Nice start to the year, with somewhat rocky morning and a few good wins righting the day, notably LVS short for 1:4. All in all, good day.
Session Time: Tue Jan 03 00:00:00 2012
[09:02] {Threei} OK... let's face it - it's morning, and it's time to wake up
[09:03] {swill} well then good morning
[09:03] {Threei} hi swill, happy New year
[09:03] {swill} same to you
[09:04] {Threei} ty
[09:04] {Threei} holiday of expanding waistlines is over
[09:04] {Threei} time to estimate and repair the damage
[09:04] {swill} indeed
[09:06] {swill} i'm going to try joga
[09:06] {Threei} I am going to try a duct tape
[09:06] {swill} lol. might work
[09:07] {Threei} why not, it works for EU for years already {G}
[09:07] {swill} their hopless
[09:11] {rambler} goodmorning all...
[09:12] {JK13} hello everyone and happy new year
[09:12] {Threei} good morning rambler, jk
[09:13] {Threei} and whatever nemo says, I insist - GOOD morning
[09:21] {Beau} Good Morning
[09:21] {Threei} beau :)
[09:21] {Threei} so far I can't tell between:
[09:21] {Threei} gap n' go
[09:22] {Threei} gap n' stall
[09:22] {Threei} gap n' trap
[09:22] {Threei} during December we had all three with no visible order, just depending on the mood and another headline
[09:26] {ese} mornin
[09:26] {Threei} ese :)
[09:26] {Threei} let's skip first minutes, see what shapes up
[09:31] {Threei} Short Setup: SLW 30 break
[09:31] {Threei} stop above 30.10
[09:33] {Threei} doesn't look right
[09:34] {Threei} last chance to work
[09:35] {Threei} nope
[09:40] {Threei} Short Setup: FCX .20 break
[09:41] {Threei} if stays under .30
[09:43] {Threei} no go
[09:47] {RonS} wow, chk reversal...gm btw...where the heck is nemo, dino?
[09:48] {Threei} morning Ron
[09:48] {Threei} still celebrating I guess
[09:48] {Threei} or hangover
[09:49] {Threei} SLW rinsed
[09:51] {Threei} Long Setup: GLD .10 break smaller shares
[09:52] {Threei} if stays above 155 of course
[09:54] {RonS} RIMM co-founders and co-CEOs are reportedly about to relinquish control of the company's board of directors. Financial Post
[09:54] {Threei} speaking of hangovers... swill or ese, do throw a stone in patience's window when passing by, will ya... her hangover seems to be too extended
[09:55] {Threei} GLD target 1:2
[09:55] {Threei} 1:1, half out
[09:55] {Threei} and takeover chatter, Ron
[09:55] {Threei} on RIMM that is
[09:55] {Threei} 1:3
[09:56] {Threei} out
[09:56] {Threei} which is bs... there is so many hurdles on the path of RIMM takeover, any talk about it is beyond premature
[09:56] {ese} will do vad....will do
[09:56] {Threei} ty, I knew I could count on you when it comnes to throwing stones in someone's windows
[09:57] {Threei} wow GLD
[09:57] {Threei} held more than planned, and even that was too soon
[09:58] {RonS} ism...
[09:58] {Threei} Long Setup: X .15 break
[09:58] {Threei} half lot
[09:59] {Threei} good numbers
[09:59] {Threei} *(US) NOV CONSTRUCTION SPENDING M/M: 1.2% V 0.4%E
[10:00] {Threei} *(US) DEC ISM MANUFACTURING: 53.9 V 53.4E; PRICES PAID: 47.5 V 48.0E
[10:00] {thomcbell} bought ups 1/2 lot
[10:00] {thomcbell} 74.14
[10:01] {Threei} let's keep X stop under .05
[10:01] {Threei} thought of 28 initially but there is some concern
[10:01] {Threei} these great numbers migt be priced in by sizeable gap to some degree
[10:01] {Threei} so, while play is valid, let's keep risk tight
[10:02] {Threei} half out X
[10:02] {Threei} .28
[10:02] {Threei} stop to .14
[10:03] {Threei} try for around .40 - .45 for second half
[10:03] {Threei} UPS started chewing its way up
[10:03] {Threei} here comes X
[10:03] {Threei} feel fee to be out
[10:03] {thomcbell} fcx wow
[10:04] {Threei} well, haven't you heard? world's problem got fixed over the New year's eve
[10:04] {sstrader} thanks vad made .12 on my first trade with you (just scalping till i get the feel of it)
[10:04] {Threei} all of them
[10:05] {Threei} welcome sstrader
[10:05] {Threei} welcome to the room too
[10:05] {sstrader} thanks
[10:05] {ese} good call X chief
[10:05] {Threei} ty
[10:05] {Threei} gotta get back at market for that rinse
[10:06] {Threei} UPS works for you, tbell
[10:06] {Threei} let's see if gravity takes over at some point
[10:06] {thomcbell} rising in agony
[10:07] {Threei} hehe
[10:07] {Threei} FCX is a gravity candidate
[10:07] {Threei} looking for setup
[10:07] {thomcbell} 1/2 out ups
[10:08] {Threei} UPS moves from agony to paroxysm of happiness mixed with bout of enthusiasm
[10:08] {Threei} Short Setup: FCX .70 break
[10:08] {Threei} half lot
[10:08] {Threei} if stays under .80
[10:08] {Threei} target 1:3
[10:09] {thomcbell} stop on ups is 74.24
[10:09] {Threei} dino would have strangled you
[10:09] {Threei} his stop at this point would be like .35 :)
[10:09] {thomcbell} lol
[10:10] {thomcbell} stop to 74.30
[10:10] {thomcbell} ups
[10:10] {Threei} nemo would have strangled you too, but his reasoning would be different - he just loves strangling people
[10:10] {Threei} come on FCX, give up already
[10:10] {thomcbell} 1/4 out ups
[10:11] {thomcbell} last quarter stop to 74.39
[10:11] {Threei} US Pentagon notes that it will continue to operate in the Persian Gulf
[10:11] {Threei} hmmm
[10:12] {Threei} as if anyone doubted that
[10:12] {Threei} perfect prep for double top FCX... follow through now, will ya
[10:14] {Threei} chart's right from the 111 Trades course
[10:14] {thomcbell} ups stop to 74.42
[10:16] {Threei} beautiful management, tbell
[10:22] {Threei} no go
[10:22] {Threei} probably just a rinse but
[10:27] {Threei} SPY seems to be ready
[10:27] {Threei} Short Setup: GLD .40 break
[10:27] {Threei} smaller shares
[10:27] {Threei} this bounce will determine the stop level
[10:27] {Threei} desirably if stays under .50
[10:30] {sstrader} stop at .51?
[10:30] {Threei} .55
[10:30] {Threei} this is volatile stock, have to have a little more room
[10:30] {Threei} that's why smaller shares
[10:31] {sstrader} ty
[10:31] {thomcbell} hadnt looked at these rail names in a while
[10:31] {thomcbell} some pretty impressive chart patterns
[10:32] {thomcbell} on daily timeframe
[10:32] {Threei} out
[10:33] {Threei} disjointed day
[10:38] {ese} L amrn .25
[10:38] {ese} amrn
[10:39] {ese} looks like a m m but it's AMRN
[10:39] {Threei} Short Setup: BDX .65 break
[10:40] {Threei} if stays under .80
[10:46] {Threei} 1:1
[10:47] {Threei} half out
[10:47] {Threei} scalpers know what to do
[10:50] {Threei} aiming to cover at full around .30 - .35
[10:51] {Threei} wow
[10:51] {Threei} what just happened to gold
[10:54] {Threei} out BDX 1:2
[10:54] {rambler} nice one Vad...
[10:54] {swill} nice call. i'm going driving for a while
[10:55] {Threei} ty... doesn't make the day perfect but fixes it mostly
[11:19] {Threei} Long Setup: MCD .50 break half lot
[11:19] {Threei} if stays above .40 for scalpers, .35 day traders
[11:22] {sstrader} mcd sitll valid?
[11:23] {Threei} I think so
[11:23] {Threei} .35 loss will invalidate it
[11:26] {Threei} invalidated
[11:27] {Threei} was a two-sided setup in retrospect
[11:35] {Threei} dino overcome the hangover
[11:36] {dino} lol, no had to be sworn in
[11:36] {Threei} hmm?
[11:36] {Threei} what on earth did you commit to?
[11:36] {dino} township supervisor
[11:37] {Threei} ok... could have been worse
[11:37] {dino} how goes the morning? making $?
[11:37] {Threei} back and forth
[11:38] {Threei} big gap up day, ya know
[11:39] {dino} yeah, figured as much
[11:39] {dino} ironic, greece threatens leaving euro, iran threatens us battleship, etc and we rock up
[11:39] {sstrader} anything on the radar vad, or are we done till after lunch?
[11:40] {Threei} I don't have a feeling that we will have inactive aftrenoon today
[11:40] {Threei} watching for setups
[11:40] {Threei} look at SPY
[11:41] {Threei} it's just a hangover dino... reality will return
[11:41] {dino} good, i an't trade big gaps up
[11:41] {Threei} watching TZA for entry on pullback to .75
[11:42] {sstrader} so if retraces to .75, buy it long?
[11:43] {Threei} keep it ready, I'll try to alert if/when setup forms
[11:43] {sstrader} ty
[11:43] {Threei} it's a kind of advance warning
[11:48] {Threei} no bounce SPY
[11:50] {Threei} should come now
[11:50] {dino} vwap 128.12
[11:50] {Threei} really?
[11:51] {Threei} perfect visual point for the bounce to top
[11:51] {dino} y
[11:51] {Threei} Short Setup: SHLD .55 break
[11:54] {rambler} Vad, what route do you normally use.....?
[11:55] {Threei} NASDAQ, but it's not always optimal lately, there were some changes I am not fully up to date with
[11:55] {Threei} talk to the brker for the latest info
[11:55] {Threei} SHLD invalidated
[11:55] {Threei} TZA comes in
[11:55] {Threei} a tad more please
[11:55] {rambler} ty
[11:57] {Threei} ugh... 80 recross was it
[12:00] {Threei} grrrr
[12:04] {Threei} Short Setup: LVS .25 break
[12:06] {Threei} volume is back up to 3 month average
[12:06] {dino} spy sm s .90
[12:06] {Threei} not bad for the first trading day
[12:10] {dino} tight range
[12:14] {Threei} LVS looks to me like 1:2 at least, possibly more
[12:16] {Threei} 1:1
[12:16] {Threei} ply by the book
[12:16] {Threei} half out, stop to .26
[12:17] {Threei} if scalping, stop paying any attention to me - you won't hurt my feelings, I've been married long enough to get used to that
[12:18] {rambler} got a scalp, thks V
[12:19] {Threei} welcome sir
06[12:29] * Threei adds poison in LVS's soup
[12:34] {cc_8} wow LVS nice one
[12:34] {Threei} just you wait...
[12:34] {Threei} this thing has potential for much lower
[12:34] {cc_8} agree
[12:34] {cc_8} i can feel it
[12:35] {Threei} with stop for the balance at b/e, what's our risk
[12:35] {cc_8} charts says so too, but nonetheless i can feel it
[12:38] {dino} spy to .64
[12:39] {Threei} 1:2
[12:39] {Threei} 1/4 more out
[12:40] {Threei} stop to .21
[12:40] {Threei} hey, the day becomes nicely priftable
[12:40] {Threei} started out somewhat hangoverish
[12:40] {Threei} evened out later on, brightened now
[12:40] {dino} cov spy +.26
[12:40] {Threei} wtg dino
[12:41] {Threei} missed TZA entry is the only regret
[12:41] {dino} ty
[12:56] {Threei} let's make up our mind
[12:56] {Threei} cover at 1:3 or let it trade
[12:57] {cc_8} RIDE IT
[12:57] {Threei} my personal decision: skipping 1:3 and trying to cover at 1:4
[12:57] {dino} spy re-load s, .49 sm
[12:57] {Threei} .80 - .85 area
[12:57] {Threei} call it Rage for revenge
[12:57] {dino} r3 126.82
[13:00] {dino} cov spy -.06
[13:02] {rambler} bombs away....
[13:02] {cc_8} yep
[13:08] {Threei} me out
[13:08] {Threei} beautiful
[13:08] {Threei} me happy with how the day turns out
[13:08] {rambler} that was awesome Vad...
[13:08] {Threei} thought so too
[13:08] {Threei} nice, safe
[13:09] {Threei} never even thought of causing us heartburn
[13:09] {JK13} gj Vad
[13:09] {Threei} ty
[13:10] {Threei} and while we are on it... roufght start to the day, could have discourage less competent group... in trading, no single trade or even cluster means anything, just continue trading valid setups adjusting the the market conditions and let odds do their thing
[13:10] {Threei} they will
[13:10] {Threei} always do
[13:13] {sstrader} vad, what is optimal number of shares to trade with your setups? (max/min?)
[13:14] {Threei} whatever your risk tolerance and stock liquidity allow
[13:15] {Threei} you start by determikning your position size depending on the max loss you are willing to take,
[13:15] {Threei} this process is described in MPP in details,
[13:16] {Threei} also in one of blog articles, in less detail but enough to do it in practice
[13:16] {Threei} will dig it out if needed
[13:16] {sstrader} are most of your stops around .10 to .15 risk?
[13:16] {Threei} then you evaluate stock liquidity, how many shares you can take safely without suffring too much slippage
[13:16] {Threei} yes, most often
[13:19] {sstrader} so if willing to risk 200 then trade 2k--will most of your picks absorb that order fairly easily without much slippage?
[13:20] {Threei} well, this is hard to say.. stocks come and go. Sure, I avoid too thin ones,
[13:21] {Threei} when you look at the spread and sizes, you wsill mostly see thicker ones among my picks,
[13:21] {Threei} but still, have to look at level 2
[13:21] {Threei} and make sure there is anough liquidity to absorb your position
[13:21] {sstrader} thanks
[13:22] {Threei} sure thing
[13:36] {dino} spy hl s .50
[13:40] {dino} stop -.10
[14:05] {dino} gdot l .55
[14:16] {rambler} gdot looking good Dino....
[14:17] {dino} getting out
[14:18] {dino} out +.19
[14:18] {dino} arun drop
[14:31] {Threei} LVS returned to the level of our short
[14:31] {Threei} not sure I see a definite trade here but watching
[14:33] {rambler} enjoying 111 Trades Vad.....
[14:33] {Threei} glad to hear!
[14:33] {thomcbell} vad - what about piercing new high and shorting back thru on lvs
[14:33] {rambler} I like the format
[14:34] {Threei} that's what I think tbell - .40 - .45 zone, give or take
[14:34] {Beau} echo rambler, Vad
[14:34] {Threei} but want to see setup actually forming
[14:34] {Threei} thanks guys, much appreciated
[14:34] {JK13} fcx is making new high
[14:35] {Threei} thought it was a very practical course and easy on eyes format
[14:35] {Threei} I am often reproached that I make my books and courses too involved
[14:36] {JK13} there is anyway that we can save the course in our system?
[14:36] {Threei} I even had an imbecile e-mailing me: your taoist trader is TLDR
[14:36] {Threei} in case you are not familiar with terminology of tweeting generation, it means: too long, didn't read
[14:36] {Threei} and I know I shouldn't call a customer an imbecile
[14:36] {rambler} his loss.....
[14:36] {Threei} but hell
[14:36] {sstrader} set up on lvs?
[14:37] {Threei} not clear yet...
[14:37] {Threei} not really jk
[14:37] {dino} arun l .25
[14:37] {Threei} we need it to bounce a little, consolidate for a few bars, then break the low of this pulback
[14:38] {sstrader} ty
[14:43] {Threei} OK
[14:43] {Threei} starting to shape up
[14:43] {Threei} .35 support
[14:43] {Threei} I'd refer .40 break entry as aggressive one
[14:43] {Threei} if stays under .50
[14:44] {Threei} if SPY can't break 128 asnd reverses, should work nicelyt
[14:46] {Threei} to finish the thought... but I do realize that not everyone wants to make it life-long dedication, so there should be some shortcuts
[14:46] {dino} out arun .31, +.06
[14:47] {Threei} thus, Trader's Routine piece (a bit too extreme case of shortcutness), 111 Trades
[14:47] {Threei} I however try to make them easy to build on
[14:47] {Threei} you noticed how 111 Trades branches out leading to other pieces of information
[14:47] {sstrader} is short signal lvs .40 still valid?
[14:47] {Threei} which are readily available if you want to dig deeper
[14:47] {Threei} yes, very much so
[14:48] {Threei} actually becomes stronger by minute
[14:48] {JK13} It is very well done Vad
[14:48] {dino} fwiw, i think its your best work
[14:48] {Threei} ty
[14:48] {Threei} I still think Taoist Trader is... but that's monumental thing :)
[14:49] {dino} i prefer 111
[14:49] {Threei} not exactly War and Peace, but as close to it as you can expect from not-Tolstoy {G}
[14:49] {dino} but thats just me, i'm a keep it simple guy
[14:49] {thomcbell} lvs lvs moment of tyruth
[14:50] {thomcbell} truth
[14:50] {dino} tbell spelling like vad, :D
[14:50] {Threei} it's a requirement for good trading
[14:51] {cc_8} agree the level of typo's you have indicate how good of a trader you are
[14:51] {dino} cxo?
[14:52] {Threei} no news
[14:53] {sstrader} vad is there a discount for the 111 course if you subscribe to the trading room?
[14:53] {Threei} now, here is how you need to type that, cc_8: agie the lvel of tipo's u hve indikate how gud of a trdr u r
[14:53] {thomcbell} i like Tyruth Graifer as a name
[14:53] {Threei} yes, 30%
[14:54] {thomcbell} lvs invalidated
[14:54] {Threei} LVS short invalidated
[14:54] {Threei} not sure about long side
[14:54] {Threei} I'd stay away
[14:55] {dino} cxo sm s .85
[14:55] {sstrader} how do you get the discount?
[14:55] {thomcbell} have to bolt early - thanks Vad
[14:55] {Threei} welcom tbell
[14:56] {Threei} I'll give you a coupon number in a min, sstrader
[14:56] {sstrader} ty
[14:57] {Threei} see dcc please
[14:58] {sstrader} thanks vad
[14:59] {Threei} sure thing
[15:00] {Threei} long side would have worked on LVS
[15:00] {Threei} didn't feel easy about it
[15:00] {JK13} fcx and slw have been in JBE mood all day
[15:01] {JK13} I would love to short FCX but to strong
[15:01] {Threei} these slow creep-up days are difficult
[15:02] {Threei} big gap up and creep-up on top? be happy if we made anything at all
[15:02] {dino} cxo to .60
[15:03] {dino} to .55
[15:04] {dino} cov .52, +.33 cxo
[15:04] {JK13} true
[15:05] {rambler} gj Dino...
[15:06] {dino} ty
[15:19] {Threei} Short Setup: LVS .50 break
[15:20] {Threei} SPY seems to be exhausting its entusiasm
[15:21] {sstrader} stop at .61?
[15:21] {Threei} for now, yes
[15:21] {Threei} but if it goes to .45 on this try, will trail it to .56
[15:22] {Threei} there
[15:22] {Threei} trail
[15:23] {Threei} it's about risk management more than anbything else at his point
[15:23] {Threei} I'd rather get rinsed for a small stop than risk profit for the day
[15:24] {Threei} kind of: glad to add to profits but only under the condition of not jeopardizing what I already have
[15:24] {Threei} 1:1
[15:26] {sstrader} stop now at .51?
[15:26] {Threei} for the balance if partialing, yes
[15:27] {dino} gj
[15:27] {Threei} getting the rhythm eh, sstrader
[15:27] {sstrader} scalped, but paper trading as if partialling
[15:27] {Threei} cool approach
[15:30] {Threei} sharing my new year postfrom fb:
[15:31] {Threei} My New Year resolution is to make a list of all my New Year resolutions from the past years and categorize them - the left column for the un-fulfilled ones, right column for... uh, wait... I need no right column...
[15:31] {sstrader} so true
[15:31] {rambler} out...thks V...
[15:32] {Threei} sure
[15:32] {Threei} who would have thought this day turns out this way
[15:34] {Threei} Election 2012: Generic Republican 47%, Obama 43%
[15:40] {sstrader} is that it for the day vad?
[15:40] {Threei} unless something happens
[15:40] {Threei} if we just bob around this level, I wouldn't try anything else
[15:40] {Threei} but sharp move might present new opportunity
[15:41] {Threei} it just has to be quick,l to squeeze into remaining time
[15:41] {sstrader} ok thanks
[15:48] {rambler} LVS one more time...?
[15:49] {Threei} SPY feels like ending on upward thrust
[15:49] {Threei} about to break 128
[15:49] {Threei} if doesn't and reverses instead, maybe do this
[15:49] {Threei} short .60 break with stop .66
[15:50] {Threei} risk is minimal
[15:50] {rambler} all set...
[15:50] {rambler} missed...
[15:50] {Threei} ugh
[15:51] {Threei} .58 was obtainable
[15:51] {Threei} but well... not much room or time for profit anyway
[15:53] {rambler} all good, thanks Vad et all...
[15:53] {rambler} cya tomorrow...
[15:54] {Threei} thank you all
[15:54] {JK13} gn
[15:54] {Threei} have a good evening
[15:54] {Threei} see you tomorrow
[16:00] {dino} ty all, gn
