(Course on chart pattern recognition is available now: http://www.realitytrader.com/111trades.html)
Session Time: Thu Jun 07 00:00:00 2012
08:49] {Threei} market hasn't opened yet but we already have that dreadful chart of a slow climb
[08:51] {cipher} gm
08:51] {Threei} cipher :)
[08:52] {thomcbell} sheldon got his fix
08:52] {Threei} lol
[08:59] {thomcbell} fcx should test broken support and downtrend line at 35 some time today
[09:00] {thomcbell} want to look for an early long entry
09:05] {Threei} let's let it work out opening volatility and look for a setup
[09:08] {scottie} gm
09:09] {Threei} scottie :)
[09:11] {Beau} morning all
09:11] {Threei} beau :)
[09:18] {dptl} gm
09:18] {Threei} dp :)
[09:25] {ese} morning.......2 weeks to go from today..........and......as Alice Cooper said "Schools out for ever"...well at least for the summer
09:25] {Threei} ese :)
[09:25] {ese} gm vad
[09:27] {ese} how bout that greek tv show.......extreme right guy gets up and slaps politicians from other parties
[09:27] {ese} on live tv
09:27] {Threei} yeah... hope they have jail time for that
[09:27] {ese} wish somebody would do that to Harper
09:27] {Threei} oh come on
09:27] {Threei} what did he do to deserve that
[09:28] {ese} he's a sneeky guy
09:28] {Threei} ever saw politician who wasn't?
[09:29] {ese} true.......
[09:30] {thomcbell} wow lvs
09:30] {Threei} ABX more selling
09:32] {Threei} Short Setup: SLW .20 break hl
09:32] {Threei} stop above .30
09:36] {Threei} Long Setup: FCX .60 break hl
09:36] {Threei} If holds .50
[09:36] {dptl} in slw
09:38] {Threei} no go SLW
[09:38] {dptl} stopped
09:38] {Threei} FCX target 1:3
09:38] {Threei} 1:1
09:41] {Threei} missed 1:2 by 1 cent
09:42] {Threei} Short Setup: ABX .50 break hl
09:42] {Threei} If holds .60
[09:44] {scottie} +.10 fcx ty
09:45] {Threei} yw
09:45] {Threei} ABX valid
09:45] {Threei} SLW rinsed
[09:47] {dptl} to fast abx
09:48] {Threei} it returned to pick you up
09:48] {Threei} frikin SLW
09:49] {Threei} 1:1 ABX
[09:49] {dptl} almost went to 1:1 so i skipped that
[09:50] {scottie} hit wrong button, out at +.08, lucky lol
09:50] {Threei} yikes... lol
09:50] {Threei} out in full ABX
09:50] {Threei} .32
[09:52] {dptl} pay .40?
09:52] {Threei} I don't understand the setup
09:53] {Threei} wow... what a pretty double top we missed on LVS
[09:55] {thomcbell} i got it but it was not pleasant
09:56] {Threei} I mean .50 break at 9:42
[09:56] {thomcbell} y
09:57] {Threei} Short Setup: FCX .30 break hl
09:57] {Threei} If holds .40
[09:57] {dptl} in
09:58] {Threei} trail to .36
[09:58] {ese} L sprd .55
[09:59] {ese} crappy fill....was lookin for .51
10:00] {Threei} why do you use market orders?
10:00] {Threei} 1:1
10:01] {Threei} US) Fitch Sovereign Director Parker: Would cut US AAA sovereign rating if no credible fiscal plan presented for 2013 (Currently on negative outlook)
10:01] {Threei} - May cut UK rating further if further downturn materializes; notes that UK, France, Germany and other AAA nations do have credible fiscal plans
10:01] {Threei} - Reminder: In Aug 2011 S&P cut the US sovereign rating by one notch
10:01] {Threei} - In Nov of 2011, Fitch revised the US' outlook to Negative from Stable and affirmed its AAA rating.
10:01] {Threei} - Reminder: In February S&P's Chambers indicated that it would be unlikely for S&P to make any adjustments before the November election, highlighted that politics and the debt debate were part of the reasons that led to the downgrade last year
[10:01] {ese} cuz i was lookin at fcx with you......didn't want to miss it
[10:01] {scottie} out fcx + .15 ty
[10:01] {dptl} all out fcx ty
10:01] {Threei} 1:2
[10:02] {thomcbell} give me a break slw
10:02] {Threei} but ese... just make it limit at the price you are willing to chase to
10:02] {Threei} .52 let's say
[10:02] {ese} missed yours.......crappy fill on mine.......it's a whatever
10:03] {Threei} out FCX in full too
10:03] {Threei} or as nemo would correct me: limit at the price to which you are willing to chase
[10:03] {dino} ty fcx 3i
[10:03] {ese} ya thats the other part.....thought that i had.....pressed the wrong button......happens periodically when i'm tired
10:03] {Threei} yw
10:04] {Threei} I dunno who is more annoying, SLW or nemo {G}
[10:04] {ese} nemo easily........
[10:04] {thomcbell} slw definitely more annoying
10:04] {Threei} yeah, while he is not here, let's crown him wiht "more annoying than SLW rinse" title
[10:06] {ese} am not worried about sprd.........i love the look of the daily.....this baby is headed up.........I"M COMMITTED}}}}}I"VE TAKEN A STAND!!!!!! and thats all there is too it..........hmmmmmmm i feel better now
[10:06] {ese} lol
10:07] {Threei} ok, now that you got it off your chest... your stop is under .40? :)
[10:07] {ese} yup.......35 to be exact
10:08] {Threei} Short Setup: MW .70 break sm shares
10:08] {Threei} If holds .80
[10:09] {ese} daaaaaaaaa stopped .35
10:12] {Threei} Long Setup: LVS .50 break
10:12] {Threei} hl
10:12] {Threei} If holds .40
[10:12] {ese} mrkt picked a lousy time to drift.......it just didn't understand that I had a position.......i'm sure that if it had know it wouldn't have drifted down.......it's all about me you understand
10:12] {Threei} right
[10:12] {ese} in lvs.51
10:12] {Threei} target 1:4
[10:13] {nemo} bounce area tna spy
10:13] {Threei} nemo came to claim his title...
[10:13] {dino} you ok ese? :O
[10:14] {nemo} no..nephew, collapsed in school, just got back
[10:14] {dptl} stopped lvs
10:14] {Threei} ugh... sorry
[10:14] {ese} stopped.40
[10:14] {ese} hmmmmmmm......turnin out to be one a dem days
[10:15] {ese} mornin dino.......lol
[10:16] {ese} what happened nemo?
[10:17] {dino} hope he's alright nemo
[10:17] {scottie} acom DB?
[10:17] {dino} mw sm l .00
10:18] {Threei} formally yes, but I doubt it's a good play right now
[10:18] {dino} nav sm l .60
[10:18] {scottie} forget it spread is too large
10:18] {Threei} yeah
10:18] {Threei} Long Setup: FAZ .50 break
10:18] {Threei} If holds .40
[10:19] {dino} out nav .10, +.50
10:20] {Threei} nice
[10:20] {ese} nice dino
[10:21] {nemo} what was the jobs report
[10:21] {dino} ty
[10:21] {dino} a couple thousand better
10:23] {Threei} no go
[10:24] {ese} what was the deal with MW dino?
[10:25] {dino} missed
[10:25] {cipher} TZA L .00
[10:25] {dptl} atvi .70 short?
[10:25] {dino} out mw flat
10:26] {Threei} no
[10:26] {cipher} out -.12
[10:28] {dino} gco sm l .25, pulp type
[10:28] {dino} mw sm l .90
[10:28] {dino} stop break lod
[10:29] {dino} ung drop
[10:29] {dino} boil too
10:30] {Threei} *(US) EIA NATURAL GAS INVENTORIES: +62 BCF V +55 BCF TO +60 BCF EXPECTED RANGE
10:30] {Threei} that's why
[10:31] {dino} ty
[10:31] {dino} gap 16.16
10:33] {Threei} feeling is, activity is here for a while yet but I can't get a sense of direction
[10:35] {nemo} IWM bounced off of Weekly R1, SPY bounced off retracement from May 28 high to recent swing low
[10:36] {nemo} MPP on spy 134.4 area, IWM 77.98
[10:39] {dino} gco stop -.32
[10:39] {dino} mw stop -.10
10:41] {Threei} Long Setup: TZA .10 break
10:42] {Threei} aggressive entry for .20 C&H
[10:42] {dptl} in
10:42] {Threei} stop is obvious, under 21
10:44] {Threei} formation matches SPY inverted C&H with 132.50 break
10:45] {Threei} target 1:3
10:45] {Threei} 1:1
10:46] {Threei} stop to .08
10:48] {Threei} 1:2
10:48] {Threei} stop to .14
10:49] {Threei} to .18
[10:51] {dino} nice
10:51] {Threei} ty
10:51] {Threei} really beautoful structure to the play
10:51] {Threei} 1:3 target hit, out
[10:51] {scottie} +.30 great call Vad
10:51] {Threei} hey, good to see you went fropm scalps to fiull play
10:52] {Threei} let me make a screenshot for the visual, this is one for the books
[10:52] {scottie} More confident, feels good
10:52] {Threei} :)
[10:54] {dino} pvh sm l ave .73
[10:54] {dino} titn sm l .10
[10:55] {dptl} etn .40short?
10:55] {Threei} yes
10:56] {Threei} nice chart
[10:56] {nemo} akam
[10:57] {thomcbell} yes on etn - i have been trading this one a lot - been a real value trap
[10:57] {dino} titn stop -,20
[11:01] {ese} gotta go ....one of dem days...cya tomorrow
[11:01] {dino} lng l .15
[11:02] {cipher} titn l.80
[11:06] {dptl} still valid etn
[11:07] {dino} out pvh .07 +.34
[11:07] {dptl} invalidated
11:09] {Threei} http://goo.gl/E893y
[11:09] {dino} nice titn cipher
[11:09] {cipher} out titn .19 +.39
[11:10] {dptl} you think its still valid?Vad etn?
[11:10] {cipher} thx for the heads up
11:10] {Threei} I think so
[11:10] {dptl} k
11:10] {Threei} I really like this support to break and cascade
11:11] {Threei} 1:2 easy
[11:11] {dino} its what i do
11:12] {Threei} break and cascade?
[11:12] {dptl} in
[11:13] {dino} no talking to cipher
11:13] {Threei} hehe
[11:15] {thomcbell} nice action lvs - hehehe
[11:16] {dino} titn sm l .50
[11:25] {dptl} stopped....
[11:25] {dptl} taking a break
11:26] {Threei} moves with SPY
[11:28] {nemo} are we in a coma yet?
11:28] {Threei} not sure
[11:29] {dino} out titn .91, +.41
11:29] {Threei} nice one
[11:29] {dino} ty
[11:29] {dino} hit and miss day so far
[11:38] {dino} mw sn m l .15
[11:39] {dino} out lng .34 +.19
[11:39] {dino} pvh sm l .72
[11:51] {dino} out pvh .26, +.54
11:53] {Threei} nice back to back wins
[11:54] {dino} ty
[12:26] {dptl} fcx .95 short?
12:26] {Threei} nah
12:26] {Threei} SPY is more likely to bounce here
12:48] {Threei} *(ES) FITCH DOWNGRADES SPAIN SOVEREIGN RATING THREE NOTCHES TO BBB FROM A; OUTLOOK NEGATIVE
12:54] {Threei} Long Setup: TNA .20 break
12:55] {Threei} If holds .10
12:55] {Threei} Invalidated
12:57] {Threei} if dives under .10 again, make it 48 - .1- setup
12:57] {Threei} .10
12:58] {Threei} Long Setup: TNA .10 break
12:58] {Threei} heh... 1:1
12:58] {Threei} good luck getting a fill though
12:59] {Threei} unless you just hit .10 itself, no chance
[12:59] {nemo} what, taking it off the trend line?
12:59] {Threei} better yet:
[12:59] {dptl} sometimes i think my quotes delay...put it on the screen and its at .20
13:00] {Threei} lower envelope of an uptrending line, and upper envelope of downtrending one
13:01] {Threei} so it bounces of the former while breaking the latter
13:01] {Threei} perfect long signal
13:01] {Threei} dp... it had to be on screen from 12:54] {Threei} Long Setup: TNA .20 break
13:01] {Threei} after that cpmments were follow-up
13:02] {Threei} if you switched to it only after the second call, most likjely you'd see .20 as it jumped very fast after taking .10
[13:02] {nemo} would you add that setup to today's log so I can read it, thanks
13:03] {Threei} you mean a screenshot?
[13:03] {nemo} annotated please
13:03] {Threei} let me make one
[13:04] {nemo} why don't you do that
[13:09] {nemo} oh, ty, get it
[13:10] {nemo} looks like it's going to pop here iwm at long term trend line upper channel
13:10] {Threei} bigger one continues, smaller one breaks...
[13:11] {nemo} this should be good to .75 or so when it goes, at least .60
[13:11] {nemo} "if"
13:12] {Threei} Long Setup: IWM .80 break
[13:12] {nemo} I took tna .20
[13:13] {nemo} market trading?
13:14] {Threei} yes... you made 10 cents
[13:14] {nemo} taking 1st at .40
[13:14] {nemo} yep
13:14] {Threei} 20
[13:14] {nemo} this could be the afternoon run, want .60 area next piece
[13:15] {nemo} am I being greedy?
[13:16] {nemo} I think price gets to monthly pivots today
13:16] {Threei} More than half of high school seniors admit they text or email while driving, according to anonymous US survey
[13:16] {dino} vrtx sm l .01
[13:16] {nemo} kid in boston just got convicted yesterday of vehicular manslaughter while texting
[13:16] {nemo} he's 17, he gets out when he's 18
[13:17] {nemo} I've seen people driving with their knees while texting...un believeable
[13:17] {dptl} stop .74 iwm?
13:17] {Threei} yes
13:18] {Threei} half out .89
[13:18] {nemo} wanna' grab them and beat the shit out of them
[13:18] {nemo} 1/4 more
13:18] {Threei} if you do, double the effort on my behalf
13:18] {Threei} 1/4 more .93
[13:18] {nemo} yeah, I got .61 on tna
13:19] {Threei} well, believe it or not but we are adjusting to slow climb mode
[13:19] {nemo} well, we're likely to get the afternoon rip. 78 for IWM I think
[13:19] {dino} nemo iwm target?
[13:20] {dino} hitting r1 now
13:20] {Threei} mine's 77.05 for the last piece
[13:20] {dino} out vrtx .31, +.30
[13:20] {nemo} hard to say, I'm holding last quarter I think we come into afternoon rally with the 77.20 morning swing high next target, if it breaks that 77.47 and then 78
[13:21] {nemo} http://www.freestockcharts.com?emailChartID=fae822b3-e823-450a-8152-427360e6ff57
[13:22] {nemo} if it get's to that .20 area retraces and holds .95 area, I'll look to add
[13:23] {nemo} suppose I should set a stop if it doesn't, huh?
[13:23] {dino} ok, have same chart
[13:23] {nemo} so far so good
[13:24] {dptl} abx .50 short?
[13:24] {nemo} buyers coming into futes
[13:24] {nemo} "giddyap" as you would say, dino
[13:25] {nemo} so we're at swing high, now see if it holds support at R1, which coincides just about with vwap
[13:25] {nemo} sound good to you Dino?
13:26] {Threei} me out
[13:26] {nemo} pesky scalpers
[13:26] {dptl} abx .50 ?
[13:26] {dino} ok
13:26] {Threei} yeah
[13:26] {dptl} short?
13:26] {Threei} half lot
13:27] {Threei} setup is right, market is uptrending... so half lot to try it
[13:27] {nemo} my stop is .58
[13:27] {dptl} 100 shares in
[13:28] {nemo} ese shares
13:28] {Threei} UWM, not too shabby 1:5
13:28] {Threei} IWM
[13:28] {nemo} or uwm
[13:28] {nemo} same
[13:31] {scottie} hal .80 ?
13:33] {Threei} tough call... not sure
[13:33] {scottie} ok
[13:35] {dptl} nem .50 short?
13:36] {Threei} yrs
13:36] {Threei} yes
[13:36] {nemo} damn, wonder if I get rinsed here
[13:39] {nemo} NAV
[13:39] {dino} out iwm +.15
[13:40] {dptl} .56 stop for abx
[13:42] {nemo} figures, tna in long setup again, got me by .04
[13:48] {dptl} hal .70 short may be?
13:51] {Threei} yes... lol
[13:57] {dptl} clf .40 short?
13:58] {Threei} 50/50
[13:58] {dptl} k
13:58] {Threei} two-sided
[14:00] {nemo} abx offer
[14:00] {nemo} gone
[14:00] {dptl} out abx -.09
[14:00] {scottie} fas reverse C&H?
14:02] {Threei} kind of... incomplete
[14:14] {dptl} lul 64 long? sm sh
[14:14] {dptl} lulu
[14:15] {dptl} gone
[14:16] {dptl} sigh
[14:21] {dino} clne spike
[14:25] {dptl} slb .30 long?
14:26] {Threei} halgf
14:26] {Threei} half
[14:26] {nemo} god bless you
14:26] {Threei} lol
[14:30] {dino} scss spike
[14:30] {dino} sm s .99
[14:34] {dino} cov flat bad entry
[14:36] {dino} scss sm s .35
[14:40] {dino} cov scss .05, +.30
[14:48] {dino} sm s . 50
[14:48] {cipher} scss +.34 thx dino
[14:48] {dino} gj
[14:52] {dino} cov scss .18, +.32
[15:02] {dptl} nem .85 long?
15:03] {Threei} nah
15:04] {Threei} SPY turns down
15:04] {Threei} can turn a trap very easy
15:18] {Threei} watching TZA for pullback entry
[15:20] {nemo} spy at bounce zone
15:21] {Threei} no pullback
15:21] {Threei} yet
15:29] {Threei} Long Setup: FAZ .40 break
15:30] {Threei} If holds .35
[15:30] {dptl} ? its at .46
[15:30] {scottie} .40?
15:30] {Threei} grrr
15:30] {Threei} TZA that was
15:30] {Threei} still available
15:31] {Threei} watching both...
15:32] {Threei} who grabbed it, half out
[15:32] {Beau} GOT A@.42
15:32] {Threei} :)
[15:32] {Beau} sorry caps
15:32] {Threei} that was the price when I said "still available"
15:32] {Threei} stop to .39
[15:33] {scottie} +.06 quick scalp have to go bye
15:33] {Threei} take care scottie
15:38] {Threei} 1/4 more out
[15:38] {Beau} fun time thanks vad
15:38] {Threei} :)
15:38] {Threei} nice wsay to finish the day
[15:40] {dptl} out .60 ty 100sh only
15:40] {Threei} yw
15:40] {Threei} FAZ would have woprked too... too bad it wasn't at .40, lol
15:41] {Threei} we would have grabbed both
15:41] {Threei} one on purpose, one by mistake
15:41] {Threei} stop to .49
[15:50] {nemo} if it weren't so late, both spy and IWM at support, but I don't want to push it
15:56] {Threei} OK guys, thank you all
15:57] {Threei} have a good evening, see you tomorrow
[15:57] {dptl} dn
