Wednesday, December 12, 2012

Dec 12 2012

Nice day, especially for a FOMC day. Even got a nice Catch of the day (yes, short FB again)

Session Time: Wed Dec 12 00:00:00 2012
[08:57] >patel> Good Morning!!!
01[08:57] >Threei>  morning patel
[08:58] >cipher> gm
01[08:59] >Threei>  cipher :)
[09:00] >dino> gm
01[09:00] >Threei>  dino :)
[09:14] >Beau> good morning
01[09:14] >Threei>  beau :)
[09:15] >thomcbell> Vad did u catch that 34.92 long break in AIG near the close?
[09:15] >thomcbell> i knew i was going to miss a good setup that last 1/2 hr
[09:16] >scottie> good morning
01[09:17] >Threei>  tbell, scottie :)
01[09:17] >Threei>  no tbell
[09:18] >thomcbell> pivot so far away on AIG
[09:18] >thomcbell> not interested in buying here
01[09:18] >Threei>  FOMC day
01[09:18] >Threei>  things will be a bit different
[09:19] >thomcbell> FB - i will be watching for an opening range breakout
[09:20] >Will49> Good morning
[09:20] >thomcbell> set up in multiple time frames including a 3 weeks tight pattern in process on the weekly
01[09:21] >Threei>  will :)
[09:22] >ese> gm
01[09:22] >Threei>  ese :)
[09:22] >ese> morning
[09:22] >ese>  vad
[09:23] >ese> 7 shows so far this december of various kinds and i haven't seen you out at any of them vad.............hmmmmmmmm
01[09:24] >Threei>  sorry... with vacation coming, not much time on hand
[09:24] >ese> 2 this next and i'm outta the woods..............i will have escaped another Christmas performance barage alive
[09:28] >ese> where you going on vacation.......
01[09:28] >Threei>  hawaii
[09:28] >ese> nice
01[09:29] >Threei>  that's what my camera said when I told it
[09:29] >ese> i hear all that nice weather is bad for you
[09:29] >ese> just a rumor of course
01[09:29] >Threei>  yes but I am willing to suffer
[09:30] >ese> someone has do it
01[09:32] >Threei> Long Setup:  AIG  .70 break
01[09:32] >Threei>  If holds  .60
[09:33] >patel> dang 2 quick...
01[09:33] >Threei>  1L1
[09:33] >Will49> missed
[09:33] >dino> incy hl l .50
01[09:33] >Threei>  don't buy pullback yet
01[09:34] >Threei> Long Setup:  FB  .05 break hl
01[09:34] >Threei>  If holds  .95
01[09:35] >Threei> Long Setup:  AIG  .55 break
01[09:35] >Threei>  If holds  .50
01[09:35] >Threei>  Invalidated
01[09:36] >Threei> Long Setup:  AIG  .50 break
01[09:36] >Threei>  If holds  .40
[09:36] >ese> L cie .60
[09:37] >ese> 1/2
[09:37] >dino> out incy .74, +.24
01[09:37] >Threei>  no go AIG
[09:38] >thomcbell> lvs long setup 45.07 break oif holding 45
01[09:38] >Threei>  SPY breaks down
[09:38] >ese> out cie.98 +.38
[09:40] >cipher> cost l .64
[09:40] >cipher> ulta l .70
01[09:41] >Threei> Long Setup:  X  .55 break
01[09:41] >Threei>  If holds  .45
[09:41] >dino> cost hl l .73
01[09:41] >Threei>  1:1 in a hurry
[09:41] >cipher> out cost .97+.33
[09:44] >cipher> cost l. 55
01[09:44] >Threei> Long Setup:  RHT  .10 break
01[09:44] >Threei>  If holds  51
01[09:45] >Threei>  hl
[09:45] >cipher> out cost -.16
01[09:46] >Threei>  change to .05 break
01[09:46] >Threei>  If holds  .95
01[09:48] >Threei>  Invalidated
[09:49] >ese> L cie .94
[09:49] >ese> sorry late call moving to fast
[09:49] >nemo> fcx
[09:49] >thomcbell> i took the trade lvs
[09:49] >patel> nice call on LVS tbell
[09:49] >thomcbell> 45.27
01[09:50] >Threei> Short Setup: FB  .85 break
01[09:52] >Threei>  ha;f out
[09:53] >ese> out cie .17 +.23
01[09:56] >Threei> Short Setup: WMT  .20 break hl
[09:57] >dino> gj
[09:57] >dino> cost=pulp
01[09:57] >Threei>  If holds  .30
01[09:58] >Threei>  FB target 1:3
01[09:58] >Threei>  Invalidated  WMT
01[10:00] >Threei>  Boehner on TV soon
01[10:00] >Threei>  after "closed door meeting"
01[10:01] >Threei>  is there any other kind?
[10:01] >patel> BBY 12.14/12.04 thoughts
01[10:02] >Threei>  no read
[10:02] >patel> okay
[10:02] >dino> 07 red
[10:03] >patel> market doesnt like boehner
01[10:03] >Threei>  (US) US House said to be considering a vote on fiscal cliff after Christmas - Politico- Majority Leader Cantor (R-VA) is telling House GOP members to expect to be in town and in session on Christmas Eve.
[10:03] >dptl> good morning
01[10:03] >Threei>  (US) Senate Majority Leader Reid (D-NV): Very little progress has been made in fiscal cliff talks
01[10:03] >Threei>  dp :)
01[10:04] >Threei>  (US) US House Speaker Boehner reiterates President Obama has not brought a balanced approach
01[10:05] >Threei>  - Majority Leader Eric Cantor (R-VA): Discussion from Democrats has only been on one side of the ledger, regarding taxes
[10:05] >dino> out cost .23, +.50 toughie
01[10:07] >Threei>  stop to .81
01[10:11] >Threei>  to .76
[10:12] >dptl> cog .40 long ?
01[10:12] >Threei>  1:2
[10:12] >thomcbell> long setup aig 35.20 break if holding 35.10
01[10:12] >Threei>  COG, yeah
[10:14] >dptl> in .41
[10:14] >thomcbell> AIG has yet to trigger - like it more now if it does now
[10:14] >thomcbell> the market very wishy washy though
[10:15] >thomcbell> target is 1:2 on AIG
01[10:16] >Threei>  1:3, out
01[10:16] >Threei>  whew
[10:16] >patel> nice trade
[10:16] >Will49> tks Vad
[10:17] >patel> I left FB alone this time and it worked.
[10:21] >thomcbell> FB - sometimes a failed long setup is the best time to short
[10:21] >patel> I agree tbell
01[10:21] >Threei>  plus yesterday's history of rug pulls
[10:21] >patel> yesterday after a failed long
[10:21] >patel> it worked great
[10:22] >patel> and did today as well
01[10:22] >Threei>  rewmember my musings yesterday about the way FB started trading, as a template for future trades?
01[10:23] >Threei>  12:35] >Threei> thisd is third rug pull today on FB
01[10:23] >Threei>  [12:38] >dino> just walk away
01[10:23] >Threei>  [12:38] >dino> "better worlds than this"
01[10:23] >Threei>  [12:38] >Threei> no, not interested in it for today
01[10:23] >Threei>  [12:38] >Threei> just making an observation to get an idea how to play it from now on
[10:24] >thomcbell> short setup slw 37.35 break if holding 37.43
[10:24] >dino> aap spike
[10:24] >thomcbell> target is 1:2
01[10:25] >Threei>  visual
01[10:25] >Threei>
[10:26] >nemo> look at cie
[10:27] >thomcbell> slw invalidated
01[10:28] >Threei>  COG slowly working
[10:29] >dino> avd sm l .71 gappy trader
[10:29] >dptl> half out cog
[10:30] >dptl> out rest
[10:33] >thomcbell> stopped aig -.11
[10:34] >dptl> met .65 short?
01[10:35] >Threei>  can't tell
[10:35] >dptl> k
[10:38] >nemo> cie broke range
[10:39] >patel> CIE nice wedge off of the 5 minute chart
[10:40] >nemo> had that dead period, quick flush down to vwap then the break in the other direction
[10:46] >thomcbell> aig 35.15 break if holding 35.05
[10:49] >dino> asps pulp
01[10:49] >Threei>  lol:
01[10:49] >Threei>  George Takei
01[10:49] >Threei>  If we all carved 12/21/3012 onto walls and caves today, think how many people we'd freak out in 1000 years.
[10:56] >thomcbell> aig stopped again -.05 - not my day
[10:57] >nemo> turning into a fed range day
[10:57] >thomcbell> it sure is
[10:57] >dino> volume dropping, scanners slow
[10:57] >dptl> what time?
[10:57] >dino> 12:15
[10:57] >nemo> so, at best, buy support, sell resistance, breakout plays will be low probability
01[10:57] >Threei>  right
01[10:57] >Threei>  breakdowns, maybe
01[10:58] >Threei>  like AIG is trying to form now
[10:59] >nemo> finnies flatline, spy scraping lows with daily pivot below.  iwm hanging near Weekly R2
[10:59] >nemo> and bonds moving higher
01[11:03] >Threei> Long Setup:  WMT  .30 break hl
01[11:03] >Threei>  If holds  .20
[11:03] >dino> esio hl l .89
[11:06] >dino> joy drop
01[11:07] >Threei>  Invalidated
[11:15] >dptl> anf .70 short if stays under .80 ?
[11:15] >dino> retailers not doing much last few days, jwn, pir, kss
01[11:20] >Threei>  market starts reversing to the upside
01[11:21] >Threei>  not ready to jump into longs, but short plays are on hold
01[11:24] >Threei> Long Setup:  GLD  .80 break hl
01[11:24] >Threei>  If holds  .70
01[11:27] >Threei>  Equity markets in Asia and Europe tested YTD highs ahead of the FOMC meeting this afternoon. US markets have been much less frothy as Democrats and Republicans signal another deadlock in the fiscal cliff negotiations
01[11:27] >Threei>  - The FOMC decision is a three-act drama today: the policy statement drops around 12:30ET, economic forecasts come at 14:00ET and Chairman Bernanke's press conference is at 14:15ET. Analysts expect Operation Twist to be replaced with unsterilized Treasury purchases of roughly the same size. The Fed has signaled that it would like to supplement or replace its calendar-based guidance at some point, but that change is not expected today. Markets are also waiting for a definition of what constitutes a "substantial" improvement in labor market conditions to warrant phasing out the Fed's net asset purchases.
[11:32] >nemo>
[11:33] >dptl> lol
[11:33] >Will49> good one
[11:33] >scottie> lol
[11:33] >dptl> feels like i just looked in the mirror
01[11:33] >Threei>  lol
01[11:36] >Threei>  let's trail GLD to .74
[11:41] >dptl> whats up with jcp?
01[11:41] >Threei>  Deutche ban upgrade
01[11:41] >Threei>  bank
[11:42] >dptl> i see ty
[11:42] >patel> Threei: I am in DG long
[11:42] >patel> from 43.28 with a 43.16 stop
01[11:43] >Threei>  wow
01[11:43] >Threei>  what kind of entry is this
01[11:43] >Threei>  43 break was a valid setup,
01[11:43] >Threei>  43.15, so so but still OK
01[11:44] >Threei>  but .28 is entry into spike with no consolidation
01[11:44] >Threei>  not my kind at all
[11:44] >patel> I wanted the HOD of the to break before going in.
01[11:44] >Threei>  not sure I understand
[11:46] >dptl> met .70 long?
01[11:47] >Threei>  yeah
[11:48] >dptl> in .60 stop
01[11:48] >Threei>  patel... it works but don't let it fool you
01[11:49] >Threei>  this kind of entries will hurt much more often than not
[11:49] >dino> avd to .12
01[11:49] >Threei>  buy breakouts of consolidation range, not spikes
[11:50] >patel> okay
[11:50] >dino> to .19
[11:50] >dino> out avd .20, +.49
[11:51] >Will49> sweet
[11:51] >dino> ty, took awhile
[11:51] >robbers> wtg dino
01[11:51] >Threei>  nice one
[11:51] >dino> ty
01[11:56] >Threei>  1:1 GLD
[11:57] >Will49> tks Vad
01[11:58] >Threei>  1:2m out
01[11:58] >Threei>  yw
01[11:59] >Threei>  no news
01[11:59] >Threei>  who knows why it sat on its butt for half an hourm then spiked to 1:2 in one minute
01[11:59] >Threei>  but I'll take it
[12:00] >robbers> Nice call, Vad, regardless of the time it took.
[12:01] >Will49> yeah, I can sit on MY but for trades like that
[12:01] >Will49> butt
01[12:05] >Threei>  MET will make dp blue in face, like in that nemo's gif, lol
[12:06] >dptl> lol yea
[12:13] >thomcbell> FB remains vulberable
01[12:13] >Threei>  vulberable = vulnerable + unbearable?
[12:13] >dptl> look at .75 offer met :)
[12:14] >dptl> it's not me lol
01[12:14] >Threei>  good
01[12:14] >Threei>  it'll act a a magnet, and when it slices through that offer, stock will spike up hard
01[12:16] >Threei>  sheesh GLD
[12:16] >dptl> i think that dude just canceld it
01[12:17] >Threei>  some of it got taken, and he ran away not to be steamrolled
[12:17] >thomcbell> aig at the pivot here 34.88
01[12:17] >Threei>  not much difference, it acts almost the same on the stock
01[12:18] >Threei>  lifting such offer signifies strength and conviction, offer ruinning away signifies lack of confidence by sellers... either is b'ullish
[12:18] >dptl> i took half out here
01[12:19] >Threei>  yup
[12:20] >dptl> stop to b/e
01[12:20] >Threei>  who put gold against the wall and called for firing squad?
[12:21] >nemo> finnies been strong all day, market will like the news
[12:25] >thomcbell> long setup FB 27.48 break if holding 27.38 target 27.68
[12:25] >dptl> lets take  hod met
01[12:26] >Threei>  >MET> yes sir
[12:26] >dptl> :)
[12:27] >thomcbell> aig making an attempt to hold the pivot here
[12:28] >thomcbell> could be noise due to Bernanke
[12:28] >nemo> guys you might want to get flat NOW!
[12:29] >nemo> you could get caught in some messy algo arbitrage
[12:30] >nemo> bonds are strong along with finnies weird
01[12:30] >Threei>  *FOMC HOLDS FED FUNDS RATE TARGET AT 0.25% (AS EXPECTED):DROPS 2015 FROM STATEMENT- Vote 11-1 (Jeffrey M. Lacker again dissents; opposing additional asset purchases)
[12:31] >dptl> cheezzz    out some more
01[12:31] >Threei>  gold ate firing squad
01[12:31] >Threei>  and spat out bones
01[12:31] >Threei>  I'd be out in full dp
[12:31] >thomcbell> FB 1:1 for an 1/8 of a second
[12:31] >nemo> bonds collapsing
01[12:32] >Threei>  - Adopts monetary policy thresholds; employment rate at 6.5%, inflation at no more than 2.5%
[12:32] >dptl> just 100 sh left
[12:32] >dptl> ok out
01[12:33] >Threei>  this kind of move is great if you positioned right before, which you were,
01[12:33] >Threei>  but don't stick around for too long,
[12:33] >nemo> first they squeeze the shorts, now they squeeze the longs, 3rd move is likely direction
01[12:33] >Threei>  it usually whipsaws
01[12:33] >Threei>  see?
[12:34] >dptl> ye...crazy
[12:34] >nemo> they're going to buy 45B a month in mortgage bonds too
[12:34] >nemo> nasty shit
[12:34] >nemo> oh, sorry...fecal matter
[12:34] >dptl> lol
[12:35] >nemo>
[12:38] >thomcbell> stop to break even on FB
[12:39] >nemo> being in a trade before the announcement...must have a horseshoe up ur ass
[12:40] >thomcbell> slw and gdx strong
[12:43] >thomcbell> stop to 27.55 on FB
[12:45] >dptl> jcp .45 long?
[12:45] >dptl> away
[12:46] >thomcbell> very nice boring play on met
[12:46] >thomcbell> perfect
[12:47] >thomcbell> FB stop to 27.58
[12:47] >dptl> :)
[12:50] >thomcbell> gdx looks like it has room
[12:50] >thomcbell> higher
[12:52] >thomcbell> FB close enuf out 27.67 mear 1:2
[12:52] >dptl> ye gold run up like 10 bucks in half an hour
[13:02] >thomcbell> slw 38 break if holding 38.08
[13:03] >thomcbell> cacncel slw
01[13:05] >Threei> Short Setup: RIMM  .20 break
01[13:05] >Threei>  If holds  .25
[13:05] >scottie> not in short list
[13:05] >_syncc> Hey guys, got distracted this morning, but now im here. I missed a good morning
01[13:05] >Threei>  you did
[13:05] >_syncc> speaking of rimm, whoa.
[13:07] >scottie> dri s .10 if holds .20 ?
[13:07] >_syncc> Hey Vad, you are Ukranian right?
01[13:07] >Threei>  by country of exodus
[13:08] >_syncc>
01[13:08] >Threei>  can't tell scottie
[13:08] >_syncc> saw this last night :)
01[13:08] >Threei>  50/50
[13:08] >scottie> tks
01[13:08] >Threei>  lol
[13:09] >thomcbell> wowwy gdx and slw
[13:10] >_syncc> wowwy abx :)
[13:11] >nemo> careful, everybody thought they would extend purchases this is whacky
[13:11] >dino> esio stop .86, -.03
[13:11] >_syncc> when you say -.03, this is negative three cents right? not a percentage?
01[13:12] >Threei>  yes
[13:12] >_syncc> ty
[13:12] >dino> yes
01[13:13] >Threei>  RIMM half out
[13:18] >dptl> got to go...see ya tomorrow all
[13:18] >Will49> be good dp
[13:19] >scottie> dp
01[13:19] >Threei>  take care dp
[13:20] >dptl> :) i'll try Will...just think of me when you look at that gif file Nemo
[13:21] >dptl> i am gonna make it wallpaper on my comp :)
[13:22] >_syncc> Vad, you out of rimm yet, or still half?
[13:22] >Will49> lol
01[13:23] >Threei>  second half is being stopped if stock moves beyond breakeven
01[13:23] >Threei>  .21 in this case
01[13:24] >Threei>  remember instructions how partial/trail routine works?
[13:25] >_syncc> "Scalpers take full exit at this level; day traders take first partial and trail their stop under the breakeven point"
[13:25] >_syncc> but it says under the BE point???
01[13:25] >Threei>  under for long
01[13:25] >Threei>  above for short
[13:25] >_syncc> ohh, got it
01[13:25] >Threei>  :)
[13:25] >_syncc> but then wouldnt you lose money is under for long and above for short
[13:26] >_syncc> if under**
01[13:29] >Threei>  1 cent under?
01[13:29] >Threei>  shrug
[13:29] >_syncc> lol
01[13:29] >Threei>  your actions are determined by market action
01[13:29] >Threei>  market action says:
01[13:30] >Threei>  here is former resistance which served as your trigger if broken,
01[13:30] >Threei>  now it's a support,
01[13:30] >Threei>  if pullback goes under it, support is no longer holding thus your long is no longer valid. Close your position.
01[13:31] >Threei>  That's why you trail your long stop under support, which is b.e point
01[13:31] >Threei>  see the logic?
[13:31] >_syncc> and the stop is always a few pennies under the support?
[13:31] >_syncc> what about whipsaws though?
[13:32] >_syncc> (for long btw)
01[13:32] >Threei>  one penny
01[13:33] >Threei>  what about them?
01[13:33] >Threei>  they happen
01[13:33] >Threei>  market is not an environment where anything happens always, or never
01[13:33] >Threei>  you go with "most often"
[13:34] >dino> think probabilities
01[13:34] >Threei>  yup
[13:35] >_syncc> and most often is whipsaws do not occur, hene the one penny under the support?
[13:35] >_syncc> hence**
01[13:35] >Threei>  most often lost of support results in trade reversal
01[13:35] >Threei>  and sometimes they rinse
01[13:35] >Threei>  we hate rinses,
[13:35] >dino> emn spike
01[13:35] >Threei>  but if you try to avoid them, you will blow your stops
01[13:36] >Threei>  and those trades that are legit reversals will kill you
[13:36] >_syncc> so stick with the stops
01[13:36] >Threei>  this is called random reinforcement by the market, and is one of market's most dangerous "features"
01[13:37] >Threei>  let me throw one link your way
01[13:37] >Threei>
[13:38] >scottie> aet l .40 if holds .30 ?
[13:38] >_syncc> just to clear things up: you said that once the trigger is broken, that level becomes the support, but on the instructions it says that the stop is placed under the "if hold" level. For example break 10 if hold 9.90, stop placed under 9.90?
01[13:39] >Threei>  I'd rather hunt for aggressive entry on it, scottie
01[13:39] >Threei>  right
01[13:39] >Threei>  when 1:1 is reached, this broken resistance becomes legitimate new support
01[13:40] >Threei>  not right away, otherwise you'll be a subjet of shakeout on market noise
[13:40] >_syncc> ohhhh
[13:40] >_syncc> awesome, got it now. Thanks man :)
01[13:40] >Threei>  np
01[13:41] >Threei>  go over educational blog
01[13:41] >Threei>  you will find a lot of things that will put the structure together for you
[13:41] >dino> emn hl s .75
01[13:45] >Threei>  you'll have whole next week to absorb it, while my wife decides whether she wants to throw me in the volcano - and more if she answers that positively
[13:46] >_syncc> Im going to have to go over the blog tonight, looks like great reading material.
[13:46] >_syncc> And marriage--not looking forward to it.
[13:46] >dino> when are you out vad/
01[13:46] >Threei>  Monday 17
[13:46] >dino> until?
01[13:46] >Threei>  back on 26
01[13:47] >Threei>  (unless wife... see above)
[13:47] >_syncc> volcano-- Hawaii perhaps?
01[13:47] >Threei>  yup
[13:47] >dino> sweet
01[13:47] >Threei>  that's what my camera said :)
[13:47] >_syncc> ever been to Switzerland
[13:48] >_syncc> your camera might break due to the beauty
01[13:48] >Threei>  imagine, last time I';/ve been to big island, I still shot film
[13:48] >scottie> AIG s .70 ?
[13:49] >dino> emn stop -.26
01[13:49] >Threei>  I think so
[13:49] >dino> dnb drop
[13:52] >_syncc> is there a potential for abx to break 36 by end of week?
01[13:53] >Threei>  yes... but how does it help you?
01[13:53] >Threei>  there is also potential for it to lose 35
01[13:53] >Threei>  and 34
01[13:53] >Threei>  forget this prediction crap
01[13:54] >Threei>  go with setups
01[13:54] >Threei>  tested, tried, proven
01[13:54] >Threei>  there is setup - there is a trade
[13:54] >_syncc> i was just looking at my TA, and it shows me resistance at 36....
01[13:54] >Threei>  no setup, no trade
[13:54] >thomcbell> i think aig is 2 sided 34.78 break up and 34.68 break down
[13:55] >dino> rsistance can last a long time
[13:56] >nemo> we're bernanke range bound
[14:07] >dino> what time bernie?
[14:08] >thomcbell> gdx and slw day highs
[14:08] >thomcbell> despite lagging gld
01[14:08] >Threei>  14:15
[14:09] >dino> ok
[14:09] >dino> taking a little break. in capits/euphoria mode until close
[14:13] >thomcbell> Vad i just got my copy of Master and Margarita from Amazon
[14:13] >nemo> which version though?
01[14:14] >Threei>  which translation?
[14:14] >nemo> original unedited, or soviet approved?
[14:14] >thomcbell> Michael Glenny
[14:15] >_syncc> isnt the original by bulgakov
[14:15] >_syncc> thats the copy I have
01[14:15] >Threei>  I don't know that translation, tbell
[14:15] >thomcbell> ok
01[14:16] >Threei>  one I found to be really good was by Pevear and Volokho
01[14:16] >Threei>  yes syncc, but original is written in Russian... :0
[14:17] >_syncc> oh michael glenny is the translator..
01[14:17] >Threei>  and you need a really good translation, this is not a manual where you look for accuracy
[14:17] >_syncc> thats mine
[14:17] >_syncc>
[14:19] >patel> DG geez
[14:25] >nemo> looking for spy to maybe test 144
[14:28] >dino> gdi
[14:29] >dino> p/e offers mid to high 70s
01[14:32] >Threei>  did you take AIG scottie?
[14:33] >scottie> dri s .60 ?
[14:33] >scottie> no
[14:33] >dino> talking to yourself?
[14:33] >scottie> lol
[14:33] >dino> :)
[14:34] >scottie> no was the answer to Vad's question :)
01[14:34] >Threei>  lol
01[14:34] >Threei>  too bad
[14:35] >scottie> question about dri still valid though
01[14:36] >Threei>  probably
01[14:37] >Threei>  chart is right, I am just not very confident that market has more downside
01[14:37] >Threei>  but DRI is weak
[14:37] >scottie> ok
[14:41] >scottie> in .59
[14:42] >_syncc> what is your stop?
[14:42] >nemo> yeah, they're not throwing any volume at the indexes
[14:42] >scottie> .71
[14:42] >nemo> spy is at vwap, finnies too
01[14:51] >Threei>  I'd trail to .66 at this point
01[14:51] >Threei>  to protect from double bottom
[14:56] >scottie> half out .51
[14:56] >scottie> stop .61
[14:56] >dino> gj
[14:57] >scottie> ty
[14:57] >thomcbell> short setup rimm 13.25 break if holding 13.34
01[15:00] >Threei>  syncc... see how wel structured setups work?
01[15:00] >Threei>  no thinking, no guess, no projections
01[15:00] >Threei>  just follow the routine
[15:00] >_syncc> im still trying to figure out how you guys make these setups wo begin with
[15:00] >_syncc> to begin with*
[15:01] >_syncc> i can read what you guys are saying, but where does it come from
[15:01] >patel> ahhhhh not on short list
[15:01] >thomcbell> scalp rules on rimm
01[15:03] >Threei>
[15:04] >_syncc> everyone here took the course??
[15:04] >scottie> I did
[15:05] >dino> wow selloff
01[15:05] >Threei>  almost everyone but me
[15:05] >Will49> my next step
[15:05] >scottie> lol
01[15:06] >Threei>  but I am way behind, I haven't read MPP yet...
[15:06] >dino> syncc i read the books. but after awhile your "gut' tales over. subcon recognition i think
[15:06] >scottie> stop .56
[15:11] >_syncc> scottie, dino will etc.... is this your full time job?
[15:11] >scottie> job? what job ?
[15:12] >_syncc> i had a feeling id get sny remarks..
[15:12] >_syncc> you should all be stand up comedians
[15:12] >scottie> I'm on it full time yes, lol
[15:12] >_syncc> :)
[15:12] >Will49> learning
[15:13] >Will49> full time learning
[15:13] >scottie> I too am learning
[15:13] >thomcbell> going to flatten rimm here at 13.25
[15:13] >dino> full time trader yes, 35 hours/week. real estate speculation on the side
[15:13] >_syncc> interesting, i was going to take some real estate courses at schulich
[15:14] >_syncc> until I fell in love with accounting
[15:14] >_syncc> you wont hear too many students say that..
[15:14] >dino> i've been here w/vad since 2002 i think
[15:14] >_syncc> oh man, and youre still here
[15:14] >_syncc> Thats a positive indication
[15:15] >scottie> been here 6 months
[15:15] >dino> i have a bs in finance syncc. but it hurt me w/trading, because there is no efficient market, etc. too many book tought theories. they do not work w/tape rading
[15:15] >dino> reading
01[15:15] >Threei>  wow... a lot of selling
[15:16] >dino> only advice i can give you is to find your "edge". w/o it you are f#cked
[15:16] >dino> and remember, les is more (keep it simple)
[15:16] >scottie> out
[15:16] >Will49> good trade scottie
[15:17] >Will49> you worked it
[15:17] >scottie> tks will
[15:17] >dino> wtg scott
[15:17] >scottie> and dino
01[15:18] >Threei>  dino... and when you say "les is more," you mean our switzerland friend, right?
[15:18] >nemo> Less Les is more
[15:19] >nemo> no les best
[15:19] >_syncc> interesting dino
[15:21] >dino> lol vad, no i mean less, typo. but for me my edge is to find my setups and keep it simple
[15:22] >dino> imo syncc, you must find your edge. what wors for you. million ways to trade, must find yours
[15:22] >dino> wors=works
[15:22] >_syncc> that isssss why im trialing this chatroom
[15:23] >_syncc> unless i take the course, I will probably just follow along with the trades you guys say
01[15:23] >Threei>  it's not unless
[15:23] >_syncc> although, I am not sure if day trading is for me, Im too emotional
[15:23] >dino> become a machine or you will die
01[15:23] >Threei>  market will cure that rather fast, lol
01[15:24] >Threei>  emotions turn off at 9:30 and on at 4 om
01[15:24] >Threei>  between that, it's pure execution
[15:24] >dino> one missed stop will destroy a week of great trades. you must be a machine w/stops
01[15:25] >Threei>  when you buy an apple, you exchange money for nutrients. Do you get emotional about that?
[15:25] >dino> further, depending on your style 3 or 4 stops a day may be fine. typically i have 2 to 3 and do ok
01[15:25] >Threei>  when you buy a stock, you exchange money for potential profit
01[15:25] >Threei>  don't get emotional about that either'
01[15:25] >Threei>  you may get bad apple
01[15:25] >Threei>  and you may get bad trade
01[15:26] >Threei>  both are subject to discarding
01[15:26] >Threei>  and moving on to the next
01[15:26] >Threei>  none is subject to emotions
[15:26] >dino> or... if a stock hits your stop ditch like a cheating girlfriend. both only emotionally mess you up
[15:27] >_syncc> ahahahah
[15:27] >_syncc> best analagy yet, dino
[15:27] >thomcbell> lets be honest - rimm trades great
[15:27] >thomcbell> lol
[15:27] >_syncc> but I do see the logic behind what you are saying Vad and Dino, it is going to take time for me. An entirely new mindset..
[15:27] >_syncc> I concur, thomcbell
[15:28] >dino> as the greatest trader ever said; i loss only bothers me until i take it. (jesse livermoore, rem. of a stock trader). think about it. once the loss is taken, you move on. awesome book by the way
[15:29] >_syncc> that's true. It does eat at you until you take the loss. Good idea to put stops in when you are in a clear state of mind, and let your stretegy play things out
[15:29] >dino> 07 still red, wow
[15:30] >dino> syncc. profits=luck, stops=skill. make stops your religion
01[15:31] >Threei> Short Setup: FB  .60 break
01[15:31] >Threei>  If holds  .70
01[15:36] >Threei>  SPY went red
01[15:41] >Threei>  let's keep stop .66 here
[15:43] >dino> 3 pm pattern is to go short an up market
[15:46] >dino> 07 red again
01[15:53] >Threei>  time's running out
[15:53] >_syncc> well im off, thanks guys for your insights
01[15:54] >Threei>  take care syncc
[15:54] >patel> alright guys
[15:54] >patel> take care
[15:54] >Will49> c ya patel
01[15:56] >Threei>  scratching FB
01[15:56] >Threei>  thank you all
[15:56] >Will49> TTFN everyone
01[15:56] >Threei>  have a great evening, see you tomorrow
[15:57] >dino> gn all, thx for ideas
[15:57] >scottie> gn everyone