {Threei}  stop to .02
[11:43] {Threei}  .92
[11:43] {Threei}  SPY attacks .40
[11:43] {Threei}  and breaks it
[11:43] {Threei}  here comes my scenario, played out to perfection
[11:46] {Threei}  out FCX in full
[11:46] {Threei}  thid one redeemed itself
[11:47] {Threei}  anyone??
[11:47] {Threei}  come on, easiest play ever
[11:47] {Threei}  5 cents risk, and gave a delay for entry while SPY started dropping
[11:48] {Threei}  ok... if you are not talking to me, I am not talking to you either
[11:48] {Threei}  but you started it
[11:49] {thomcbell} terrific VAD
[11:49] {Threei}  I am, yes
[11:49] {Threei}  oh, you mean trade
[11:49] {thomcbell} more than a pretty face
[11:49] {JohnH} I got the first .10 and now feel like schlep
[11:49] {Threei}  lol tbell
[11:49] {Threei}  don't john
[11:50] {Threei}  this was not a clearvut situation for a strong trend
[11:50] {Threei}  was pretty much personal preference
[11:50] {JohnH} the delay in FCX behavior spooked me
[11:50] {Threei}  something about this new keyboard, I regularly hit V instead of C
[11:51] {Threei}  I know what you mean
[11:51] {Threei}  these delays are two-sided sword
[11:51] {Threei}  they either give you a perfect window of opportunity, or indicate a salmon
[11:51] {JohnH} right
[11:52] {Threei}  so, no shame in taking a scalp
[12:05] {Threei}  how about that plunge
[12:05] {Threei}  the only regret is not pressing harder with TZA
[12:05] {stewy} look at it go
[12:14] {thomcbell} long setup qcom 58.18 break
[12:15] {thomcbell} invalidated immediately
[12:15] {thomcbell} lol
[12:15] {Threei}  SPY is about to break down again
[12:17] {thomcbell} oh fcx my man
[12:18] {Threei}  (GR) IMF and EMU said to have no new plans to provide more aid to Greece - financial press- Reminder: the Eco Fin meetings is currently ongoing
[12:18] {thomcbell} qcom still valid i think 58.16 break - Vad?
[12:18] {dino}  cov fcx .41 +.40
[12:19] {thomcbell} tight stop 58.07
[12:19] {Threei}  looks better this time around
[12:19] {Threei}  wtg dino
[12:19] {Threei}  uh oh
[12:19] {Threei}  Sony Corp Proposed capital and business alliance with Olympus Corp; Sony is offering to acquire 20-30% of Olympus - Nikkei News
[12:19] {Threei}  come on...
[12:20] {Threei}  last thing I want is for a huge Sony to swallow my beloved Oly, best cameras I've ever shot with
[12:20] {thomcbell} invalidated qcom - still watching
[12:23] {Threei}  IMO, it's valid with .05 support
[12:28] {dino} partial fill rbn l .65
[12:29] {thomcbell} in qcom 58.17 1/2 lot
[12:29] {thomcbell} target 2:1
[12:37] {ese} gotta go cya tomorrow
[12:37] {Threei}  take care ese
[12:37] {ese} am still long  hdy and fnb
[12:38] {ese} will see what happens by the end of the day
[12:38] {rambler} cya ese....
[12:38] {dino} cya ese
[12:39] {Threei}  if QCOM takes .20, should be free sailing to .30 or so
[12:39] {stewy} take care ese
[12:39] {Threei}  hmmm
[12:39] {Threei}  who knows why we didn't go for FCX .50 break?
[12:40] {Threei}  clear reversal chart from 111 Trades, bounce with mini-range
[12:41] {dino} rbn stop .46 =.19
[12:41] {dino} -
[12:42] {dino} wtf
[12:44] {Threei}
[12:46] {thomcbell} qcom 1:1
[12:46] {Threei}  :)
[12:54] {Threei}  look at this:
[12:54] {Threei}  especially 2:35, peacocks strolling aliong the snow borders
[12:58] {dino}  bvsn spike
[12:59] {stewy} look at its daily wow
[13:00] {Threei}  (GR) Greece said to be planning final submission of bond swap offer for Feb 13 - fianncial press
[13:00] {Threei}  this saga will never end, will it
[13:02] {dino} rbn l .66 last try
[13:10] {JK13} C&H at FCX
[13:11] {Threei}  worth a try
[13:17] {Threei}  I'd modify it to aggressive here
[13:17] {Threei}  .75 break if holding above .70
[13:17] {dino} out rbn .72, +.06
[13:18] {Threei}  invalidated
[13:18] {JK13} yes
[13:22] {Threei}  I think we are to see fireworks today yet
[13:22] {Threei}  doesn't feel like typical coma-after-morning-activity day
[13:22] {Threei}  anf fireworks are likely to br on the downsite
[13:32] {dino} brb
[13:37] {Threei} Short Setup: FCX  .60 break
[13:38] {Threei}  if stays under .70
[13:38] {Threei}  target 1:2
[13:43] {JK13} rinsed
[13:44] {Threei}  ?
[13:44] {Threei}  it didn't go over .70
[13:44] {JK13} 44.58 was my entry point
[13:45] {Threei}  ?
[13:45] {Threei}  you lost me
[13:45] {Threei}  stop is above .70
[13:45] {Threei}  it hasn't hit it so far
[13:45] {JK13} -.11
[13:46] {JK13} for me
[13:46] {Threei}  this is wrong stop placement
[13:46] {Threei}  resistance is .70
[13:46] {stewy} even for aggressive entry?
[13:46] {Threei}  everything below it is noise
[13:46] {stewy} got it
[13:46] {stewy} i'm in and held by fingertips
[13:46] {Threei}  chart determines where the resitance or support is
[13:47] {Threei}  not your entry
[13:47] {JK13} I see
[13:47] {Threei}
[13:48] {dino} nbl spike
[13:53] {dino} swn spike and gap fill
[13:54] {Threei}  no go
[14:00] {rambler} LVS coming up to 48....
[14:13] {andj} Threei...what is the NQ symbol you use
[14:16] {Threei}  I don't anymore
[14:16] {Threei}  used to
[14:16] {Threei}  using SPY these days as general market indicator
[14:17] {andj} thanks
[14:21] {Threei} Long Setup:  FAZ  .70 break
[14:22] {Threei}  if stays above .65 for scalpers, .60 day traders
[14:30] {Threei}  invalidated
[14:41] {andj} why was the scalp entrance higher than the day trade entrance?
[14:41] {Threei}  entry was the same... level of the stop/invalidation was different
[14:43] {andj} day traders have a wider stop?
[14:44] {Threei}  in this case, yes
[14:47] {andj} is that because they are going to sit through more pullbacks?
[14:48] {Threei}  generally yes...
[14:49] {Threei}  scalp is more of a "get in, grab small movement, get out" nature
[14:49] {Threei}  so, stop should reflect this, tightening the risk
[14:58] {Threei}  spike out of nowhere
[14:58] {Threei}  no news
[14:58] {Threei} Long Setup:  FAZ  .60 break
[14:58] {Threei}  stop under .55
[14:59] {Threei}  1:1
[14:59] {Threei}  half out
[14:59] {Threei}  svalpers get out
[14:59] {Threei}  want .75 or so for the seond half
[14:59] {Threei}  stop to .58
[15:00] {stewy} got the scalp thx
[15:00] {Threei}  :)
[15:01] {Threei}  ah, here is where spike came from:
[15:01] {Threei}  (EU) Germany is open to increasing the size of ESM capacity from �500B to �750B if it can impose stricter budget rules in the EU "fiscal compact" - FT
[15:01] {Threei}  big deal
[15:01] {Threei}  lol
[15:02] {Threei}  250B more, 250B less... nothing between true frienemies
[15:02] {Threei}  out second half
[15:02] {Threei}  scalpers win
[15:03] {Threei}  - Merkel said to be prepared to allow the remaining �250B in funds from EFSF to be accessible in parallel to �500B for ESM expected for launch in July.
[15:03] {Threei}  - In return, Merkel is pushing for EU leaders to agree to cuts of budget deficits and public debt said to be more stringent than ones negotiated by EU governments.
[15:03] {Threei}  another portion of blah blah which will end in great nothing
[15:06] {stewy} is that what goosed spy?
[15:06] {Threei}  apparently
[15:06] {stewy} any hint of qe and boom
[15:06] {Threei}  absolutely
[15:07] {Threei}  that's the logic per which bad news out of Europe get bought recently
[15:07] {Threei}  the worse situation is the liklier QE by ECB
[15:15] {dino} zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
[15:16] {rambler} come on Dino...shake the tree....
[15:18] {Threei}  watching FAZ for bounce
[15:20] {andj} you trade in the direction of the market'
[15:21] {dino} nothing spiking or fast fallling
[15:21] {andj} Sorry---do you trade in the direction of the market's daily trend or longer (say the weekly or the monthly trend)?
[15:21] {Threei}  ummm
[15:21] {Threei}  no, nothing of such long term
[15:22] {Threei}  day trades are determined by intraday charts, with some influx from daily
[15:22] {nemo} we don't call him Darth Vad for nothin'
[15:22] {Threei}  lol
[15:24] {thomcbell} lvs impressive today
[15:25] {thomcbell} ROSE cup and handle in 10 min and 1 minute
[15:27] {thomcbell} lvs 48.01 break - 1/2 lot
[15:30] {Threei}  nicely looking JBE
[15:33] {nemo} getting some offer pile up
[15:33] {Threei} Long Setup:  FAZ  .35 break
[15:34] {Threei}  stop under .25
[15:36] {Threei}  target 1:2
[15:37] {Threei}  1:1, half out
[15:37] {Threei}  scalpers be happy
[15:37] {stewy} me too
[15:37] {Threei}  stop to .33
[15:38] {Threei}  come on SPY, drop
[15:38] {Threei}  you are tired and feeling heavy
[15:39] {nemo} riding vwap
06[15:39] * Threei kicks FAZ in the rear
[15:43] {andj} hy do you want the SPY to drop if you are long on FAZ?
[15:43] {Threei}  FAZ is inverse ETF
[15:43] {Threei}  finanvciaks short
[15:43] {Threei}  financials
[15:44] {Threei}  general;ly moves in opposite direction to market
[15:45] {Threei}  if you want to go long financials, you buy FAS, if short - FAZ
[15:46] {andj} Thanks rock.  I have to go.  Take care.
[15:47] {Threei}  scalpers win
[15:47] {Threei}  taje care andj
[15:48] {stewy} yeah woulda been nice for a more
[15:48] {Threei}  they win too much today if yiu ask me
[15:48] {stewy} but all we say is
[15:48] {stewy} next!
[15:48] {nemo} oh well, back in the office tomorrow...I'll be back here Thursday
[15:48] {Threei}  have fun nemo
[15:52] {Threei}  ok guys, time's up
[15:52] {stewy} well, another learning experience
[15:52] {Threei}  tomorrow we will outtrade those pesky scalpers
[15:52] {stewy} thanks all.
[15:52] {stewy} see you wed. gd night
[15:52] {Threei}  thank you all, have a giood evening
[15:52] {dino} cya nemo
[15:52] {JK13} gn all
[15:52] {Threei}  see you tomorrow
[15:52] {rambler} cya all in the a.m.