Tuesday, February 28, 2012

Feb 28 2012

(Course on chart pattern recognition is available now: http://www.realitytrader.com/111trades.html  )



Pretty much repetition of yesterday. Nice day with good trades, few and well-controlled stops. Pullbacks prove to be the most productive entries in the environment, providing us with very tight stops and nice potential.


Session Time: Tue Feb 28 00:00:00 2012
[08:30] {nemo} oops
[08:31] {Threei}  08:30*(US) JAN DURABLE GOODS ORDERS: -4.0% V -1.0%E; DURABLES EX TRANSPORTATION: -3.2% V 0.0%E
[08:31] {nemo} I want the market to crash
[08:31] {nemo} I want anarchy
[08:32] {nemo} send the military to protect booze factories though
[08:32] {Threei}  makes two of us
[08:33] {nemo} so, we're still near yesterday's high.. 
[08:33] {nemo} BUY THE FRICKIN' DIP!!!!
[09:00] {Threei}  *(US) DEC S&P/CASE-SHILLER COMPOSITE-20 M/M: -.50% V -0.35%E; Y/Y: -3.99% V -3.65%E;
[09:04] {nemo} tna long here anybody?
[09:05] {Threei}  for a scalp only
[09:08] {dino} gm
[09:08] {Threei}  dino :)
[09:12] {nemo} I'm adding if spy breaks .30
[09:13] {stewy} good morning vad 
[09:13] {Threei}  stewy :)
[09:14] {Les} what are you in Nemo?
[09:14] {Threei}  '[09:04] {nemo} tna long here anybody?
[09:14] {Threei}  [09:05] {Threei} for a scalp only
[09:16] {nemo} fat lady ain't sung yet
[09:17] {Threei}  still... I'd be merrily out near .10, and waiting for the next opportunity
[09:17] {Threei}  it's premarket
[09:17] {rambler} gm...
[09:17] {Threei}  rambler :)
[09:22] {RonS} gm everyone
[09:22] {Threei}  ron :)
[09:23] {beau} good morning you all
[09:23] {Threei}  beau :)
[09:25] {beau} Vad, Keystone pipeline const. starting from Texas coast to Cushing OK
[09:25] {Threei}  the part that doesn't require fed govt approval?
[09:25] {beau} No, only state because does not cross border
[09:26] {Threei}  right
[09:28] {Threei}  FCX short if we get a chance
[09:29] {Threei}  nemo, you out TNA??
[09:29] {nemo} fat lady warming up, I partialed anyway
[09:30] {Threei}  she is not warming up, she makes last asthmatic inhales
[09:30] {Threei} Short Setup: FCX  .40 break
[09:30] {Threei}  late
[09:30] {nemo} right
[09:30] {Threei}  ok
[09:30] {Threei}  again
[09:30] {Les} in
[09:30] {Threei}  if stays under .50
[09:30] {Threei}  half lot of course
[09:31] {dino} apol filling gaps today
[09:31] {Threei}  target 1:2
[09:32] {Threei}  stop to .46
[09:34] {dino} apol sm l .50
[09:34] {Threei}  just started typing :cover half .32 - .33"
[09:34] {Threei}  morning jumps...
[09:34] {Les} did that already :)
[09:34] {Threei}  good
[09:35] {Threei}  closed
[09:35] {dino} out apol .86, +.36
[09:35] {Threei} Long Setup:  SLW  .10 break
[09:36] {Threei}  if stays above 39
[09:36] {Threei} Long Setup:  TNA  .90 break
[09:37] {Threei}  if holding .80
[09:38] {Threei}  1:1
[09:38] {Threei}  SLW, not sure 1:2 or 1:3
[09:38] {Threei}  TNA 1:2
[09:38] {dino} esi vsm l .53 gappy
[09:38] {thomcbell} pg strong
[09:39] {Threei}  will try for 1:3, SLW
[09:39] {thomcbell} no pattern yet 
[09:40] {Threei}  1:1
[09:41] {dino} out slw .24, +.14 ty vad
[09:41] {Threei}  :)
[09:42] {Threei}  scalpers win
[09:42] {dino} esi stopped
[09:42] {stewy} yup took it thans
[09:43] {Threei}  watching LVS
[09:43] {Threei}  for long
[09:43] {Threei} Long Setup:  LVS  .40 break
[09:43] {Threei}  half
[09:43] {dino} 07 all red careful
[09:44] {Threei}  if holding .30
[09:44] {nemo} spy at long term support iwm at wPP
[09:47] {Threei}  1:1
[09:47] {Threei} Short Setup: SLW  39 break
[09:47] {Threei}  if stays under .10
[09:50] {Threei} Short Setup: LVS  .30 break half lot
[09:50] {Threei}  SLW 1:1
[09:51] {thomcbell} fcx trades real well today 
[09:51] {Threei}  LVS invalidated
[09:52] {dino} esi sm l .66
[09:52] {Les} beautiful call on IWM support Nemo
[09:52] {Threei} Long Setup:  FCX  .75 break
[09:52] {Threei}  if stays above .70
[09:52] {dino} int sm l .93
[09:52] {Threei}  aggressive for .80
[09:53] {nemo} weird how that works
[09:54] {nemo} if housing number o.k. we're gonna rip higher
[09:54] {dino} stop esi -.23, too random, off screen
[09:54] {Les} was contemplating TNA. hindsight always 20/20
[09:55] {dino} icon sm l .35
[09:55] {dino} thin
[09:56] {Threei}  SLW 1:2 close enough, out
06[09:56] * Threei kicks FCX in the rear
[09:58] {Threei}  timely exit on SLW
[09:59] {Threei}  housing good
[09:59] {Threei}  20 v 14
[09:59] {Threei}  oops, not housing
[09:59] {Threei}  Richmond manufacturing
[09:59] {Threei}  oh look, violence still works... and as effective as ever
[09:59] {Threei}  half out FCX
[10:00] {Threei}  *(US) FEB CONSUMER CONFIDENCE: 70.8V 63.0E
[10:01] {nemo} 137.95 as next spy target
[10:01] {Threei}  FCX stop .74
[10:01] {Threei}  try 1/4 more near .95
[10:02] {thomcbell} vad - lvs almost untradeable right now
[10:02] {Threei}  yeah, staying away for now
[10:03] {Threei}  FCX, trail stop to .79
[10:03] {dino} tecd sm l .50
[10:03] {Threei}  1/4 more out
[10:05] {Threei}  offer last peice above 44
[10:05] {Threei}  not too shabby for 6-7 cents initial risk
[10:05] {stewy} fcx a beatuy thx
[10:05] {Threei}  :)
[10:05] {stewy} trading through those 10am news rpts sometimes screws thing up
[10:06] {Threei}  {FCX} why thank you (batting eyelashes)
[10:06] {RonS} took esi 67.50 to 68.40 +.90  thanks dino
[10:06] {Threei}  wow, nice Ron
[10:06] {dino} wtg, it ate me up
[10:06] {RonS} ya...
[10:06] {RonS} been there...
[10:07] {Threei}  true stewy, but this was a rare chance to take it with such a small risk
[10:07] {Threei}  position in advance for a nice move while risking very little
[10:07] {dino} tecd stop .30, -.20
[10:07] {dino} taking little break
[10:09] {RonS} dndn sm l .10
[10:14] {RonS} out dndn -.01
[10:17] {dino} ipgp sm l .70
[10:17] {Threei}  unsure of direction here
[10:17] {Threei}  staying inactive for now
[10:19] {RonS} IPG Photonics Corporation (Nasdaq Global Market: IPGP) (“IPG” or the “Company”) today announced that it has commenced a public offering of up to 3,000,000 shares of its common stock
[10:20] {RonS} ...i see nothing about price...
[10:20] {dino} thx saw that
[10:21] {Threei}  Euro vs US Dollar Investor John Paulson: Euro might ultimately fall apart - financial press citing investor letter
[10:22] {RonS} whoa good out on dndn...
[10:23] {thomcbell} pg up near yest high
[10:23] {Threei} Long Setup:  TRP  .60 break half lot
[10:24] {dino} out ipgp .20, +.50
[10:24] {dino} ok back in black, after shakey start
[10:26] {thomcbell} daily chart looks interesting TRP Vad
[10:26] {Threei}  wtg dino
[10:32] {Threei}  not really sure how much of connection there is between fundamentals of Keystone and TRP price action, but it feels to me it will have both projects going, Keystone and pipe to the west coast
[10:32] {Threei}  it's not either/or
[10:33] {Threei}  1:1
[10:36] {beau} nice smooth 1:1, thanks vad
[10:37] {Threei}  :)
[10:37] {Les} SLV rollover coming. SLW .20 b/d?
[10:38] {Threei}  looks two-sided to me
[10:38] {Threei}  .20 short or .30 long
[10:38] {Les} ok
[10:41] {thomcbell} or a flat out avoid
[10:42] {Les} yeh avoided the first breakdown. will leave it for the moment
[10:45] {dino} out int .23, +.30
[10:47] {Threei} Long Setup:  TNA  .90 break
[10:47] {nemo} gonna be a grinder if it goes
[10:49] {Threei}  invalidated
[10:52] {RonS} lol..."employed people buy more pizza than unemployed people" - $DPZ CEO in response to a dumb ? from an analyst
[10:52] {Threei}  heh
[10:54] {Threei}  nemo... TNA bounce off .50?
[10:54] {nemo} yeah, could be vwap on tna closer to .30 as is vwap on spy
[10:58] {nemo} why'd you think .50?
[10:58] {Threei}  chart horisontal support
[10:59] {stewy} trp 1;2 thanks vad
[10:59] {Threei}  welcome
[10:59] {Threei}  smooth one
[11:00] {Threei}  not in president's eyes of course but...
[11:01] {stewy} and trp just might be the salmon all day long right?
[11:02] {RonS} fwiw...some of you may want to play w/ this real time nwsfeed to see if it has value...rediff is the goog of india: http://realtime.rediff.com/instasearch#! 
[11:02] {RonS} newsfeed
[11:02] {Threei}  quite possible stewy
[11:06] {andj} Good morning all...
[11:06] {Threei}  morning andj
[11:07] {Threei} Short Setup: DPZ  37 break
[11:07] {Threei}  half lot
[11:08] {Threei}  if stays under .15
[11:08] {Threei}  target 1:3
[11:09] {Threei}  1:1
[11:09] {Threei}  stop to .03 for the balance
[11:10] {Threei}  to .01
[11:13] {andj} So was it the second lower top that makes DPZ a good one?
[11:14] {Threei}  double top, plus conolidation above the 37 support after topping out
[11:15] {Threei}  this is a weird one:
[11:15] {Threei}  11% of Americans Have a Somewhat Favorable Opinion of Fannie Mae, and 10% Share a Positive View of Freddie Mac
[11:16] {Threei}  how arwe they different in eyes of average citizen?
[11:16] {stewy} gender
[11:16] {Threei}  why would one be better or worse than the other?
[11:17] {RonS} lol...but agree w/ stewy...
[11:17] {cipher} thx for DPZ
[11:17] {cipher} scalped it on both sides
[11:17] {Threei}  so, people hare feminine name and think girl should be kinder and generally better?
[11:17] {Threei}  welcome sir
[11:18] {RonS} ...need nemo's opinion:  If a man is in a forest talking to himself with no women around, is he still wrong?
[11:18] {Threei}  TRP continues slow grind up
[11:18] {nemo} where'd you get in .60?
[11:19] {Threei}  [10:23] {Threei} Long Setup: TRP .60 break
[11:19] {Threei}  yup
[11:22] {Threei}  makor question becomes: will SPY break .60?
[11:22] {Threei}  major
[11:23] {Threei}  imo, yes
[11:23] {nemo} yes-not done gutting the bears yet
[11:23] {andj} which indexes do you consistently track?
[11:23] {Threei}  SPY
[11:23] {nemo} hemlines
[11:23] {Threei} Long Setup:  FCX  .60 break
[11:23] {Threei}  if stays above .50
[11:29] {RonS} qotd "There are no words ofr this headline":  Poll: Santorum comes from behind in Alabama three-way
[11:29] {dino} i'm confused on dpz. never broke 37 now 37.50?
[11:29] {dino} itch that post, i was on wring time frame
[11:30] {beau} fcx stopped at 49?
[11:30] {Threei}  FCX held by fingertips
[11:30] {Threei}  scratching it
[11:30] {Threei}  bounced barely touching it
[11:31] {Threei}  out .57
[11:31] {Threei}  first stop
[11:34] {Threei}  president addresses UAW convention
[11:34] {Threei}  you have multiple choice:
[11:34] {Threei}  they: a) boo him b) applaud his every word c) no one came
[11:34] {Threei}  three guesses
[11:35] {RonS} ok...a, b, &c...
[11:36] {dino} sm l ioc .40
[11:36] {cipher} how many correct answers are there?
[11:37] {Threei}  lol
[11:39] {Threei}  played FCX all wrong
[11:39] {Threei}  correct way would have been to let the break go, wait for a shakeout, grab it near the stop level
[11:40] {Threei}  lunch time strategy
[11:40] {RonS} truth stranger than fiction:  http://tinyurl.com/72fk44e
[11:44] {RonS} 3i, see a DECK short setup here?
[11:44] {Threei}  yup
[11:44] {Threei}  75 break
[11:44] {Threei}  if stays under .15
[11:45] {Threei}  volatile as hell of course
[11:45] {Threei}  so, smallish shares
[11:52] {nemo} deck looking long here now
[11:53] {nemo} you think short I'm thinking long and it's lunch
[11:53] {cipher} looks like long
[11:53] {Threei}  your principal error is in thinking that I think
[11:54] {Threei} Long Setup:  TZA  .35 break
[11:54] {Threei}  if stays above .30
[11:54] {nemo} o.k. you answered ron "yep" to long without thinking...better?
[11:54] {Threei}  it's unnecessary elaboration... I always answer without thinking
[11:55] {Threei}  so qwhy would you want to put an accent on this particular case?
[11:56] {stewy} are you playing the strategy buy the stop?
[11:56] {Threei} Long Setup:  TZA  .30 break
[11:56] {cipher} thx ron scalped deck on both sides multiple times
[11:56] {Threei}  pretty much, yes
[11:56] {Threei}  stop under .25
[11:57] {Threei}  you can also liken it to the way we played FCX earlier
[11:57] {stewy} ok
[11:57] {Threei}  aggressive entry with 5 cents stop, went to 1:5 or so
[11:58] {Threei}  idea is to start partialing near .40
[11:58] {Threei}  in hands of breakout buyers
[11:59] {stewy} selling to myself:P
[11:59] {dino} out ioc .87, +.47
[12:00] {Threei}  I'd call it "sell to other, stupid, me"
[12:00] {Threei}  wtg dino
[12:00] {cipher} wtg
[12:00] {RonS} gj
[12:00] {dino} ty
[12:05] {Threei}  TZA shapes up perfectly for .35 break and drive to and through .40
[12:05] {nemo} wow lvs
[12:05] {Threei}  it has lost its mind
[12:05] {Les} resolved itself
[12:05] {nemo} I think you're projecting
[12:06] {Les} :)
[12:06] {Les} outta here. back for close
[12:07] {stewy} vad: do these setups for tza/tna pop up on scanner?
[12:07] {Threei}  no, not really
[12:07] {Threei}  this is kind of usual suspects
[12:08] {stewy} i didn't think so, due to 3x nature and all
[12:08] {Threei}  general market movements
[12:08] {Threei}  they may, I need to look
[12:08] {Threei}  not sure... what I meant is, this is not where I get them from
[12:08] {nemo} chicken entrails
[12:08] {stewy} i understand. its visual
[12:08] {Threei}  setups like TRP earlier, that's for sure scanner find
[12:08] {stewy} you have scanner between yer shoulders
[12:09] {nemo} gotta be a joke in there
[12:09] {Threei}  lol
[12:09] {Threei}  don't feed nemo straight lines
[12:10] {Threei}  ok TZA
[12:10] {Threei}  move your lazy butt
[12:10] {Threei}  half out
[12:11] {Threei}  exact match to the plan
[12:11] {Threei}  andj, see private message pls
[12:11] {Threei}  stop to .29
[12:11] {Threei}  let's see if it breaks .40
[12:13] {andj} where?
[12:14] {Threei}  look upper bar, next to channel names
[12:14] {Threei}  you'll see one with mine
[12:14] {Threei}  click it
[12:15] {Threei}  ok TZA
[12:15] {Threei}  it's time
[12:16] {Threei}  break that wall
[12:16] {Threei}  andj, found it?
06[12:18] * Threei kicks TZA in the rear
06[12:18] * Threei hits SPY over the head with 2x4
[12:19] {stewy} 1;1 half out tza
[12:20] {Threei}  that's 1:2 actually
[12:20] {stewy} oh yeah right
[12:24] {stewy} slv :  does that look double toppish vad?
[12:26] {nemo} wtf...cog
[12:26] {Threei}  hard to tell etween double top and consolidation for antoehr break
[12:26] {nemo} things are starting to look long again
[12:26] {stewy} right
[12:29] {nemo} Hey Ron, you still like those glasses?
[12:31] {RonS} yes, less eye strain...
[12:32] {nemo} yeah, focal length a bit different then reading glasses
[12:32] {RonS} eyes have always been light sensitive...got headaches as kid and had to wear glasses...
[12:32] {nemo} I got headaches as a kid, but that was usually from people whacking me
[12:34] {dino} i had that same problem nemo
[12:34] {nemo} as me or Ron?
[12:34] {dino} you
[12:35] {nemo} Do you get the voices too?
[12:36] {dino} indeed, and still see the dead people
[12:44] {Threei}  1/4 more out TZA
[12:44] {cipher} cog finally bouncing
[12:45] {Threei}  stop to .34
[12:47] {dino} cipher, where are you in cog?
[12:48] {dino} knol spike
[12:48] {dino} sm s .76
[12:49] {RonS} KNOL exploring sale
[12:50] {RonS} unconfrmed...
[12:50] {dino} ahh, thx
[12:50] {dino} usually on that they spike and drop down to beginning of spike
[12:51] {stewy} nice trade on tza
[12:51] {Threei}  don't you love these pullbacvk entries
[12:52] {stewy} especially at lunch
[12:58] {nemo} I prefer my trees to be Navy SEALs, particularly the real-life ones who’ve been recruited to star in this peculiarly entertaining exercise in bare-bones, Hollywood-style action heroism. The movie lasts a little more than 100 minutes, but we can tell in about two that discovery of tomorrow’s Poitiers or De Niros will have to wait until perhaps, well, tomorrow. When these men speak, you 
[12:58] {nemo} suddenly realize how uniquely good those Ents were in “Lord of the Rings.’’
[12:59] {cipher} sorry dino, just read your q
[13:00] {cipher} I never entered in cog... missed it
[13:01] {dino} np, thx
[13:10] {Threei}  today has a twist vs tomorrow:
[13:11] {Threei}  market is locked ina very naerrow range for a long while, yet we found a few nice plays instead of falling in coma
[13:11] {Threei}  with just one stop
[13:11] {Threei}  what it MAY signify,
[13:11] {Threei}  not necessary does but may,
[13:12] {Threei}  is return of independtly moving stocks vs this abnormally high correlation we had for a while
[13:12] {Threei}  good sign if this is what indeed happen
[13:12] {Threei}  s
[13:15] {nemo} tna might be long scalp here
[13:16] {cipher} having fun andj?
[13:17] {andj} well...
[13:17] {cipher} you keep disappearing...
[13:17] {andj} i had to switch computers
[13:17] {andj} thanks for asking
[13:17] {cipher} anytime :)
[13:18] {nemo} stop is .89
[13:18] {andj} Thanks for the advice yesterday...this thing is starting to clear up in my head a little.
[13:19] {RonS} wow, look what happened on gtls w/ a miss...
[13:19] {Threei}  here is something to look forward andj:
[13:19] {Threei}  for a while it's fog, a bit thicker, a bit thinner,
[13:19] {Threei}  some pieces of the puzzle fall in places, some clicks happen,
[13:20] {Threei}  then at some point critical mass of those pieces is achieved, one very loud click comes,
[13:20] {Threei}  and all of a sudden things become so clear and onbvious,
[13:20] {Threei}  you can't believe you didn't see it before
[13:21] {Threei}  discipline ceases to be a problem,
[13:21] {Threei}  correct behavior becomes natural,
[13:21] {Threei}  you can't believe you ever had a problem with taking stops ot whatever,
[13:22] {Threei}  emotions fade away,
[13:22] {Threei}  and two things that left are:
[13:22] {Threei}  clarity and liberation
[13:22] {RonS} ...and if you are nemo you go hunting...
[13:22] {andj} hopefully financial liberation
06[13:23] * Threei falls back into sleep
[13:23] {nemo} I partialed at .00
[13:23] {cipher} very well said vad... i ditto that
[13:24] {Threei}  you mean sleep part?
[13:24] {cipher} no the former stuff
[13:24] {Threei}  :)
[13:24] {andj} It really is getting clearer...I am going to start looking for my own stocks and checking them with you...
[13:25] {andj} There are a lot of talented traders in this chat room.
[13:25] {Threei}  baby steps
[13:25] {nemo} and some that play them on tv
[13:25] {Threei}  learn to profit from our picks
[13:26] {Threei}  learn right trade management
[13:26] {Threei}  then move to picking them
[13:26] {andj} well Vad...I'm not going to actually trade them:)
[13:26] {Threei}  stock picking is really not the main part of the equation
[13:26] {andj} I´m just going to ask!
[13:26] {nemo} emotional management
[13:26] {Threei}  contrary to what a ,lot of hacks would have you believe
[13:28] {andj} So what is the main part of the equation?
[13:28] {nemo} wow...sniff...he never called me a "hack" before
[13:28] {Threei}  lol
[13:28] {Threei}  self control
[13:28] {Threei}  discipline
[13:28] {nemo} ot tna
[13:28] {Threei}  control of your emotions
[13:29] {nemo} made .34 after commission
[13:29] {nemo} tota
[13:29] {dino} discipline trumps conviction
[13:29] {nemo} total
[13:29] {andj} then what?
[13:29] {dino} 07 red
[13:29] {nemo} wow tza is going against the market
[13:29] {Threei}  then what?? gosh, 90% of those who fail, fail on THIS stage
[13:30] {Threei}  gwet this down, then we will get to the "then" :)
[13:30] {Threei}  let me put it this way
[13:30] {Threei}  out of the elements to learn and master:
[13:31] {Threei}  - self control
[13:31] {stewy} nemo, how so?
[13:31] {Threei}  - trade management
[13:31] {Threei}  - correct setups
[13:31] {nemo} it was a joke stewy...a very dry one
[13:31] {Threei}  - money management
[13:31] {Threei}  - stock picking
[13:31] {stewy} over on me
[13:31] {andj} in that order?
[13:31] {Threei}  this last one IS the last one
[13:32] {stewy} you did well with  that tna 
[13:32] {Threei}  the least complicated and the least imposrtant
[13:32] {nemo} overall I do, I got out flat on that one...setup there partialed, then went to my stop
[13:32] {nemo} Vad explain the joke to stewy
[13:33] {Threei}  what am I, explainer in chief?
[13:33] {Threei}  ypu make dumb jokes - you explain them {G}
[13:33] {andj} yes
[13:33] {nemo} you run this asylum
[13:33] {nemo} o.k...
[13:33] {Threei}  that was tongue in cheek, stewy...
[13:33] {nemo} stewy,  what is tza?
[13:34] {Threei}  TZA always moves against the market
[13:34] {nemo} That pushed me over the edge, Ihad to start drinking
[13:34] {andj} tza is a derivative of which stock?
[13:34] {nemo} iwm
[13:35] {stewy} i know. 
[13:35] {nemo} 82.36 WPP IWM
[13:37] {nemo} well then, stewy, there's a few options here.  my sense of humor sucks.  my joke sucks.  or your sense of humor sucks
[13:37] {nemo} I have a feeling I know where you'll come down on this
[13:38] {cipher} nemo keep up the good work...
[13:38] {nemo} btw...next possible long, IWM WPP and SPY VWAP
[13:38] {stewy} it's none of the above; i was watching the chart and your post
[13:38] {stewy} didn't jibe with it
[13:39] {stewy} but i do appreciate the dryness:)
[13:39] {dino} cov knol .15, +.61
[13:39] {nemo} I have a nice Chardonnay for you
[13:39] {stewy} i'll slip back into something comfortable now, like a coma
[13:39] {Threei}  lol
[13:39] {Threei}  consolation, stewy:
[13:39] {nemo} I was worried, he was going to say "neglige
[13:40] {nemo} or "nightie"
[13:40] {nemo} or bunny slippers
[13:40] {nemo} oops....
[13:40] {dino} or thong
[13:40] {nemo} you had to go there didn't you
[13:40] {Threei}  I tried to construct some joke about this one being dry vs nemo jokes being usually moist... but it sounded horribly so I gave up on the idea
[13:41] {stewy} won't touch the bunny jokes
[13:41] {nemo} good idea
[13:42] {stewy} consolation is:
[13:42] {stewy} ++green p&L
[13:42] {Threei}  :)
[13:42] {nemo} bunny would be proud
[13:42] {Threei}  knew .45 break should work on TZA
[13:42] {Threei}  decided against it unfortunately
[13:43] {nemo} well careful, we're at one of my inflection points
[13:47] {Threei}  ugh
[13:48] {Threei}  awww
[13:49] {vijay} Hi Vad does FCX look like a short?
[13:51] {Threei}  .60 break was a good setup
[13:51] {Threei}  here, no clear setup yet
[13:52] {vijay} ok thx
[13:54] {vijay} just to learn was .60 a pivot point?
[13:55] {dino} damn covered knol too soon
[14:02] {Threei}  no
[14:02] {Threei}  that was a support break of which signified the trigger of short setup
[14:02] {vijay} ok thanks Vad.
[14:04] {dino} sm l wprt .00
[14:06] {nemo} long .75 tna
[14:08] {nemo} using spy .20 as a stop, I know it's weird
[14:08] {dino} int sm l .00 ave
[14:09] {nemo} discretion wow
[14:09] {nemo} partialed .84 wtf
[14:09] {nemo} and teh out
[14:09] {nemo} sheesh
[14:10] {nemo} I lost $1.32 
[14:10] {nemo} that was weird
[14:21] {dino} out wprt .30, +.30
[14:24] {Threei}  wtg
[14:24] {dino} thx
[14:32] {Threei}  market threatens total breakdown
[14:32] {Threei}  nervous breakdown
[14:32] {Threei}  in case this materializes:
[14:33] {Threei} Long Setup:  TZA  .90 break
[14:33] {dino} "total" a bit strong. 
[14:36] {Threei}  hey, I have a dream
[14:36] {Threei}  even if it's a pipe dream, it's still a dream
[14:37] {dino} :s
[14:37] {Threei}  look at SPY daily... see all that air down to 105 - 115?
[14:37] {dino} wprt sm l .96
[14:37] {Threei}  imagine how much fun we would have if it crashed all this way
[14:38] {dino} i see gaps all over below, but ....
[14:55] {Threei} Long Setup:  TZA  .75 break if stays above .70
[14:55] {Threei}  trying to exploit that same idea that worked a few times today
[14:56] {Les} ?
[14:56] {Threei}  negligible risk
[14:56] {Threei}  ?
[14:56] {Les} aah
[14:56] {Threei}  if loses .70, switch to double bottom - .70 break long if holding .65
[14:57] {andj} So what types of setups are the most favorable right now?
[14:57] {Threei}  pullback entries
[15:01] {Les} Dow locked on 13k
[15:07] {Threei}  first partial between .80 and .85
[15:13] {Threei}  NY Fed announced that it has acquired the building at 33 Maiden Lane for $207.5M from Merit US Real Estate Fund III, L.P
[15:14] {Threei}  I guess we are not abolishing Fed any tine soon eh?
[15:22] {dino} out wprt .21, +.25
[15:22] {nemo} spy going to new highs
[15:22] {nemo} walking up the long term trned line beautifully
[15:23] {dino} out icon all day for flat
[15:33] {andj} So would pullback entries be good for all day or just for a few minutes?
[15:33] {Threei}  who knows
[15:33] {dino} out int .01, +.01
[15:33] {Threei}  any pattern that establishes itself is to be followed until it stops working
[15:34] {Threei}  don't guess... follow the market lead
[15:34] {dino} "be water" theory
[15:34] {Threei}  it will show you that your read is right by way of profdits or wrong by losses
[15:34] {Threei}  continue doing what works and stop doing what doesn't
[15:37] {Threei} Long Setup:  TNA  .20 break
[15:38] {Threei}  if stays above .005
[15:38] {Threei}  .05
[15:38] {nemo} whaddya' think i am, an HFT program
[15:38] {Threei}  SPY feels like going for and breaking .60
[15:39] {Threei}  lol
[15:39] {nemo} I'm thinking new high of the day
[15:39] {Threei}  yes
[15:39] {andj} do you mean to follow lead of the market indexes?
[15:39] {nemo} that's what your doing trading tna
[15:39] {Threei}  general market direction and the way it trades
[15:41] {andj} What do you mean 'the way it trades'?
[15:42] {Threei}  direction is not all,
[15:42] {Threei}  markwet can move in different ways:
[15:42] {nemo} every stock has it's own "personality"
[15:42] {Les} s NEM.99
[15:42] {Threei}  slow climb, sharp spikes, pullbacks etc etc
[15:42] {Threei}  different ways are to be applied
[15:43] {andj} where can i learn about that?
[15:45] {nemo} 137.82-.95 is target
[15:46] {Threei}  there is no specific chapter abput this, it's a general matter of reading the movement
[15:46] {Les} cover half .93
[15:46] {Threei}  you will get an idea of this by going over all the materials
[15:46] {Les} cover other half flat
[15:48] {andj} So I have to watch the markets first and the stocks second?
[15:48] {Threei}  they are different pieces of the same puzzle
[15:49] {beau} what's the term for TNA?  Rinsed?
[15:49] {Threei}  did it trigger before diving under ,05?
[15:49] {beau} no
[15:49] {Threei}  if so, rinsed... if not - invalidfated
[15:50] {beau} sorry, yes did trigger
[15:50] {andj} Hey nemo...what do you mean that each stock has a personality?
[15:51] {nemo} every stock trades differently
[15:51] {nemo} they have different characteristics
[15:51] {andj} why?
[15:51] {nemo} ask the Gods
[15:51] {andj} like vad?
[15:52] {nemo} He's a sith lord
[15:52] {nemo} some are low volume
[15:52] {andj} So are you Luke?
[15:52] {nemo} some trade large spreads
[15:52] {nemo} no...
[15:52] {nemo} I'm, at best, the court jester
[15:52] {dino} he is right about each personality.
[15:53] {nemo} at worst...a syphilitic elf
[15:53] {dino} some trade w/, against, two x's, etc.
[15:53] {Les} voilà, that jamaican sounding yob from the 1st film
[15:53] {nemo} different price stocks trade differently
[15:53] {Les} that's nemo
[15:53] {nemo} ?
[15:53] {dino} others act on their own. like capitulations and euphoric spikes
[15:53] {nemo} $500 stocks trade differently than $10 stocks
[15:55] {dino} after time, you get to sort of expect certain action from certain stocks. it's what i call "gut" feel
[15:56] {nemo} Yeah, certain formations repeat specifically for a given stock
[15:56] {nemo} same one might not work for another, but...
[15:58] {andj} That's a lot to figure out...
[15:59] {nemo} welcome to trading
[15:59] {Threei}  this is profession
[15:59] {Threei}  don't view it as a trick to learn in a week
[15:59] {Les} and If you're like me, you'll come back after acquiring a bit of knowledge not only here, but elsewhere, and slowly the process comes about
[15:59] {nemo} way more work than you would believe...10,000 hours of screen time
[16:00] {Les} I was last here in 2010
[16:00] {Threei}  thank you all
[16:00] {andj} Now i'm depressed.
[16:00] {nemo} yeah, god knows what we did to deserve a repeat
[16:00] {Les} piss off
[16:00] {Threei}  have a good evening, see you tomorrow
[16:00] {nemo} boy is consistent
[16:00] {Threei}  depressed?
[16:00] {stewy} good night al
[16:01] {Threei}  because it;s a progfession you need to learn to become successful at it?
[16:01] {dino} it takes a lot of observation andj, give it time
[16:01] {dino} tell you what, i need to go back to not trading the first half hour or so, it's costing me $$
[16:01] {dino} if it were easy, don't you think everybody would do it
[16:01] {dino} hardest thing is "sitting"
[16:01] {andj} 10,000 hours is a long time from now.
[16:01] {dino} no reason to be depressed. takes time to learn any profession
[16:01] {nemo} Yep
[16:01] {cipher} 10k hours is true
[16:02] {cipher} it took me that long
[16:02] {Threei}  now I am depressed that someone could think it can be learned in a week
[16:02] {andj} Thanks....have a good evening.
[16:03] {Threei}  why on earth would I be writing books and courses, and why woyuld anyone be reading them if it were that easy
[16:03] {beau} andj if all this was easy, everyone would be doing it.
[16:03] {Threei}  professions with no barrier for entry can't be profitable
[16:03] {dino} if it were easy, don't you think everybody would do it
[16:04] {dino} gn all
[16:04] {dino} thx for ideas