Thursday, May 3, 2012

May 03 2012

(Course on chart pattern recognition is available now: )

Somewhat strange day, slightly positive but we had no fewer than 3 rinses. Had also another case of scalper's regret. Great entry, waaay to early on exiting. Chart speaks for itself 

Session Time: Thu May 03 00:00:00 2012
[09:06] {Threei}  OK... I woke up... seems I could just stay in bed
[09:09] {scottie} gm
[09:09] {Threei}  scottie :)
[09:17] {Threei}  Beau!
[09:17] {Threei}  man... you picked wrong weeks to miss
[09:18] {Beau} good morning and thx vad.  had to do some med tests in Houston.  much rather been herer
[09:18] {Threei}  ugh
[09:19] {Beau} read the logs and congrats on some great days
[09:19] {Threei}  ty
[09:24] {Threei}  what the deuce
[09:25] {Threei}  where is half of the room
[09:26] {Les} I'm not really here. My handle says I am, but...
[09:26] {Les} speak of the devil
[09:27] {Beau} nemo not here yet les
[09:27] {Threei}  lol
[09:27] {Les} good one
[09:28] {Threei}  I see shorting in our nearest future
[09:28] {Threei}  very meek opening
[09:28] {Threei}  some strength on seemingly good unemployment numbers
[09:28] {Threei}  quickly faded as realization hit that it's a malarkey
[09:29] {Threei}  and weekend closer and closer, with Hollande win looking all but sealed
[09:29] {Les} Holland too
[09:29] {Les} another mess
[09:31] {Threei} Short Setup: FCX  .80 break hl
[09:32] {Threei}  If holds  .90 
[09:34] {Threei}  1:1
[09:35] {Les} trail stop?
[09:35] {Threei}  by the book
[09:35] {Threei}  this is not a creative trade
[09:36] {scottie} out +.10 ty
[09:37] {Threei}  yw
[09:39] {Threei}  1:2
[09:40] {Les} half pivot here
[09:40] {Threei}  1:2I am out in full
[09:40] {Threei} Long Setup:  FAZ  . 05 break
[09:41] {Threei}  If holds  21  for scalpers, .95 day traders
[09:42] {Les} all  out .51 ty sir
[09:42] {Threei}  welcome... nice start to the the day with 1:3
[09:42] {Les} changed the way I do business overnight. Immediate improvement
[09:42] {Threei}  sounds dirty
[09:43] {Les} later
[09:43] {Threei}  wow
[09:43] {Threei}  just started thinking of long trigger for FCX
[09:44] {dino} prlb?
[09:45] {Threei}  PRLB Reports Q1 $0.24 v $0.21e, R$30M v $28Me
[09:45] {Threei}  if it reported lss than estimate, it would be under zero I guess
[09:46] {dino} ok, u see what i see
[09:46] {Threei}  the only thing in a headline that looks negative is this:
[09:46] {Threei}  - Q1 op margin 25.5% v 31.7% y/y
[09:47] {Les} FAZ still on?
[09:47] {Threei}  but with earnings you never know... tnhere are always some hidden details, nuances
[09:47] {Threei}  yes
[09:48] {Threei}  X takeover chatter
[09:49] {dino} prlb smr l .47
[09:50] {thomcbell} watching lvs for a long here
[09:52] {Threei}  no go FAZ
[09:54] {Threei}  strangely slow action
[09:54] {Threei}  uncharacteristic for this time
[09:55] {dino} pbh drop
[09:55] {thomcbell} nothing here lvs 
[09:57] {RonS} soda slammed off gmcr?
[09:57] {Threei} Short Setup: X  .80 break
[09:57] {Threei}  If holds  .90 
[09:58] {Threei}  could be Ron, I see no news for SODA itself
[09:59] {Threei}  *(US) APR ISM NON-MANUFACTURING COMPOSITE: 53.5 V 55.3E
[10:00] {Threei}  FAZ rinsed.... grrrrrrrrrrrrrr
[10:00] {Threei}  1:1 X
[10:01] {Threei}  rinse by ONE FRIKIN CENT
[10:01] {Les} still in. pressed the sell button and it negated my sell order only. when I realised what had happened, already back to 21
[10:01] {Les} last quarter target?
[10:01] {Threei}  well, thanks to change in overnight business you got lucky
[10:01] {Les} out
[10:02] {Les} no, don't know why laser does that
[10:02] {Threei}  1:2 X, out
[10:02] {RonS} drop due to services ism miss
[10:02] {Threei}  Roooon... take me off ignore...
[10:03] {Les} vad, how come u can borrow x?
[10:03] {Threei}  I guess limited amount of shares available... got them before you did
[10:03] {Les} k
[10:04] {Threei}  starting to look for X long
[10:05] {thomcbell} invn looking for a long entry 
[10:05] {thomcbell} reports after the bell - enuf enthusiasm by someone to rint at 18.50 this am 
[10:05] {Threei} Long Setup:  X  .50 break
[10:06] {Threei}  change to .40 break
[10:06] {Threei}  half out
[10:06] {Threei}  stop .35
[10:11] {Threei}  stop to .39, trying to exit above .55
[10:14] {dino} wdc sm l .15
[10:19] {Threei} Long Setup:  LVS  .30 break
[10:20] {Threei}  If holds  20 
[10:20] {thomcbell} very good relative strength here lvs
[10:20] {Threei}  target 1:3
[10:20] {Threei}  yes... needs SPY to show slightest sign of reversal to iksplode
[10:21] {Threei}  or is it "iqsplode"?
[10:21] {Les} ixplode
[10:23] {dino} rate sm l .00
[10:24] {Threei}  wake ip LVS
[10:24] {Threei}  it's time
[10:26] {Threei}  holding by fingertips
[10:27] {Threei}  out
[10:27] {Threei}  that wasn't relative strength tbell... that was coma
[10:28] {Threei}  it didn't notice market going down... or up
[10:28] {dino} cmi sm l .15
[10:30] {RonS} some noting tsx symbol X halt...what is it?
[10:32] {Threei}  no idea
[10:32] {Threei}  come on LVS
[10:33] {Threei}  don't pull FAZ on us
[10:33] {RonS} = tmx group...just wanted to make sure it wasn't X
[10:34] {dino} out cmi .55, +.40
[10:35] {RonS} gj
[10:35] {Threei}  nice
[10:35] {dino} ty
[10:35] {dino} v odd, report looks good
[10:36] {Threei}  can you believe LVS
[10:37] {RonS} V disclosed some justice investigation into price fixing
[10:39] {Threei}  where is nemo... I need someone to shoot me
[10:39] {Threei}  LVS at 1:2?
[10:39] {Les} yeh its interesting lvs. 3/5 min macd said lets go
[10:39] {Threei}  since this is second stock doing this today, we may want to rethink this setup for the time being
[10:40] {Les} but we still managed to get a flush
[10:40] {Threei}  instead of buying trigger, let it go, wait for shakeout and buy the rinse
[10:42] {dino} met l .31
[10:42] {Threei}  1:3 target... exact repetition of FAZ
[10:43] {Threei}  dino... seems your disconnections become regular thing. Get that mirc over the weekend I think
[10:48] {Les} pyjama time. back for close
[10:48] {dino} rate stop -.15
[10:48] {dino} yes vad, mibbit giving me problems
[10:58] {Threei}  FCX
[10:58] {Threei}  .30 break is a standard setup
[10:58] {Threei}  let's see if we get the repetition of rinsing pattern
[10:59] {Threei}  drop to or just under .20 would be a buy
[10:59] {dino} met to .65
[11:00] {dino} out +.34
[11:01] {Threei} Short Setup: LVS  .65 break hl
[11:02] {Threei}  If holds  .80 
[11:07] {Threei}  FCX cruised to 1:1... no rinse
[11:07] {Threei}  let's trail LVS to .76
[11:13] {Threei}  1:1
[11:14] {scottie} +.11 ty
[11:15] {Threei}  :)
[11:24] {dino} sbux sm l .30
[11:27] {Threei}  out in full
[11:27] {Threei}  .42
[11:29] {dino} clir spike
[11:29] {dino} smr s .92
[11:34] {dino} wdc stop -.16
[11:45] {dino} vrx drop
[11:46] {Threei}  sharp drop, no news
[11:46] {Threei}  watching FCX for bounce scalp
[11:51] {Threei}  what the deuce
[11:52] {Threei}  did Europe just fall apart not telling us?
[11:52] {Threei} Long Setup:  FCX  .25
[11:52] {Threei}  change to .20 break
[11:53] {Threei}  If holds  .15 
[12:00] {Threei}  (DE) Germany Chancellor Merkel: Growth and solid finances are complementary
[12:00] {Threei}  yeah - unless entire growth is financed by borrowng
[12:02] {Threei}  out FCX
[12:02] {Threei}  market is not done dropping
[12:03] {Threei}  looking at LVS chart, we nailed double top reversal perfectly... but exit is so premature...
[12:09] {Threei}
[12:14] {Threei}  GRPN... mama
[12:15] {thomcbell} lvs - if it keeps this tight range and then breaks 54.99 it could become very interesting 
[12:19] {Threei}  good call
[12:19] {Threei}  1:1 easy
[12:19] {Threei}  that's frikin 75 cents from our first short entry
[12:20] {Threei}  we need to master the art of fainting out after entry and waking up when the move is over
[12:23] {dino} vrx drops again
[12:31] {thomcbell} lvs stop to 55.07
[12:32] {dino} clir bstop to .17
[12:34] {thomcbell} lvs1:1
[12:35] {thomcbell} stop to breakeven on lvs 
[12:35] {thomcbell} 54.98 
[12:37] {thomcbell} long setup mgm 13.10 break if holding 13.04
[12:39] {thomcbell} lvs flat 
[12:40] {thomcbell} mg invalid will still watch
[12:40] {thomcbell} mgm
[13:01] {dino} sm l wdc .25
[13:07] {Threei}  LOL: Green Mountain Down 48%, Becomes Green Molehill
[13:08] {Threei} Long Setup:  FAZ  .40 break
[13:08] {Threei}  If holds  30 
[13:16] {Threei}  stop to .35
[13:17] {dino} wdc stop
[13:21] {Beau} somewhere there is a god of stops laughing
[13:22] {RonS} satyr?
[13:22] {Threei}  Bachus
[13:22] {Threei}  no, that one is obviously out with nemo
[13:23] {RonS} lol
[13:23] {Beau} maybe valid again? maybe.
[13:25] {Threei}  whole market feels to me like being on a verge of full blown panic
[13:32] {Threei}  fess up... who held or went for round 2?
[13:39] {scottie} .
[13:39] {Threei}  look at that
[13:40] {dino} .
[13:43] {Threei}  here comes my panic
[13:44] {dino} oh boy, got lucky, foprgot order
[13:44] {Threei}  which one?
[13:44] {dino} vrx in at 50.50
[13:44] {dino} out 51
[13:45] {Threei}  wiw... you are mastering art of fainting after entry
[13:45] {dino} lol
[13:45] {dino} bstop on clir to .92, slow ride down
[13:46] {Threei}  coupled with Les' mysterious change of overnight business, should be something very promising
[13:47] {Threei}  I can't believe nemo is not here to make a dozen of dirty jokes out of that Les remark
[13:47] {Threei}  I came up with one only
[13:48] {dino} vrx = pulp. things all over the place
[13:54] {dino} cover clir .92, +1.00
[13:55] {Threei}  wtg
[13:55] {dino} thx
[13:55] {Threei}  guy on TV just said "and this is a big but". 14 years old in me giggles
[13:59] {dino} lol
[14:04] {Threei}  (US) Fed's Lockhart: Federal Reserve is unlikely to return its balance sheet to the levels seen pre crisis; confident in the Fed's ability do drain balance sheet
[14:10] {dino} cmi sm l .00
[14:17] {dino} crox l .57
[14:27] {RonS} hope nemo's med situation not serious and where the heck is ese these days?
[14:27] {thomcbell} vrx long setup Vad?
[14:27] {Threei}  yes by chart
[14:28] {Threei}  but volatility is horrific
[14:28] {thomcbell} about to be invalidated
[14:28] {Threei}  ese has a trip to Nashville with his school band, ron
[14:28] {Threei}  should be back Monday
[14:29] {RonS} not want to be shepherding teenagers around Nashville...
[14:29] {Threei}  I wouldn't want shepherding them about anything
[14:31] {dino} crox to .61
[14:31] {Threei}  VRX works nicely
[14:32] {thomcbell} im there - 1/2 lot
[14:33] {dino} gj
[14:39] {dino} out crox +.04
[14:40] {thomcbell} sold 1/4 vrx
[14:40] {thomcbell} stop to 51.60 - a bit over break even
[14:42] {dino} feels up
[14:42] {thomcbell} going to be greedy with the rest 
[14:42] {thomcbell} if time allows
[14:45] {dino} itc drop
[14:45] {thomcbell} stop to 51.75 vrx
[14:46] {Threei}  watchning TZA for pullback entry in .80 - .85 zone
[14:47] {thomcbell} ooffering a 1/4 vrx at 52.25
[14:48] {dino} gj tbell
[14:48] {thomcbell} tu
[14:49] {thomcbell} that lvs earlier Vad - bad stop managment
[14:49] {Threei}  panic is not over for today, IMO
[14:49] {thomcbell} i should have been more liberal
[14:50] {Threei}  nah... president is liberal enough for both of you
[14:51] {Threei}  to finish previous thought: panic is not over, but there should be one last shake before plunge
[14:51] {Threei}  which I want to try and catch with this TZA entry
[14:52] {thomcbell} going to bring the stop on vrx to 51.98
[14:58] {dino} v new lows
[14:59] {Threei}  this is what I want to die from:
[15:00] {thomcbell} Vad you have exceeded my wildest expectations
[15:00] {Threei}  I have?
[15:01] {thomcbell} with that die from link
[15:01] {Threei}  well, this didn't kill me:
[15:01] {Threei}  so I need to push further
[15:02] {dino} chkp sm l .85
[15:03] {Threei}  feels like TZA pullback might be deeper than .80
[15:03] {Les} how goes the day?
[15:03] {Threei}  not bad but we had another rinse
[15:04] {Threei}  3rd in one day
[15:04] {Les} same style
[15:04] {Les} ok
[15:04] {Threei}  this is just personally offensive
[15:05] {Threei}  btw tbell... those ribs were a part of my 10 day's long protein-only diet... -10 lbs. Who says meat is not good for you
[15:05] {thomcbell} vrx out 51.98
[15:08] {Les} had to reboot. something about TZA setup?
[15:09] {Threei}  yes, waiting for pullback
[15:09] {Les} I think TNA db possible
[15:10] {Les} unless selling pressure really applies itself into close
[15:11] {dino} imo if they can't take them down, we go up
[15:13] {Les} both indexes bouncing off of S2
[15:16] {Les} not even a db
[15:18] {dino} itc blood
[15:19] {Threei}  ok, looks like TZA is a play off .70
[15:19] {Threei}  .65 -.70 rathert
[15:21] {dino} out cmi .45, +.45
[15:22] {dino} itc sm l .00
[15:24] {dino} out .50, +.50 itc
[15:24] {Threei}  wtg
[15:24] {dino} ty
[15:25] {dino} chkp to .05
[15:28] {Threei}  nothing clear shapes up so far
[15:31] {Les} LNKD spike
[15:31] {dino} chkp to .15
[15:32] {dino} out chkp .20, +.35
[15:34] {dino} itc drops again
[15:35] {Les} FCX dt or break of 37?
[15:38] {Les} s fcx .89
[15:39] {scottie} .
[15:39] {dino} ,
[15:39] {Threei}  .
[15:39] {Les} @
[15:40] {dino} itc sm l .44
[15:44] {dino} stop to .85
[15:44] {dino} out +.41
[15:45] {Beau} well done dino
[15:45] {dino} ty
[15:45] {dino} slow day, but late afternoon profittable
[15:47] {dino} ston spike
[15:48] {Les} vad slw .90 breakdown?
[15:49] {Threei}  no... dropped too sharply into it, no consolidation
[15:49] {dino} cnvo spike
[15:49] {dino} itc drops again
[15:52] {Les} half cover fcx .85
[15:55] {Threei}  finishing slightly positive but not very satisfied
[15:55] {Threei}  these rinses were somehow insulting, lol
[15:55] {scottie} slightly negative for me, see you tomorrow
[15:57] {Threei}  thank you all, have a good evening
[15:57] {Les} cheers
[15:57] {Threei}  see you tomnorrow for probably interesting day
[15:57] {scottie} great
[15:57] {Threei}  what with EU breaking down over the weekend :)
[15:57] {Les} never ending story
[15:57] {Threei}  well, one of these weekends..
[15:57] {Threei}  lol
[15:58] {dino} avp spike
[15:58] {Les} covered fcx +.05
[15:59] {dino} gn and thx all