Friday, March 2, 2012

Mar 02 2012

Shaky start to the day switched to a solid profit after the trend established itself. Two trades below made it. One is Catch of the day:

 How's that for an immediate gratification? Perfect reward for all those "grind it out" trades.

On the next chart there is no annotations - keeping in spirit with 111 Trades online course, use it as training device and assign the annotations yourself:

Session Time: Fri Mar 02 00:00:00 2012
[09:15] {RonS} gm...good news?   Vodka Delivers Shot Of Creativity - Science News
[09:16] {Threei}  I knew it!
[09:16] {Threei}  now, to get nemo's attention, you need to find something about what 3 shots deliver
[09:17] {nemo} yeah, saw that yesterday
[09:17] {nemo} or was it last night
[09:18] {dino} gm
[09:18] {nemo} maybe it was 4 this morning...i was thirst
[09:18] {Threei}  dino :)
[09:18] {MigC}  good morning
[09:18] {Threei}  migc :)
[09:18] {RonS} lol nemo
[09:19] {rambler} gm..
[09:19] {nemo} 3030
[09:19] {Threei}  rAMBLER :)
[09:19] {rambler} last time you capped me I hada great
[09:20] {RonS} renn shows 47% short float
[09:20] {beau} good morning
[09:20] {Threei}  if pattern holds, let me know, I'll have capslkock on "always on"
[09:20] {Threei}  beau :)
[09:21] {stewy} morning everyone
[09:21] {Threei}  stewy :)
[09:25] {Threei}  "When buying and selling are controlled by legislation, the first things to be bought and sold are legislators." ~ P.J. O�Rourke
[09:29] {Threei}  quiet opening
[09:30] {Threei} Long Setup:  FCX  .85 break
[09:30] {Threei}  stop under .75
[09:33] {Threei} Short Setup: SLW  .40 break
[09:33] {nemo} slw
[09:33] {Threei}  if stays under .50
[09:34] {Threei}  1:1
[09:34] {Threei}  no go FCX
[09:36] {Threei}  X two-sided setup, .50 - .60
[09:38] {nemo} can't borrow X
[09:38] {nemo} whr
[09:38] {nemo} sorry
[09:39] {Threei}  stop to .56
[09:40] {Threei} Short Setup: LVS  .10 break
[09:41] {Threei}  nope
[09:44] {Threei}  let's trail X to .51
[09:44] {Threei}  iut
[09:44] {Threei}  takes way too long
[09:44] {Threei} Long Setup:  M  .40 break
[09:46] {Threei}  stop .34
[09:48] {Threei}  out
[09:48] {Threei}  random morning
[09:50] {Threei}  LVS in its own universe
[09:55] {Threei} Short Setup: LVS  .80 break
[09:55] {Threei}  stop above .85
[09:57] {Threei}  not ready to reverse yet
[09:59] {Threei}  rinse
[09:59] {nemo} what a whip saw
[09:59] {Threei}  look at SPY
[09:59] {nemo} I look at it all day
[10:00] {Threei} Short Setup: SLW  .90 break
[10:00] {Threei}  stop above 38
[10:01] {Threei}  1:1
[10:02] {Threei}  1:2, out
[10:03] {Threei}  frikin LVS
[10:06] {Threei}  crap, missedf its reversal by 2 cents
[10:07] {nemo} look at wynn
[10:07] {nemo} short 130, w .12 risk  omfg
[10:17] {Threei} Short Setup: BIG  43 break half lot
[10:17] {Threei}  if stays under .15
[10:18] {Threei}  valid
[10:19] {Threei}  target 1:3
[10:22] {Threei}  1:1
[10:22] {dino} gotta hop for hour or so
[10:25] {Threei}  LVS
[10:26] {Threei}  double top or break?
[10:26] {nemo} what's wynn doing
[10:26] {nemo} market going up
[10:26] {Threei} Short Setup: LVS  .50 break
[10:27] {Threei}  1:1
[10:29] {Threei} Short Setup: TSO  .60 break
[10:31] {Threei}  .67 stop
[10:34] {Threei} Short Setup: SLW  .90 break
[10:34] {Threei}  if stays under .90
[10:36] {Threei}  let's change to .85 break
[10:36] {Threei}  invalidated
[10:42] {rambler} TSO still valid..?
[10:42] {Threei}  barely
[10:43] {Threei}  no
[10:44] {Threei}  Fannie Mae is back for more money
[10:44] {nemo} no way, really?  what a surprise
[10:44] {RonS} wynn halt
[10:44] {nemo} you just wake up ron?
[10:45] {RonS} guess so
[10:51] {cipher} LVS L .49
[10:52] {cipher} out .74 +.25
[10:53] {Threei}  wtg
[10:59] {andj} good morning all
[11:00] {Threei}  andj :)
[11:07] {Threei} Short Setup: LVS  57 break
[11:08] {Threei}  if stays under .10
[11:08] {andj} Do I use the one penny above for this?
[11:09] {Threei}  ?
[11:10] {cipher} out mon .46 +.20
[11:10] {andj} what is the actual target price?
[11:10] {Threei}  cover LVS in full here
[11:10] {beau} nj cipher
[11:10] {Threei}  I don't undertand he question andj
[11:10] {Threei}  target is where we take profit
[11:13] {andj} I was trying to calculate what at price I should cover .
[11:13] {Threei}  1:1 is at 56.90
[11:14] {Threei}  1:2 is at 56.80
[11:14] {nemo} dino, are you trading?
[11:14] {Threei}  not sure how it's connected to "one penny" part
[11:14] {RonS} he left
[11:14] {nemo} thought he was quiet
[11:14] {nemo} I must have just woken up
[11:14] {andj} so you always use 10 cent increments? 
[11:15] {andj} forget the one penny thing
[11:15] {Threei}  no
[11:15] {Threei}  it depends on where the stop is
[11:15] {Threei}  have you read the How trading room operates?
[11:15] {andj} yes
[11:16] {andj} i can read it again
[11:16] {Threei}  please read the dscription of a call for a short trade
[11:16] {Threei}  or long
[11:16] {Threei}  doesn't matter
[11:19] {andj} i just read it
[11:19] {nemo} read it, learn it, live it
[11:19] {Threei}  ok, can you apply it to LVS short call?
[11:20] {Threei} Short Setup: SLW  .70 break
[11:21] {andj} the stop on slw is .80?
[11:21] {Threei}  just above
[11:22] {andj} .81?
[11:22] {Threei}  right
[11:22] {andj} so profit target is .59?
[11:22] {Threei}  .60... but only if you go for a scalp
[11:23] {Threei}  if for a bigger trade, you will partial there and trail your stop
[11:23] {andj} if day trade then half out at 60?
[11:23] {Threei}  right
[11:24] {andj} then stop moves to .71 for the second half?
[11:24] {Threei}  correct
[11:24] {Threei} Long Setup:  TZA  .30 break
[11:24] {Threei}  if stays above .20
[11:30] {Threei}  SLW isd not a scalp for me
[11:30] {Threei}  .50 break is a nail in its coffin, want to try to partial and ride
[11:31] {andj} so it's a day trade?
[11:31] {nemo} milk trade
[11:31] {andj} what's that?
[11:31] {Threei}  "milk it for all it has"
[11:37] {rambler} you in TZA Vad..?
[11:40] {Threei}  TZA 1:1
[11:40] {Threei}  it triggered at 11:26
[11:40] {Threei}  why would I not be
[11:41] {Threei}  1:2 baby
[11:41] {Threei}  no news
[11:41] {Threei}  yet
[11:41] {Threei}  out TZA in full
[11:42] {Threei}  finally day starts looking good
[11:42] {rambler} just wondering...out tks..
[11:42] {Threei}  :)
[11:43] {dino} .
[11:43] {Threei}  huh
[11:43] {Threei}  what just killed the market?
[11:43] {nemo} huge sellers in the futes across the board
[11:44] {nemo} look how strong uup and tlt are
[11:44] {Threei}  well, such sudden moves are usually news-related
[11:44] {nemo} friday
[11:44] {Threei}  andj, did you get TZA?
[11:45] {andj} i just did one. i am still in slw
[11:53] {dino} ushs drop
[11:56] {Threei}  1:1 SLW
[11:56] {Threei}  day becomes bright
[11:59] {dino} ushs sm l .08
[12:02] {Threei}  you cover or partial andj?
[12:04] {dino} ipgp drop
[12:04] {dino} wynn spike
[12:07] {Threei}  amazingly enough, no news to that sudden market drop
[12:07] {Threei}  these drops feel like dress rehearsal
[12:07] {Threei}  dry run for a real thing
[12:07] {cipher} ipgp +.22 thx dino
[12:08] {cipher} ushs +.20 thx
06[12:08] * Threei slaps cipher around a bit with a large roll of cash
[12:08] {Threei}  can you imagine what happens when real thing comes?
[12:09] {cipher} good thing you came back dino
[12:09] {Threei}  if by chance we happen to be short at the moment, we can make a year in one day, lol
[12:09] {cipher} i'm getting a headache with all the slapping
[12:11] {Threei}  hmmm... that was just one slap
06[12:11] * nemo schlagt Cipher mit einem 2X4
[12:11] {Threei}  you need practice
[12:12] {dino} gj cipher
[12:13] {cipher} ushs l .69
[12:18] {Threei}
[12:21] {Threei}  andj... are you breathing?
[12:23] {cipher} out .40 -.29
[12:24] {andj} sorry...doing two jobs at one time
[12:25] {Threei}  just wanted to make sure you are managing SLW right
[12:32] {dino} ushs bloody
[12:37] {andj} I actually covered just above .60
[12:39] {andj} I wish I would have stayed in
[12:42] {Threei}  why not partial
[12:42] {Threei}  practice right management
[12:45] {andj} ok...i will work on it
[12:45] {andj} should I get back in?
[12:46] {Threei}  no
[12:46] {Threei}  that's a bad risk management
[12:47] {andj} is slw dbi?
[12:48] {dino} ushs sm l .48
[12:51] {Threei}  1:2, 1/4 more out
[12:51] {Threei}  yes
[12:51] {nemo} what u in?
[12:52] {dino} out ushs .80, +.32
[12:59] {rambler} out last part SLW...tks V
[13:01] {Threei}  out too
[13:01] {Threei}  whew
[13:02] {Threei}  that was nice 1:4
[13:02] {rambler} thing of beauty..
[13:02] {Threei}  shaky morning, than things aligned beautifully
[13:02] {Threei}  then too
[13:09] {Threei}
[13:09] {dino} ushs sm l .76
[13:12] {Threei}  so guys, did we fix the day?
[13:14] {andj} what?
[13:15] {Threei}  uncertain start of the day, with wins and stops mixed... asking if we fixed it to become solidly profitable
[13:16] {andj} it.  sorry.  
[13:16] {andj} Yes...I'm up two bucks:)
[13:17] {Threei}  hey
[13:17] {Threei}  baby steps
[13:17] {Threei}  how many traders are in red today you think?
[13:17] {andj} Not many do you think?
[13:18] {Threei}  rhetoric question
[13:19] {nemo} I don't care about other traders
[13:19] {dino} me niether
[13:19] {Threei}  sigh
[13:19] {Threei}  go away you all
[13:19] {nemo} I definitely don't care about Les
[13:19] {Threei}  I am making a point here
[13:19] {Threei}  and you make my point pointless
[13:19] {Threei}  pointedly
[13:20] {nemo} vodka?
[13:20] {andj} only before 10 AM
[13:20] {Threei}  lol
[13:21] {andj} delete that
[13:21] {nemo} it's always before 10:00 am somewhere
[13:21] {nemo} so an S&G bid here on spy?
[13:23] {Threei}  ?
[13:23] {nemo} they probably have to defend 137, so get a little bounce
[13:24] {nemo} 3 support levels within .10
[13:26] {nemo} seee, throw in a tna or upro bid at 137 for a scalp
[13:32] {dino} nbl sm l .60 ave
[13:32] {dino} ushs stop -.26
[13:33] {nemo}
[13:33] {dino} mdvn spike
[13:52] {dino} int l .81
[14:01] {dino} crr sm l .85
[14:06] {andj} so i take it that the mornings are the busiest time of day?
[14:06] {nemo} depends
[14:06] {Threei}  usually, yes... but it changes
[14:06] {nemo} 2-4 also
[14:06] {nemo} but 2-4 has been like summertime trading
[14:06] {Threei}  today for instance, morning was busy but not very productive,
[14:07] {Threei}  and if you look at SPY 1 min, you'll see why
[14:07] {Threei}  while later in the day trend has established itself and we got a few great ones
[14:14] {dino} typical friday action
[14:23] {andj} is it just me or does mibbit kisk you guys out from time to time?
[14:23] {nemo} I did that
[14:24] {beau} thanks nemo you got me too
[14:24] {Threei}  lpl
[14:24] {nemo} collateral damage
[14:25] {Threei}  beau, I thought you were switching to mirc?
[14:25] {nemo} wait til I spoof your mac address
[14:25] {Threei}  we figured out sound alerts
[14:25] {andj} I´d swear at you but vad would have to delete it later.
[14:25] {Threei}  you casn do it in private message
[14:26] {beau} haven't yet.  will try this weekend.  you like mirc better than web?
[14:26] {nemo} oh no, he's going to swear at me...sniff sniff sniff...I have to go find bunny
[14:26] {andj} who´s bunny?
[14:26] {nemo} mirc a dedicated app, not dependant on your browser
[14:26] {nemo} whose bunny? wtf
[14:26] {Threei}  sure... specialized software is always more reliable
[14:27] {Threei}  more compact, less dependent on third party server, more functions
[14:27] {beau} ok and cipher did you get the sound working?
[14:27] {Threei}  more customizable
[14:28] {cipher} yes 99%
[14:28] {beau} so why am I sitting here on the web?
[14:28] {Threei}  basic alert on words like "long setup" or "short setup" is 30 seconds work
[14:28] {Threei}  that was my question :)
[14:30] {Threei}  got a funny joke sent over e-mail... five surgeons talking
[14:30] {RonS} the mibbet boot tried to log back in after 5 min...nothing...then it popped on its own
[14:30] {Threei}  not too ancient?
[14:30] {beau} slow, but remember i am old and slow comes with age, not intelligence.
[14:30] {Threei}  Five surgeons are having drinks together at a surgical convention and
[14:30] {Threei}  making jokes...
[14:30] {Threei}  The first, a Florida surgeon, says: "I like to see accountants on my
[14:30] {Threei}  operating table, because when you open them up, everything inside is
[14:30] {Threei}  numbered."
[14:30] {Threei}  The second, a Michigan surgeon, responds: "Yeah, but you should try
[14:30] {Threei}  electricians. Everything inside of them is color coded."
[14:30] {Threei}  The third, a California surgeon, says: "No, I really think librarians
[14:30] {Threei}  are the best; everything inside of them is in alphabetical order."
[14:30] {Threei}  The fourth, an New York surgeon, chimes in: "You know, I like construction
[14:30] {Threei}  workers. Those guys always understand when you have a few parts left over."
[14:30] {Threei}  But the fifth, from Washington D.C., shut them all up when he observed,
[14:30] {Threei}  "You're all wrong. Politicians are the easiest to operate on.
[14:30] {Threei}  There's no guts, no heart, no balls, no brains, no spine, and the
[14:30] {Threei}  head and the ass are interchangeable."
[14:31] {nemo} actaully, dewey decima
[14:31] {nemo} email that to  me would ya?
[14:32] {nemo} tza here vad?
[14:33] {Threei}  no...
[14:33] {Threei}  SPY is pretty much 50/50 here
[14:52] {nemo} you drunk les?
[14:52] {Les} no day with kids, school holidays here
[14:53] {Les} too many bad trades yesterday, taking day off
[14:54] {Les} I see break of IWM, but other indexes holding... strange
[14:54] {Threei}  missed nice day today...
[14:54] {Les} yeh I can see with IWM breaking its range
[14:54] {Les} I can imagine
[14:54] {Threei}  look on a facebook, two best ones are there
[14:54] {Les} k
[15:01] {cipher} lvs l .51
[15:21] {cipher} stopped -.10
[15:25] {Les} bon weekend
[15:37] {Threei}  pathetic volume today
[15:37] {Threei}  let's have a good weekend, what say you
[15:37] {Threei}  don't want to push for anything into close
[15:38] {Threei}  recipe for unneeded stop
[15:38] {Threei}  thank you all, see you on Monday
[15:38] {rambler} thanks Vad....cya monday..