Tuesday, June 5, 2012

June 05 2012

Slow creep-up... if you follow our favorable and unfavorable trading environments, you know all you wanted to know about this day. Let me at least offer you a quote that might get useful:

"Wu Wei, “non-interference,” is one of the most important principles in trading. We have touched on its trading applications before. Let’s recall the aspects of this concept as they apply to trading. 

The most crucial way in which Wu Wei reveals itself in trading philosophy is a warning to not interfere with natural market trends. Trading in the trend direction is effortless – the market grants you profits by simply taking you with its current. Attempts to fight the trend lead to multiple losses or, if you get stubborn, one devastating loss.

Another frequently seen violation of this principle is intrusion in the normal development of the open trade. As your open position dances up and down not resolving into hitting your stop loss or achieving profit targets, such movements are nothing but noise. Until meaningful price levels are broken, this noise doesn’t tell anything about the way a trade is going to resolve. Your stop and target must be located in a way that factors in those noteworthy price levels; thus, any action taken before they are achieved is interference with normal processes. 

The Tao Te Ching instructs the trader to harmonize his actions with the market, not interfering with its natural forces that govern all price changes."

Session Time: Tue Jun 05 00:00:00 2012
[09:03] {dptl} gm
[09:03] {Threei}  morning dp
[09:10] {scottie} gm
[09:11] {Threei}  scottie :)
[09:11] {ese} gm
[09:11] {Threei}  ese :)
[09:12] {ese} 2 weeks of school to go vad
[09:12] {Threei}  give them numbers of pages to read and leave
[09:13] {ese} lol
[09:13] {dptl} lol
[09:13] {ese} grad day for our high school ...I have to be up at U ov Vic in just over an hour
[09:14] {ese} of
[09:14] {Threei}  they can't get drunk without you? sheesh...
[09:14] {Threei}  they at least could start...
[09:15] {ese} lol
[09:15] {ese} your hot today vad
[09:16] {nemo} slw at break out
[09:16] {Threei}  I had an inspiration yesterday evening
[09:16] {Threei}  look at this:
[09:16] {Threei}  G20 official: G20 to discuss that fiscally capable nations such as Germany or Canada boost their fiscal spending
[09:17] {Threei}  See? It's not overspending that causes problems, it's underspending by a few financially responsible. Get them in the same hole, and we'll be just fine. Get it?
[09:19] {ese} huh?
[09:19] {Threei}  ask G20 official...
[09:19] {Threei}  somehow it makes sense to him
[09:20] {ese} hmmmmmmmm  ya got me there
[09:20] {Beau} good morning you all
[09:20] {ese} B
[09:20] {Threei}  beau :)
[09:22] {Threei}  to make it very succinct, some think the solution is to borrow less and make our way out of the debt hole; others think the solution is to borrow more and wait till problem dissolves by itself
[09:22] {Threei}  their idea is to borrow while interest is low
[09:22] {Threei}  as if this very idea wasn't what originated the crisis in the first place
[09:23] {Threei}  anyone could afford the house with historically low interest rates... remember? it was so recently
[09:23] {Threei}  yet memories seem to fade away already
[09:29] {nemo} jockeying games in slw
[09:29] {ese} fade very quickly
[09:30] {Threei}  let it stabilize, SLW is too spready at the open
[09:30] {nemo} she's going
[09:30] {Threei}  bid it at .96
[09:30] {Threei}  you have a good chance to get it executed
[09:31] {Threei}  if not, you can always get .10 break
[09:33] {Threei} Long Setup:  FXC  32 break hl
[09:34] {nemo} you mean fcx?
[09:34] {Threei}  yes
[09:34] {Threei}  stop .94
[09:34] {thomcbell} long setup sbux 
[09:34] {thomcbell} waiting for mini range 
[09:35] {Threei}  half out .09
[09:35] {Threei}  stop .99
[09:35] {Threei}  if got SLW break, 1:1
[09:37] {scottie} out +.12 tyy
[09:37] {Threei}  :)
[09:40] {ese} l stx .22
[09:41] {ese} out .31 +.09
[09:44] {Threei} Short Setup: PRU  .20 break
[09:44] {Threei}  If holds  .25 
[09:46] {cipher} cat l.73
[09:46] {Threei}  no go
[09:46] {dptl} stopped pru
[09:47] {cipher} out 1/2 cat .89
[09:47] {cipher} out in full .99
[09:47] {Threei}  nice
[09:47] {cipher} ty
[09:48] {ese} wdc L .00
[09:49] {dptl} tast .10 long? sm sh
[09:50] {ese} out wdc.13 +.13
[09:50] {Threei}  no read on TAST
[09:51] {ese} good enough for today everyone....cya tomorrow.......it's grad day at our high school
[09:51] {Threei}  have fun ese
[09:51] {ese} tks vad cya
[09:55] {nemo} numbers coming
[09:56] {cipher} ibm l.17
[09:57] {dptl} lgf .65 short?
[09:57] {nemo} indices lining up for numbers
[09:58] {Threei}  let's wait out numbers at 10
[09:58] {nemo} must be good
[09:58] {cipher} out 1/2 ibm .40
[09:59] {nemo} aren't these the ones you can get early?
[09:59] {Threei}  *(US) MAY ISM NON-MANUFACTURING COMPOSITE: 53.7 V 53.5E
[09:59] {nemo} this should take us to test th 200 day
[10:00] {cipher} outy in full .57 +.40
[10:01] {Beau} gj cipher  better than good-excellent
[10:01] {dino} gj
[10:01] {cipher} thx
[10:02] {dptl} amln .10 short?
[10:02] {cipher} AMLN S .13
[10:02] {Threei}  yes
[10:05] {dptl} in
[10:05] {Threei} Short Setup: JPM  .80 break
[10:05] {nemo} right
[10:06] {Threei}  If holds  .90 
[10:07] {cipher} aapl l. 564.10
[10:07] {Threei}  change to .90 break
[10:07] {nemo} grind up day
[10:07] {dptl} stopped amln
[10:07] {Threei}  stop .97
[10:08] {cipher} out aapl .47 +.37
[10:10] {cipher} amln +.01 late post
[10:10] {cipher} busy with aaple
[10:10] {dptl} in jpm 
[10:12] {Threei}  no go
[10:12] {dptl} stopped
[10:12] {cipher} cat l .27
[10:13] {dptl} len .80 short?
[10:14] {Threei}  half lot
[10:14] {Threei}  jumpy
[10:14] {Threei} Short Setup: GLD  .90 break
[10:14] {Threei}  smaller shares
[10:14] {Threei}  If holds  .05 
[10:17] {nemo} your worst kind of day
[10:17] {Threei}  slow creep-up
[10:17] {Threei}  hate those
[10:17] {Threei}  ok GLD, let's make it double top
[10:18] {cipher} stopped cat .17 -.10
[10:20] {cipher} +.12 gld thx
[10:20] {Threei}  :)
[10:20] {Threei}  covered half
[10:20] {Threei}  stop .92
[10:21] {nemo} cat 84
[10:23] {cipher} cat l.00
[10:25] {Threei} Short Setup: LVS  .90 break
[10:26] {Threei}  If holds  44 
[10:26] {nemo} and here I am thinking bull flag
[10:26] {Threei}  double top, lower high
[10:26] {cipher} out cat .95 -.05
[10:27] {Threei}  1:1
[10:28] {cipher} cat l .80
[10:28] {cipher} out 1/2 .90
[10:28] {cipher} out in full .95
[10:29] {cipher} had enough
[10:29] {cipher} cya tomorrow
[10:29] {Threei}  lol
[10:29] {Threei}  take care
[10:34] {scottie} covered .77 +.12 ty
[10:34] {Threei}  yw
[10:35] {Threei}  ugh, missed CAT short trigger
[10:36] {dptl} ual .50 short?
[10:37] {Threei}  looks right
[10:37] {Threei}  if market helps of course
[10:38] {dptl} in
[10:39] {Threei}  LVS decent drop
[10:39] {Threei}  not a long yet though
[10:42] {dptl} half out 
[10:42] {thomcbell} looks very orderly on the 10 min chart after such a big move 
[10:44] {thomcbell} top of the Opening range around 43.25 looks like a good spot 
[10:44] {nemo} 43.40-.50
[10:44] {Threei}  lol
[10:45] {Threei}  Mayor Bloomberg: decriminalize small amounts of marijuana but make getting the large soda a felony
[10:45] {nemo} yeah, great, what are you supposed to do to wash down the munchies
[10:46] {scottie} fcx .60 ?
[10:46] {Threei}  1:2 UAL
[10:46] {dptl} out some more ual 1:2
[10:46] {dptl} bidding .20 last 
[10:46] {Threei}  if stays under .70, yes
[10:47] {Threei}  better yet, under .65
[10:47] {Threei}  to establish lower high
[10:49] {dptl} .35 stop for me
[10:52] {dptl} out ual
[10:53] {Threei}  good one
[10:53] {dptl} ty
[10:54] {scottie} fcx +.10 thanks Vad
[10:54] {Threei}  your find
[10:54] {scottie} Yout advice
[10:55] {scottie} your
[10:55] {dptl} sbux may be setting up for .70 break short?
[10:55] {thomcbell} YES - that was a nice miss this am 
[10:55] {Threei}  want to see one more bounce
[11:00] {dptl} they buying some bread company i heard?
[11:06] {dptl} gpc .50 long?
[11:06] {scottie} grpn .65 ?
[11:07] {Threei}  hl
[11:07] {Threei}  for gpc
[11:07] {Threei}  GRPN, I'd prefer pullback entry if it drops to or under .60
[11:11] {dptl} not a chance gpc
[11:12] {Threei}  bid it
[11:12] {Threei}  there
[11:12] {Threei}  sych sharp spikes often givew second chance entries
[11:13] {dptl} nah...leaving it alone
[11:16] {dptl} is jpm .10 break long looks good?
[11:16] {Threei}  I think so
[11:17] {Threei}  scottie, I like this GRPN much more here
[11:17] {Threei}  .60 break
[11:17] {dptl} in jpm
[11:17] {scottie} Am in at .66, thought your comments on gpc was for me. lol
[11:19] {Threei}  two questions at once... I answered first, xsaw the second right away and elaborated... was a fraction of second late... :)
[11:20] {scottie} No prob, small shares
[11:25] {dino} fosl sm l .75
[11:26] {dptl} big offer at .11 jpm can't take it
[11:26] {Threei}  you think?
[11:27] {Threei}  don't look at that offer, look at SPY
[11:27] {Threei}  know what drowning man yells out?
[11:27] {Threei}  here it is:
[11:28] {Threei}  (ES) Spain PM Rajoy: Spain is in an extremely difficult situation; Europe must help with liquidity issues - Senate comments- Economic performance has been in line with govt forecasts. - Europe must reinforce the Europe project; banking union is necessary along with Euro bonds
[11:30] {dino} wasn't spain telling us friday that all was well
[11:30] {Threei}  yes but things change, you know...
[11:37] {dptl} stopped
[11:39] {Threei}  sharp market drop, no news
[11:43] {dptl} chk?
[11:45] {Beau} vad, LVS from :23 to :38  db then resistance?
[11:46] {dptl} fcx .30 short?
[11:47] {dptl} and hal .95 short?
[11:51] {Threei}  sorry guys, got distracted
[11:51] {dptl} in fcx.29 short
[11:52] {Threei}  not delighted by any of these
[11:56] {Threei} Long Setup:  FAZ  .60 break
[11:56] {Threei}  If holds  .50 
[11:57] {Threei}  target 1:3
[11:59] {dptl} in faz
[11:59] {dptl} out fcx 1:1
[11:59] {Threei}  Lack of Terrifying Headlines Boosts Confidence
[11:59] {Threei}  lol
[12:00] {dptl} stopped faz bad day
[12:01] {Threei}  Sources in the know stated that nations pressured Germany on the call to be more flexible and that Spain was strongly encouraged to request a bailout for its financial sector. Overnight, the Spanish treasury minister had commented that high borrowing costs effectively shut it out of the bond market.
[12:06] {dino} they pressure germany too much and she might leave the euro. then the remaining can print away
[12:08] {Threei}  well... they have no one else to pressure, lol
[12:11] {dptl} chk .65 short?
[12:12] {Threei}  worth a try
[12:14] {dptl} in
[12:20] {dptl} tol .60 short?
[12:22] {Threei}  if market drops....
[12:22] {Threei}  things don't move anywhere
[12:22] {Threei}  bobbing up and down
[12:22] {Threei}  (EU) ECB said to now await details on plans from EU summit at the end of June; said to be more concerned now about Spain and Italy than Greece - financial press- ECB now needs Govts to commit to financial integration
[12:28] {dptl} stopped chk
[12:33] {dptl} stopped tol
[12:33] {dptl} i think i am done for today.....
[12:34] {Threei}  stop pushing so much
[12:34] {Threei}  it's like stops make you trade even more
[12:34] {Threei}  should be just the opposite
[12:35] {dino} 1 trade today, none yesterday. 
[12:36] {dptl} missing something or ...i don't know
[12:36] {Threei}  [12:22] {Threei} things don't move anywhere
[12:36] {Threei}  [12:22] {Threei} bobbing up and down
[12:37] {Threei}  you are trying directional trades in directionless market
[12:37] {nemo} now a solid trendline on spy off yesterday's bottom
[12:44] {dptl} i'll see you tomorrow all have a good rest of a day
[12:44] {Threei}  you too
[12:45] {dino} cya
[12:45] {thomcbell} LVS feeling like a short 
[12:45] {thomcbell} range a bit too wide 
[12:47] {thomcbell} rising wedge on 10 min 
[13:07] {dino} gotta hop for hour or so
[13:08] {Threei}  probably just in time for action to resume
[13:42] {thomcbell} sbux looks like a long now 
[13:42] {thomcbell} if hlding 52 
[13:42] {thomcbell} not playing 
[13:44] {scottie} clf ?
[13:44] {nemo} lvs
[13:44] {Threei}  CLF, I'd try 47 break short
[13:44] {Threei}  for double top
[13:47] {scottie} in .98
[13:52] {Threei}  nope
[14:09] {scottie} tfm 58?
[14:10] {Threei}  small shares
[14:10] {Threei}  jumpy
[14:10] {scottie} ok I'll pass on this one
[14:13] {thomcbell} sbux - had a little help from the market but ot too shabby 
[14:32] {dino} miss anything?
[14:33] {Threei}  absolutely not
[14:39] {dino} good
[14:39] {scottie} Enough action for me, will be back tomorrow
[14:39] {Threei}  take care scottie
[14:39] {dino} cya
[14:40] {scottie} bye
[15:20] {dino} out fosl .73, +.98
[15:31] {Threei} Long Setup:  FAZ  .20 break
[15:31] {nemo} spy at trend, and it's been following it
[15:31] {nemo} frickin' keyboard screwing up
[15:32] {Threei}  trying to find eod selling
[15:36] {Threei}  invalidated but watching
[15:36] {nemo} think they rip it north
[15:36] {Threei}  if no break, then reversal
[15:36] {dino} me too nemo
[15:36] {Threei}  yeah... but it's a tough thing to trade here
[15:37] {nemo} i think we're headed for a test of the weekly pivots 130 and 75.20
[15:38] {nemo} hope abounds for europe
[15:38] {Threei}  not sure why but...
[15:38] {nemo} Die Europe!!!! die!!!
[15:38] {Threei}  lol
[15:38] {nemo} it's the nature of idiot humans
[15:38] {nemo} else we'd never get married
[15:39] {nemo} can't argue with that one, can u?
[15:39] {Threei}  hmmm... no, not really
[15:39] {Threei}  we hope they never change... they hope we do... both sides lose
[15:41] {Threei}  OOG Planning to notify users who may be targets of state sponsored cyber attacks
[15:41] {nemo} who is oog/
[15:41] {nemo} oog?
[15:41] {nemo} frickin' keyboard
[15:41] {Threei}  goog
[15:41] {Threei}  lol
[15:41] {nemo} oh
[15:41] {Threei}  (JP) Magnitude 6.3 earthquake strikes to the east of Tokyo, Japan
[15:49] {Threei}  well, 29 could have been a scalp, but there was no real setup there
[15:50] {dino} lol, fadebook
[15:50] {Threei}  lol
[15:50] {Threei}  chart is pure unbridled disaster
[15:59] {Threei}  ok guys... missed this last one
[15:59] {Threei}  thank you all
[15:59] {Threei}  have a good evening, see you tomorrow
[16:00] {dino} gn