Monday, September 9, 2013

Sept 09 2013

To signify new week start, let me treat you to 1:3 morning play (went to 1:4 and more actually but we sold at 1:3) 

With a few more winning trades ranging from scalps to 1:3ers, and two 5 cent stops. week starts pretty good. 

Session Time: Mon Sep 09 00:00:00 2013
[08:38] {dino} gm
[08:38] {drewj} gm
01[08:42] {&Threei}  morning dino, drew
[08:45] {drewj} I made those changes you recommended vad
01[08:45] {&Threei}  cool... see if it simplifies things for you while not detracting anything from necessary information
[08:46] {drewj} i think i was looking for the wrong information
01[08:47] {&Threei}  it's not really wrong... it's just relevant or not to what we do
01[08:47] {&Threei}  in many areas you accumulate information as you learn
01[08:47] {&Threei}  in ours, you get rid of it :)
[08:48] {drewj} so now i pretty much just have about 12 charts up...the watchlist of stocks that you usually use.
[08:48] {drewj} and news
[09:03] {nemo} I think I'm allergic to vodka
01[09:03] {&Threei}  feeling sick after 3rd bottle?
[09:04] {nemo} a bit
01[09:04] {&Threei}  yup, it's either that or a food poisononing by oatmeal cookie you hade inbetween
[09:04] {nemo} I eat 10 or 15 jello shots beforehand to coat my stomach
01[09:05] {&Threei}  fancy... most people just eat half-brick of butter
01[09:08] {&Threei}  saw orca photos on my page, nemo?
[09:08] {nemo} can't say I did
01[09:08] {&Threei}  sigh
[09:09] {nemo} cute
[09:09] {nemo} almost as cuddly as bunny
[09:10] {nemo} I like the duckling
[09:20] {bbobr} gm
01[09:20] {&Threei}  bbobr :)
[09:20] {Will49} gm
01[09:20] {&Threei}  will :)
[09:22] {cipher} gm
01[09:23] {&Threei}  cipher :)
[09:23] {RonS} gm
01[09:23] {&Threei}  ron :)
[09:24] {goinshort} gm
01[09:24] {&Threei}  gs :)
01[09:24] {&Threei}  hey, gs also stands for Godlman Sachs
01[09:24] {&Threei}  keeping an eye on GDX for possible 28 break short
[09:25] {goinshort} there you go now they know
[09:27] {ese} morning
01[09:27] {&Threei}  rdr :)
01[09:27] {&Threei}  ummm
01[09:27] {&Threei}  ese :)
01[09:27] {&Threei}  (typing with fins is really tough)
[09:28] {Alexs} gm
[09:28] {ese} A
01[09:28] {&Threei}  alex :)
[09:28] {fish_49} gm all
[09:28] {ese} Vad
[09:28] {ese} Fish
01[09:28] {&Threei}  fish :)
01[09:30] {&Threei} Short Setup: GDX  28 break
01[09:30] {&Threei}  If holds  .05
[09:31] {+cc_9} good late morning.
01[09:31] {&Threei}  cc9 :)
[09:31] {ese} molx
[09:31] {+cc_9} DAL nice setup today
[09:32] {RonS} molx getting bought
[09:32] {+cc_9} KONG needs some profit taking and pullback
01[09:33] {&Threei} Long Setup:  C  .40 break
[09:33] {+cc_9} KONG dumping, beautiful
01[09:33] {&Threei}  If holds  .35
01[09:34] {&Threei}  1:1
[09:36] {+cc_9} DAL new session highs
01[09:40] {&Threei}  1:2
[09:42] {fish_49} ty Vad
01[09:43] {&Threei}  yw
[09:45] {+cc_9} KONG looking for sub 13.50
[09:45] {+cc_9} $1.00 dump so far, could get more all the way to $13
01[09:45] {&Threei}  1:3, out
[09:45] {dino} htwr sm l ave .70 thinny
[09:46] {Will49} tks Vad
01[09:46] {&Threei}  :)
[09:46] {robbers} Out in full, thanks.
01[09:46] {&Threei} Long Setup:  GDX  .90 break
01[09:46] {&Threei}  If holds  .85
[09:47] {+cc_9} KONG { 13.40 bid
[09:47] {+cc_9} That's a beaut
[09:47] {nemo} conn
[09:48] {ese} elli placing itself up for sale.......
[09:49] {dino} conn, missed most parytial fill 53.80
[09:49] {dino} partial
[09:49] {dino} old news ese
[09:50] {dino} look july spike
[09:51] {ese} tks dino
[09:51] {ese} just noticed
[09:51] {dino} out conn .80, +1.00. unfortunately only 100 shares filled
[09:51] {dino} np
[09:51] {nemo} that's going at least to 56
[09:52] {dino} out htwr .18, +.48
[09:52] {dino} cree luv today
01[09:53] {&Threei}  half out
01[09:53] {&Threei}  stop to .89
[09:58] {+cc_9} KONG still tanking :)
01[09:58] {&Threei}  why not Empire State Building is quite high
[09:58] {Will49} ha ha ha
01[09:59] {&Threei}  thank you will... I missed this
[09:59] {ese} L ntap .81
[09:59] {Will49} my pleasure
[09:59] {drewj} vad what do you think about a possible slw drop?
01[09:59] {&Threei}  .75 break is valid setup
01[10:01] {&Threei}  Tesla Motors Considering taking fight to Washington in its effort to get legal approval for direct sales to consumers, bypassing state dealership rules - Automotive News (update)- Article suggests a federal challenge "may be a long shot" but the rest of the auto industry will watch Telsa's efforts closely as it could change the industry sales model.
[10:03] {drewj} with what stop level?
01[10:03] {&Threei}  above .85
01[10:04] {&Threei} Long Setup:  JPM  .10 break
[10:04] {dino} kong sm l .50
01[10:05] {&Threei}  drew, if I were you I'd refrain for now from trading your own finds
01[10:05] {&Threei}  Invalidated  JPM
[10:05] {drewj} i will...
[10:06] {drewj} i will ask about the correctness of my ideas just to learn
[10:07] {drewj} i had just made a note to sit on hands just before you said that!
[10:07] {nemo} Vad's school of Lakon
01[10:09] {&Threei} Long Setup:  WMT  73 break hl
01[10:09] {&Threei}  If holds  .90
[10:09] {dino} out komg .74, +.24, ty for idea cc9
01[10:10] {&Threei} Long Setup:  CAT  .90 break hl
01[10:10] {&Threei}  ugh
01[10:10] {&Threei}  lol
01[10:10] {&Threei}  meant .80
01[10:11] {&Threei}  thing jumped so fast it was unobtainable anywhere withing 7 cents
01[10:11] {&Threei}  and even .90 break is profitable
01[10:14] {&Threei}  change WMT trigger to .95 break
01[10:14] {&Threei}  If holds  .90
01[10:15] {&Threei}  and change to full lot
[10:19] {dino} ll sm s .78
[10:19] {+cc_9} np dino
01[10:19] {&Threei}  Invalidated
[10:19] {+cc_9} I was trading KONG short only, but good job on the long side.
[10:19] {dino} snts drop
[10:19] {dino} thx
[10:20] {dino} cov ll .46, +.32
[10:21] {dino} snts sm l .63
[10:22] {nemo} mon break
[10:25] {dino} out snts .83, +.20
[10:25] {dino} snts sm l .52
[10:27] {ese} l some more ntap avg .81
[10:27] {nemo} mon
[10:28] {dino} out snts .71, +.19
[10:29] {dino} conn sm l .80, stop lod
[10:33] {dino} conn stop -.31
[10:35] {+cc_9} thanks for SNTS who ever alerted it.
[10:35] {+cc_9} nice bounce
[10:35] {dino} i did, yw
01[10:36] {&Threei} Short Setup: C  .65 break
01[10:36] {&Threei}  If holds  .70
01[10:38] {&Threei}  this is quite interesting setup
01[10:38] {&Threei}  if triggers and works will discuss it
[10:39] {drewj} target?
01[10:39] {&Threei}  .35
[10:41] {drewj} i'm in at .64
[10:41] {drewj} it's at .7 now
01[10:41] {&Threei}  meh
[10:42] {drewj} out?
01[10:42] {&Threei}  [10:36] {&Threei} If holds .70
01[10:42] {&Threei}  it doesn't, you get out
[10:42] {drewj} over .70...out
[10:50] {nemo} is it still August?
[10:51] {fish_49} no
01[10:51] {&Threei}  very slow and narrow
[10:51] {fish_49} we are in September now Nemo
01[10:51] {&Threei}  I'd guess, Syria
[10:51] {RonS} last day here it will feel like it...byebye 90's
[10:53] {Will49} we're not in Kansas anymore either
01[10:54] {&Threei} Long Setup:  CAT  .35 break
01[10:54] {&Threei}  If holds  .25
[10:54] {Alexs} hl?
01[10:55] {&Threei}  3/4
[10:55] {Alexs} :)
01[10:55] {&Threei}  you are doing it on purpose, I swear
01[10:56] {&Threei}  and secretly running stats how many times I answer 2/3 vs 3/4
[10:56] {Alexs} you know it's all about fair share
[10:57] {fish_49} I would take 9/16 lot if I were you Alex
[10:57] {Alexs} :)
01[10:57] {&Threei}  25/32
01[10:57] {&Threei}  gosh, I miss fraction times
01[10:58] {&Threei}  they were so confusing for newbies, you could make money just on their miscalculations
[10:58] {fish_49} some futures still trade fractions  It's driving me crazy  I stay away
[10:59] {fish_49} I'm a newbie  but I wont give you my money  lol  I don't want to be on the other side of your trade
01[11:01] {&Threei}  1:1
[11:02] {+cc_9} 1 hour of market going nowhere...yawn
[11:03] {dino} conn sm l .51
[11:03] {nemo} basically riding the 50 day
01[11:05] {&Threei}  1:2
[11:06] {dino} newbie? you will be asimulated fish
[11:07] {Will49} or filletted
[11:07] {nemo} 7 of 9
[11:07] {fish_49} ?
[11:07] {nemo} frankly she should have been 10 of 9
01[11:08] {&Threei}  someone wake nemo up
01[11:08] {&Threei}  on second thought...
[11:08] {nemo} dino knows
[11:09] {dino} indeed nemo
[11:09] {dino} out conn
[11:09] {dino} .09, +.58
[11:09] {Will49} the shadow knows
[11:10] {nemo} that's some volatility in conn
[11:11] {dino} air pocket city
[11:13] {+cc_9} FIO nonstop
[11:13] {+cc_9} looking for some profit taking at some point today
01[11:13] {&Threei}  1:3
01[11:13] {&Threei}  me out in full
01[11:13] {&Threei}  me happy
[11:13] {Will49} me too tks Vad
01[11:13] {&Threei}  :)
[11:13] {Alexs} progressives never happy
01[11:14] {&Threei}  they never are... sorry Alex, you chose that miserable way to live {G}
01[11:14] {&Threei}  now, look at what I, will and ese have in our backyard... 4 top photos in
01[11:15] {&Threei}  shot this Saturday from the ferry, on a routine trip suddenly turned into whale watching tour
[11:16] {fish_49} beautiful
01[11:17] {&Threei}  first time one of my shots gets such audience... over 11 thousands as we speak, and counting
[11:17] {Will49} yes...we are fortunate to live here
[11:17] {Will49} great shots Vad
01[11:17] {&Threei}  ty
[11:20] {bbobr} beautiful shots
01[11:20] {&Threei}  thank you
01[11:21] {&Threei}  posted them yesterday morning... since then they were shared by all major tourist agencies FB pages
[11:22] {fish_49} When I see your FB postings  I often think.. Really? is there that much beauty in one place
[11:22] {+cc_9} good stuff Vad
01[11:22] {&Threei}  :)
01[11:22] {&Threei}  this island is quite something...
[11:23] {nemo} that's why Vad's balance it out
[11:23] {Will49} LOL
[11:23] {Alexs} where did you make pic of falling ice Vad?
01[11:23] {&Threei}  a few too many progressives, if you ask me... but you have to pay for the right to live in paradise :)
01[11:23] {&Threei}  that's Alaska. alex
[11:23] {nemo} 1 progressive is a few too many
[11:23] {Will49} ese is on probation
[11:28] {ese} a manner of speaking
01[11:28] {&Threei} Short Setup: GLD  134 break
[11:28] {ese} i'm still working
[11:28] {ese} if thats what you mean
01[11:28] {&Threei}  work is eternal probation
01[11:29] {&Threei}  and damnation
[11:29] {ese} indeed
[11:30] {ese} but i seem to picking stocks that pay off in the same time frame as paint drying
[11:30] {Will49} what you do isn't work ese
[11:30] {Will49} you got it made in the shade :)
[11:30] {ese} ya for sure
01[11:30] {&Threei}  and you can always benefit from stocks we pick
[11:31] {Will49} AND live in paradise
01[11:31] {&Threei}  I mean, you could hadn't you put me on ignore
[11:31] {ese} lol
[11:31] {ese} which reminds me vad
01[11:32] {&Threei}  where is "un-ignore" button?
[11:32] {dino} dfrg sm s .97
[11:32] {ese} i tried to watch the scalp trading course video that i bought from you  and it doesn't want to work with my apple computers or my windows 8 operating system.....
01[11:33] {&Threei}  on apple, you would have to use some kind of emulator
01[11:33] {&Threei}  I don't know much about that
[11:33] {ese} the course is about 5 years old i guess
01[11:33] {&Threei}  on win8, you just need to download the codec
01[11:33] {&Threei}  same as for any other windows, let me find it
[11:34] {ese} whats that
[11:34] {Alexs} gld still valid?
[11:34] {Will49} female product
01[11:34] {&Threei}
01[11:34] {&Threei}  yes
01[11:34] {&Threei}  If holds  .10
[11:35] {Alexs} hl? ;)
01[11:35] {&Threei}  load that video codec, windows will play those videos
01[11:35] {&Threei}  go away alex :)
[11:37] {ese} about time
[11:37] {drewj} Vad should I enter orders at the trigger price before price gets there?
01[11:37] {&Threei}  US) Fed's Williams (dove, FOMC non-voter): Policy response could impact economy longer than previously thought, can impact inflation and asset prices well into the future- Notes cannot use a 'rational expectations' criteria when trying to spot bubbles, as investors in many cases do not act rationally during investments - Asset bubbles and crashes are part of human nature. Main line of defense is good supervision. - Fed needs to ponder unintended consequences when thinking about monetary policy.
01[11:38] {&Threei}  good supervision, eh
01[11:38] {&Threei}  drew... your order shouldn't go through before setup actually triggers
01[11:38] {&Threei}  enter 133.98 limit, hit it when 134 is broken
01[11:39] {&Threei}  should be in at .99 now
[11:39] {drewj} that's what I meant...
01[11:39] {&Threei}  1:1
[11:41] {drewj} target?
[11:42] {dino} cov dfrg .80, +.17
01[11:43] {&Threei}  unless there is specific comment, a trade is considered tectbook, atiming for 1:3 with partials and trailing
01[11:43] {&Threei}  "textbook, aiming"
[11:43] {drewj} ok
[11:44] {Alexs} target is "fair share" always
01[11:44] {&Threei}  hehe
01[11:44] {&Threei}  dino, we created monster
[11:45] {Alexs} I'm progresive objectivist now
01[11:45] {&Threei}  that's what Greenspan thought he was
[11:45] {Alexs} lol
01[11:46] {&Threei}  he had to deal with this internal conflict somehow
[11:46] {nemo} he should have tried a .38
01[11:46] {&Threei}  on one hand, Ayn Rand stutend and follower
01[11:47] {&Threei}  one another, oversaw gold standard demise
01[11:47] {&Threei}  she would have strangled him if she lived to see what he did
[11:48] {dino} pbyi spike
[11:48] {dino} cmrx spike
[11:49] {dino} cmrx sm s .86 ave
[12:00] {ese} am outta here up +.17 with ntap we'll see what happens end of day....cya tomorrow
01[12:00] {&Threei}  take care ese
[12:01] {ese} cya vad
01[12:03] {&Threei}  out on a trail
[12:11] {dino} cov cmrx ave .69, +.19
[12:11] {dino} thin sucker
[12:11] {dino} opps .16
[12:35] {dino} .
01[12:36] {&Threei} Long Setup:  C  .85 break
01[12:36] {&Threei}  If holds  .80
[12:38] {dino} meli spike
01[13:04] {&Threei}  1:1
01[13:04] {&Threei}  (US) Leaders in the House of Reps reportedly prepared to sign on to a stop-gap spending bill to allow the govt to operate through the middle of December**NOTE: 08/26: US Treasury Sec Lew: Confirms mid-Oct timeframe for hitting debt limit; Congress needs to act soon to avoid risk of default, exhausting borrowing capacity could cause disruption to the economy.
[13:07] {drewj} vad what do you do when the price starts to meander like it is now?  Stay in till stop is hit or should I have moved up the stop?
01[13:08] {&Threei}  after 1:1 is hit and first partial is taken, stop is trailed to just under b/e
01[13:08] {&Threei}  so it's at .84 now
[13:09] {drewj} so stop is .84 now?
01[13:09] {&Threei}  right
01[13:10] {&Threei}  during this quiet time scalping often is preferrable
01[13:11] {&Threei}  kind of individual choice
[13:11] {drewj} 1:1?
01[13:11] {&Threei}  yeah
[13:11] {dino} incy spike
[13:11] {drewj} so 1:1 was 5 cents or 10?
01[13:13] {&Threei}  well, formally it's 5 but in practice, since 5 cents profit iis about meaningless unless you are doing scalping type I, we still go for 10, even when stop is 5
01[13:13] {&Threei}  and continue calling it 1:1 for the sake of unification
[13:14] {drewj} so in this case it's .95 right
01[13:14] {&Threei}  would be highly confusing to state: 1:1, but since stop is small, let's take partial at 1:2
01[13:14] {&Threei}  yes, and that's when I posted "1:1"
[13:15] {drewj} so I should automatically get half out always at 1:1 which will be a minimum of .10 cents unless stated as type I scalp?
01[13:15] {&Threei}  if for some reason there is a deviation from SOP, I state it in the room
[13:16] {drewj} standard operating proceedure?
01[13:16] {&Threei}  yes
[13:16] {Alexs} lol
[13:16] {drewj} :)
01[13:16] {&Threei}  for instance,
01[13:16] {&Threei}  sometimes when stop is 5 cents, and stock has troubles with 10 cents, and market klooks unsure,
01[13:17] {&Threei}  I may call taking half at 8 or 9 cents,
01[13:17] {&Threei}  sometimes I call trailing stop half way
01[13:18] {&Threei}  impossible to standartize each and every situation, this is where experience comes to help
01[13:18] {&Threei}  but generally idea is:
[13:18] {drewj} i'm sure
01[13:18] {&Threei}  here is SOP for normal markets/stocks,
01[13:18] {&Threei}  and if I add nothing, just follow it
01[13:19] {&Threei}  If there is a necessity to correct the cvoirse, I will say it
[13:19] {Alexs} and you will happy
01[13:19] {&Threei}  this way we cut down on repetition of standard things
01[13:19] {&Threei}  and free the chat for insultsa, hazing, bad jokes etc
[13:20] {fish_49} lol
01[13:20] {&Threei}  all the things we enjoy so much
[13:20] {drewj} my god is that the truth...
[13:20] {drewj} i've got no problem fighting it out though:)
01[13:20] {&Threei}  you know... having nemo for a friend you start underatdning the practicality of advice:
01[13:20] {&Threei}  keep your friends close and your enemies in the trunk
[13:21] {drewj} this is going to be good.
[13:21] {drewj} ha ha...
[13:21] {drewj} or coffin
[13:21] {Will49} don't laugh at your own jokes though
01[13:21] {&Threei}  well
[13:21] {drewj} it's a good thing he's far away from all the people in the room
[13:21] {Will49} that's not SOP
01[13:21] {&Threei}  whzt can I do if I find them funny
01[13:22] {&Threei}  and no one else does
[13:22] {Will49} I won't let you down Vad
[13:22] {drewj} i agree.  i'm my best audience.
[13:22] {fish_49} so for an example  Long XYZ break of .40  if stays above .30  your buying at .41 and your stop (Sell Order) is placed at .29. You then ride it up and sell half at 1:1  which would be .50.  then move stop to just under break even.  Ride it up until 3:1 or stopped out.  After trade finishe  then you must give half earnings  to Alex   It's the rule
01[13:22] {&Threei}  yes Will, but I had to endure two months of your vacation...
[13:22] {Will49} :)
01[13:23] {&Threei}  you got it fish
[13:23] {drewj} I should have taken 1:1 on C.  I got stopped out and now it's running up/
01[13:23] {&Threei}  have you taken half?
[13:23] {drewj} I took it all off when it printed .84
01[13:24] {&Threei}  I mean half at 1:1
01[13:24] {&Threei}  .95
[13:24] {drewj} I missed 1:1.
[13:24] {drewj} No
01[13:24] {&Threei}  why not just lay out order?
[13:24] {fish_49} Drew  what platform are you trading on?
01[13:24] {&Threei}  let them taker you out, collect ECN rebate
[13:24] {drewj} That's what i was asking you about before.
01[13:24] {&Threei}  cut dopwn on your commissions
01[13:24] {&Threei}  no, you asked on an entry
01[13:25] {&Threei}  this is very different
[13:25] {drewj} EH?
01[13:25] {&Threei}  entry requires trigger
[13:25] {drewj} I'm trying to work out the rules.
[13:26] {drewj} So if you make a call and it triggers then I can enter a limit order at 1:1 for half of the lot?
[13:26] {drewj} right
[13:26] {drewj} ?
[13:26] {fish_49} you got it
[13:26] {drewj} thanks fish
01[13:26] {&Threei}  to exit? yes
01[13:27] {&Threei}  there are still details to it but let's do it step by step
[13:27] {drewj} so can I also enter a second order to sell at the stop price...having both orders in at the same time?
[13:27] {fish_49} There are only 2 reasons  to scalp.  1= when vad calls the call his voice shakes and 2: if your account is nearing the 25K limit and you need to build it back up slowly
01[13:28] {&Threei}  unless you are with cc9, and 25K is not your problem
[13:28] {drewj} 25K is not a problem
01[13:28] {&Threei}  I wouldn't do it this way drew
[13:28] {drewj} ok
01[13:28] {&Threei}  I hate automated stops
[13:28] {fish_49} well then just scalp when Vads voice is squeaks as he makes the call
01[13:28] {&Threei}  also, how do you know trade won't be stopped in full?
[13:29] {drewj} i can't hear the squeeks...
01[13:29] {&Threei}  your half and half orders will only make you sell second half ina hurry then
[13:29] {drewj} i don't know
[13:29] {drewj} right.  It's too complicated.
[13:29] {fish_49} Drew  may I ask?
[13:29] {drewj} soot
[13:29] {drewj} shoot
[13:29] {fish_49} did you review a video Vad made?  called lunch money?
[13:30] {fish_49} it's shows a good example if you don't want to use hard stops
[13:30] {drewj} I could...I saw it but it's been a while
[13:31] {drewj} I want to follow vad's rules as closely as possible.  I'm just trying to get them worked out.
[13:31] {Alexs} is it video how to make money having a lunch?
01[13:31] {&Threei}  OK, it was very difficult for me not to say "you and me both" but I did it
[13:32] {drewj} are you laughing at your own joke vad?
01[13:32] {&Threei}  press briefing by WH is coming
01[13:32] {&Threei}  I so am... but I won't admit it
[13:33] {drewj} It's so easy to say all these things from behind a computer
[13:33] {drewj} It is fun though.
[13:33] {fish_49} In My Humble Opinion, no good reason to hold a position over night for the next couple nights
[13:33] {Will49} how about the next 365 nights?
01[13:33] {&Threei}  imo, that goes for about 364 days a year
[13:34] {fish_49} 9/11 coming up  market might get jerky like Vad drinking his first cup of coffee for the day
[13:37] {drewj} vad how do i cut down on commissions like you said?
[13:39] {nemo} as you said
[13:39] {drewj} :)
01[13:39] {&Threei}  if you lay out your order and let others take it out, ECN pays you rebate
01[13:39] {&Threei}  as you add liquidity
[13:39] {nemo} grammar around here is atrocious
01[13:40] {&Threei}  if you hit domeone's order, you remove liquidity, thus you oay ECN fee
[13:40] {nemo} basically limit orders that are not at the BBBO
01[13:40] {&Threei}  mine is impeccable, nemo
01[13:41] {&Threei}  to make it clear, let's me cite an example
[13:41] {Will49} I have to shave mine to keep it impeccable
01[13:41] {&Threei}  stock is quoted 10 x 10.05
[13:41] {drewj} oh no
[13:42] {nemo} took you for a waxer there will
01[13:42] {&Threei}  you want to buy it
[13:42] {drewj} i hear the gutter calling.
[13:42] {Will49} :)
01[13:42] {&Threei}  if you hit 10.05 offer, you remove liquidity
[13:42] {drewj} I'm listening vad
[13:42] {Will49} sorry for the interruption Vad
[13:42] {drewj} so a limit order is concidered adding liquidity.
01[13:42] {&Threei}  if you put in a bid below 10.05, you are trying to entice someone to sell to you, and if someone doesa, you add liquidity
01[13:43] {&Threei}  no
01[13:43] {&Threei}  only limit oder that is below the best offer for buy or above the best bid for sell
[13:43] {drewj} so better than the market.
01[13:43] {&Threei}  to go back to that C example,
01[13:44] {&Threei}  after you biught .85 break and have open long position,
01[13:44] {&Threei}  if you go ahead and enter sell order at .95, you add liquidity
01[13:44] {&Threei}  Now, if stock vomes to .95,
01[13:44] {&Threei}  comes
01[13:44] {&Threei}  pauses and starts retreating
01[13:44] {&Threei}  and you are not sure of it so you have to hit the bid at let's say .93
01[13:45] {&Threei}  you remove liquidity
01[13:45] {&Threei}  and oay ECN fee, unlike in case of being taken out at .95 where you waited for buyers
01[13:45] {&Threei}  follow me?
[13:46] {drewj} yes
01[13:46] {&Threei}  cool... this is it :)
[13:46] {drewj} does this work for short postitions as well?
01[13:46] {&Threei}  of course
01[13:47] {&Threei}  sell short at 70, put in bid at .90
01[13:47] {&Threei}  soemone sold into your bifd, you got ECN rebate
[13:47] {drewj} not too difficult
01[13:47] {&Threei}  not as a concept
01[13:48] {&Threei}  in practice however...
[13:48] {drewj} it's just something to do when possible.
01[13:48] {&Threei}  you have to remember that when you hit someone's order, you are guaranteed execution as long as there are no competing orders ahead of yours.'
[13:48] {drewj} So are you still in C with a half lot?
01[13:48] {&Threei}  If you lay out your order, no one is obligated to take it out
[13:49] {drewj} So they are trying to smooth things out?
01[13:49] {&Threei}  and you will get your execution only if/when price goes through your linmit
01[13:49] {&Threei}  why would I, it tagged .84
01[13:49] {&Threei}  so I sold second half
[13:49] {drewj} Right
[14:06] {fish_49} done for the day
[14:06] {fish_49} have a great day guys
[14:06] {fish_49} TY  Vad
[14:06] {drewj} me too.
[14:06] {drewj} Thanks guys.
[14:06] {Will49} be good drew
01[14:06] {&Threei}  take care fish, drew
[14:07] {drewj} you to...i'm having fun so far.
[14:08] {nemo} gsk
01[14:10] {&Threei}  (SY) Senate Majority leader Reid: Senate to hold vote on on Syria on Wednesday
01[14:11] {&Threei}  President to meet in closed door sessions on Tuesday ahead of National address
[14:15] {+cc_9} GSK
[14:15] {+cc_9} nvm, nemo is on it
[14:15] {nemo} yeah, what's the news?
[14:16] {nemo} guess spy gonna' fill the gap today
01[14:17] {&Threei}  GSK Hearing Morgan Stanley makes cautious comments On Advair FDA draft guidelines
[14:18] {nemo} spy should test 168
[14:20] {nemo} gap and frickin' grind
[14:44] {Will49} see you guys tomorrow
01[14:46] {&Threei}  take care will
[14:51] {nemo} gsk
[14:52] {dino} shld? from the check cashing?
01[14:53] {&Threei}  don't see anything fresh
[14:58] {dino} i can't borrow
[15:06] {dino} damn, it was a hell of a short
01[15:06] {&Threei}  no kidding
[15:06] {dino} could you get it?
01[15:07] {&Threei}  didn't try
[15:07] {dino} can yuo borrow it i mean
[15:07] {dino} you
01[15:07] {&Threei}  ah... yes
[15:07] {dino} ok
[15:07] {nemo} so we should open above 168 tomorrow
[15:17] {nemo} mmhh, looks like spy gonna make another run
01[15:23] {&Threei} Short Setup: GLD  .90 break
01[15:23] {&Threei}  If holds  .95
[15:24] {dino} usu spike
[15:24] {Alexs} gld doesn't look alive
01[15:26] {&Threei}  imagine how nicely it should drop then once balance is tipped :)
[15:26] {nemo} summer volume on spy
[15:28] {Alexs} sounds a bit sadistic Vad
01[15:28] {&Threei}  I blame nemo
01[15:29] {&Threei}  I suggest you do too... makes life so much easier
[15:29] {nemo} henpecked husband
01[15:29] {&Threei}  "what do you mean I sped over limit officer? it's nemo's fault of course"
[15:30] {nemo} next thing you know he'll start blaming his shitty grammar on me
01[15:30] {&Threei}  start?
01[15:30] {&Threei}  I do it for years
[15:30] {nemo} ahhhh....behind my back you svena
01[15:30] {&Threei}  why
01[15:30] {&Threei}  I told you
[15:30] {nemo} what why?
[15:30] {nemo} when?
[15:31] {nemo} surely you jest
01[15:31] {&Threei}  and hey... if I forgot, it's your fault
01[15:31] {&Threei}  see how easy it is?
[15:31] {Alexs} :)
[15:31] {nemo} frickin' fair share piles in
[15:32] {nemo} fb bounce time
01[15:32] {&Threei}  come on GLD
01[15:32] {&Threei}  it's time
[15:46] {nemo} I suppose it's my fault if the trade doesn't work
01[15:47] {&Threei}  whose else?
[15:47] {dino} lol
01[15:49] {&Threei}  also, to be totally clear... if it does, who do you think gets the credit?
[15:49] {nemo} your wife
[15:49] {Alexs} lol
01[15:49] {&Threei}  wrong
[15:50] {nemo} if youknow what's good for you
01[15:50] {&Threei}  I just keep the credit and never tell her it was there
[15:50] {Alexs} nice :)
01[15:58] {&Threei}  time's running out
01[15:58] {&Threei}  closing with little profit
01[15:58] {&Threei}  saved by the bell
01[15:58] {&Threei}  have a great evening guys, see you tomorrow
[15:58] {dino} gn
[15:59] {Alexs} gn