Friday, June 1, 2012

June 1 2012

Strong day to finish the week, with a lot of nice wins under the belt. As it's usually the case, we did well in the downward market, once again. One chart is worth posting:

(Course on chart pattern recognition is available now:  

Session Time: Fri Jun 01 00:00:00 2012

[08:30] {Threei}  mama
[08:42] {nemo} see we bounced at teh 200
[08:42] {Threei}  200 what?
[08:43] {nemo} SMA
[08:52] {Threei}  interesting, gold is up
[08:52] {Threei}  expectations of QE3?
[08:55] {nemo} safe haven
[08:55] {Threei}  not really an answer - up to today it was moving with market, not asgainst
[08:55] {Threei}  what changed overnight?
[09:02] {thomcbell} lvs - tell me that news was not known yesterday - lol
[09:02] {thomcbell} selling it like there was no tomorrow
[09:03] {Threei}  yeah
[09:05] {scottie} gm
[09:06] {cipher} gm
[09:06] {thomcbell} "There is no tomorrow Rock"
[09:06] {cipher} tza l .22
[09:06] {nemo} fat finger
[09:06] {Threei}  scottie, cipher :)
[09:11] {cipher} gld l.80
[09:11] {cipher} out 1/2 .89
[09:11] {Threei}  you decided to end trading day beofe it even started?
[09:11] {cipher} out 1/2 tza .30
[09:12] {cipher} lol
[09:13] {cipher} out remainder gld 154 +.20
[09:14] {Threei}  wtg
[09:14] {cipher} ty
[09:17] {cipher} out tza .36 +.14
[09:17] {dino} gm
[09:17] {Threei}  dino :)
[09:18] {Threei}  Romney, looking at the jobs report: damn, I wish election was today
[09:18] {ese} morning
[09:18] {Threei}  ese :)
[09:18] {dptl} gm
[09:18] {Threei}  dp :)
[09:18] {ese} dino
[09:18] {ese} vad
[09:18] {ese} dp sorry
[09:19] {dino} they've been fudging that unemployment number for years
[09:20] {ese} does anyone know a symbol that mimicks the 10year bond rates for europe......italy/ spain maybe
[09:21] {dino} ttm gap filling
[09:21] {ese} rates go up = stocks go dn/rates go dn = stocks go up
[09:21] {Beau} morning all
[09:21] {Threei}  beau :)
[09:21] {Threei}  the saddest thing is, these idiots will really launch another round of QE in response
[09:30] {Threei}  first reflexive bounce should get sold
[09:30] {thomcbell} looking for lvs long entry
[09:31] {Threei} Short Setup: FCX  .80 break hl
[09:31] {Threei}  change to .90
[09:32] {Threei}  1:1
[09:33] {Threei} Long Setup:  TZA  .10 break
[09:33] {Threei}  If holds  23
[09:33] {Threei}  change to 23
[09:34] {Threei}  Invalidated
[09:36] {Threei} Long Setup:  SLW  .05 break
[09:36] {Threei}  If holds  .95
[09:37] {Threei}  TZA got away
[09:37] {Threei}  SLW valid
[09:38] {Threei}  1:1
[09:38] {scottie} +.12 ty
[09:38] {Threei}  :)
[09:38] {Threei}  1:2, out
[09:39] {dptl} out ty
[09:39] {Threei}  welcome
[09:39] {dino}  fosl sm l .76
[09:39] {Beau} nice vad
[09:40] {Threei} Long Setup:  FAZ  .70
[09:40] {dptl} mpel .25 long?
[09:40] {Threei}  If holds  .60
[09:41] {Threei}  nah, anemic trading on MPEL
[09:41] {dptl} k
[09:42] {dino} stop fosl -.30
[09:42] {Threei}  FAZ valid
[09:43] {Threei}  target 1:3
[09:43] {dino} ]1289 gap filled
[09:44] {cipher} tza l .05
[09:44] {Threei}  1:1
[09:45] {Threei}  play by the book
[09:46] {Threei}  1:2
[09:47] {cipher} out 1/2 tza .15 +.10
[09:47] {scottie} .12 ty. going to scalp for a while
[09:48] {Threei}  welcome
[09:48] {nemo} look slw
[09:49] {Threei}  no
[09:50] {Threei}  after your latest "drink this" I decided to ignore your suggestions for a while
[09:50] {Threei}  out on a trail
[09:53] {cipher} out rest tza .25 +.20
[09:53] {dino} gj
[09:53] {cipher} ty
[09:54] {ese} L wcrx .65
[09:56] {dptl} etn .80 long? hl
[09:56] {ese} out .81 +.16
[09:57] {ese} man not like the way that one trades
[09:58] {Threei}  nah dp... no energy there
[09:59] {dptl} i see
[10:00] {Threei}  ISM manufacturing 53.5 V 53.8E
[10:00] {cipher} inm l .82
[10:00] {ese} L gfi .75
[10:00] {cipher} out .27 +.42
[10:00] {cipher} ibm
[10:04] {dino} met sm l .40
[10:05] {dino} fosl sm l .11
[10:07] {ese} 1/2 out gfi .84 +.09 800 to go
[10:07] {ese} stop to break even
[10:08] {ese} balance
[10:10] {ese} stopped balance even
[10:10] {ese} .75
[10:23] {ese} L gfi again .81 does not want to go dn this one
[10:26] {Threei} Long Setup:  TZA  .20 break
[10:26] {Threei}  If holds  .10
[10:29] {Threei}  *(IE) IRELAND PASSES REFERENDUM ON NEW EU FISCAL COMPACT (AS EXPECTED) **REMINDER: with Ireland adopting the plan, 5 member states have now passed it (the others are Sweden, Denmark, BLANK, and BLANK). 12 of 25 participating EU members must ratify the fiscal compact to make it binding (the UK and Czech Republic opted out).
[10:29] {Threei}  BLANK, and BLANK?
[10:30] {Threei}  ok, Slovania, and Latvia
[10:31] {Threei}  SPY loss of 129 is needed to catapult TZA
[10:31] {Threei}  let's trail to .14
[10:38] {Threei}  1:1
[10:41] {dptl} can stop be under .25 now?
[10:41] {Beau} took the scalp .09  thx vad
[10:41] {Threei}  welcome
[10:41] {scottie} +.12 ty
[10:42] {Threei}  if feel very stingy, dp...
[10:42] {Threei}  I'd still prefer .19
[10:42] {dptl} ok
[10:43] {cipher} IBM L .10
[10:46] {dptl} out
[10:47] {cipher} out 1/2 ibm .35 +.25
[10:48] {Threei}  nice
[10:49] {Threei} Long Setup:  X  .30 break
[10:49] {Threei}  If holds  .25
[10:49] {cipher} out rest ibm .46 +.36
[10:50] {Beau} very nice
[10:50] {cipher} ty
[10:51] {Threei}  Invalidated
[10:52] {cipher} x stopped -.01
[10:52] {cipher} sorry vad didn't like it
[10:52] {Threei}  it never triggered
[10:52] {cipher} oh
[10:52] {cipher} my bad
[10:57] {cipher} aapl l .00
[10:57] {cipher} out .49
[10:58] {cipher} beauty of hotkeys
[10:58] {Threei}  when you hit the right ones {G}
[10:59] {Threei}  give them to someone with my fingers...
[10:59] {cipher} I used to get confused :-)
[10:59] {Threei}  used to, eh
[10:59] {cipher} same with paddle shifters
[10:59] {cipher} now it's second nature
[10:59] {Threei}  I wake up confused, go through the day dazzled and go to sleep overwhelmed
[11:00] {Threei}  just ask ese
[11:00] {ese} double dn gfi avg .74......cya monday....have a great weekend
[11:00] {Threei}  there you go
[11:00] {ese} what he said
[11:00] {Threei}  take care ese :)
[11:01] {ese} cya vad
[11:01] {cipher} cya ese
[11:01] {ese} C
[11:01] {dino} cya
[11:02] {dino} gaps below, 11766, 2393, 1257
[11:02] {cipher} ok gotta leave early... martini time
[11:03] {cipher} have a good weekend all
[11:03] {Beau} you too C
[11:03] {dino} lucky dog
[11:04] {Threei}  take care cipher
[11:05] {dptl} joy .15 short?
[11:06] {Threei}  smaaaaaal shares...
[11:07] {dptl} and what about bhp .75 short?
[11:09] {Threei}  half lot
[11:09] {Threei}  you see the spread
[11:10] {dptl} ye
[11:14] {dptl} stopped bhp
[11:14] {Threei}  don't push it
[11:14] {Threei}  you are trying to pick thin directionless stocks in a sideways market
[11:15] {Threei}  surefire way to get chopped to pieces
[11:15] {dptl} ye, stopped joy
[11:30] {dptl} chk short?
[11:31] {Threei}  I think so
[11:32] {dptl} .08 with .15 stop
[11:34] {dptl} or may be agrresive here with .20 stop better
[11:43] {dino} dhi sm l .10
[11:54] {dino} pvh gap fill
[11:56] {dino} pvh sm l .11
[12:13] {dino} gco sm l .54
[12:19] {dino} qcom sm l .50
[12:37] {dino} out pvh .60, +.49
[12:39] {Threei}  nice one
[12:39] {dino} ty
[12:40] {Threei}  participating in a discussion elsewhere, I quoted a few pieces from A Taoist Trader, let me paste them here
[12:40] {Threei}  "An unclouded mind listening to the original market language maintains a magical mix of simplicity and sophistication."
[12:40] {Threei}  "A Taoist Trader possesses the ability to simplify the situation and outline his options in a straightforward way. One�s trading approach must be simple enough for a trader to see clearly; overcomplicated systems that are difficult to explain, understand, and remember are not very effective. Vagueness in a trading approach is a sure sign of a bad design."
[12:40] {Threei}  "A Taoist Trader, in his quest for clarity and simplicity disregards a large part of the body of knowledge commonly considered necessary for trading. He dismisses TV channels, newsletters and the endless flow of opinions expressed in numerous blogs and articles. In conversation with pundits well versed in seemingly useful information he may seem �dull of comprehension.�"
[12:41] {Threei}  "His straightforward thinking may strike some around him as �devious,� as social customs call for a more �nuanced� approach. His skills express such simplicity that, in spite of being robust, they may appear �clumsy.� His words express such profound and simple truth that they may sound too simple for those listeners who like to think of themselves as more sophisticated."
[12:41] {Threei}  "After the initial stage of �learning day by day,� a �student of knowledge� must turn into a �student of Tao� and start �losing day by day� � discarding the knowledge that does not contribute to his effectiveness. Getting rid of numerous indicators, studies and channels of information while leaving only the simplest forms of visual aid, is a common theme for many successful traders describing their learning process. Trimming unneeded information, a Taoist Trader uses less for better results, thus achieving higher effectiveness."
[12:41] {Threei}  end
[12:47] {dptl} cnq?
[12:49] {Threei}  probably worth a try long
[12:49] {dptl} lets see if it pulls back now
[12:51] {dptl} got away
[13:00] {Threei}  hey, fear not: president will speak of job report any minute now
[13:01] {Threei}  that'll fix things
[13:01] {dino} gco stop
[13:05] {scottie} .
[13:05] {Threei}  good point
[13:14] {dptl} slb?
[13:16] {Threei}  short if anything
[13:23] {Threei}  disregard, no trigger, ruined setup
[13:24] {dptl} bhp?
[13:25] {Threei}  looks short to me too
[13:26] {dptl} ok
[13:30] {Threei}  took it?
[13:30] {dptl} no
[13:31] {Threei}  why do I bother answering your inquiries... :)
[13:31] {Threei}  look at this beauty
[13:32] {dptl} well, i was thinking diferent, so left it alone
[13:32] {dptl} but ye nice short was it
[13:32] {Threei}  you know what your mistake was, riht?
[13:33] {dptl} tell me
[13:33] {Threei}  THINKING
[13:33] {Threei}  look at the room topic
[13:34] {dptl} you right , don't know how to get rid of this :)
[13:34] {Threei}  easy
[13:34] {Threei}  get together with nemo
[13:34] {Threei}  you will get seriosuly drunk, and he will beat the thinking out of you
[13:35] {dptl} lol
[13:35] {Threei}  he has mean roundhouse
[13:36] {Threei} Short Setup: FCX  .30 break hl
[13:38] {dptl} in
[13:38] {scottie} in too
[13:38] {Threei}  stop .45
[13:39] {dptl} chk 16 short?
[13:40] {Threei}  not sure... very narrow
[13:52] {Threei}  stop to .41
[14:02] {Threei}  half out
[14:03] {dptl} not 1:1 yet?
[14:04] {scottie} out +.12 ty
[14:04] {dptl} half out
[14:05] {dptl} where is stop now?
[14:05] {dptl} .31
[14:05] {dptl} ?
[14:05] {Threei}  .32
[14:05] {dptl} k
[14:08] {nemo} arguably this is setting up long on spy
[14:09] {dino} yes, but when? still see relatively close gap at 1257, could hit that monday gap down and pop
[14:10] {dptl} stop make me think lol
[14:11] {Threei}  seriously
[14:12] {Threei}  pour man a drink
[14:12] {dptl} ye
[14:13] {dptl} can we trail above .20 now?
[14:13] {Threei}  .25
[14:14] {dptl} k
[14:15] {Threei}  guys, I need to leave for 20 min, manage this one youself from here
[14:15] {Threei}  be back asap
[14:42] {Threei}  back
[14:43] {scottie} That's it for me. Very nice day, 4 winners in a row, thanks Vad
[14:43] {Threei}  great to hear
[14:43] {Threei}  we tend to do well on don days
[14:43] {Threei}  down
[14:43] {scottie} I can see that
[14:44] {scottie} Have a great weekend everyone
[14:44] {Threei}  you too!
[14:45] {dino} out dhi .24, +.14
[14:45] {dptl} got to go..have a good weekend all
[14:47] {Threei}  take care dp
[14:51] {dino} qsft drop
[14:52] {dino} buyout cx
[14:53] {Threei}  by DEll... yeah
[14:55] {Threei}  US) President Obama: US economy is still facing headwinds, is not growing as quickly as possible- Congress should pass laws now help states prevent more layoffs at the local level, and to fund infrastucture projects that will create construction jobs.
[14:55] {Threei}  one answer to everything - more spending
[15:04] {dino} lol, he's still talking about construction jobs 4 years later.
[15:04] {nemo} "shovel ready"
[15:04] {Threei}  hehe... "my dog produced more shovel-ready projects..."
[15:05] {nemo} higher quality output too
[15:06] {dino} lol
[15:38] {thomcbell} nice
[15:39] {Beau} finished several days working with Laser on paper.  Go for real next week.
[15:39] {Threei}  cool
[15:48] {Beau} have a good weekend you all
[15:48] {thomcbell} good weekend
[15:48] {Threei}  Ok guys, thatk you all
[15:48] {Threei}  have a great weekend
[15:48] {Threei}  see you all on Monday
[15:50] {dino} unbelievable, daughters' 11th softball game cancelled because of rain. as a coach, this is driving me nuts
[15:57] {dino} gn all