Thursday, October 11, 2012

Oct 11 2012

Very nice day with one winning trade after another, very tight risk control and solidly in the black...  and ending with very cute quick scalp on last seconds. Changes the tune of this admittedly rough week.

Session Time: Thu Oct 11 00:00:00 2012
[09:10] {scottie} good morning
01[09:10] {Threei}  morning scottie
[09:12] {goryl} gm
01[09:12] {Threei}  goryl :)
[09:14] {goryl} Vad, did u ever use bats to route ur orders?
01[09:14] {Threei}  no, but mostly because I am lazy
[09:15] {scottie} please explain
[09:15] {scottie} well, I know it's not the ideal time, answer later
01[09:15] {Threei}  just not jumping from route to route, mostly staying with the same
[09:15] {Beau} gm
01[09:15] {Threei}  beau :)
[09:17] {goryl} checked the trade report yesterday and was surprised on how much ECN fees vary.  Some were almost as much as the commissions so i asked Nonko and they said BATS is the most reliable and cheaper.
01[09:17] {Threei}  right, plus you do know about ECN rebate, right?
[09:17] {goryl} no..
01[09:17] {Threei}  oh
01[09:18] {Threei}  ok, you pay ECN fee when you hit bid or offer;
01[09:18] {Threei}  but, if you put in offer or bid and let others hot you, ECN pays you
[09:18] {goryl} adding liquidity
[09:18] {goryl} so since we use limit orders we should be adding liquidity right?
01[09:18] {Threei}  latter case is adding liquidity; former is taking it
[09:19] {Will49} gm
01[09:19] {Threei}  unless your limit matches existing market on the opposite side
01[09:19] {Threei}  will :)
01[09:19] {Threei}  example for simplicity:
01[09:19] {Threei}  quote is 10 x 10.05
01[09:20] {Threei}  you are long from 9.90
01[09:20] {Threei}  you want to sell
01[09:20] {Threei}  if you hit 10, you pay
01[09:20] {Threei}  if you offer at 10.04 and they take you out, you get paid
01[09:20] {Threei}  so, it makes sense to lay out order in advance if you have target in mind
01[09:21] {Threei}  you can't do this all the time obviously, you'll miss to many fills
01[09:21] {Threei}  especially on breakout entries
[09:22] {goryl} ok, i'm new to this ECN business:)
01[09:22] {Threei}  however, even on those you may get rebate in case when your order is not filled, then stock returns and you get a fill
01[09:22] {Threei}  example:
01[09:22] {Threei}  you try to buy 10 break with limit at 10.02,
01[09:23] {Threei}  stock spikes too fast without filling you, so your order becomes a bid
01[09:23] {Threei}  then it pullas back from 10.05 and fills you - you get rebate
[09:23] {goryl} r the rebates applied at the end of the day?
[09:23] {nemo} spy stop hunt
01[09:23] {Threei}  you see them the same way as you see ECN fees
01[09:24] {Threei}  when you look in analysis window,
01[09:24] {Threei}  you have a line saying passthru
01[09:25] {Threei}  in the rightmost column Net
[09:25] {nemo} IWM hit Weekly S1 and is backing off, same with SPY, but that stop hunt for shorts makes me think higher
01[09:30] {Threei} Long Setup:  FCX  .35 break
01[09:30] {Threei}  hl
01[09:30] {Threei}  1:1 if you got lucky
[09:30] {scottie} nice trade, too fast
01[09:31] {Threei} Long Setup:  SLW  .50 break
01[09:31] {Threei}  If holds  .40
[09:32] {thomcbell} gdx low
01[09:33] {Threei} Long Setup:  GDX  .70 break
01[09:33] {Threei}  If holds  .65
01[09:34] {Threei}  half out .80
[09:34] {cipher} nice one
01[09:35] {Threei} Long Setup:  FCX  .30 break
01[09:35] {Threei}  stop .22
01[09:36] {Threei}  no go
01[09:37] {Threei}  rinse
[09:37] {thomcbell} short setup - lvs 43.70 break if holding 43.80
01[09:37] {Threei}  nice one
[09:38] {thomcbell} 1:1
[09:38] {thomcbell} gm trades wellout of the gate
01[09:38] {Threei} Long Setup:  POT  .05 break
01[09:39] {Threei}  change to 42
01[09:39] {Threei}  If holds  .95
[09:41] {thomcbell} covered another 1/4 lvs at 43.55
[09:42] {thomcbell} stop to 43.66 on last 1/4
01[09:42] {Threei} Long Setup:  SLW  .25 break
01[09:43] {Threei}  1:1
[09:43] {thomcbell} lovely vad
01[09:46] {Threei} Long Setup:  FCX  .30 break hl
01[09:47] {Threei}  If holds  .20
01[09:49] {Threei}  SLW 1:2, out
01[09:50] {Threei}  let's trail FCX to .24
01[09:52] {Threei}  1;1
[09:53] {thomcbell} stop on lvs to 43,50
[09:53] {thomcbell} out
[09:54] {Will49} congrats
01[09:54] {Threei}  verrrry nice one
[09:54] {thomcbell} tu
[09:54] {cipher} CAT L .30
[09:54] {thomcbell} slw angry today
[09:55] {nemo} think fast gonna go momo
[09:55] {cipher} out cat .46 +.16
01[09:55] {Threei}  wtg
01[09:55] {Threei}  FCX 1:2, out
01[09:56] {Threei}  so far so good
[09:56] {scottie} Great start Vad tks
[09:57] {cipher} aapl l .81
01[09:57] {Threei}  yw
[10:02] {scottie} T l .70 ?
[10:02] {cipher} out aapl.90 +1.09
01[10:03] {Threei}  T, looks right
[10:06] {nemo} FAST  interesting
01[10:06] {Threei}  46 break?
[10:06] {nemo} yeah, might have to buy support though
[10:07] {nemo} I think if it breaks it'll rocket
[10:07] {thomcbell} cmi looks like a long setup - but staying away
[10:07] {thomcbell} what a fade this am
[10:08] {nemo} short under 87
[10:08] {nemo} if stopped, short again at vwap
[10:10] {scottie} you think T is 2 sided ?
01[10:10] {Threei}  yup
[10:11] {thomcbell} yes
01[10:11] {Threei}  hmmm
01[10:11] {Threei}  PIMCO ?@PIMCO
01[10:11] {Threei}  Gross: He who hesitates is lost. Pride goeth before a fall. #Spain should swallow its pride and ask for help now!
[10:11] {scottie} in .59
01[10:11] {Threei}  what is he, stupid?
01[10:11] {Threei}  pride has nothing to do with it
01[10:12] {Threei}  it's blackmail0style bargaining
01[10:12] {Threei}  don't give me Greece-like conditions, then I'll ask for and accept your help
01[10:12] {Threei}  otherwise I quit and your union is done
[10:14] {goryl} damn it, my internet went down
01[10:15] {Threei}  ugh
[10:15] {goryl} vad, did u have any trades after the slw long at .25?
01[10:15] {Threei}  missed good one
01[10:15] {Threei}  yes
[10:15] {goryl} crap
01[10:15] {Threei}  FCX long for 1:2
[10:21] {nemo} Syria just blew up oil pipeline
[10:23] {cc_8} International Shipholding Corporation (NYSE: ISH) announced today that it has entered into a definitive agreement to acquire a 100% ownership interest in U.S. Ocean Services
[10:23] {scottie} T stopped
[10:23] {cc_8} Korn/Ferry International (NYSE: KFY), a premier global provider of talent management solutions, today announced that its computer network was the target of a criminal data security breach.
[10:24] {cc_8} Quest Diagnostics Says Will Cut 400-600 Management Jobs; Create 2 New Business Structures
[10:26] {cc_8} PrivateBancorp Reports $125M Debt Offering; Will Use Proceeds to Repay TARP
01[10:31] {Threei} Long Setup:  CAT  .85 break hl
01[10:32] {Threei}  If holds  .75
[10:33] {nemo} cm short .98
[10:33] {nemo} cmi
[10:33] {nemo} stop .12ish
[10:34] {nemo} oops spy and iwm look like they're going
[10:36] {cipher} bidu l .01
[10:37] {cipher} out 1/2 .19
01[10:38] {Threei}  1:1
[10:39] {cipher} out cat .97 +.18 thx
01[10:40] {Threei}  :)
01[10:40] {Threei}  1:2
01[10:40] {Threei}  out
[10:40] {Will49} another nice call Vad
01[10:41] {Threei}  I have my monments...
[10:41] {scottie} +.29 tks Master
01[10:42] {Threei}  let's see nemo puking :)
[10:42] {scottie} lol
01[10:42] {Threei}  oh, btw...
[10:42] {nemo} C&H SPY
01[10:42] {Threei}
[10:44] {Will49} Beautiful
01[10:45] {Threei}  (US) Labor Dept official indicates the decline in initial jobless claims was due to a technicality and will be likely a temporary issue
01[10:46] {Threei}  - Reminder: Earlier Initial Jobless claims came in below expectations; one of the bigger states failed to report quarterly data, which accounts for a large portion of the claims decrease
[10:46] {nemo} fast broke 46
01[10:47] {Threei}  18% Consider Vice Presidential Debate Very Important To Their Vote
01[10:48] {Threei}  I guess it's those same that think Obama picked Pol Ryan as his VP because of his competency
[10:48] {Will49} This should be a joke
[10:49] {Will49} the odd couple debating
01[10:55] {Threei} Short Setup: GM  .80 break
01[10:55] {Threei}  check in advance if it's shortable
[10:56] {nemo} s fcx .17
[10:56] {nemo} stop above .27
[10:56] {nemo} bidding .06
[11:01] {nemo} stop to .20
[11:04] {cipher} s aapl 639.52
[11:04] {cipher} cov +.52
[11:04] {nemo} wow...wish I caught that fast pun intendend
[11:06] {cipher} want aapl long 637ish
[11:06] {cipher} if it gets there
[11:07] {nemo} looking for fcx to drop to vwap
[11:07] {nemo} stop to .15ish
[11:07] {cc_8} Heartland Financial USA, Inc. (NASDAQ: HTLF) announced today that it has . entered into a definitive agreement to acquire Heritage Bank, National
[11:07] {cipher} L AAPL 637.27
[11:09] {nemo} bidding .95 fcx
[11:09] {cipher} out 1/2 +1
01[11:10] {Threei}  eeck
01[11:11] {Threei}  GM stop .86
[11:13] {nemo} FAST coming back in
[11:15] {nemo} pulling fcx bid
[11:15] {nemo} that volume spike
[11:15] {nemo} wow
[11:16] {nemo} fast
[11:16] {nemo} sorry
01[11:19] {Threei}  let's cover half GM
[11:20] {nemo} s cnx .99
[11:20] {nemo} stop .10ish
[11:21] {nemo} mmmh, stink bid .00 FAST?
[11:22] {nemo} bidding .91 fcx
[11:25] {nemo} out fcx
[11:25] {scottie} target 1:2 or 1:3 on gm Vad?
01[11:25] {Threei}  1:2
[11:25] {scottie} tks
[11:25] {nemo} l fast .12
[11:25] {nemo} stop under .00
[11:27] {nemo} ow
[11:27] {nemo} looking for bounce at .75 level
[11:28] {nemo} rinse
[11:28] {nemo} fcx
[11:28] {nemo} sorry
01[11:29] {Threei}  scalpers win
[11:30] {nemo} wlt .15 offer
[11:32] {scottie} aig s .80 ?
01[11:32] {Threei}  not sure
[11:33] {scottie} looks like c&h ?
01[11:33] {Threei}  just a bit narrow today
[11:33] {scottie} tks
[11:34] {nemo} joy
[11:34] {nemo} sorry
[11:35] {scottie} etn l .20 ?
[11:35] {nemo} chk offer
[11:35] {nemo} right at the 200 day SMA
[11:39] {nemo} almost worth buying with a stop under .10, let's see if we get a flush first
[11:39] {thomcbell} fcx 2 sided - 41.17 and 41.20
[11:40] {thomcbell} fcx 1:1
[11:42] {nemo} scratching CNX
[11:43] {thomcbell} fcx 1:2 and closed
[11:44] {Will49} salutee
01[11:44] {Threei}  wtg
[11:52] {cipher} aapl l 634.03
[11:54] {thomcbell} fcx lot of fight
[11:57] {cipher} out 1/2 aapl 635.36 +1.33
[12:06] {thomcbell} long small dg
[12:09] {thomcbell} out dg 49.59
[12:13] {thomcbell} wow this dltr down much more than the other two
[12:19] {thomcbell} fcx was another entry there potentially with 41.33 stop
[12:19] {thomcbell} 41.28  break
01[12:24] {Threei} Long Setup:  GM  .83 break
01[12:24] {Threei}  If holds  .80
01[12:25] {Threei}  negligible risk, aggressive entry for .90 break
01[12:29] {Threei}  plan is to all first partial just under .90
[12:29] {thomcbell} covered remaining fcx
01[12:30] {Threei}  and ride the rest for the break
01[12:34] {Threei}  come on GM, push
01[12:35] {Threei}  so, while we are waiting on this one, get this little story
01[12:36] {Threei}  having a meting with local business association that showed interest in using some of my photos in their marketing, I put some of shots I wanted to show them on my tablet
01[12:36] {Threei}  in a few hours, coming back home, I see notification on my computer from Google:
01[12:36] {Threei}  you added some photos to Instant Upload
01[12:36] {Threei}  what the deuce, thinks me,
[12:37] {Will49} dishonest Cauncks:(
[12:37] {Will49} Canucks
01[12:37] {Threei}  go to check, sure enough all photos I loaded on tablet with no slightest intention to upload them on internet, got uploaded
01[12:37] {Threei}  no will
[12:37] {Will49} kidding
01[12:38] {Threei}  google+ has default setting that uploads all photos you put on a tablet
01[12:38] {Threei}  you can turn it off,
01[12:38] {Threei}  but you need to know about its existence in a first place
01[12:38] {Threei}  which I didn't
[12:38] {Will49} ahhh I ludite
[12:39] {Will49} Will sitting here trying to get a rise out of nem
[12:39] {Will49} nemo
01[12:39] {Threei}  they are not public until you share them, but anyway, I can imagine situations where people want theit photos nowhere near internet
01[12:40] {Threei}  I mean, a couple making some home shots on their phone or tablet, for their own consumption... suddenly finding them being uploaded?? :)
[12:40] {Will49} oohhh
[12:41] {Will49} Wife has an iPad....better watch out eh?
[12:41] {dino} cmn sm l .84
01[12:42] {Threei}  no idea about Apple
[12:45] {Will49} she uses PICASA for photos
01[12:48] {Threei}  half out
01[12:48] {Threei}  btw... considering risk being next to zero, 5 lots
[12:50] {dino} nice
[12:56] {goryl} just figured a way to turn my cell phone into a hotspot.  Now i got a backup internet connection.  Take that cable co...:)
01[12:57] {Threei}  anyone's in GM and need help with trade management?
01[12:59] {Threei}  come on... 4 cents risk, yeilded 16 cents already, and no one takes it?
01[12:59] {Threei}  I am off to monasdtery
[12:59] {thomcbell} what was the entry Vaddy?
[12:59] {Will49} got .10 on a scalp tks
01[13:00] {Threei}  12:24] {Threei} Long Setup: GM .83 break
01[13:00] {Threei}  [12:24] {Threei} If holds .80
01[13:00] {Threei}  [12:25] {Threei} negligible risk, aggressive entry for .90 break
[13:00] {Beau} bought @ .83
01[13:00] {Threei}  whew
[13:01] {Beau} sm.  thought of adding but didn't
[13:01] {thomcbell} i do  really like this gm - nice relative strength of late
[13:20] {scottie} was away for a while, missed GM trade, considering the risk, it made 1:3, nice
[13:21] {scottie} you bought 5K Vad ?
01[13:23] {Threei}  yeah
01[13:23] {Threei}  with such risk, why not increase size
01[13:23] {Threei}  very thick stock, too
01[13:23] {Threei}  no slippage concern
[13:23] {scottie} Kinda guts I don't have yet, lol
01[13:24] {Threei}  ese would love this play but he is slacking today
01[13:24] {Threei}  gotta remember to rub it in his face tomorrow
[13:26] {scottie} peg .15 if holds .10 ?
01[13:27] {Threei}  probably
01[13:29] {Threei}  sklow...
01[13:29] {Threei}  -k
01[13:47] {Threei} Short Setup: FCX  .95 break
01[13:49] {Threei}  stop is above 41
01[13:49] {Threei}  (obviously)
01[13:51] {Threei}  bid half .86 - .87
01[13:51] {Threei}  hit
01[13:51] {Threei}  stop to .96
[14:06] {goryl} see u tomorrow Vad
01[14:08] {Threei}  take cre goryl
[14:31] {thomcbell} take care everyone
[14:31] {thomcbell} got to do some kids stuff
[14:32] {Will49} be good thom
[14:37] {jackharry} OUCH!! Rugby League play loses testicle after rupturing it during match and refusing to come off for treatment
01[14:39] {Threei}  god... it's painful just to read the headline
[14:54] {nemo} tna long setup, but I'm not feling it
[15:00] {nemo} funny action
[15:02] {nemo} mmhhh, indexes look long on 15 minute
[15:10] {nemo} chop chop
[15:28] {dino} strange days, scanner barely moves last few days
01[15:28] {Threei}  yes... spoke about it yesterday
[15:29] {dino} not my market, barely trading
[15:29] {dino} lots of sitting on my hands so to speak
01[15:36] {Threei}
[15:37] {scottie} wow, beautiful Vad
01[15:38] {Threei}  ty
[15:43] {Will49} did you photoshop that moon in there:)
01[15:43] {Threei}  yup
[15:43] {Will49} fabulous photo
01[15:43] {Threei}  :)
[15:44] {Will49} by the were only given permission to travel to Toronto
01[15:44] {Threei}  I am a rebel
01[15:45] {Threei}  want to make me jump fropm the bridge - hang a sign forbidding to do so
01[15:46] {Threei} Short Setup: FCX  .80 break
01[15:46] {Threei}  kast coksing scalp
01[15:46] {Threei}  last clsing
01[15:46] {Threei}  closing
01[15:46] {Threei}  there... I made it
01[15:46] {Threei}  If holds  .85
01[15:49] {Threei}  took .83 aggressive
01[15:49] {Threei}  I can handle 3 cents stop
01[15:49] {Threei}  dies FCX
01[15:49] {Threei}  -c
01[15:49] {Threei}  -s
01[15:49] {Threei}  sheesh, my typing becomes worse by minute
01[15:50] {Threei}  I need to wear fins on my feet anf try to type with them... can't be any worse that it is
01[15:52] {Threei}  lol:
01[15:52] {Threei}  A key reason for Standard & Poor�s two-notch downgrade of Spain to near junk last night is the refusal of premier Mariano Rajoy to bite the bullet on a rescue. His "hesitation" is "potentially raising the risks to Spain�s rating".
01[15:52] {Threei}  By contrast, Moody�s said earlier that it will cut Spain to junk if it DOES request a bail-out. What a marvellous mess.
01[15:52] {Threei}  man... what a frikin bunch of clowns
01[15:55] {Threei}  worth reading:
01[15:55] {Threei}
01[15:56] {Threei}  sell faster FCX, time's running out
01[15:58] {Threei}  1 min left
01[15:59] {Threei}  out .76
01[15:59] {Threei}  nice end to a nice day
01[15:59] {Threei}  thank you all, have a greate evening
01[15:59] {Threei}  see you tomorrow
[15:59] {Will49} Tks Vad
[16:00] {scottie} out +.04, nice scalp to end a great day, tks Vad
01[16:00] {Threei}  :)
[16:00] {scottie} gn all
[16:00] {robbers} thanks Vac
[16:01] {robbers} My typing is copying Vad's now.  Thanks.