Monday, April 23, 2012

Apr 23 2012

Perfect trading day with very good percentage of nice wins and one or two very tightly controlled stops. Good way to start a week, very smooth sailing with easy entries and clear exits.

Session Time: Mon Apr 23 00:00:00 2012
[08:29] {nemo} I'm having deja vu
[08:51] {Threei}  yawn
[08:53] {Threei}  - Germany Government Spokesman commented that Chancellor Merkel continued to support Sarkozy in French election
[08:53] {Threei}  sheesh... hpw is it even a question
[08:53] {Threei}  head of one state csmpaigning in election of another? enouhg to start war
[09:03] {dptl} gm
[09:05] {Threei}  dp :)
[09:06] {scottie} good morning
[09:06] {Threei}  scottie :)
[09:07] {nemo} mmmhhhh....the jokes in that name
[09:07] {scottie} ?
[09:09] {nemo} Star Trek
[09:09] {nemo} I go back that far
[09:09] {scottie} Beam me up
[09:10] {scottie} I've been reading the trading log for a few weeks
[09:10] {scottie} Can't wait to jump in with you guys
[09:10] {scottie} But remember, I'm here to learn.
[09:10] {nemo} well, if history repeats, Vad is about to embark on an epic run
[09:10] {ese} morning
[09:10] {Threei}  ese :)
[09:11] {nemo} I'm so excited, the world is ending
[09:11] {ese} how was your weekend.......
[09:11] {ese} huh?
[09:11] {ese} what are you reading now nemo
[09:11] {Threei}  beautiful weekend
[09:11] {Threei}  seasoning new smoker
[09:12] {ese} alot of work done aroudnd here
[09:12] {nemo} Nice Vad, you might want to dig out a good recipe for humans
[09:12] {ese} ahhhhhhhhh
[09:12] {nemo} look at wmt
[09:12] {nemo} tempting long here
[09:12] {ese} someone pee in your cornflakes this morning nemo?
[09:12] {nemo} .64
[09:13] {nemo} why ese
[09:13] {ese} ohhhh....I is ending...barbecue humans........i dunno.......
[09:14] {nemo} I've been telling you guys for 3 years this was coming
[09:14] {ese} what is....i'm missing something
[09:15] {nemo} you're a frickin' musician....alot
[09:15] {ese} come on buddy...cut me in.....what news item did i miss
[09:16] {Threei}  Europe mostly
[09:16] {Threei}  France election and Dutch problems
[09:17] {ese} hmmmmm  knew about the election...what happened...was power washing my back deck.......can eat my bacon and eggs of it now
[09:18] {Threei}  Hollande is ahead after first round
[09:19] {nemo} Dutch government collapsing
[09:19] {ese} what'd they do?
[09:21] {ese} ok got itThe Dutch government was close to collapse on Monday, with the prime minister widely expected to resign after top-level talks on an austerity package failed.  
[09:22] {ese} this is good to see.......these right wing freaks that have been in power all over the planet need to have the boot put to them
[09:23] {dino} gm
[09:23] {Threei}  dino :)
[09:23] {ese} dino
[09:31] {Threei}  watching FCX for short into bounce
[09:31] {nemo} .36 QPP in spy
[09:33] {Threei}  starts looking like long first
[09:33] {Threei} Long Setup:  FCX  .55 break hl
[09:33] {nemo} yeah, looks like spy might try to bounce
[09:33] {Threei}  stop under .45
[09:34] {Threei}  target 1:2
[09:35] {nemo} don't like those wicks
[09:35] {Threei}  stubborn seller at .55
[09:35] {Threei}  should explode if/when he lifts
[09:36] {Threei}  seems to be about done
[09:37] {Threei}  or he just moved to .56
[09:38] {Les} what are we in?
[09:38] {Threei}  let's trail to .49
[09:38] {Threei}  FCX
[09:38] {Les} .60 break?
[09:38] {Threei}  .55
[09:39] {dino} ndx 2670 filled
[09:40] {Les} 61.8% fib support oct thru feb rally
[09:40] {Threei} Long Setup:  LVS  .20 break hl
[09:40] {Threei}  if stays above .10
[09:41] {Threei}  invalidated but getting close
[09:42] {Threei}  56 break
[09:42] {Threei}  stop under .90
[09:42] {Threei}  1:1
[09:42] {Threei}  should do more
[09:43] {Threei}  1:2
[09:43] {thomcbell} target 1:15 lvs
[09:43] {thomcbell} lol
[09:44] {Threei}  out FCX
[09:44] {cipher} out lvs +.21 thx
[09:44] {Threei}  wow
[09:44] {Threei}  what's up SPY
[09:44] {Threei}  cipher :})
[09:45] {Threei}  out LVS in full .35
[09:45] {Threei}  (HU) Hungary PM Orban: Unclear when IMF discussions could begin but EU/IMF must drop any preconditions
[09:48] {Threei} Long Setup:  TZA  .25 break
[09:48] {Threei}  stop .17
[09:49] {Threei}  aggressive entry, play for SPY .30 break
[09:49] {Threei}  1:1
[09:49] {Threei}  half out
[09:49] {Threei}  should be more in it
[09:50] {Threei}  stop .23
[09:53] {Threei}  1:2, 1/4 more out
[09:53] {Threei}  stop .24 still
[09:53] {Threei}  want to give it just a tad more breathing room than usual
[09:57] {Threei}  wow
[09:57] {Threei}  was wathcing FAS,
[09:57] {Threei}  with .50 break long in mind
[09:57] {Threei}  fat chance, lol
[09:59] {Threei}  stop to .29
[10:02] {Threei}  decisive moment
[10:02] {Threei}  all out breakdown or bounce starts forming
[10:04] {Threei}  here we go
[10:05] {Threei}  stop tp .35
[10:05] {Threei}  choking it now
[10:06] {Threei}  stop to .39
[10:06] {Threei}  and looking to exit into spike above .50
[10:08] {dptl} hal .50 short?
[10:08] {Threei}  too narrow for my taste
[10:09] {dptl} k
[10:10] {Threei}  stop to .44
[10:10] {Threei}  time to resolve this standoff
[10:12] {dino} swk sm l .40
[10:12] {Threei} Long Setup:  IWM  .40 break
[10:12] {Threei}  if stays above .30
[10:13] {dino} ezpw sm l .61
[10:13] {Threei}  closed TZA
[10:14] {nemo} can do uwm long too
[10:14] {Threei}  1:1
[10:15] {Threei}  I am not sure I understand UWM
[10:15] {Threei}  is it 2x while IWM is 3x?
[10:15] {nemo} yes 2x, I trade tza/tna uwm off of IWM anyway
[10:15] {nemo} like upro off of spy
[10:15] {Threei}  why is it down the same amount as IWM then?
[10:16] {nemo} they are just leveraged versions of iwm, look at difference in stock price.  
[10:16] {nemo} proportionally, it's greater
[10:16] {Threei}  yes, it's mismatch between price and magnitude of movement that puzzles me
[10:16] {nemo} iwm 78, uwm 39
[10:17] {nemo} shouldn't, look at the price difference in the issue
[10:17] {Threei}  it should be down about 80 cent to a buck
[10:17] {nemo} remember, tna did a 2:1 split last spring, that's why it's close to iwm
[10:17] {Threei}  not 1.70
[10:17] {Threei}  ok, whatever
[10:17] {nemo} well, the leverage doesn't match perfectly
[10:17] {Threei}  leaving it to academics
[10:26] {nemo} LVS?
[10:27] {Threei}  no clear setup
[10:28] {dino} hig l .78
[10:28] {nemo} was thinking bull flag
[10:37] {Threei} Long Setup:  SLW  .20 break
[10:38] {dino} swk to .80
[10:38] {Threei}  if stays above .10
[10:38] {dptl} in
[10:38] {Threei}  target 1:2
[10:39] {dino} to .90
[10:40] {dino} out swk .90, +.50
[10:40] {Threei}  wtg
[10:40] {dino} ty
[10:43] {ese} nice dino
[10:43] {dino} hig to .90
[10:43] {dino} ty ese
[10:44] {dino} out hig +.12
[10:45] {ese} L bont.97
[10:45] {ese} that one might be up your alley as well dino ..
[10:46] {Threei}  lwt's trail to .14
[10:46] {ese} 1/2 lot by the way
[10:49] {Threei}  1:1
[10:49] {dptl} half out
[10:49] {Threei}  stop to .19
[10:50] {ese} nice work vad/dp
[10:51] {dino} chkp sm l .50
[10:58] {dptl} can we trail under .24 now Vad?
[11:00] {Threei}  sure
[11:00] {Threei}  just 2 cents to 1:2
[11:02] {Threei}  1:2
[11:02] {Threei}  out
[11:02] {dptl} out ty
[11:02] {Threei}  smooth sailing today so far
[11:03] {andj} Hey Vad
[11:04] {Threei}  morning andj
[11:04] {andj} How are you??
[11:04] {Threei}  excellent... too bad you missed this morning
[11:04] {Les} well I missed 'em, so you don't get to go home yet
[11:04] {Threei}  wow, SLW had more in it
[11:04] {Threei}  huh... why did you?
[11:04] {Threei}  you were here
[11:05] {andj} Good start...I take it?
[11:05] {Les} nah taxi dad
[11:05] {Threei}  oh
[11:05] {Les} no surprise to SLW upside
[11:05] {Les} its daily is outside BB's
[11:05] {Threei}  hmmm
[11:05] {Threei}  inside on mine
[11:06] {Threei}  just touched lower envelop today
[11:06] {Les} oh crap right. using 1 min settings
[11:07] {Threei}  lol
[11:07] {Les} just flipped the time frame over
[11:07] {Les} makes for a very dramatic move
[11:08] {dino} chk to .99
[11:08] {Les} .50 b/d?
[11:09] {dino} to .25
[11:09] {Les} where's the fish?
[11:09] {dino} out +.75
[11:09] {dino} chkp
[11:11] {Les} FCX Vad
[11:11] {Les} .50 b/d or potential c&h?
[11:12] {Threei}  both
[11:12] {Les} stochastics suggesting a pullback here
[11:12] {Threei}  but breakdown wins my "like"
[11:12] {Les} if it stops
[11:13] {Threei}  if it invalidates by breaking .60, look for another area to short between .70 and .80
[11:15] {dino} meli smr l .25
[11:19] {ese} thats a nice lookin chart chkp
[11:20] {dino} yes, i ran stop too tight
[11:26] {Threei} Long Setup:  TZA  .30 break
[11:26] {Les} .62 was fcx top. was tempted...
[11:27] {Threei}  if stays above .25
[11:28] {Les} RIG .20 b/d?
[11:29] {scottie} Iz TZA still valid?
[11:29] {Les} or two way?
[11:30] {Threei}  I like TZA still
[11:30] {Threei}  RIG more looks like long
[11:31] {dino} dhi gap fill
[11:36] {Threei}  RIG works on a long side if you took it
[11:38] {Les} missed it frikin around with ski hire that needs returning. Frikin end of Easter holidays...
[11:39] {Les} TNA
[11:39] {Les} 15 min says up
[11:39] {Les} need to grab it on a pullback
[11:47] {Threei}  can't tell the direction here
[11:50] {dino} meli stop to .98
[11:58] {cipher} cat l .50
[12:00] {dino} ezpw to .74
[12:01] {dino} out +.13
[12:01] {cipher} out cat +.10 ave
[12:08] {dino} dhi l .35
[12:09] {dino} meli to .73
[12:11] {dino} out meli ave .75, +.40
[12:11] {dino} opps, +.50
[12:11] {Threei}  nice
[12:11] {cipher} wtg
[12:11] {dino} ty
[12:11] {dino} brb
[12:20] {ese} have a great all.....still long bont.97 cya tomorow
[12:30] {Threei}  volume all but disappeared
[12:30] {nemo} everything grinding up, they couldn't break the month lows so the shorts are getting out of Dodge
[12:33] {andj} Why is it that TNA and TZA are so correlated to SPY? 
[12:33] {nemo} time to beam us up scottie
[12:33] {nemo} andj, they are DIRECTLY related to IWM
[12:33] {Les} IWM andj, IWM...
[12:33] {scottie} damn teleporter doesn't work
[12:34] {nemo} send a frickin' shuttle
[12:34] {scottie} Out of gas
[12:35] {nemo} you're fired
[12:35] {nemo} frickin' don't use gas
[12:35] {nemo} dilithium crystals you moron
[12:36] {scottie} Oh, that's why it doesn't work. Thanks for the tip nemo
[12:36] {nemo} I need a Romulian disrupter
[12:37] {dino} i remember that episode, "scottie, i need warp power in 3 minutes or you're fired"
[12:37] {Threei}  next thing to come up is chronoclastic incundibulum
[12:38] {scottie} If it were that easy in real life!!
[12:38] {nemo} I'm heading for the event horizon
[12:39] {Threei}  huh... there are people in ECB that understand AND speak the truth
[12:39] {Threei}  (EU) ECB's Weidmann: Inflation may be rising faster than predicted by the IMF; markets may be overestimating sovereign risks at this point- ECB's firepower is not unlimited. - Reiterates that monetary policy can only buy more time, not solve the crisis. - Warns that nations cannot borrow their way out of debt. - More clarity is needed on the direction to be taken by monetary union. - No nuclear option exists on the European firewalls
[12:39] {Threei}  who knew
[12:39] {scottie} Anyone can tell me why the little green and blue icons on the right
[12:40] {nemo} Vad, we were having a perfectly good, irrelevant conversation, and you have to interrupt with real!
[12:40] {Threei}  sorry nemo
[12:40] {Threei}  scottie... where?
[12:40] {nemo} the shuttle vad
[12:40] {scottie} On the right hand side of the chat screen, with the names
[12:41] {nemo} oh, mibbet
[12:41] {Threei}  sorry, no idea... I don't use mibbit
[12:41] {Les} looking for TZA setup here
[12:42] {Les} DB maybe?
[12:42] {Threei}  if it pulls back to about 20.05, certainly
[12:44] {scottie} Thought we all were on mibbit.
[12:44] {scottie} I go there by defoult when I sign in.
[12:44] {Threei}  some use mirc
[12:44] {nemo} only the plebes
[12:44] {scottie} default
[12:46] {nemo} lvs short?
[12:46] {nemo} yep, nevermind
[12:47] {Threei} Short Setup: RIG  .60 break
[12:47] {Threei}  just a scalp most likely
[12:48] {Les} MACD almost lined up multi time frame for RIG short. Could be for more than scalp
[12:49] {Les} watching .46 half pivot support
[12:51] {Threei}  I am out
[12:51] {Les} 3/4 out
[12:51] {Threei}  if you pertial, go by the book
[12:51] {Threei}  partial too
[12:52] {Les} greed is partialed by fear - 3/4 off was the trade off :)
[12:52] {nemo} these are important levels on both spy and iwm
[12:53] {Threei}  this is very good approach Les
[12:53] {Threei}  I mean not exact 3/4 or whatever, but the general idea:
[12:54] {Threei}  here is standard A, here is standard B,
[12:54] {Threei}  you are not confident which of them is applicable - take the safest route with some room for potential still
[12:54] {Threei}  3/4 from standard A, 1/4 from B
[12:55] {Threei}  secure most of profits, see if can squeeze more from the leftover
[12:55] {Les} Yeh watched myself quit too early too many times, while your trades ride off to 1/3
[12:57] {Les} stop to .56
[12:58] {Les} out
[12:59] {Les} one more bounce and it might be a great short setup
[13:09] {nemo} iwm spy are setting up long, whether they go there, I'
[13:09] {nemo} m not sure
[13:11] {dptl} dhi db?
[13:12] {dino} maybe. good report/guidance
[13:12] {Threei}  (GR) Germany IFO director Sinn reiterates it is unlikely Greece will regain competitiveness while remaining within the Eurozone **REMINDER 2/17: 02/17 07:45:24 : (DE) German IFO's Sinn: Reiterates view that it is in Greece's interest to leave the EMU; no way that Greece can become competitive in the euro zone
[13:13] {Threei}  I think it's a DBI rather than DB
[13:13] {dptl} k
[13:25] {nemo} boy, they're smacking every break
[13:35] {Threei} Short Setup: DHI  15 break
[13:35] {dino} fire sm l .00
[13:40] {scottie} What is the stop on DHI
[13:40] {nemo} .05 for scalpers. 10 for daytraders
[13:41] {nemo} fcx gonna close the gap
[13:45] {Les} TZA getting interesting
[13:46] {nemo} I'd say cree long here but market too week
[13:49] {dino} chkp sm l .95
[13:52] {nemo} ride that one dino
[13:53] {dino} chkp to .48
[13:54] {Threei}  half out DHI
[13:54] {dino} to .55
[13:54] {Threei}  protect in case SPY double-bottoms here
[13:54] {dino} to .65
[13:55] {nemo} mmmhhh...ctsh long here?
[13:55] {dino} out chkp .75, +.80
[14:09] {dino} gj dhi vad
[14:09] {Threei}  :)
[14:09] {Threei}  dptl's find actually
[14:10] {dino} i was stopped long earlier, let fundys interfere w/tape read
[14:11] {Threei}  there is a good reason none of can even spell "fundamentals" (had to copy and paste it)
[14:13] {dino} fire to .40
[14:15] {dino} to .50
[14:16] {dino} out +.49
[14:17] {dino} 12849 dji gap filled
[14:19] {dino} rally
[14:20] {dino} 07 green and we are spiking
[14:20] {Threei}  I see no news
[14:21] {dino} i just see 25 scrolling flashes of green
[14:31] {Les} db tza?
[14:33] {Threei}  hard to tell
[14:33] {Threei}  waiting for something more clearly defined
[14:43] {Threei} Long Setup:  TZA  20 break
[14:43] {Threei}  if holds .90
[14:46] {andj} .
[14:48] {Threei}  come on TZA, do a bit gooder than this
[14:56] {Threei}  stop to .94
[14:59] {Threei}  half out
[14:59] {dino} mack drop
[15:00] {Threei}  stop .99
[15:01] {Threei}  scottie... I suspect it's for your first day... market decided to greet you qith the easiest profits possible
[15:02] {scottie} 5 winners out of 7 trades.
[15:02] {scottie} thanks a lot
[15:02] {Threei}  not too shabby
[15:02] {scottie} I'm just scalping for the moment. Need to build confidence
[15:05] {andj} Yea thanks Vad...
[15:05] {Threei}  welcome guys
[15:05] {Threei}  today we are a windshield
[15:13] {Les} new TZA setup if we're all out?
[15:13] {Threei}  half is still here
[15:13] {Threei}  never hit either stop or 1:2
[15:14] {Les} I was already in .96 when you made your call. Forgot to take off .05 sell order
[15:15] {Les} looks like no 2nd entry. mtf MACD negative crossover
[15:20] {scottie} When you put your stop at .99 do you trigger when the bid is at .99 or do you wait until there is a transaction at .99
[15:22] {Threei}  print at .99
[15:34] {Les} time for an LVS reversal setup here?
[15:34] {Threei}  hmmm
[15:35] {Threei}  no setup that I see
[15:35] {Les} s2 is .93
[15:36] {Les} no, no setup. Just LVS getting ahead of itself. WYNN is stuck under VWAP, which for LVS is .44
[15:37] {Threei}  let's see if gives us double top
[15:47] {Les} c u's tomorrow
[15:55] {Threei}  ok guys, thank you all
[15:55] {Threei}  have a great evening, see you tomorrow
[15:55] {dptl} gn
[15:55] {scottie} thanks, see you tomorrow
[15:56] {dino} sprd spike