Monday, January 30, 2012

Jan 30 2012

(Course on chart pattern recognition is available now:  

 Another teeth-pulling day. We managed to squeeze little profit out of it thanks to a few afternoon scalps but it was too much like work to be honest.

Session Time: Mon Jan 30 00:00:00 2012
[09:03] {Threei}  OK... I give in to the idea of waking up and actually opening my eyes
[09:04] {dino} gm
[09:04] {swill} Ok
[09:05] {Threei}  dino, swill :)
[09:10] {stewy} gd morning vad
[09:11] {Threei}  stewy :)
[09:14] {beau} good morning
[09:14] {Threei}  beau :)
[09:19] {rambler} goodmorning...
[09:19] {Threei}  rambler :)
[09:19] {rambler} how was the weekend?
[09:19] {Threei}  beautiful... until it ended
[09:20] {rambler} there's always a downside somehow...
[09:20] {Threei}
[09:20] {rambler} the ending part...
[09:24] {rambler} very interesting Vad.....but predictable
[09:25] {RonS} gm everyone
[09:25] {Threei}  Ron!
[09:25] {rambler} lots of unfunded liabilities to cover...
[09:25] {Threei}  how was your trip?
[09:25] {RonS} very nice
[09:25] {Threei}  cool
[09:25] {ese} gm
[09:26] {Threei}  ese :)
[09:28] {Threei}  Greece issues are weighing down on market again
[09:29] {Threei}  keep half lot FCX ready
[09:30] {ese} CEDCCentral European Distribution Corp Signs agreement with William Grant And Sons for distribution of Green Mark, Zubrowka and Kauffman Vodka in the UK
[09:30] {ese} could be the deal of the century i think
[09:30] {Threei} Short Setup: FCX  .10 break
[09:30] {Threei}  if stays under .25
[09:32] {Threei}  let's tighten to .21
[09:32] {Threei}  out
[09:32] {dino}  fcx stopped
[09:33] {Threei} Short Setup: SLW  .95 break
[09:33] {Threei}  stop above .05
[09:35] {Threei}  no go
[09:37] {Threei}  SPY can't decide which way
[09:38] {dino} 2433 first gap
[09:38] {Threei}  this looks like double bottom to me
[09:39] {dino} 1289 s/p 12421 dji
[09:39] {Threei} Long Setup:  FCX  .15 break
[09:39] {Threei}  stop under .05
[09:39] {Threei}  target 1:3
[09:39] {Threei}  1:1
[09:40] {Threei}  stop to .09
[09:40] {rambler} course I missed this one...
[09:40] {Threei}  it pulled back right inti trigger...
[09:40] {beau} me too-hand still asleep
[09:40] {Threei}  1:2
[09:41] {dino} sm l cavm .50
[09:41] {Threei}  stop to .19
[09:41] {stewy} got fcx thx 1;2
[09:41] {Threei}  :)
[09:45] {dino} eog vsm l .75
[09:46] {Threei}  LVS, watvhing for pullback entry
[09:49] {Threei} Long Setup:  LVS  .75 break
[09:50] {Threei}  stop under .65
[09:50] {Threei}  target 1:2
[09:50] {Threei}  1:1
[09:50] {rambler} missed...
[09:50] {stewy} yeah me too
[09:51] {Threei}  how do you send your order?
[09:51] {rambler} arca
[09:51] {stewy} arca here
[09:51] {Threei}  price?
[09:51] {rambler} 48.77
[09:51] {Threei}  .77 limit would have been filled on a pullback in the next second after initial break
[09:51] {stewy} i wasn't quick enough
[09:52] {stewy} but you gave us fair notice!
[09:53] {Threei}  FCX acts salmonish
[09:54] {thomcbell} shinook
[09:55] {ese} whats small for you these days dino 3 or 4
[09:55] {RonS} orthopedic salmon?
[09:57] {Threei}  FCX 1:3 hit, out last piece
[09:59] {dino} sm=4 vsm=3
[10:00] {ese} tks ...was looking at stm vsm
[10:00] {dino} vsm l nvo .36
[10:00] {ese} but i don't think it has that .40 that you look for
[10:01] {Threei}  (GR) EU leaders plan special summit in February to discuss Greece - financial press
[10:01] {Threei}  oh boy
[10:01] {dino} tough on the cheapies
[10:01] {Threei} Long Setup:  FCX  .40 break
[10:01] {Threei}  if stays above .30
[10:01] {ese} ya
[10:02] {Threei}  CROX takeover rumors
[10:02] {Threei}  FCX invalidated but on radar for better entry
[10:03] {dino} www misses and spikes
[10:04] {Threei} Long Setup:  FCX  .30 break
[10:04] {RonS} HEK sm l .05
[10:04] {Threei}  stop under .25
[10:04] {Threei}  very tight
[10:05] {Threei}  out
[10:06] {Threei}  sharp SPY drop, no news
[10:07] {Threei} Long Setup:  TZA  .65 break
[10:08] {Threei}  play for SPY breakdown of .20
[10:09] {Threei}  stop is under .55
[10:09] {Threei}  target 1:2
[10:10] {Threei}  let's trail to .59
[10:10] {Threei}  touched 1:1 too fast
[10:12] {Threei}  half out
[10:13] {Threei}  stop to .64
[10:13] {Threei}  come on SPY, let's see some panic
[10:17] {dino} 2433 filled
[10:19] {Threei}  OK, scalpers win this one
[10:19] {rambler} got that one...
[10:19] {Threei}  :)
[10:19] {Threei}  scalped or partialed?
[10:19] {rambler} scalp
[10:19] {stewy} nice scalp
[10:19] {Threei}  then you did better that I :)
[10:20] {beau} good scalp thx vad
[10:20] {Threei}  yw
[10:21] {dino} cohr drop, hooker
[10:31] {dino} vsm l cohr .12
[10:31] {Threei}  watching FCX for short into bounce
[10:32] {Threei} Short Setup: FCX  .20 break
[10:32] {Threei}  if stays under .25
[10:32] {Threei}  aggressive entry for .10 break
[10:33] {dino} 07 green
[10:33] {Threei}  invalidated for now
[10:41] {Threei} Short Setup: FCX  .40 break
[10:41] {Threei}  double top
[10:41] {Threei}  if stays under .50
[10:44] {dino} cohr at vwap
[10:48] {Threei}  no go
[10:55] {Threei} Long Setup:  TZA  .40 break
[10:56] {Threei}  just a scalp most likrly
[11:00] {Threei}  let's dump it
[11:01] {Threei}  market spike out of nowhere
[11:02] {stewy} with scalp, kept tighter stop on that one
[11:02] {Threei}  good idea
[11:05] {dino} out eog .75, +1.00
[11:05] {Threei}  wtg
[11:05] {RonS} gj
[11:06] {dino} ty
[11:06] {Threei}  watching TNA for pullback entry
[11:10] {Threei}  ideally, it loses 55 and consolidates above .90 for long entry on 55 break
[11:10] {dino} cavm slow, to .60
[11:11] {dino} out cavm +.10
[11:12] {Threei} Long Setup:  TNA  55 break
[11:13] {Threei}  no go
[11:14] {Threei}  needs deeper drop
[11:15] {Threei}  the weirdest news line in a good while:
[11:15] {Threei}  Outokumpu confirms discussions with Thyssenkrupp on Ixoxum business combination
[11:19] {swill} spy looks in climb
[11:21] {dino} rdwr spike
[11:21] {dino} bolt drop
[11:23] {Threei}  TNA rinse
[11:23] {Threei}  grr
[11:23] {andj} Good morning...
[11:24] {Threei}  morning andj
[11:25] {Threei}  RDWR takeover rumors
[11:27] {dino} thx
[11:28] {dino} things are slowing down
[11:33] {stewy} rimm climbs
[11:34] {Threei}  can't bel;ieve it
[11:34] {Threei}  was looking at RIMM fora while for .60 break
[11:34] {Threei}  and decided it was a vakid setup but too questionable of stock
[11:35] {stewy} oooh
[11:35] {RonS} RIMM Lazaridis is buying
[11:36] {RonS} greek god of throwing money down a rat hole?
[11:36] {Threei}  rofl
[11:47] {Threei}  GLD, half lot long from under .20
[11:52] {Threei}  German Econ Min Roesler apparently told the FT that a special budget commissioner would have veto power over the Greek budget, provoking a furious reaction from Athens. Meanwhile this morning officials at the Eurogroup summit concerned themselves with the draft of the new European fiscal pact and said they would not focus on Greece, only deepening the impression that Europe is not facing up to reality
[11:52] {Threei}  this "taking over Greece" stuff is incredible
[11:52] {dino} only thing moving is regn
[11:53] {dino} poor bastards should have required collateral, then they would already own greece
[11:54] {Threei}  SI
[11:54] {Threei}  beautiful chart for short but the spread...
[11:56] {stewy} done for the day
[11:56] {dino} giii drop
[11:56] {stewy} thanks vad
[11:56] {Threei}  take care stewy
[11:56] {dino} cya stew
[11:56] {stewy} have a good day all
[11:57] {Threei} Long Setup:  LVS  .20 break
[11:57] {Threei}  if stays above .15
[11:58] {Threei}  just a scalp
[11:58] {Threei}  stewy, you are not allowef to trade it, you already said good bye
[12:00] {Threei}  out .26
[12:04] {Threei}  anyone scalped it?
[12:04] {swill} yes. got 0.07
[12:04] {Threei}  cool
[12:05] {swill} ty
[12:05] {Threei}  sure thing
[12:05] {Threei}  frikin GLD never let us in
[12:05] {beau} only .04 thanks
[12:06] {Threei}  if decent size, it adds up
[12:06] {beau} will take any +
[12:06] {Threei}  now this must take a crown of the most optimistic headline of the day:
[12:06] {Threei}  (ES) Spain PM Rajoy: Recent labor measures to be implemented will likely result in a general strike; hardest part of austerity has yet to come
[12:07] {dino} out nvo +.07 got greedy and blew off .40 on it
[12:07] {Threei}  look at this, seemikngly innocent message:
[12:07] {Threei}  EU leaders confirm agreement for ESM bailout mechanism; will go into effect in July; as expected
[12:08] {Threei}  isn't it amaxziong that no one is discussing bailouts anymore, it's just an acknowledged part of financial structure?
[12:08] {dino} dmnd drop
[12:13] {Threei}  GKD drops fast now
[12:13] {Threei}  looking for bounce scalp
[12:18] {dino} gkd?
[12:18] {Threei}  GLD
[12:18] {Threei}  sorry
[12:18] {dino} ohh, gkd no trades
[12:19] {Threei}  another pullback to .20 will give us double bottom
[12:20] {Threei} Long Setup:  GLD  .20 break
[12:20] {Threei}  if stays above .10
[12:21] {nemo} .18 is vwap
[12:21] {Threei}  well, I am tempted to place stop at .15, but it's GLD... :)
[12:21] {Threei}  anyway, feel free to take scalp as you see fit
[12:22] {nemo} yeah, take the lunchtime scalp
[12:22] {Threei}  ekzaqtly
[12:27] {dino} qcor drop
[12:37] {dino} sm l .99
[12:41] {dino} stop -.19
[12:42] {Threei} Short Setup: LVS  .05 break
[12:42] {Threei}  if stays under .10
[12:42] {Threei}  target closer to .90
[12:43] {dino} wtg hits my stop and bounces
[12:45] {cc_8} the story of my life..
[12:45] {Threei}  lol
[12:46] {Threei}  out LVS .95
[12:47] {Threei}  taking safe scalps until market decides what to do
[12:47] {dino} qcor sm l .75
[12:53] {RonS} White House says the US is disappointed that some American citizens are not being allowed to leave Egypt
[12:54] {Threei}  "disappointed"
[12:54] {RonS} ...sidestory...obama orders hillary to pout in a corner until they are released...
[12:54] {Threei}  lol
[12:56] {RonS} White House says UN Security Council should not allow the Assad regime to continue violence against its people in Syria
[12:56] {RonS} ...Council says we have not done jack for sixty years why start now...
[12:57] {dino} bth drop
[13:02] {dino} qcor stop -.25
[13:09] {Threei} Short Setup: FCX  .60 break
[13:11] {Threei}  .66 stop
[13:17] {Threei}  out
[13:17] {dino} fcx stopped
[13:20] {dino} nvo sm l .50
[13:23] {RonS} genius incarnate:  FEDS say.... low labor demand BIG cause of long term unemployment
[13:24] {Threei}  sigh
[13:24] {Threei}  iduiots galore
[13:27] {RonS} ...get a load of wife's 54 year old oncologist is shutting down his three office, five doctor practice and quitting medicine due to O care...
[13:29] {Threei}  he doesn't even want to wait and see what Nov brings?
[13:30] {RonS} ...says he has better things to do with his life..."i am young and vigorous and plan to pursue other business opportunities"...
[13:30] {dino} cavm app hod, l break .84
[13:31] {RonS} still in .50 target .95...
[13:40] {Threei}  no news
[13:40] {RonS} out .95 +.45  cavm  thanks dino
[13:40] {Threei}  gj
[13:40] {dino} out cavmk +.09
[13:41] {dino} gj ron
[13:46] {RonS} ty...out hek .18  +.13
[13:46] {dino} out cohr .73, +.61 took all day
[14:04] {dino} qcor l .76
[14:07] {dino} clb drop
[14:08] {dino} out qcor .89, +.13
[14:14] {dino} clb vsm l .10
[14:42] {Threei}  server hiccup?
[15:02] {Threei}  market seems to be reversing... let's see if we get pullback on TZA
[15:05] {Threei}  looks some some routes lost connections
[15:06] {Threei}  3 mibbit timeouts at the same time
[15:07] {Threei}  now, here is hgih economic priority:
[15:07] {Threei}  US President Obama says considering pursuing free trade agreement between US and Georgia
[15:08] {Threei} Long Setup:  TZA  .30 break
[15:12] {Threei}  invalidated
[15:15] {Threei} Long Setup:  TZA  .25 break
[15:15] {Threei}  if stays above .15
[15:20] {Threei}  mibbit is down for me
[15:31] {Threei}  SPY either makes a double top and initiates this TZA setup, oklr breaks out and invalidates it
[15:34] {Threei}  my target is 1:2
[15:34] {Threei}  but if you decide to take a scalp, who would dare throw a stone...
[15:35] {Threei}  mibbit is back up
[15:37] {Threei}  1:1
[15:43] {andj} Hey Vad...does TZA trade exactly opposite of SPY?
[15:43] {Threei}  not tick by tick
[15:44] {Threei}  but the generakl direction is opposite
[15:44] {Threei}  general
[15:44] {RonS} wab whacked
[15:44] {Threei}  if you superimp;ose their charts, you'll see high correlation
[15:45] {Threei}  high enough to be exploited, but not exactly identical
[15:45] {Threei}  , there is window of opportunity
[15:45] {Threei}  thanks to the delay between SPY move vs TZA move
[15:46] {nemo} careful here I like long
[15:47] {nemo} ok I'm out
[15:48] {Threei}  of TZA?
[15:48] {nemo} tna
[15:48] {Threei}  ah
[15:48] {nemo} took it long at .76
[15:48] {nemo} I think we're in death by a 1000 cuts market
[15:48] {nemo} so playing scalps
[15:48] {Threei}  didn't care to let us know
[15:49] {nemo} [15:47] {nemo} careful here I like long
[15:49] {Threei}  yeah, narrow range dictates scalps
[15:49] {nemo} maybe I should have stayed in oh well
[15:50] {nemo} too bad we didn't have screensharing, I could show you what I was looking at...Oh, I put that trade from Friday in the vid
[15:50] {andj} Do you mean narrow range of SPY or of the stock you are looking at?
[15:50] {nemo} with the chat text
[15:50] {nemo} narrow range of both
[15:51] {andj} thank nemo
[15:51] {andj} thanks
[15:51] {nemo} iwm spy tend to be relatively similar (not always) in their market meanderings
[15:51] {nemo} yw
[15:51] {andj} what is iwm?
[15:52] {nemo} it is the tracking etf for the Russell is the basis for tna
[15:52] {nemo} and it's inverse tza
[15:52] {nemo} kinda' my bread and butter play
[15:54] {Threei}  Ok guys, thank you all
[15:54] {andj} so tna and tza often follow spy and iwm?
[15:54] {andj} Thanks guys
[15:54] {Threei}  have a good evening, see you tomorrow
[15:54] {nemo} iwm and spy are the index stocks
[15:54] {nemo} tna is the 3x leveraged tracking etf for IWM
[15:55] {nemo} tza is the 3x short tracking etf for IWM
[15:55] {nemo} I use a multi-time frame pivot analysis based method to trade them
[15:56] {andj} are they trading the indexes themselves?
[15:57] {nemo} iwm and spy are stock equivalents of the Russell 2000 and the S&P500