Monday, June 18, 2012

June 18 2012

(Course on chart pattern recognition is available now:  

10 calls, 9 wins. Just pure pleasure to report.

Session Time: Mon Jun 18 00:00:00 2012

[09:10] {scottie} gm
[09:10] {Threei}  good morning
[09:19] {dptl} gm
[09:19] {Threei}  dp :)
[09:21] {_jackharry} gm everyone, new here, first day of trial
[09:21] {scottie} hi
[09:22] {_jackharry} looking forward to seeing how you guys operate
[09:22] {Beau} good morning you all
[09:22] {Threei}  mornng jackharry, welcome
[09:22] {Threei}  beau :)
[09:23] {Threei}  so, to sum up weekend events: EU has been saved again, only to fall apart a few months later' agony is being dragged out; Spain's next
[09:24] {Threei}  previous "positive" event (Spain bailout) bought us positive opening at least, this one can't do even that
[09:26] {Threei}  oh, and
[09:26] {Threei}  (GR) New Greek govt said to seek 2-year extension in meeting fiscal target to 2016 (in line with ND pledge) - financial press- Extending the budget target would cost creditors around �16B **Reminder: Greek New Democracy leader Samaras reiterated his pledge to attempt to amend bailout agreement upon receiving formal mandate to form coalition govt earlier today
[09:27] {Threei}  all in all, my bias is on short side
[09:30] {Threei} Short Setup: FCX  .10 break half lot
[09:30] {Threei}  If holds  .20
[09:31] {Threei}  1:1
[09:32] {scottie} +.10 ty
[09:32] {Threei}  yw... not taking any chances, are you
[09:34] {Threei}  TZA on watch for pullback entry
[09:34] {scottie} For the last few days days, during the first half hour, I tend to scalp with small shares only
[09:34] {Threei}  can't blame you
[09:34] {Threei}  the degree of jerkiness is higher than normall
[09:35] {Threei}  and dino and ese are sleeping in... who'd provide volune :)
[09:35] {scottie} lol
[09:36] {Threei}  Consumer, Investor Confidence Fall To Lowest Level Since January
[09:37] {Threei} Long Setup:  TZA  .96 break
[09:37] {Threei}  If holds  .90
[09:38] {Threei}  FCX refuses to particpate in bounce
[09:38] {Threei}  keeping it on radar as candidate for another short
[09:39] {Threei}  TZA invalidated
[09:39] {nemo} fade the close and go
[09:40] {Threei}  in english?
[09:43] {Threei} Long Setup:  TZA  ..85 break
[09:43] {Threei}  Invalidated
[09:45] {Threei} Long Setup:  TZA  .75 break
[09:46] {Threei}  stop .66
[09:46] {Threei} Short Setup: CAT  .10 break hl
[09:46] {Threei}  If holds  .20
[09:47] {Threei}  TZA stop to .69
[09:48] {Threei}  CAT target 1:2
[09:49] {Threei}  1:1, half out
[09:49] {Threei}  TZA half out
[09:49] {Threei}  stop to .74, CAT stop to .12
[09:50] {scottie} tza +.09 ty
[09:50] {Threei}  :)
[09:50] {scottie} didn't take cat
[09:50] {Threei}  that's pulpy one
[09:51] {Beau} tza scalp thx vad
[09:51] {Threei}  1:2 CAT, out
[09:51] {Threei}  welcome
[09:51] {Threei}  out second half TZA
[09:52] {Threei}  so far so good
[09:54] {Threei}  ugh... FCX got away
[09:59] {Threei}  *(US) JUN NAHB HOUSING MARKET INDEX: 29 V 28E
[10:00] {nemo} wow, blew it away....cough
[10:00] {Threei}  highest since 2007
[10:00] {ese} L RIO .20 but have to go .....last day of classes....see you all tomorrow
[10:00] {Threei}  hi ese
[10:00] {ese} have a great trading day
[10:01] {Threei}  bye too
[10:01] {Threei}  we do so far
[10:01] {ese} hi vad cya.....just one of them days
[10:01] {ese} take care
[10:01] {Threei}  :)
[10:02] {Threei}  - Comments: The uptick is reflective of the continued, gradual improvement we are seeing in many individual housing markets as more buyers decide to take advantage of today's low prices and interest rates," - Chief Economist: "Builders across the country continue to report that overly tight lending conditions and inaccurate appraisals are major obstacles to completing sales at this time,"
[10:04] {Threei}  what's with sudden bout of optimism
[10:05] {nemo} who made the comments-if it's the real estate association u r surprised?
[10:08] {Threei} Long Setup:  IWM  77 break
[10:10] {Threei}  Invalidated
[10:10] {Threei} Long Setup:  TNA  .40 break hl
[10:11] {Threei}  If holds  .30
[10:11] {Threei}  if invalidates, let it drop under .20 for recross with stop under .10
[10:12] {Threei}  target 1:2
[10:13] {Threei}  1:1
[10:14] {Threei}  scalpers win
[10:14] {nemo} momentum is weakening in spy and IWM
06[10:14] * Threei slants at scottie
[10:14] {scottie} +.10 ty vad
[10:14] {Threei}  hehe
[10:16] {Threei}  4:4... not a typical Monday
[10:17] {Threei}  Mondays are usually less orderly
[10:17] {nemo} spy closed gap
[10:18] {Threei}  another bout of groundless optimism
[10:18] {Threei}  aww TNA
[10:19] {Threei}  (EU) Fitch comments on Greece and Europe; sees the area as back from the brink but the crisis has not yet been solved- The narrow victory of New Democracy in the Greek parliamentary elections means the near-term risk of a Greek disorderly debt default and exit from the euro has fallen - Fitch will not place all eurozone sovereigns on Rating Watch Negative as it had indicated would be the case if a Greek euro exit were a probable near-term event. - The pace of economic contraction is almost certainly accelerating. The country's liquidity position is fast deteriorating, underscoring the urgency of forming a new government and the resumption of disbursements under the EU-IMF programme.
[10:20] {Threei}  look at this:
[10:20] {Threei}  (GR) Italy PM Monti: Markets have not been convinced by the recent outcome in the Greece elections - G20- The euro crisis is not the only source of global economic turmoil. - The rest of the G20 need to "do their homework."
[10:21] {Threei}  can you believe no one slapped this guy after these remarks?
[10:24] {Threei} Long Setup:  IWM  .15 break
[10:24] {Threei}  If holds  .10
[10:24] {Threei}  target .30
[10:25] {Threei}  two partials
[10:25] {Threei}  one is here'
[10:25] {Threei}  stop to .14
[10:27] {scottie} sold at +.10 ty
[10:27] {Threei}  :)
[10:28] {Threei}  5:5
[10:28] {Threei}  target hit
[10:33] {Threei} Long Setup:  TZA  .50 break
[10:33] {thomcbell} very nice Vad
[10:33] {Threei}  ty
[10:34] {Threei}  feels like time for some retreat
[10:34] {nemo} i took spxyu
[10:34] {nemo} spxu
[10:35] {scottie} target?
[10:35] {Threei}  offer half at .58
[10:35] {Threei}  it's likely to hesitate before attempting to break .60
[10:36] {Threei}  stop .44
[10:37] {nemo} we're gonna test the backside of the trend line on spy
[10:38] {Threei}  half out .57
[10:38] {nemo} scalper monday so far
[10:38] {Threei}  not entirely, some worked for more
[10:39] {Threei}  stop .48
[10:41] {Threei}  ok, scalpers win this one
[10:42] {Threei}  read this article when got a few min, good one
[10:42] {Threei}
[10:43] {scottie} in .51 half out at .58, the other half at .48, still a winning trade
[10:44] {Threei}  yes... just thought I had a bit more in it
[10:44] {Threei}  it
[10:47] {Threei}  can't tell which way the next step is here
[10:47] {Threei}  can be a double top of a bull flaf woth equal odds
[10:47] {Threei}  waitinf ro more certainty
[10:47] {nemo} yeah, and...oh spy volume
[10:47] {nemo} we're going north
[10:48] {Threei}  flaf? lol
[10:48] {Threei}  flag that was
[10:48] {nemo} o.k. nothing stopping us to 135 now, this is volume vacuum area
[10:48] {nemo} 134.37 is monthly pivot, it holds that we go higher
[10:49] {nemo} finanicials not participating though
[11:21] {Threei} Long Setup:  TNA  .50 break
[11:21] {Threei}  hl
[11:21] {Threei}  If holds  .40
[11:22] {Threei}  quick 1:1
[11:22] {Threei}  (EU) Germany Chancellor Merkel: Will not accept any easing in the reform measures agreed upon by Greece; expecting Greece to quickly form a stable Govt- More work is necessary with Greece - No reason exists to discuss any new aid packages beyond the two that have already been agreed upon - Expecting Europeans to agree on common decisions for sustainable growth measures
[11:23] {thomcbell} Short setup - FIO 19.90 break if holding 20.02
[11:30] {scottie} scalped it +.10 ty
[11:30] {Threei}  FIO?
[11:30] {scottie} tna
[11:30] {Threei}  cool
[11:30] {Threei}  7 for 7
[11:30] {thomcbell} i am there small shares
[11:31] {Threei}  can I go home?
[11:31] {scottie} I'm already at my third scotch
[11:31] {Threei}  well, you are three hours ahead
[11:32] {scottie} must be 5 o'clock somewhere
[11:37] {thomcbell} scratching fio
[11:37] {Threei}  you guys read that article, on France election outcome?
[11:38] {scottie} not yet, lunch time reading
[11:40] {thomcbell} short setup - qcom 56.34 break if holding 56.46
[11:48] {thomcbell} invalidated qcom
[11:48] {thomcbell} never triggered
[11:48] {thomcbell} will watch for a nother setup
[11:51] {Threei}  (GR) S&P exec Kraemer: Greece needs a growth plan to help its sovereign debt issues; subordination of debt was a mistake
[11:52] {Threei}  heh... now they get it
[11:52] {Threei}  but they do the same subordination with Spain
[11:52] {Threei}  imbeciles
[12:18] {dino} fosl sm l .03
[12:23] {scottie} c&h building on FCX?
[12:23] {Threei}  yes... with .95 trigger
[12:27] {nemo} ahhhh.....F11 key
[12:34] {scottie} in fcx .95
[12:35] {scottie} small lot
[12:39] {nemo} God Bless ya' in this tape
[12:50] {scottie} half out .05
[12:50] {scottie} offering the rest at .15
[12:52] {scottie} out +.20
[12:56] {Threei}  wtg
[12:56] {Beau} gj scottie
[12:56] {Threei}  good find and by-the-book execution
[12:56] {Threei}  no secind-guessing, no emotions, just following the standard procedure
[12:56] {scottie} ty Beau, Vad
[12:57] {scottie} Slow learning is still learning
[12:58] {Threei}  actually, it's the best kind
[12:59] {Threei}  makes for a properly adopted material, as opposed to a quick grasp which is often superficial
[13:00] {Beau} vad about learning.  possible sometimes to show why your call?  I'm studying your 111 but would love real time applications.
[13:01] {Threei}  I do that in Catch of the Day ones
[13:01] {Threei}  those that I post with comment "visual"
[13:01] {Threei}  is that what you mean?
[13:01] {Threei}  if comment to them are too brief, do ask for more details
[13:02] {Beau} yes, I look at those.  I was just thinking maybe after your call of setup. Line xxxx l .00, doublebottom etc.
[13:02] {nemo} interesting, spy popped it's head up to R1 which is above the Monthly pivot, and just retested against the monthly pivot and failed, that might be a significant lower low.  134.37 important
[13:02] {Threei}  oh
[13:02] {Beau} often evident but not always.  anyway justa thought.
[13:03] {Threei}  well, I try when I have time
[13:03] {nemo} yeah, see how many times it triggers while he's writing
[13:03] {Beau} yep.
[13:03] {nemo} and don't forget, his typing sucks
[13:03] {Threei}  if you noticed, when I make a call in advance, I often accompany it by a comment like:
[13:03] {nemo} "shutup nemo?"
[13:04] {Threei}  ABCD, should be a double bottom if drops to X, recrosses, while golding Y"
[13:04] {Threei}  lol
[13:04] {Threei}  holding
[13:04] {Threei}  but when I hurry to alert before it triggers,
[13:05] {Beau} ok
[13:05] {Threei}  and then it does, and I am in a trade myself, and gotta comment on management, well
[13:05] {Beau} agree.
[13:06] {Beau} thanks for explaination
[13:06] {Threei}  sure thing... also, do use those Catch of the Day posts as a continuation to both, 111 Trades course and real time
[13:07] {Threei}  they are kept indefinitiely on both Facebook page and trading log
[13:07] {Beau} yes.
[13:07] {Threei}  at some point when we get a lot of those accumulated, I will combine them intoaddition to 111 Trades
[13:07] {Beau} i print them out and into notebook with 111 stuff.
[13:07] {Threei}  so they are all in one place
[13:09] {Beau} thanks for comments.  let nemo get at you now
[13:10] {Threei}  why... why would you do that to me
[13:11] {nemo} he's a nasty fellow
[13:11] {nemo} hehehehehehe
[13:14] {scottie} Vad, I have a question about order entry.
[13:15] {scottie} Let's say you call a long setup with break of .50 if holds .40
[13:15] {Threei}  shoot
[13:15] {scottie} I understand you prepare an order at .52, correct?
[13:15] {scottie} Then, do you trigger the trade when the ticker prints .50 or .51 ?
[13:15] {Threei}  right, if I go for a regular entry
[13:16] {Threei}  .50 disappears, first print at ,51
[13:17] {scottie} thanks. and then, do you place a stop order at .40 (or .39)?
[13:17] {Threei}  .39, but I don't use hardwired stop
[13:17] {Threei}  it's mental and executed manually
[13:17] {scottie} you place market orders then ?
[13:18] {Threei}  ?
[13:18] {Threei}  why market?
[13:18] {Threei}  same idea, limit a few cents beyond market
[13:19] {scottie} same thing if it goes up?
[13:19] {Threei}  if it goes in my favor, I chose between placing exit order in advance or witing for a price to get there
[13:19] {Threei}  waiting
[13:19] {Threei}  matter of personal preferences often
[13:20] {scottie} thanks
[13:20] {Threei}  sure
[13:21] {Threei}  with Laser, you also have this additional advantage of ECN rebate if you lay out order in advance
[13:21] {Threei}  helps to take a sting out of commissions
[13:22] {Beau} what route and anyone what is thought on BATS
[13:23] {Threei}  I believe cc_8 is most qualified on that
[13:46] {Threei}  (GR) Deposit outflows from Greece banks said to have slowed following the recent elections - financial press
[13:46] {Threei}  maybe they just ran out of money to wathdraw?
[13:47] {nemo} got there before i did
[13:47] {Threei}  On July 13th reports indicated deposit outflows for larger Greek banks were running at �500-800M. On June 7th banks in Greece said to have lost �5-6B in deposits in May, following elections results.
[13:47] {Threei}  yep
[13:48] {Threei}  (EU) Italy to propose a semi automatic mechanism using the ECB or ESM to bring down spreads between bonds - financial press
[13:48] {Threei}  heh... anything to limit free market
[13:49] {Threei}  which is understandable from free market point of view this whole thing should be eliminated
[13:50] {Threei}  (ES) Spain Fin Min: Recent bond yields do not reflect the potential of economy; market reactions do not reflect growth potential and reforms that have been taken- EU leaders are united and working towards fiscal integration, agree on the need for fiscal union. - Spain is solvent
[13:51] {Threei}  yes... thnat's why it needs 120B
[13:53] {Threei}  in an unlikely case you are not puking yet frpm all this neverending stream of stupidity out of EU, this one should finish you off:
[13:53] {Threei}  (GR) EU's Barroso: Close to agreeing upon a financial transactions tax (tobin) in Europe; Stands ready to support Greece in its efforts; Greece must implement its reforms; banking union proposals to be released in the fall- Ultimately Eurobonds will not be turned into a license to spend. - Banking union could be pulled off quickly, without changing treaties. - Would like to see implementation of a financial transactions tax globally.
[13:54] {Threei} Short Setup: GDX  .75 break
[13:54] {Threei}  fouble top
[13:55] {Threei}  double too
[13:55] {Threei}  If holds  .85
[13:55] {scottie} in .73
[13:57] {Threei}  target 1:2
[13:59] {nemo} spy C&H
[14:00] {Threei}  stop to .81
[14:00] {Threei}  touched 1 cent from 1:1
[14:02] {Threei}  1:1
[14:02] {Threei}  half ou, stop to .76
[14:02] {Threei}  you know the drill
[14:03] {Threei}  that's 8 out of 8
[14:03] {scottie} you're on fire
[14:04] {Threei}  on an upward day, which is strange for me
[14:15] {nemo} finally, here we go
[14:15] {nemo} rip time
[14:17] {Threei}  (GR) Greece parties to reach deal on coalition Govt on Tuesday - financial press
[14:17] {Threei} Short Setup: GDX  .75 break
[14:17] {Threei}  If holds  .85
[14:19] {Threei}  this is bs reason for a spike and very likely to be faded. GDX haven't made new high with SPY and barely retested old one
[14:19] {Threei}  so, good candidate to try for this fade
[14:20] {nemo} but has been pretty good about it's trend line
[14:34] {scottie} can't win em all
[14:35] {Threei}  oh well
[14:35] {Threei}  I'll settle for such percentage
[14:35] {scottie} anytime
[14:54] {nemo} longs beginning to setup in spy iwm fas
[14:56] {Threei}  really?
[14:56] {Threei}  I'd look for shorts here...
[14:56] {nemo} this is MPP for spy, long setup, tight stop
[14:56] {dptl} mpp?
[14:57] {nemo} Monthly Pivot Point
[14:57] {nemo} obviously...DP doesn't read the blog
[14:57] {dptl} ok ty
[14:58] {nemo} hah...guess you could get confused with the Master Profit Plan
[15:04] {nemo} see
[15:06] {Beau} nemo IWM trigger was.38?
[15:07] {scottie} I have to go. Thanks for the great day, Vad
[15:07] {Threei}  welcome, have a good evening
[15:07] {scottie} gn everyone
[15:11] {Threei} Long Setup:  TZA  .40 break
[15:12] {Threei}  If holds  .30
[15:13] {Threei}  half out .49
[15:14] {Threei}  scalpers be free
[15:14] {Threei}  stop to .39
[15:25] {nemo} read towards the bottom:
[15:27] {nemo} love Gates' suggestion
[15:28] {Threei}  hehe
[15:31] {nemo} it would be so perfect for the spy and IWM to bolt to the 50 SMA
[15:48] {dptl} gn all
[15:48] {Threei}  thank you all
[15:48] {Threei}  have a great evening, see you tomorrow
[15:48] {_jackharry} thanks everyone, first day here, very nice indeed, looking forward to tomorrow
[15:51] {Threei}  great to hear jack