Wednesday, April 22, 2015

Apr 22 2015

Back to our winning streak. Nice day with a lot of good juicy trades, and some phenomenal one (OCR caught by members both ways, long and short). There were also interesting educational discussions so make sure to read the log.

Session Time: Wed Apr 22 00:00:00 2015
[09:00] {dino} gm
[09:00] {drewj} morning fellas
01[09:02] {@Threei}  dino, drew :)
[09:11] {drewj} big jump on asml dino
[09:15] {dino} aec spike
[09:16] {dino} buyout 28.75
[09:16] {drewj} what's your minimum dollar move?
[09:19] {dino} uri interesting
[09:19] {dino} drew, you asking me?
[09:19] {drewj} I was
[09:20] {dino} don't have one, depends on stock price, % move more accurate
[09:20] {dino} uri bg beat
[09:21] {dino} oii blood
01[09:23] {@Threei}  Upside:
01[09:23] {@Threei}  -GBSN +39% (received FDA 510(k) clearance for Group B Strep Molecular Diagnostic test)
01[09:23] {@Threei}  -ONVO +20% (disclosed entry into multi-year research collaboration agreement with Merck Sharp & Dohme Corp)
01[09:23] {@Threei}  -ANGI +14% (earnings)
01[09:23] {@Threei}  -CAMP +13% (earnings)
01[09:23] {@Threei}  -ASML 13% (won award for minimum 15 ASML EUV lithography systems from US company)
01[09:23] {@Threei}  -DLB +4% (earnings)
01[09:23] {@Threei}  -SALT +3.8% (announced agreement to sell seven new buildings for $290M)
01[09:23] {@Threei}  -YUM +3.5% (earnings)
01[09:23] {@Threei}  -VLTC +3.5% (momentum)
01[09:23] {@Threei}  -VALE +2.7% (Q1 iron ore production)
01[09:23] {@Threei}  -AEC +16% (Brookfield bids $28.75/shr)
01[09:23] {@Threei}  Downside:
01[09:23] {@Threei}  -CMG -5.5% (earnings)
01[09:23] {@Threei}  -TRN -5% (DoJ reportedly conducting criminal investigation into highway guardrail system linked to eight deaths)
01[09:23] {@Threei}  -URI -4% (earnings)
01[09:23] {@Threei}  -CREE -3.5% (earnings)
01[09:23] {@Threei}  -SMCI -2.3% (earnings)
[09:25] {jfjf64} Gn all
01[09:26] {@Threei}  jf :)
[09:26] {jfjf64} Gm
01[09:26] {@Threei}  I hope it was m, not n
[09:30] {jfjf64} Mcd
01[09:32] {@Threei} Long Setup:  FB  .20 break
01[09:32] {@Threei}  If holds  .10
[09:32] {jfjf64} Yum 84 .20 break
01[09:32] {@Threei}  1:1
[09:32] {drewj} totally missed that one
01[09:33] {@Threei}  yeah, very fast
01[09:34] {@Threei}  valid again
[09:34] {jfjf64} In
01[09:34] {@Threei}  heavy this time
01[09:35] {@Threei}  nope
[09:35] {drewj} spy dropping
01[09:36] {@Threei} Long Setup:  MCD  .50 break
01[09:36] {@Threei}  If holds  .40
[09:36] {dino} damn, uri took off w/o me
01[09:36] {@Threei}  change to .45
[09:37] {jfjf64} Was watchin dino
01[09:37] {@Threei}  If holds  .35
01[09:37] {@Threei}  1:1
[09:37] {drewj} damn
01[09:37] {@Threei}  1:3
[09:37] {drewj} missed that too
[09:37] {jfjf64} Go mikey
[09:38] {jfjf64} Stj overbought
[09:39] {jfjf64} Break 73 s
01[09:39] {@Threei}  you got MVD jf?
01[09:39] {@Threei}  MCD
[09:39] {jfjf64} Yes
[09:39] {jfjf64} Ty
01[09:39] {@Threei}  get out
01[09:39] {@Threei}  1:6
01[09:40] {@Threei}  1:7
01[09:40] {@Threei}  1:8
01[09:40] {@Threei}  lol
[09:40] {jfjf64} You deserve a happy meal
[09:40] {drewj} man
[09:40] {jfjf64} Me happy
[09:40] {jfjf64} Ty
01[09:40] {@Threei}  1:9
01[09:40] {@Threei}  yw
01[09:40] {@Threei} Long Setup:  FB  94 break
01[09:40] {@Threei}  84
01[09:40] {@Threei}  If holds  .90
[09:42] {dino} uri hl l .50
[09:42] {jfjf64} Took half off
[09:42] {jfjf64} Fb
[09:42] {jfjf64} .08
[09:42] {dino} no go, stop -.33
01[09:42] {@Threei}  good idea
[09:42] {drewj} gpt that one.
[09:43] {drewj} thanks
[09:43] {jfjf64} No like long candles
[09:43] {drewj} bummed about mcd
01[09:43] {@Threei}  yes, fast spike into 1 cent to 1:1
[09:43] {drewj} and i really like their food!
[09:43] {jfjf64} To many them last 2 days
[09:44] {dino} nemo would've slapped me for not waiting until 9:45 on uri
[09:44] {jfjf64} Yes dino
[09:44] {jfjf64} Dino how bout my vltc
[09:45] {jfjf64} 19 yesterday
[09:48] {jfjf64} Cree.15 short
[09:49] {jfjf64} Naa
[09:49] {dino} didn't vltc miss?
01[09:49] {@Threei} Long Setup:  TWTR  .90 break
01[09:49] {@Threei}  If holds  .80
01[09:49] {@Threei}  held well through SPY drop
[09:49] {jfjf64} Miss what
[09:50] {dino} oh, the ican stock. don't know jf
[09:50] {drewj} in
[09:50] {dino} you still in it?
[09:50] {jfjf64} No
[09:50] {jfjf64} Here is buy
[09:50] {jfjf64} 21.75 target today
01[09:51] {@Threei}  grrr
01[09:52] {@Threei}  rince
01[09:52] {@Threei}  s
[09:52] {jfjf64} Yep
01[09:52] {@Threei} Short Setup: MCD  98 break
01[09:52] {@Threei}  late
01[09:52] {@Threei}  in on bounce
[09:52] {dino} cray drop
01[09:52] {@Threei}  1:1
[09:52] {jfjf64} Stj
[09:53] {jfjf64} In .
[09:53] {jfjf64} .80
[09:54] {dino} uri hl l .14 ave
[09:54] {jfjf64} No go stj
[09:54] {jfjf64} Got to slow down
[09:56] {dino} stocks are gappy/jumpy today
[09:56] {jfjf64} Basted twtr
[09:57] {jfjf64} Noc
[09:57] {jfjf64} Stj basterd
[09:58] {jfjf64} Boy mikey d
[09:58] {dino} mktx sm l .40 gappy
[09:59] {jfjf64} In noc
[09:59] {jfjf64} .15
[09:59] {jfjf64} Small
01[09:59] {@Threei}  weird morning
01[10:00] {@Threei}  *(US) MAR EXISTING HOME SALES: 5.19M V 5.03ME
[10:00] {jfjf64} Has
[10:02] {jfjf64} Like short here mcd
[10:02] {jfjf64} 99 stop
[10:03] {dino} uri stopped again
[10:03] {jfjf64} Naa
[10:04] {jfjf64} 100 today mcd
01[10:05] {@Threei} Long Setup:  FCX  .45 break
01[10:05] {@Threei}  If holds  .40
01[10:08] {@Threei}  change to .40 break
01[10:08] {@Threei}  If holds  .35
[10:08] {jfjf64} Yum .25 long
[10:10] {cosmo} Gee...did MCD just announce their new vegan burger?
01[10:10] {@Threei}  lol
[10:10] {jfjf64} Yum valid
[10:10] {cosmo} gluten free?
01[10:13] {@Threei}  change to .35
[10:13] {drewj} fcx?
[10:13] {jfjf64} Yes
[10:16] {jfjf64} Pkg s .60
[10:18] {jfjf64} Out 1:5
[10:18] {drewj} nice
01[10:18] {@Threei}  wtg
[10:18] {jfjf64} Wrath yum boys
[10:19] {jfjf64} Gonna go
[10:20] {drewj} fcx still valid?
01[10:21] {@Threei}  yes
01[10:22] {@Threei}  stop .28
01[10:28] {@Threei}  1:1
01[10:35] {@Threei}  1:2
[10:36] {dino} added ua calls
[10:39] {drewj} which ones
[10:40] {dino} uri hl l .75
[10:41] {dino} jul 85
[10:43] {dino} out mktx .00, +.60
[10:44] {dino} out ua .05, +.30
[10:44] {jfjf64} Go dino
[10:44] {dino} ty, finally in the black
[10:45] {jfjf64} Out yum 1:5
[10:45] {dino} wtg
[10:45] {jfjf64} Dfs bounce watch
[10:46] {jfjf64} Yum monster today
[10:48] {jfjf64} In dfs
[10:48] {jfjf64} .80 ish
[10:48] {jfjf64} 1:1
[10:49] {jfjf64} Big candle
01[10:50] {@Threei}  1:3
01[10:50] {@Threei}  out
[10:50] {jfjf64} Nice
01[10:51] {@Threei}  slower trade, easy to manage
01[10:51] {@Threei}  pleasant change from opening hectic p[lays
[10:52] {jfjf64} Vxx looks part
[10:52] {jfjf64} But hasn't been frien lately
[10:53] {jfjf64} Out dfs
[10:54] {dino} uri hl l .61
[10:55] {jfjf64} Guess 50 break
[10:55] {jfjf64} Vxx
[10:55] {jfjf64} ?
[10:55] {jfjf64} If gets there
01[10:55] {@Threei}  I doubt it
[10:57] {jfjf64} Yum yum
[10:57] {jfjf64} Almost dollar from my entry
[10:57] {dino} out uri .06, +.45
01[10:57] {@Threei}  wtg
[10:57] {jfjf64} Nice dino
01[10:58] {@Threei}  wow FCX
[10:58] {dino} ty, channelling
[10:58] {dino} .60-.10
01[10:58] {@Threei}  good thing we persisted in finding reversal
[10:58] {jfjf64} Yes
[10:58] {dino} kicking myself over mktx, left a dollar on table
[10:59] {dino} gj jf
[11:00] {jfjf64} At my goal already
[11:00] {dino} nice
[11:00] {jfjf64} What to do
[11:01] {dino} if i may ask, whats your daily goal jf
[11:01] {jfjf64} Drink lunch
[11:01] {jfjf64} 75 cents to 1
[11:01] {dino} on 1k?
[11:01] {jfjf64} Try
[11:02] {jfjf64} 1k most
[11:02] {dino} gj
[11:02] {jfjf64} Feel more comfortable at 500 shares
[11:02] {jfjf64} Then feels like game
[11:02] {jfjf64} No stress
[11:03] {jfjf64} You like that
[11:03] {dino} completely understand
[11:03] {jfjf64} What ya goal these days
[11:03] {dino} running 500s mostly last couple months, occasionally 1,000. thinnies 400
[11:04] {dino} $600/day
[11:04] {dino} not counting options
[11:06] {drewj} how long did it take you guys to get to that level?
[11:06] {dino} too long
[11:07] {jfjf64} Still getting there drew
[11:07] {jfjf64} Go slow my advise
[11:07] {jfjf64} Singles
[11:07] {drewj} it's been two years for me and i'm still playing with 200 shares
[11:07] {jfjf64} Even bunts
[11:07] {dino} for me, its an average, some days better some days worse. goal is average. then add options to "bonus" it
[11:08] {drewj} I get it conceptually now
[11:08] {drewj} my stress level gets really high trading with real money (of course)
[11:08] {drewj} but it makes it a lot harder for me to see what is really going on.
[11:08] {drewj} that's my actual goal right now
[11:09] {drewj} to use small shares and work on reducing stress so I can think clearly
[11:09] {dino} take it slow drew. when comfortable go to 300. about 4 years ago i was at 300s. then 400s for last few years. just starting the 500s now and i've been in this room about 8 years
[11:09] {dino} but everybody is different
[11:10] {drewj} I was not prepared for the painstaking effort of this job
[11:10] {jfjf64} Be positive everday
[11:10] {dino} if it was easy, everybody would do it. once you "get it" it gets easier.
[11:11] {dino} it will become sort of a flow. you will "see" things
[11:11] {dino} and oddly enough, dream them
[11:11] {jfjf64} But once you think you got it BAM mkt kicks ya ass
[11:11] {jfjf64} Right dino
[11:12] {dino} jf, indeed. market humbles everybody
[11:12] {drewj} I know I have the same problems as everyone else but the days I lose really bother me for a while...all night into the next day
[11:12] {jfjf64} Yes look vg
[11:12] {jfjf64} Lol
[11:13] {jfjf64} Ofcourse
[11:13] {drewj} I can't let it go
01[11:13] {@Threei}  why? do you expect to win every day?
[11:13] {jfjf64} No good
01[11:13] {@Threei}  or think it's even possible?
[11:13] {jfjf64} Can't happen
[11:13] {dino} if you take losses properly, they should not bother you. shit happens. its a probability game
[11:13] {drewj} I could spend $200 on anything but if I lose $200 I really effects me in a negative way
01[11:13] {@Threei}  in history there was no single trader that didn't have losses
[11:14] {dino} get over that drew
01[11:14] {@Threei}  it's impossible even in theory
[11:14] {jfjf64} Take 4 looses 6 wins make money
01[11:14] {@Threei}  why do you expect yourself to deny the laws of nature?
[11:14] {drewj} I don't expect to win all the time but the losses make me nuts
01[11:14] {@Threei}  wait
[11:14] {drewj} ok
01[11:14] {@Threei}  there is direct connection between the two
[11:14] {jfjf64} Take ya stop be happy
[11:14] {dino} ex: i started 0 for 2 today, now i'm 3 wins/2 losses, up $280
[11:14] {jfjf64} Ty stop
01[11:15] {@Threei}  if you don't exepct to win all the time, then you have to admit that losses are ntural and part of the game
[11:15] {jfjf64} So true vg
[11:15] {dino} just think probabilities and loses are then natural course of this business
01[11:15] {@Threei}  if so, then you have no more reason to get nuts over them than you would about night coming after day
01[11:15] {@Threei}  part of the nature
[11:16] {drewj} I'm just a crappy trader because I rarely have profit after commissions
[11:16] {dino} vad has a way with words
[11:16] {drewj} he does...that's why I stick around
01[11:16] {@Threei}  so, you work on becoming better trader
01[11:16] {@Threei}  instead of getting nuts
[11:16] {dino} drew, thats because of 200 share size. small size needs "pulp"
[11:17] {drewj} vad
[11:17] {drewj} 's stuff is based on 1000 shares
[11:17] {dino} i could not handle 1000 shares, so had to adapt my system to the smaller share trades
01[11:17] {@Threei}  you work your way up through that
[11:17] {drewj} through what?
[11:17] {drewj} shares?
01[11:17] {@Threei}  in no profession you start learning with "adult" size
01[11:18] {@Threei}  yes
01[11:18] {@Threei}  training wheels
[11:18] {dino} uri broke channel
[11:18] {drewj} yes but it's hard to keep losing without pulp
[11:18] {jfjf64} Twtr .35 short
[11:18] {drewj} I need a lot of 1:3's to stay in
[11:18] {jfjf64} Hold .45
01[11:19] {@Threei}  you are looking at it wrong, drew
[11:19] {drewj} ususally
01[11:19] {@Threei}  200 shares is training wheels size
01[11:19] {@Threei}  not money making size
01[11:19] {@Threei}  you use it to learn to control yoursaelf and to learn the proper techniques
[11:20] {dino} drew, vads system is the best to learn from. only other trader here that sees what i see is ron (he's on vacation). so learn to walk first. he taught me
[11:20] {drewj} it's tough to justify spending and, broker ext
01[11:20] {@Threei}  so make sure that you learn that fast, and start moving up as you do
[11:20] {drewj} just need to cover those costs for now until i get it
[11:20] {dino} imo, go to 300, whats the difference, $10?
01[11:20] {@Threei}  have you gone to college?
01[11:20] {@Threei}  university?
[11:21] {dino} uri hl l .20
[11:21] {drewj} still paying for it
01[11:21] {@Threei}  had you expected yourself to cover cost from day 1 wheile learning?
[11:21] {jfjf64} Support / resistance  traders best friend
01[11:21] {@Threei}  why do you expect it to be any different in trading?
01[11:21] {@Threei}  wrong expectations set a stage for disappointment
01[11:22] {@Threei}  now, see what happened over these two years you mentioned:
01[11:22] {@Threei}  instead of learning to tarde, you tried to make money
01[11:22] {@Threei}  having no proper skill and focusing on a wrong thing
01[11:22] {@Threei}  thus, two years went by, and you haven't really learned to trade right
01[11:23] {@Threei}  why?
01[11:23] {@Threei}  because you weren't learning,
01[11:23] {@Threei}  you tried to make money
01[11:23] {@Threei}  see what I mean?
[11:23] {jfjf64} I do
[11:23] {jfjf64} Ty sir
01[11:24] {@Threei}  you know how archers are trained?
[11:24] {dino} he's right drew. you need to learn, then the $$$$ comes
01[11:24] {@Threei}  they don't shoot at the traget at first
01[11:25] {@Threei}  they shoot at the wall
01[11:25] {@Threei}  why?
01[11:25] {@Threei}  to focus on proper technique of handing the bow, instead of trying to hit the traget
01[11:25] {@Threei}  only when they get it down, target makes an appearance
[11:26] {drewj} I guess I haven't known what my steps in the process are
[11:26] {dino} bunch of my friends blew up because they refused to learn. they just wanted $$$. when i started, had 8 guys in my town trading (that i knew of), now only i am left
[11:27] {dino} out uri .54, +.34
[11:27] {jfjf64} Nice
[11:28] {dino} ty
[11:28] {jfjf64} Out twtr flat
[11:28] {dino} 72% there
[11:28] {jfjf64} Ba short .85
[11:29] {jfjf64} 1:1
[11:30] {dino} ugh uri
[11:30] {drewj} took off dino
[11:31] {drewj} I really should have stayed on the room but paper traded
[11:31] {drewj} I'm going to do that now
01[11:31] {@Threei}  told you that a few times
01[11:32] {@Threei}  bit I must have Cassanrda syndrome... no one listens to me :)
[11:32] {drewj} I listen Vad
[11:33] {drewj} I just don't understand the first time...guess I'm slow like that
[11:33] {drewj} hearing dino talk about his friends actually puts things more clearly for me
[11:33] {dino} damn, uri popped a buck over my sell
[11:33] {drewj} I really want to learn and I am willing to spend the time...I just didn't understand the emotional part
[11:34] {dino} get rid of your emotions. this is business.
[11:34] {jfjf64} Watchin stj
[11:34] {dino} if x happens you do y. no emotions
[11:35] {jfjf64} Wish was in
[11:35] {drewj} people are very discouraging about this job too.  I can't really tell people what I'm doing
[11:35] {jfjf64} .15
01[11:35] {@Threei}  so don;t
[11:35] {jfjf64} Lol
01[11:35] {@Threei}  what's the need
[11:35] {jfjf64} Drew
[11:35] {drewj} I stopped
[11:35] {jfjf64} F.  K  people
01[11:35] {@Threei}  they know nothing about this profession, why would you be interested in their opinion
[11:36] {jfjf64} Who pays ya bills
[11:36] {jfjf64} Not people
[11:36] {drewj} unsolicited advice
01[11:36] {@Threei}  the difference between wise and the rest is, wise don't judge what they don't know
[11:36] {jfjf64} Nice vg
01[11:37] {@Threei}  I have zero idea what military pilot job involves - think you'll see me ever passing judgement on that job?
[11:37] {dino} drew. if they are not traders they claim it can't be done or that its not a real job, etc. f#ck them. they are just too chicken to take the leap or jealous
01[11:37] {@Threei}  how come people that never traded think they can talk about it with any kind of authority?
[11:37] {jfjf64} Jealous
[11:37] {drewj} right
01[11:38] {@Threei}  one of the funniest dialogs I've ever had about that:
01[11:38] {@Threei}  some kind of party, general conversation, this, that,
01[11:38] {@Threei}  one guy gets for some reason cross with me
01[11:38] {@Threei}  well, actually I know the reason,
01[11:39] {@Threei}  his girl got too interssted in talking to me, and he was insecure enough to get mad abou it
[11:39] {dino} one of they guys that i know who blew up, now claims that he could do better than i do at this. i asked why not go back into it and beat me? you know what he said? he doesn;t want to trade anymore (won't admit he's wrong).
01[11:39] {@Threei}  so, he asks what I do for a living
[11:39] {dino} it jealousy
01[11:39] {@Threei}  I say I trade the marjkets
01[11:39] {@Threei}  he sneers and says "it can't be done"
01[11:39] {@Threei}  I ask why he thinks so,
01[11:40] {@Threei}  his answer was priceless:
01[11:40] {@Threei}  a few years ago I tried to buy some stock and lost money
01[11:40] {@Threei}  I said:
01[11:40] {@Threei}  ah, I see where you are coming from, and agree with you,
01[11:40] {@Threei}  I had the same experience,
01[11:41] {@Threei}  I tried one to play piano, and nothing good came out of it,
01[11:41] {@Threei}  so now I hold firm opinon that it can't be done.
01[11:41] {@Threei}  after little pause he asked:\
01[11:42] {@Threei}  had you studoed piano?
01[11:42] {@Threei}  I said no
01[11:42] {@Threei}  he said, well, that's why!
01[11:42] {@Threei}  I said exactly
01[11:42] {@Threei}  at this point whole room was laughing
01[11:42] {@Threei}  he was slow on uptake :)
[11:43] {jfjf64} What an asshole
[11:43] {drewj} :)
01[11:43] {@Threei}  bit message was quite clear :)
01[11:43] {@Threei}  but
[11:43] {jfjf64} Bottom line his girl was diggin the vg man
01[11:43] {@Threei}  idiot tried to tarde once withut any learning, lost money... so now he thinks it can't be done
01[11:44] {@Threei}  she totally was
[11:44] {jfjf64} Lol
[11:44] {drewj} hahaha
01[11:44] {@Threei}  and he never thought that he would never expect the same in any other profession'
[11:44] {drewj} lady's man vad?
[11:44] {dino} last week i was on audit committee for our non-profit golf club. two ther guys on it are investment advisors for two local banks. they both start talking about funds. i say why not recommend stocks. they tell me that individual stocks are too risky. then they ask what i do, i say daytrade stocks, swing trade options. they both immediately say it cannot be done profittable over time. i say,
[11:44] {dino} funny, i've been trading full time for over 14 years now
01[11:44] {@Threei}  I don't kniw why people think of trading this way,
01[11:44] {@Threei}  no one would think of playing piano like this
[11:44] {jfjf64} Your story I missed ilmn short .40 break
[11:45] {jfjf64} You owe me
[11:45] {dino} i throw one back
[11:45] {jfjf64} K
[11:46] {drewj} good advice guys
[11:46] {dino} bottom line drew, don't worry what others think or say. just make your money and have fun doing it
01[11:46] {@Threei}  exactly
01[11:47] {@Threei}  you don't live to satisfy them
[11:47] {jfjf64} I been trading diff then I usually do and been workin
[11:47] {drewj} should I just paper trade for a few months and save my money?
[11:47] {drewj} those people just add to the stress.
[11:47] {jfjf64} R u married drew
[11:47] {drewj} yup
[11:47] {drewj} three kids too
[11:48] {jfjf64} Me 2
[11:48] {drewj} she's been really cool about this
[11:48] {jfjf64} 3 boys
[11:48] {drewj} nice
[11:48] {dino} married w/2 kids here
[11:48] {jfjf64} That's big
[11:48] {drewj} i know
[11:48] {jfjf64} Need her support
[11:48] {drewj} she
[11:48] {drewj} is from mexico and we would like to be able to live there eventually
[11:48] {drewj} and so she knows there is an end game to all this
[11:49] {jfjf64} Nice
[11:49] {drewj} i would love to have some nice profits to show her though
[11:49] {dino} just ignore the naysayers, clear your head, and obey the rules. you will get it
[11:49] {jfjf64} Listen to vg
[11:50] {drewj} I hve been listening to him for a long time...
[11:50] {drewj} I'm surprised to hear that you think I don't Vad!
[11:51] {jfjf64} Trn .30 short
[11:51] {drewj} he's not listening to me:)
[11:51] {jfjf64} Hold .40
[11:53] {jfjf64} Invalid
[11:57] {jfjf64} Ntrs break .35
[11:59] {jfjf64} Hold.30
01[11:59] {@Threei}  US and European indices have seen choppy trading this morning as traders digest a torrent of major earnings
01[11:59] {@Threei}  March existing home sales bounced higher, improving on the flattish February numbers that had been impacted by the harsh winter weather. Sales of previously owned homes climbed to the highest level since September 2013, up 13.5% y/y and beating expectations.
01[11:59] {@Threei}  WTI crude had declined to $56 after spending most of the prior week in a $57-58.50 range in the wake of the last DoE inventory data. Last week's report saw the first miss in crude inventory build in some time, but this morning's DoE report and yesterday's API data saw a return to surprisingly large builds.
[12:01] {jfjf64} Trn short .25
[12:01] {jfjf64} Last trade of day
[12:04] {jfjf64} Follow mkt trn
[12:05] {jfjf64} 1:1
[12:07] {jfjf64} 1:2
[12:08] {jfjf64} Me done
[12:08] {jfjf64} See all manana
[12:10] {dino} great job
[12:10] {jfjf64} Ntrs rinsed me
[12:10] {jfjf64} Ty
[12:11] {dino} see drew, jf is a reason for the people that say it can't be done. they are pissed off he takes off work early. they are mad i vacation when i want. they are just jealous
[12:12] {dino} vsi spike
[12:19] {drewj} so they don't want me to succeed dino
[12:20] {dino} hate to say it, but yes.
01[12:21] {@Threei}  most of them don't
[12:22] {dino} my mother, to this day, wishes i had not sold my insurance business. she hates that i am a trader
01[12:22] {@Threei}  at least not in something they failed in, or never found guts to try
[12:22] {drewj} lousy
01[12:22] {@Threei}  your success is a constant reminder of their failure
[12:23] {drewj} wow
[12:23] {dino} relative no longer talks to me because i suceeded and he failed trading
01[12:23] {@Threei}  while your filure will be their justifiction
[12:23] {dino} and because of this, i no longer get invited to xmas, thanksgiving, etc
[12:24] {drewj} that makes a ton of sense
[12:25] {dino} somehow, in their eyes, it is my fault that he failed
[12:25] {drewj} damn
[12:26] {dino} so thats what i mean when i say ignore them, they are just jealous
[12:30] {drewj} that's sad dino
[12:30] {drewj} tough on you
[12:31] {dino} not anymore. better off without that type of thinking in my life
[12:31] {drewj} yes
[12:31] {dino} some people, just try to bring you down. don't allow it
[12:38] {drewj} vsi here dino?
[12:46] {dino} hang on
[12:46] {dino} buyout rumors
[12:47] {dino} carlson cap 5.34% stake, in talks
[12:47] {dino} so gut says stay away
[12:48] {drewj} Do you short on more vertical spikes?
[12:49] {dino} yes
[12:50] {dino} but news on this one cautions me. usually they spike when company says they hired investment bank to explore alternatives, then they drop. this one has an actual company taking a stake and talking buyout
[12:50] {dino} otherwise i'd short it
[12:52] {drewj} where did you learn the in's and out's of news?
[12:53] {dino} years of trading
[12:54] {dino} but a lot of it is common sense
[12:57] {drewj} what is your stop rule dino?
[12:59] {dino} depends on size. 300 sh usually .40; 400 sh .33-.35; 500 sh .26-.30, 1k sh .15. these can change depending on the spread (a lot of my trades are .20-.50 wide on spreads, so...), but in no case do i risk more than $250/trade.
[13:00] {dino} you must understand that on my trades, the stocks have great move potential. 500 shares and lower i will not trade it is it cannot move at least 30 cents in limited time
[13:01] {drewj} thank you
[13:01] {dino} will not trade it, if it cannot
[13:01] {drewj} i see the pulp
[13:01] {dino} yes, my system is based on pulp
[13:01] {dino} fast drops/fast spikes, ideally more than $2 in seconds
[13:03] {dino} i end up sitting doing nothing for a good part of the day. just waiting for the right drop/spike
[13:03] {drewj} it seems to be that way with most systems
01[13:04] {@Threei}  most GOOD systems
[13:04] {dino} jf is quite a busy trader
[13:04] {drewj} i noticed
[13:04] {dino} the more i trade the less i make
[13:04] {drewj} he seems to try and use your style vad
01[13:06] {@Threei}  jf? he does a mix of my and dino's styles
[13:07] {dino} some traders feel like they have to always be trading. don't fall into that trap
01[13:08] {@Threei}  "false work ethics"
[13:09] {drewj} i really like that...
[13:09] {drewj} is that taoist?
01[13:09] {@Threei}  nah, common sense
01[13:09] {@Threei}  see,
01[13:09] {@Threei}  we are brpought up on idea that work is rewarded
01[13:09] {@Threei}  and in order to get rewarded you need to work
01[13:10] {@Threei}  This is not exactly the case with trading,
01[13:10] {@Threei}  in trading it's quality of what you do that gets you the prize, not the quantity of work
01[13:11] {@Threei}  so, here is a conflict between the conditioning "you need to wqork every minute of your working day"
01[13:11] {@Threei}  and reality of trading where you need to wait for the right opportunity
01[13:11] {@Threei}  so, you sit and wait
[13:13] {drewj} the quality of what i do
[13:13] {drewj} that has a much different focus
01[13:14] {@Threei}  it's all a common sense, it's just that common sense isn't :)
[13:14] {dino} reverse your thinking
[13:15] {drewj} common sense is work long and hard doing a lot of things
01[13:15] {@Threei}  that uis true for a JOB
01[13:15] {@Threei}  but trading is not a job
01[13:15] {@Threei}  trading is business
01[13:15] {@Threei}  in business it's smart work that gets rewarded
[13:16] {dino} i'd say 3 hours a day, i'm just sitting
01[13:16] {@Threei}  ok, here is analogy I just thought of
01[13:16] {@Threei}  that will help you place it right
01[13:17] {@Threei}  imagine you are a hunter sitting in a hide, waiting for your fowl to come to the line of fire
01[13:17] {@Threei}  will you sit and wait and fire only when you see it and get a clear shot in ordwer to succeed
01[13:17] {@Threei}  or will you shoot while there is nothing to shoot at, just to justify your sitting there?
[13:17] {drewj} of course
[13:18] {drewj} that's a good analogy
01[13:18] {@Threei}  :)
[13:19] {drewj} just printing out a picture of a hunter in a tree stand to help me remember
[13:20] {dino} now drew, i could pull 200 out of the ua calls right now and get over my daily, but the calls are bonus, i try to get at least 500 out of them, so swinging
[13:21] {drewj} you think they will be up tomorrow?
[13:22] {dino} tomorrow doesn't matter, i bought time. i have gtc on them for 1.00 move. will re-evaluate each day
[13:23] {dino} shoot for $3k/month options
[13:23] {drewj} I know I already said this but it is so hard to just sit here:)  I should be doing somethingf
[13:24] {dino} really just an extension of my capit system. ua good earnings got hit
[13:24] {drewj} earnings hits tend to rebound?
[13:25] {dino} good earnings that get hit usually start coming back in 2 or 3 days
[13:25] {dino} keep your eyes on ua, uri, mktx. all decent earnings that got hit
[13:26] {dino} oii spikey, somebody knows tonigts earnings perhaps
01[13:28] {@Threei}  drew you need to do something?
01[13:28] {@Threei}  work on your stress control
01[13:28] {@Threei}  practice 3-7-8 breating
01[13:28] {@Threei}  breathing
[13:28] {drewj} I told  you that was the hardest thing for me
01[13:28] {@Threei}  4-7-8, sorry
01[13:29] {@Threei}  you did, so I come up with suggestion
[13:29] {drewj} remember I moved from LA to a small town in PA
[13:30] {dino} did you read vads' techniques of tape reading yet? also, for insight, read reminiscences of a stock operator. ttr book good basic trading book. the other is a fun read with valuable insight (kills me that buffet tries to take credit for jesse's "blood in the streets" quote)
[13:30] {dino} drew, small town pa me too
[13:31] {drewj} i've got both of those.
01[13:31] {@Threei}  got or read?
[13:31] {dino} vads ttr capitulation/euphoria in that book is what got me to my edge
[13:32] {drewj} it's been a big change of work style...being busy to sitting a lot
[13:32] {drewj} read ttr and listened to other
01[13:32] {@Threei}  so... get busy. 4-7-8, learn it and do it regularly
[13:32] {drewj} what do you mean
01[13:32] {@Threei}  then get back to Taoist Trader, m,editation techniques at the end of the book
01[13:33] {@Threei}  [13:28] {@Threei} practice 47-8 breathng
01[13:33] {@Threei}  4-7-8
[13:33] {dino} same here drew. my isurance office would have 120 calls/day. now trading phone never rings, lots of down time. learn to adjust and you will enjoy it. i do a 45 minute lift each day while trading and usually take an hour off each day
01[13:33] {@Threei}  it helps with stress immensely
[13:33] {drewj} what's the 4--7-8 thing?
01[13:34] {@Threei}  gosh... man, you heard of google, didn't you?? :)
01[13:34] {@Threei}  it'll get you to the according page in one click
[13:34] {drewj} got it
01[13:34] {@Threei}  in 5 min you'll know how to do it
01[13:35] {@Threei}  then learn to do it, and do it religiously
01[13:35] {@Threei}  you won't believe how helpful it is
01[13:35] {@Threei}  simp[le thing, takes no time
01[13:35] {@Threei}  requirs no money
[13:36] {dino} ocr drop
[13:37] {dino} ocr sm l .70
[13:40] {dino} not luving ocr chart
[13:41] {dino} stopped .54 -.16
[13:41] {dino} pivot magnot at 80
[13:41] {dino} damn rinsed
01[13:44] {@Threei}  frikin TWTR
01[13:44] {@Threei}  got away
01[13:45] {@Threei}  I didn't believe in such breaks during lunch time
01[13:45] {@Threei}  but .65 was obviously worth it
[13:45] {jfjf64} Anything going on vg
[13:46] {jfjf64} Twtr
01[13:46] {@Threei}  yeah
01[13:46] {@Threei}  we had a lot more discussion while you were away jf, read the log later
01[13:47] {@Threei}  I think you'll find interesting things
[13:47] {jfjf64} Was here for lot of them there was more
01[13:47] {@Threei}  yes
01[13:50] {@Threei}  jf changed his skin
06[13:50] * @Threei slaps mib_43iu38 around a bit with a jfjf64 nickname
01[14:09] {@Threei} Long Setup:  TWTR  .90 break
01[14:09] {@Threei}  If holds  .80
01[14:17] {@Threei}  change to .85
01[14:35] {@Threei}  1:1
01[14:49] {@Threei}  almost 1:2
01[14:49] {@Threei}  on the next push probably
[14:50] {jfjf64} What ya in vg
[14:51] {jfjf64} VMware .50 break
01[14:51] {@Threei}  TWTR jf
01[14:51] {@Threei}  from .85
[14:51] {jfjf64} K
[14:52] {jfjf64} 1:2
[14:52] {jfjf64} 1:3
[14:52] {jfjf64} 1:4
[14:52] {jfjf64} Out
[14:53] {drewj} gj jf!
[14:53] {dino} gj
01[14:53] {@Threei}  nice
[14:53] {jfjf64} Dif style for me wking
[14:53] {jfjf64} Usually looking to short
[14:55] {jfjf64} cp .55 break
[14:55] {jfjf64} Let's see
01[14:56] {@Threei} Long Setup:  VXX  .35 break
01[14:57] {@Threei}  If holds  .25
[14:57] {jfjf64} 1:3
[14:57] {jfjf64} 1:4
[14:57] {jfjf64} Out
06[14:57] * @Threei slaps jfjf64 around a bit with a large roll of cash
[14:57] {jfjf64} Look this cp
[14:59] {jfjf64} They r hitting my scanner
[15:00] {jfjf64} Dollar up from entry
[15:02] {jfjf64} ypf hit scanner 30.25
[15:02] {jfjf64} Look at this
[15:03] {jfjf64} See drew just when I think I know what I'm doing Bam
[15:04] {jfjf64} Respect mkt
[15:04] {jfjf64} Tso 80.20 lets watch
[15:05] {drewj} Sorry buddy
[15:05] {jfjf64} Why sorry
[15:06] {jfjf64} Cp still going
[15:06] {drewj} maybe i misunderstood
[15:07] {jfjf64} I'm saying confidence is good
[15:07] {jfjf64} Always respect
[15:08] {jfjf64} I'm having my best day in while
[15:09] {drewj} got a headache
[15:09] {jfjf64} Time for Long Island ice tea drew
[15:10] {drewj} i'm going now!  That's all I have for todayguys
[15:10] {drewj} take care and thanks for the insight
01[15:12] {@Threei}  take car4e drew
[15:15] {jfjf64} Was thinkin short ocr I messed up
[15:15] {jfjf64} Nice pullback though
[15:19] {jfjf64} Vmw .90 break
[15:20] {jfjf64} 1:2
[15:20] {jfjf64} Pinch me alice
[15:22] {jfjf64} Spy hod
[15:23] {jfjf64} Ocr 84 break
[15:24] {jfjf64} Wow spy
[15:25] {jfjf64} Out
[15:25] {jfjf64} Wow
[15:25] {jfjf64} Ocr
[15:26] {jfjf64} Didn't sell me halted?
01[15:28] {@Threei}  yes
01[15:28] {@Threei}  circuit breaker
01[15:28] {@Threei}  5 min
01[15:28] {@Threei}  [OCR] Said to be considering a sale of the company and has hired advisors to help in the evaluation
01[15:29] {@Threei}  you have order in?
[15:29] {jfjf64} Hit to sell mkt didnt
01[15:30] {@Threei}  should be a good one, stay ready
01[15:30] {@Threei}  here
01[15:30] {@Threei}  out?
[15:30] {jfjf64} Y
01[15:30] {@Threei}  congrats
[15:30] {jfjf64} Holy cow
[15:33] {dino} should spike more and drop
[15:33] {dino} myl drop
[15:34] {dino} ocr smr s .05
[15:34] {dino} cov ocr 84.985, +1.20
[15:35] {dino} 84.85
[15:35] {jfjf64} Nice
01[15:35] {@Threei}  wtg
[15:35] {dino} ty
[15:35] {dino} now whers drew?
01[15:36] {@Threei}  he'll read the log
[15:36] {dino} thats exactly what we talked about earlier
[15:37] {jfjf64} 84 break what acall
[15:37] {jfjf64} 5 min before
[15:41] {jfjf64} Tso .55 break
[15:42] {jfjf64} Was late sad of been .50
[15:42] {jfjf64} .49 stop
01[15:43] {@Threei}  ok guys, finishing on this, nice day
01[15:44] {@Threei}  have a good evening
01[15:44] {@Threei}  see you tomorrow!
[15:44] {jfjf64} Ty
[15:45] {jfjf64} 1:1
[15:45] {jfjf64} 1:2
[15:46] {dino} cya
[15:46] {jfjf64} Out
[15:47] {jfjf64} Gn all
[15:47] {jfjf64} Ty trading gods