Wednesday, September 4, 2013

Sept 04 2013

What was developing as a nice day, ended about flat with a few stops closer to the end of the sessions. Oh well, market transition days are often like this - takes a few sessions to readjust. There has been interesting discussion about trading platform and pivot point levels though, so make sure to read up on that. 

Session Time: Wed Sep 04 00:00:00 2013
01[09:15] {&Threei}  yawn
01[09:15] {&Threei}  nemo, have a look what happens in this quiet town:
[09:18] {Will49} gm
[09:18] {RonS} gm
01[09:19] {&Threei}  will, ron :)
[09:21] {dino} gm
01[09:21] {&Threei}  dino :)
[09:21] {cipher} gm
01[09:21] {&Threei}  cipher :)
01[09:22] {&Threei}  I wonder what would have happened to those dogs were the cougar a bit more hungry
[09:25] {bbobr} gm
[09:25] {Alexs} gm
01[09:25] {&Threei}  bbobr, alex :)
01[09:29] {&Threei} Short Setup: GDX  28 break
01[09:30] {&Threei}  If holds  .10
[09:31] {cc_9} gm all
01[09:31] {&Threei}  cc9 :)
01[09:32] {&Threei}  Apple Inc Tech blogs speculate that a new television product to be possibly unveiled at the Sept 10th event
[09:32] {nemo} I love speculation
01[09:32] {&Threei}  no go
[09:34] {dino} gwre sm l .80 gappy
[09:35] {dino} stop gwre .50, -.30
01[09:36] {&Threei} Long Setup:  C  .45 break
01[09:36] {&Threei}  If holds  .40
01[09:38] {&Threei}  1:1
[09:39] {cc_9} FRAN monster gap down
[09:40] {dino} gwre sm l .50
01[09:41] {&Threei}  1:2
[09:41] {dino} out gwre .00, +.50
01[09:41] {&Threei}  wtg
[09:41] {dino} abm sm l .78
01[09:42] {&Threei}  Alex, hope it helps aleviate your dislike of C in the morning
[09:42] {dino} ty
[09:42] {Alexs} :)
01[09:44] {&Threei}  1:3, out
[09:45] {Will49} nice Vad tks
01[09:45] {&Threei}  can we say we got our fait share from this bank?
01[09:45] {&Threei}  fair
01[09:45] {&Threei}  yw
01[09:47] {&Threei}  UK PM Cameron: 'I accept that Britain can't be part, and won't be part, of any military action' on Syria
[09:48] {Alexs} progressives want more
01[09:48] {&Threei}  they always do
01[09:48] {&Threei} Long Setup:  JCP  .40 break
01[09:48] {&Threei}  If holds  .35
01[09:51] {&Threei}  come on, really?
[09:54] {dino} ubnt sm l .70
[09:56] {Alexs} jcp double top?
01[09:57] {&Threei}  can't tell
01[09:57] {&Threei}  watching WMT for long etnry
01[09:58] {&Threei} Long Setup:  WMT  .80 break
01[09:58] {&Threei}  If holds  .75
01[09:59] {&Threei}  *(US) SEPT IBD/TIPP ECONOMIC OPTIMISM: 46 V 46.0E
01[09:59] {&Threei}  1:1
[10:00] {dino} cboe hl l .95
[10:01] {cc_9} iWatch release today ?
[10:01] {Alexs} you mean samsung
01[10:02] {&Threei}  General Motors Corp Reports Aug US sales +14.7% y/y at 275.9K units v 267Ke
01[10:02] {&Threei}  General Motors is undead
01[10:02] {&Threei}  04 Sep 09:58 [NSANY] Reports Aug US vehicle sales +22% y/y
01[10:03] {&Threei}  huh... I bought no Nissans this year...
[10:05] {dino} sm l fran .93
[10:10] {dino} stop to .99 ubnt
[10:10] {dino} stop to .20 cboe
[10:10] {dino} stop to .24 abm
[10:11] {dino} out abm .24, +.46
[10:11] {dino} ubnt to .10
[10:14] {dino} out ubnt .20, +.50
[10:14] {Alexs} nice trading dino wtg
[10:14] {dino} ty buddy
[10:15] {ese} mornin slept in
[10:15] {nemo} yahoo grind up day
[10:16] {dino} to your corner ese
[10:16] {Alexs} msft short .20?
[10:17] {dino} out cboe .19, +.24
01[10:17] {&Threei}  1:2
01[10:17] {&Threei}  took its time but what's our hurry
[10:17] {dino} out fran .97, +.04
01[10:18] {&Threei}  hey Alex, we are getting our fair share from the biggest retailer in the world
01[10:18] {&Threei}  morning ese
[10:18] {Alexs} very progressive
01[10:19] {&Threei}  not sure about MSFT
01[10:19] {&Threei}  I'd prefer to short into bounce
[10:19] {Alexs} k
01[10:19] {&Threei}  ese, I assume first day in school took all your energy
01[10:20] {&Threei}  you may be forgiven... but let it be the last time
[10:22] {ese} got that right vad
[10:22] {ese} ok
[10:26] {dino} panw sm l .38
[10:27] {fish_49} ese what subjects do you teach?
[10:27] {Will49} beer drinking
01[10:28] {&Threei}  out last part on a trail
[10:28] {dino} fran sm l .83
[10:30] {ese} band and mathematics fish
[10:30] {nemo} definitely not English
[10:31] {ese} wanted to teach beer drinking but the students said no.........the staff wanted me to go ahead with it
[10:32] {dino} kmi drop
[10:32] {nemo} then of the course there was the birth certificate alteration class so you could molest the students legally
01[10:33] {&Threei}  you have weird students... they said no to beer?
[10:33] {nemo} sheesh...where did that come from
[10:33] {dino} sm l .76 kmi
[10:33] {fish_49} nemo weird today
01[10:33] {&Threei}  today??
[10:33] {fish_49} Im mean lil more weird than any other day
[10:33] {fish_49} lol
[10:33] {nemo} nice setup fish
[10:34] {ese} is too tame for them
01[10:34] {&Threei}  weird day is when nemo is not weird
[10:34] {fish_49} yea I did notice somedays he says very lil
[10:34] {nemo} see how long it took for Vad to pounce, his fingers were moving before his mind new it read your comment
[10:34] {fish_49} not often
[10:35] {nemo} wow, that was one of the more amazing examples of being in Zen I've seen in a while
06[10:35] * &Threei takes a bow
[10:36] {nemo} really think you should bend over in front of me?
01[10:36] {&Threei} Short Setup: MCD  .90 break
01[10:36] {&Threei}  If holds  95
[10:36] {fish_49} Nemo on a perversion roll today
01[10:37] {&Threei}  again...
[10:37] {nemo} always on a perversion roll, just dependent on commentary
01[10:37] {&Threei}  today?
[10:37] {nemo} don't tell 'em about the sheep vad
01[10:37] {&Threei}  and your knee high boots?
[10:38] {nemo} with high heels no less
[10:39] {dino} out kmi .00, +.25
[10:44] {dino} out fran .99, +.16
01[10:46] {&Threei}  1:1
[10:46] {robbers} Out half at .76
01[10:47] {&Threei}  today is good day for progressives, Alex... getting our fair share from big bank, biggest retailer and biggest fast food chain. We will show them how to exploit proletariiat
[10:48] {ese} kmi perfect hammer pattern there Dino
[10:48] {nemo} vodka?
[10:48] {nemo} mjn looking interesting
[10:49] {nemo} could bounce to the .30ish area first though
[10:50] {nemo} looks like iwm and spy might want their 50 day
[10:52] {dino} panw to b/e
[10:52] {ese} L tivo .05
[10:52] {dino} wrld drop, thin
[10:53] {dino} cboe drop
[10:59] {dino} out panw flat
[11:07] {nemo} bidu very weeka
[11:07] {nemo} weak
[11:07] {ese} Okay I'll little off my game I get that been away for a while for the month of August but Man!!! can  anything slower than tivo
[11:08] {ese} out tivo .10 +.05
[11:10] {nemo} 102.02 50 day on iwm
[11:10] {nemo} 166.22 on spy
01[11:11] {&Threei} Short Setup: GM  35 breal
01[11:11] {&Threei}  If holds  .10
[11:16] {dino} busy morning, but don't want to chase these moves
[11:17] {dino} ax murderer market, imo
[11:17] {cc_9} I see a bunch of traders hedged here expecting some profit taking on this run, so far under water for a few
[11:18] {cc_9} Could be one of those slow grind up days after the big push to sucker in late traders
[11:18] {dino} ax murderer="untrusting", from so i married an ax murderer
[11:23] {cc_9} that 35 bid holding for dear life Vad
[11:25] {Will49} finally able to uncross my eyes
[11:25] {Will49} and my legs
01[11:26] {&Threei}  lol
01[11:26] {&Threei}  Invalidated
01[11:27] {&Threei}  guys, as market activity dies down, let's devote some time to that Q/A session with cc_9 we discussed last week
01[11:27] {&Threei}  as a reminder,
[11:28] {Will49} great idea
01[11:28] {&Threei}  it's about trading platform his firm olffers,
[11:28] {cc_9} Speaking of, Will how are you feeling back on the platform ? All coming back ?
01[11:28] {&Threei}  how to use it to its full potential
01[11:28] {&Threei}  etc.
01[11:28] {&Threei}  Let's do it this way:
[11:28] {Will49} yes, you guys are so tight with your demos that I was forced to go live yesterday
[11:28] {Will49} and it feel better this morning
[11:29] {Will49} sorry Vad..for interupting
01[11:29] {&Threei}  cc_9 will start with some useful bits of information, you ask any questions you may have,
[11:29] {cc_9} Not so much tight Will, our technology provider offers demos using live data (not the delayed data other firms offer for paper accounts) and that expires after 14 days.
01[11:29] {&Threei}  and if I see something urgent to trade, I will post it in #floot
01[11:29] {&Threei}  so I don't interrupt you.
01[11:29] {&Threei}  Deal?
[11:29] {cc_9} How sweet.
01[11:30] {&Threei}  cc_9, podium is yours
[11:30] {Will49} appluase
01[11:30] {&Threei}  and don't call me sweet
[11:30] {Will49} applause
[11:30] {cc_9} Not sure where we left off last time we were discussing it, but I gave a link here for anyone to get a demo account to try the platform for a few weeks
[11:30] {cc_9} That would allow for enough time to compare with w/e anyone is using at the moment.
[11:31] {cc_9} Its my understanding that most are using retail brokerage solutions (either HTML5 web focused or platforms you download).
[11:32] {cc_9} If there is one main aspect that most people who try our DMA platforms vs retail its the speed of execution, the flexibility of the platform and the programmable hotkeys (if you prefer that over point & click)
[11:33] {cc_9} DMA = Direct Market Access, in other words, all transactions are facilitated through ECN routing as opposed to the usual market making.
[11:33] {ese} L mgm .36
[11:33] {Will49} as a newby, would hotkeys benefit me?
[11:34] {cc_9} That is of course one of the technical aspects. The fundamental aspect is that we assist clients in opening accounts and being able to daytrade without having to meet the $25k PDT requirement. "How?", because we are a proprietary trading firm as opposed to a retail broker dealer.
[11:34] {cc_9} Will, for hotkeys, there are two types : execution hotkeys and misc hotkeys
[11:35] {cc_9} Execution hotkeys can for example : F1 = buy market 500 shares / F2 = buy market 1,000 shares / F3 buy limit (on bid) 500 shares / F4 buy limit 1,000 shares (on bid)
[11:36] {cc_9} Misc for example are using the arrow up/down to increase/decrease price by $0.01 and right/left to increase/decrease share size by any default you want (usually 100 shares)
[11:36] {cc_9} So for a newbie, I would say use F1 to F4 as buy orders (market and limit) and F5 to F8 as sell orders.
[11:37] {cc_9} For example : I want to buy SSO 500 shares at $80.50 market price then right away set a limit to sell at 80.90
[11:38] {cc_9} I would press F1 (in this case) then hit arrow up until the price in the order entry shows $80.90 then hit F7
[11:38] {cc_9} as opposed to having to type the share size, click on price, hit buy. Click on share size, type price then hit sell.
[11:38] {cc_9} It makes a huge difference when a stock is moving fast or if you are managing more than one position at a time.
[11:39] {Will49} Hmmm.....probably best not to complicate my life at this point :)
[11:39] {cc_9} It really is not complicated at all Will, its just defining what a certain button does. Once that is defined, its set, you don't have to re-do it.
[11:40] {cc_9} I have a hotkey file I can simply give you and you just load it, nothing you need to do after that :)
[11:40] {Will49} OK thanks...I'll experiment
01[11:41] {&Threei}  just don't hit them by accident
[11:41] {cc_9} Another thing you can also do is to set an OCO (One Cancels the Other) order : in layman's terms if you own a position, you can set both your stop loss and also exit price at the same time, soon as one triggers, the other is automatically cancelled.
01[11:41] {&Threei}  I've seen that happen
[11:41] {cc_9} So you don't have to baby sit your trades.
[11:42] {Will49} that'd be nice
[11:43] {cc_9} Here is what OCO looks like :
[11:44] {cc_9} Top part = order 1, bottom part = order 2
[11:44] {cc_9} when one hits, the other gets auto cancelled.
[11:45] {Will49} tks cc
[11:45] {cc_9} Another technical aspect (that saves money), is you can pick what ECN you want to route your trades through.
[11:46] {cc_9} Lets say for example your commission rate is $0.005/share, you want to buy 1,000 shares using ARCA Limit. ARCA will pay you a rebate of $0.002 to add liquidity. Therefore you end up paying only $3.00 on that trade.
[11:46] {cc_9} If 500 shares entry, you pay $1.50 etc...
[11:47] {cc_9} This comes in very handy if you trade liquid stocks and prefer to sit on bid/offer to get your fills on buy/sells
[11:48] {cc_9} Here is a simple layout that I can transfer to anyone that wants it (or you can build your own)
[11:49] {cc_9} In the center top box, you will see BP, that stands of Buying Power. Its set by default 20:1 the cash balance.
[11:50] {cc_9} So when retail such as Scottrade offers $100k on $25k, we offer $500k for the same deposit (and no, we don't charge $7.00 a trade :P)
[11:51] {cc_9} Here is the link again for those that missed on getting a demo last week : http://www.xxxxxxx.yyy
[11:51] {cc_9} Open to any Qs, technical or not.
[11:52] {Will49} can I leave the room, please?
[11:52] {fish_49} how much is the platform fees? and the Data Feed?
[11:52] {cc_9} Will, here is tutorial for OCO earlier :
[11:52] {Will49} tks cc
[11:53] {cc_9} Fish, platform and data are passed through from our technology provider (we don't mark them up), platform + all inclusive data (NYSE/NASDAQ/AMEX quotes + Level II + BATS book) is $150.
[11:53] {cc_9} Data is unlimited as far as how many Level II can be opened at any given time (only pointing this out because Laser caps them)
[11:54] {nemo} spy just reached monthly pivot in striking distance of 166, 50 day at 166.20 definite possibliity
[11:55] {dino} 1660 50 dma
[12:01] {cc_9} Fish, if you used Laser before, you can download Das and compare them.
[12:02] {ese} out mgm .43 +.07
[12:03] {nemo} iwm high is it's 50 day
[12:03] {nemo} spy within a few cents of it's monthly pivot
[12:06] {fish_49} I will give it some thought  CC  thanks
[12:06] {cc_9} no single pullback SPY since 9:35AM, thats the slow grind up we will get in the afternoon.
[12:06] {cc_9} Fish, np, feel free to ask if any Qs come up.
[12:10] {fish_49} I just recently took a course on Futures and want to explore futures...  Im gonna fund my futures account with my current equities account which means I will fall below the $25K required limit for equities. .  I am thinking  I could fund a $5K account with your platform and still trade equities because of the 20:1 leverage your offering...
[12:11] {cc_9} Yes, that is fine.
[12:11] {fish_49} can I use two platforms at the same time?
01[12:12] {&Threei}  keep your equities trading going, and test futures very carefully... I suspect you will be disappointed with them quickly
[12:12] {fish_49} yes  My issue is $  I have only $27K
[12:13] {fish_49} so I I'm thinking the solution CC is offering is a good idea
01[12:13] {&Threei}  yup
[12:13] {fish_49} if two platforms can be running at same time
01[12:14] {&Threei}  why not... the only limitation there is your computer's capabilities
[12:14] {fish_49} cool
[12:14] {cc_9} Yes, so long that you have screen space, you can run multiple platforms.
01[12:15] {&Threei}  what is it that atracts you in futures if I may ask?
[12:15] {cc_9} Das uses about 2-3% of memory with 10+ Level II data feed boxes, so you should be fine.
[12:15] {fish_49} currently have 2 27 inch monitors and have an additional 2 23 inch monitors not being used
01[12:16] {&Threei}  just send those to me
01[12:16] {&Threei}  I seem to burn through moniotors at unusually high rate, lol
[12:16] {fish_49} 2 x 23 inch monitors for sale  Cheap price..  Nemo next time your in MD  stop in you can have them for a buck or 2
[12:17] {nemo} where in MD are you?
[12:17] {nemo} oh yeah, the Fed
[12:17] {fish_49} 1.5 hours from your old stomping grounds
[12:17] {nemo} south or north
[12:17] {nemo} up by PA and Deleware, right?
[12:17] {fish_49} your from the Bowie  area?
[12:17] {nemo} yep
[12:17] {nemo} Delaware
[12:18] {fish_49} north of Bowie  exit 93  of the highway
[12:18] {nemo} ahhh
[12:19] {nemo} IWM hit the roof at the 50sma Monthly Pivot confluence
[12:19] {nemo} spy having problems with Monthly Pivot 166 confluence
[12:21] {fish_49} not far off 2 MA's
[12:22] {cc_9} Kerry is back in front of the truth panel :
[12:22] {fish_49} yes they had the Top Secret Meeting today
[12:22] {fish_49} not sure if finished
01[12:23] {&Threei}  TSM with FSM
01[12:23] {&Threei}  Top Secret Meeting with Flying Spaghetti Monster
[12:23] {fish_49} He made a good case yesterday afternoon and it appears the president will get what he wants  just a matter of when
01[12:24] {&Threei}  yeah but does anyone know what he wants, including him?
[12:24] {fish_49} no  Im sure he just wants  to drop a few bombs  just so he can say :I mean what I say when I make a threat"
01[12:24] {&Threei}  even hardcore lefties that approve of every his word before its uttered have hard time accpeting this
[12:30] {nemo} iwm at channel support
01[12:31] {&Threei} Long Setup:  TZA  .50 break
01[12:31] {&Threei}  If holds  .40
[12:35] {nemo} that's funny, rabbit running around with an empty nip bottle in it's mouth
[12:38] {fish_49} same rabbit that was getting a bath?
[12:38] {nemo} no, mine-bunny
[12:38] {fish_49} huh  u have a rabbit?
[12:38] {nemo} yeah, hold on
[12:39] {nemo} oh shit, don't know how to post a picture
[12:39] {fish_49} I tried earlier  and got kicked
[12:39] {nemo} when it was a baby, my nephew saved it from a cat-the rest is history
[12:39] {fish_49} Im sure the rabbit is safe  since Vad said u like Sheep only
[12:40] {fish_49} you don't have sheep right?
[12:40] {nemo} correct
[12:40] {nemo} goats o.k.
[12:40] {fish_49} lol
[12:40] {Will49} SPCA took nemo sheep away...abuse
[12:41] {fish_49} good thing snakes don't have ears
[12:41] {nemo} one of my nephew's friends is greek.  I nicknamed him goat f'er.  Got nicknames for all his friends
[12:43] {ese} outta here cya tomorrow
01[12:43] {&Threei}  take care ese
[12:43] {fish_49} tc  ese
[12:46] {nemo} spy channel support at 165.70ish
[12:52] {fish_49} approaching a gap fill from 8/26
[13:02] {dino} astx
[13:02] {fish_49} wow
01[13:06] {&Threei}  oversat TZA?
[13:06] {dino} \halted
[13:06] {dino} astx
[13:06] {cc_9} Samsung showing their new product
[13:06] {cc_9}
[13:07] {dino} astx open
[13:07] {dino} spike
[13:07] {fish_49} Note 3
[13:08] {fish_49} I'm in need of a new phone
[13:10] {dino} mdxg drop
[13:11] {fish_49} wow  from Note 3  to the watch phone  cool
[13:11] {fish_49} that was a good intro CC
[13:13] {nemo}  hey, if you guys want to see what I mean click on that number, I'll show you the levels I'm looking at
[13:14] {nemo} on my screen is spy currently see the shaded blue area-that is the gap.  The Yellow line is the Monthly Pivot
[13:14] {nemo} notice how spy is magically hanging out here
[13:14] {nemo} notice the 50day above, and the Weekly R1 just above that
[13:15] {nemo} I'll leave it there for a minute, then I'll show you the IWM
[13:15] {dino} mdxg blood
[13:16] {fish_49} what app is that Nemo?
[13:16] {nemo} Notice the top on the IWM, it's at the confluence of the 50 day SMA and the Monthly pivot
[13:17] {nemo} many times, especially with the indexes, there will be these support or resistance areas that don'
[13:17] {nemo} t
[13:17] {nemo} correspond with price levels, oftentimes they'll be longer term pivot levels
[13:18] {fish_49} would you not expect a turn down when reaching the 20 and 50 resistance?
[13:18] {fish_49} on the spy we are just below the crossover
[13:18] {nemo} Anyway, they're just a way to overlay a map on the levels
[13:19] {nemo} here's the spy again, notice it just closed that gap
[13:20] {nemo} now it will likely head for the 50 day
[13:20] {nemo} oh, let me show you the pivot worksheet
[13:21] {nemo} as you can see, there's alot of data on there
[13:21] {nemo} I can enter any stock, and get the current data
[13:21] {nemo} so it gives me all the current pivot levels and the levels that are within 8% of the current price
[13:22] {dino} wow mdxg
[13:22] {nemo} I only map the indexes on my charts, but these can be handy to check individual stocks
[13:22] {dino} 6 to 2
[13:23] {nemo} wow
[13:23] {nemo} any questions before I shut it down
[13:23] {fish_49} yes
[13:23] {nemo} ok. Joe
[13:23] {fish_49} what app is that your using to share screen?
[13:23] {nemo} join me
[13:23] {fish_49} thanks Bob
[13:24] {fish_49} free app?
[13:24] {nemo} yep
[13:24] {fish_49} ty
[13:24] {nemo} np
[13:24] {fish_49} now show us your sheep
[13:24] {Will49} LOL
[13:24] {nemo} let me dig up a picture of bunny
[13:25] {fish_49} btw  thanks for sharing Nemo
[13:25] {nemo} sureh
[13:25] {nemo}  that's a tired bunny stretched out under the chair
[13:25] {fish_49} that's not a bunny  it's a horse   (Long Legs
[13:25] {nemo} that's bunny sitting on her perch in the window
[13:25] {nemo} here she wants raisins
[13:26] {fish_49} I wonder what he would taste like with some carrots and a lil pinch of salt and pepper
[13:26] {nemo} this is her relaxing but pissed off
[13:26] {nemo} ok show's over
[13:26] {fish_49} will she come to you if you call her?
[13:27] {fish_49} thanks Nemo
[13:27] {nemo} yw
[13:28] {nemo} looks like iwm double topped
[13:29] {fish_49} Beige Book results have much affect on markets ?
[13:29] {nemo} no
[13:30] {nemo} once funny fish, is she will sometimes respond to your voice, but only in certain situations
[13:31] {fish_49} loud yell and she runs?
[13:31] {nemo} no, noise will startle her, but you have to invade her space to get her to run usually
[13:31] {fish_49} and she eats raisens?
[13:32] {nemo} I could get her to hop in a hot oven for raisins
[13:32] {fish_49} raisins*
[13:32] {nemo} unbelievable
[13:32] {Will49} gotta run...cya tomorrow
[13:33] {fish_49} my neighbors dog will do the same for carrots  go figure  maybe they were related in a previous life
[13:33] {fish_49} take care Will
01[13:33] {&Threei}  take care will
[13:33] {dino} mdxg vsm l .98
[13:34] {fish_49} slow afternoon  Nemo let me pick your brain
[13:34] {nemo} wow, what a setup, let's see how long it takes somebody to jump it
[13:34] {dino} out mdxg .48, +.50
[13:35] {fish_49} IWM and Spy  on a daily chart they are at a level where the 20 and 50 moving average will cross  however on a 60 minute chart they are getting support from the
[13:36] {fish_49} no serious  no pun
[13:36] {nemo} on the 60 minute chart they are getting support from what?
[13:36] {dino} mdxg sm l .66
[13:36] {fish_49} the 60 miute is showing the 50 ma  as support  but the daily shows major resistance
[13:37] {fish_49} support from the 50 period ma
[13:37] {dino} stop .45, -.31
[13:38] {nemo} what exactly is the question
[13:38] {nemo} ?
[13:39] {fish_49} your opinion  on 2 ma's converging above price  usually mean reversal?
[13:40] {nemo} can't say I use a 2 MA
[13:40] {fish_49} I know it has nothing to do with scalping and a 1 min chart  just asking...
[13:40] {nemo} I'm not sure how to answer your question
[13:40] {fish_49} thanks anyways
[13:41] {fish_49} I just recall reading in one of Alan Farleys  books about the 20 and 50 crossing right above price
[13:41] {nemo} I look at daily's to identify gaps and relationships to larger time frame moving averages like the 50 and 200 and the 8 ema, because that last one is big for swing traders
[13:41] {nemo} I also check the 65 day vwap, because that's the average price for the quarter
[13:41] {nemo} then on the daily I map gaps and standard support and resistance levels
[13:42] {nemo} for the indexes I look at the weekly and montly levels primarily and areas of confluence with other higher time frames
[13:42] {nemo} I'm mapping out areas of likely inflection and then look for reactions when it gets to that level
[13:43] {nemo} who knows what it's going to do
[13:43] {fish_49} ty
[13:43] {nemo} Some people trade on MA signals, maybe that's what you are talking about
[13:43] {dino} reload mdxg .00 sm
[13:44] {fish_49} no  I was looking at the 20 and 50 sma's on a daily chart  which is about to cross just above price  but its acting as support on a smaller time frame
[13:45] {fish_49} I have a strong feeling my observation is meaningless just wanted to educate myself on MA's
[13:45] {nemo} well, you have to be careful there, if you are looking at the 20 and 50 on the daily, and then change the time frame to 1 hour, you'd have to look at the (20x6.5) and the 50X6.5)
[13:46] {nemo} to see the same levels
[13:47] {nemo} am I clear on that fish?
[13:47] {fish_49} yes because the time period is different
[13:47] {nemo} cool
[13:48] {fish_49} ty
[13:49] {nemo} that's why, when I put up the spy and the IWM, I actually put a line in that demarcates the 50 and 200 on the daily, it will vary a coupla cents during the day, but it gives me an idea where they are-hehehe-close enough for government work
[13:49] {nemo} spy just about at channel support
[13:49] {nemo} it's at 165.80 currently
[13:50] {nemo} finnies at vwap
[13:50] {nemo} so, looks like we might get an inflection here
[13:50] {nemo} which way, not sure
[13:51] {dino} out mdxg .36, +.36
[13:51] {nemo} look how flat gdx is today
01[13:52] {&Threei} Short Setup: MCD  .10 break
01[13:52] {&Threei}  If holds  .20
[13:56] {dino} wes sm l .25
[14:02] {nemo} well, beige book should be out
01[14:02] {&Threei}  it is
01[14:02] {&Threei}  not sure it's worth posting
01[14:02] {&Threei}  usual crap
01[14:02] {&Threei}  economy grerw at moderated pace
01[14:05] {&Threei}  (US) Fed's Williams: Most data has been good, GDP was a weak point; Sept tapering will depend on the data - comments to reporters
01[14:08] {&Threei}  Fed must be careful not to overdo bond purchases, MBS purchases are more effective than the purchases of treasuries
[14:11] {fish_49} Vad  is there a name to the MCD set up or was it the scanner?
01[14:11] {&Threei}  even dove williams says time to stop that nonsense
01[14:11] {&Threei}  kind of DBI
[14:12] {fish_49} ty
[14:26] {fish_49} meh  no more big macs
01[14:26] {&Threei}  no
01[14:26] {&Threei}  not good for one's health obviously
[14:27] {fish_49} took me out at .21  watch it drop like a rock now
[14:29] {dino} kmi sm l .60
01[14:41] {&Threei}  (SY) US Senate Foreign Relations Committee begins meeting to consider resolution on Syria to allow limited air strikes
[14:42] {fish_49} do they actually vote on it in the senate  then it goes to the house? is that how it works?
01[14:44] {&Threei}  not sure
[14:47] {dino} one or the other, sometimes both come up w/bills
[14:49] {fish_49} so they vote on limited action  but never define what is limited action  lol
01[14:51] {&Threei}  you can safely argue that anything short of spending every last cent an d every last drop of human and other resources on this war is "limited," right?
[14:52] {fish_49} as long as we don't put boots on the ground  yes that is their definition after they get approval
01[14:52] {&Threei}  because only not having any dollar, any shell and any soldier left would be unlimited
[14:54] {fish_49} so their fear is that if they don't do something then the rest of the world will view us as weak and Iran and north korea will act foolishly?
01[14:54] {&Threei}  along those lines, yes
[14:54] {fish_49} they are like Nemo they already act foolishly and will continue
01[14:54] {&Threei}  they designated where red line was
[14:54] {fish_49} sorry Nemo  just filling in for Les  I know he would have put it that way
01[14:54] {&Threei}  now it's here
01[14:55] {&Threei}  don't do anything, your words are empty
01[14:55] {&Threei}  do something, you break whatever there left unbroken,
01[14:55] {&Threei}  which is admittedly not very much but as soon as you put your nose in therer it becomes yours
[14:56] {fish_49} you own it
01[14:56] {&Threei}  there is no credible opposition to support, main group fighting current regime is al qaeda filial
01[14:57] {&Threei}  so what on earth do you do?
01[14:58] {&Threei}  White House: President will meet with LGBT activists in Russia this week
[14:59] {fish_49} can I ask favor Vad?
01[15:00] {&Threei}  (carefully and hesitantly) yeaaahh... I guess....
[15:00] {fish_49} LGBT  is the lesbians gay folks?
01[15:00] {&Threei}  (carefully and hesitantly) yeaaahh... I guess....
[15:01] {fish_49} we should ban those letters from the room
01[15:01] {&Threei}  how do I call Long setup without letter L?
[15:01] {fish_49} my last year in the gov  I received at least 1000 emails with the heading  Support your local LBGT folks
[15:01] {fish_49} hahahahah
[15:02] {fish_49} I mean together  make it a Korean word Rong  not Long
[15:02] {fish_49} lol
[15:02] {fish_49} Rong Set up MCD break of .40
[15:03] {fish_49} honestly  why would he meet with those folks in Russia
[15:04] {fish_49} If i'm not mistaken,  Russia is a country that has very little tolerance for that
01[15:04] {&Threei}  well, Russia had passed a law recently that greatly oppresses them
[15:04] {fish_49} that is why nemo cant live there?
01[15:05] {&Threei}  which is seen as human rights violation
[15:05] {nemo} wow
[15:05] {dino} out wes .50, +.25
[15:05] {dino} kmr drop
[15:06] {dino} sm l .87
[15:07] {dino} stopped .65 -.22
[15:08] {Alexs} what do you mean "oppresses them Vad?
[15:08] {Alexs} they just ban gay propaganda
[15:08] {dino} kmi stopped .44 -.16
01[15:08] {&Threei}  not sure, I didn't really study the matter beyond quick glance
[15:09] {Alexs} looks like O just has a lot of free time in Russia
01[15:10] {&Threei}  well, since he canceled meeting weith Putin, he needs to pass time somehow, right?
[15:10] {Alexs} lol
[15:12] {fish_49} lol Putin and O need to kiss and make up
[15:12] {fish_49} then they can visit the LGBT folks together
[15:18] {nemo} here comes that 50 day on SPY-maybe
01[15:22] {&Threei} Long Setup:  TNA  .40 break
01[15:22] {&Threei}  If holds  .30
01[15:23] {&Threei}  Invalidated
[15:23] {fish_49} wowwwwwwwwwwwww
01[15:24] {&Threei}  (SY) Senate Panel approves the limited US military strike in Syria
[15:24] {fish_49} just a little
01[15:24] {&Threei}  that's what did it
[15:24] {nemo} it's amazing, right at the spy double top
[15:24] {nemo} the coincidence
01[15:25] {&Threei}  Senate as a whole to consider the the resolution next week
01[15:25] {&Threei}  shrug
[15:25] {nemo} news reading algos
01[15:25] {&Threei} Long Setup:  TNA  .20 break
01[15:25] {&Threei}  If holds  .10
[15:26] {dino} sale spike
01[15:27] {&Threei}  that's it, double bottom us in... go TNA
[15:28] {nemo} that's it double top
[15:29] {nemo} ahhh...Kerry saying the Arab nations will pay us to be mercernaries in Syria
[15:29] {Alexs} you guys make a decission top or bottom
[15:30] {fish_49} in or out  soft or hard  right Alex?
01[15:30] {&Threei}  I made mine... nemo is just being a pest
[15:30] {nemo} sounds like a personal question
[15:30] {Alexs} yeah lol
[15:30] {fish_49} ahhh
[15:31] {fish_49} wow  that was a fast vote
[15:31] {dino} sale sm s.35
01[15:31] {&Threei}  oh come on, 2 cents to 1:1?
[15:31] {nemo} the Old PushmePullyou
[15:31] {nemo} Dr. Doolittle trade
[15:31] {fish_49} Ariel Castro dead: Coroner confirms that Cleveland kidnapper/rapist killed himself
[15:32] {fish_49} that's what did it
[15:32] {nemo} worst case of suicide I ever did see
01[15:32] {&Threei}  watch me crying
[15:32] {nemo} too bad he died actually, would have liked to hear about him being gang raped multiple times with a wire toilet brush
[15:33] {fish_49} I agree  give him no rope  for his soap
[15:33] {nemo} give his fingers and toes the old channel lock treatment
[15:34] {Alexs} stop still .09?
01[15:34] {&Threei}  yes
[15:34] {fish_49} send him to syria
[15:34] {nemo} can use lower bollinger band as support
01[15:35] {&Threei}  it never made new support pronounced enough for trailing
01[15:35] {&Threei}  lower BB is at .10 too, lol
01[15:35] {&Threei}  just crossed it
[15:35] {nemo} gold miners spurted on that news
[15:36] {fish_49} well his party (Alex's Party) controls the house  so I'm guessing it's just a matter of time
01[15:36] {&Threei}  poor goldbugs... this is what that great trade came to, spikes on bombing news?
[15:37] {fish_49} they should donate their earnings  to charity  lol
01[15:38] {&Threei}  grrrr
[15:38] {nemo} looks like spy might want to make it's first visit to vwap today
01[15:39] {&Threei}  frikin rinse, I suspect
01[15:39] {&Threei}  no, fair stop
[15:40] {Alexs} exactly
[15:40] {Alexs} I mean : no fair share
[15:41] {nemo} now Alex probably wants the government to cover his losses
[15:41] {fish_49} lol
[15:41] {fish_49} lol
[15:41] {Alexs} taxpayers nemo
[15:41] {nemo} euphemism
[15:41] {Alexs} top 1% of them
[15:42] {nemo} great quote:  Crowded elevators smell different to midgets.
[15:42] {fish_49} Early bird gets the worm,  second mouse gets the cheese
[15:43] {nemo} o.k.  anyway, probably go after the 50 in the premarket tomorrow.  might be a selloff also before the jobs number on Friday
[15:44] {nemo} spy actually trading light today compared to yesterday
01[15:46] {&Threei}  rinse... crap!
[15:47] {dino} had a few of those today
[15:50] {Alexs} do you celebrate Rosh Hashana in BC Vad?
01[15:50] {&Threei}  in BC?
01[15:50] {&Threei}  lol
01[15:50] {&Threei}  some do, some don't I guess
01[15:50] {&Threei}  it's not like whole BC does or does not
[15:51] {Alexs} Happy New Year anyway
01[15:51] {&Threei}  thsnk you, you too
01[15:51] {&Threei}  somewhat disappointing day as last couple stops made it flat
01[15:51] {&Threei}  oh well
[15:52] {nemo} transition time
01[15:52] {&Threei}  thank you all, have a great evening
01[15:52] {&Threei}  probably
01[15:52] {&Threei}  see you tomorrow
[15:52] {fish_49} what do you expect?  u made a killing in August
[15:52] {fish_49} take care all
01[15:52] {&Threei}  I expected to make another one in Sept
[15:52] {dino} gn
[15:52] {nemo} market transitions are like this
01[15:52] {&Threei}  but heck, it's just started
01[15:52] {&Threei}  we will adjust
01[15:52] {&Threei}  we always do
[15:52] {bbobr} Shana Tova !
[15:52] {nemo} this week still kinda' summer
01[15:52] {&Threei}  bbobr :)
[15:52] {nemo} oy vay
[15:57] {dino} cov sale .25, +.10
01[15:58] {&Threei}  can you believe 1:2?
01[15:58] {&Threei}  sigh
01[15:58] {&Threei}  somg
01[15:59] {&Threei}  1:3
01[15:59] {&Threei}  give me a gun
[16:01] {bbobr} was almost a great call