Thursday, August 19, 2010

Aug 19 2010

Profitable but very boring day with very few trades. CAT short for 40 cents profit at 9:42 is worth checking out. 

Session Time: Thu Aug 19 00:00:00 2010
[08:30] {Threei}  (US) INITIAL JOBLESS CLAIMS: 500K V 478KE; CONTINUING CLAIMS: 4.478M V 4.50ME
[08:31] {Threei}  - Prior initial claims revised higher from 484K to 488K
[08:31] {Threei}  - Prior continuing claims higher from 4.452M to 4.491M
[08:32] {strider} Jobless claims were bound to be higher going forward from the passage of the unemployment benefits extension.
[08:34] {Threei}  and prior were bound to be revised higher going forward from the biased reporting
[09:04] {dino} gm all
[09:04] {Threei}  dino :)
[09:07] {hawk} morning
[09:09] {Threei}  hawk :)
[09:15] {strider} morning folken
[09:16] {jfjf64} mornin
[09:17] {Threei}  strider, jf :)
[09:17] {strider} :)
[09:18] {Threei}  CAT Reports 3 month dealer statistics; May through July; retail sales of machines +32% y/y ; Sales of Reciprocating & Turbine Engines to Retail Users & OEMs +5% y/y
[09:22] {larisa} gm :)
[09:23] {Threei}  larisa :)
[09:23] {larisa} vad :)
[09:28] {strider} SYMC
[09:28] {nemo} interesting
[09:28] {Threei}  reacts on MFE buyout
[09:28] {nemo} offers at .97 and 14
[09:29] {nemo} .97 gone moved to .98
[09:30] {hawk} gotta be a good day, Rocky rang the opening bell
[09:33] {nemo} wow ntap
[09:34] {ese} morning
[09:34] {Threei}  ese :)
[09:36] {Threei}  watching RIMM and CAT for entry on pullback
[09:36] {Threei}  RIMM around .70
[09:37] {Threei}  CAT under 70
[09:42] {Threei} Short Setup: CAT  .40 break if stays under .50 half lot
[09:42] {Threei}  not a scalp
[09:42] {nemo} too fast
[09:45] {Threei}  covering half
[09:46] {komalg} should I take if It comes to .40 level again?
[09:46] {ese} mrkt shrugging off jobbles claims report....should have tanked alot more
[09:46] {Threei}  no, that would be a third time
[09:46] {ese} ?
[09:46] {Threei}  second is fine
[09:46] {Threei}  third isn't
[09:46] {strider} out in full +.19
[09:46] {Threei}  1;2
[09:47] {Threei}  ese... how to figujre out how much market should have tanked...
[09:47] {Threei}  it's all perceptions
[09:48] {Threei}  have a look at this for instance:
[09:48] {Threei}  Fed open market operations may drive short-term equity gains this morning
[09:48] {Threei}  - Back in the days of the Fed's Permanent Open Market Operations in 2009 there were often quantifiable equity gains on days when the Fed purchased bonds as part of its various qualitative easing programs.
[09:48] {Threei}  - Now that QE is back, investors can expect the equity sugar rush from the Fed's operations to return as well.
[09:48] {Threei}  how do you balance that vs job report?
[09:49] {strider} rimm broke
[09:49] {Threei}  RIMM is getting into bounce zone
[09:49] {Threei}  wanted to short it, then decided it would be too much leaning on a short side, between CAT and RIMM
[09:50] {Threei}  CAT 1:3
[09:51] {Threei}  1:4
[09:51] {Threei}  out in full
[09:51] {Threei}  +_.40
[09:51] {hawk} nice one
[09:51] {jfjf64} well done
[09:51] {komalg} good one
[09:51] {Threei}  can I go home?
[09:52] {komalg} no
[09:52] {jfjf64} missed it
[09:52] {jfjf64} lol
[09:52] {Threei}  how do you miss it?
[09:52] {Threei}  it returned to a trigger
[09:52] {jfjf64} kiddin
[09:52] {jfjf64} ty
[09:52] {nemo} komalg...etiquette
[09:52] {Threei}  givinf second chance entry
[09:52] {komalg} me too.I missed it
[09:52] {strider} recross long?
[09:53] {Threei}  both RIMM and CAT are where I wanted them for bounce, watching
[09:53] {nemo} 50 ma right here
[09:54] {Threei}  RIMM bounced roght from .70
[09:54] {Threei}  no indication
[09:54] {Threei}  grr
[09:54] {nemo} spy gonna' lose support
[09:55] {strider} numbers in 5
[09:57] {komalg} just for study purpose,what kind of set up did you find for CAT?
[09:58] {Threei}  JBE failure
[09:59] {Threei}  both RIMM and CAT bounced without giving me clear setup
[09:59] {Threei}  oh well
[10:00] {Threei}  *(US) JULY LEADING INDICATORS: 0.1% V 0.1%E
[10:00] {hawk} geesh
[10:00] {Threei}  *(US) AUG PHILADELPHIA FED: -7.7V 7.0E
[10:00] {Threei}  whoa
[10:00] {Threei}  eeck
[10:01] {jfjf64} yeahhhhhhhhh
[10:01] {Threei}  hopw the heck do you miss in your estimates THAT much?
[10:01] {jfjf64} lol
[10:02] {dino} dji, s/p mon gap filled
[10:03] {ese} exactly....with the leading indicators coming in as expected
[10:03] {hawk} RIMM holding ok so far
[10:03] {dino} and obama says we arte moving in right direction
[10:04] {dino} i guess his goal is equality, as in everybody is poor
[10:04] {jfjf64} leave bobo outa this
[10:05] {Threei}  lol
[10:05] {jfjf64} cat  time
[10:06] {jfjf64} ?
[10:06] {Threei}  can't tell, really
[10:06] {jfjf64} tough
[10:06] {ese} anyone else here on Mibbit....how do you get rid of these "chat with these good looking babes" advertisement that appears at the top
[10:06] {jfjf64} hate this
[10:07] {nemo} stop surfing porn...and get better anti-spyware
[10:07] {strider} switch to mirc
[10:07] {ese} how do you get rid of this crap
[10:07] {dino} no idea es
[10:07] {jfjf64} was  thinkin  they wer 3i friends
[10:07] {ese} lol
[10:07] {jfjf64} from asia with love
[10:08] {nemo} ese, try setting up privoxy...look into it after the trading day
[10:08] {ese} ouu ouch......
[10:09] {ese} that might just be the best l've seen anyone get on vad since i've been on this board
[10:09] {ese} lick
[10:09] {nemo} damn, now I have something for which to strive
[10:09] {ese} yup
[10:09] {jfjf64} my  wife  sees  tht from  timeto time wonders  who im  chattin  with
[10:10] {jfjf64} a russian  day  trader  i say  3i
[10:10] {jfjf64} lol
[10:10] {ese} rotflol
[10:10] {ese} day trader"s"
[10:10] {Threei}  I bet she saysd "pervert" under her breath
[10:10] {ese} plural
[10:10] {jfjf64} when  ya  fig how  to  get  off   HELP  ty
[10:11] {jfjf64} ya  like  massagee
[10:11] {jfjf64} lol
[10:12] {ese} lol
[10:12] {jfjf64} aahh   mk  myself  laugh
[10:12] {dino} sm l itri .93 thin
[10:15] {Threei}  USD/JPY USD moves below 85 handle after Philly Fed data; near 15-year lows
[10:16] {ese} hmmmm  now it says "BROWSE THOUSNADS OF LOCAL SINGLES ONLINE"...nemo i think there talking about your neck of the woods
[10:16] {nemo} they're everywhere
[10:16] {nemo} I think most of them are married
[10:16] {strider} in ITRI .93
[10:16] {ese} lol.......and you have personal experience with this?
[10:17] {nemo} db symc?
[10:19] {Threei}  I doubt it
[10:19] {nemo} short then?
[10:20] {nemo} play for the rebate?
[10:20] {Threei}  if anything at all, then yes, I'd be hunting for short on it
[10:20] {nemo} oy...I need sleep
[10:20] {Threei}  I mean, why is it even up so much?
[10:20] {Threei}  competitor bought out?
[10:21] {Threei}  so what, it's not like it makes SYMC buyout candidate automatically too
[10:21] {nemo} I guess there are buyout rumors of Google buying Akamai
[10:21] {nemo} btw, that is
[10:21] {nemo} mmhhhh....look for IC&H here on symc?
[10:22] {Threei}  just DBI
[10:22] {Threei}  too squished for C&H
[10:22] {nemo} volume coming in
[10:28] {jfjf64} good
[10:28] {jfjf64} trigerr finger gettin  itchy
[10:32] {Threei} Long Setup:  RIMM  .75 break
[10:32] {ese} L ntes
[10:33] {Threei}  stop under .70
[10:33] {ese} .11
[10:33] {Threei}  half out
[10:33] {Threei}  1:2
[10:34] {Threei}  ridiculous to play RIMM with 5 cents stop but that's the power of good setup {G}
[10:34] {Threei}  1:3
[10:34] {Threei}  SYMC breakdown works like charm
[10:35] {ese} out .26
[10:35] {ese} ntes +.15
[10:37] {ese} L dndn pullback .63
[10:37] {ese} out dndn .82 +.19
[10:38] {jfjf64} lvs  break dn
[10:38] {ese} lucky......shouldn't have been typing there....dndn was moving too fast
[10:41] {strider} stop itri
[10:41] {gregns} ty vad & nemo on the symc
[10:43] {Threei}  1:4
[10:44] {dino} still in dstridr
[10:45] {strider} had stop .04 below lod
[10:45] {strider} didn't work
[10:45] {dino} ok
[10:45] {strider} should have stopped at b/e
[10:45] {dino} it trades gappy
[10:48] {ese} ok.....i have this feeling that it will be a small up day  by the end of the day.......anyone else have that gut feeling
[10:50] {dino} ipi gap fill
[10:51] {komalg} no,as per Vad saying,I don't have any thinking  or gut feeling
[10:51] {dino} yes es
[10:51] {Threei}  RIMM 1 to I can't count that much
[10:51] {komalg} pls tell what kind of set up for RIMM? looks like JBE?
[10:52] {hawk} lol, could be really high by the end of the day
[10:52] {dino} this bads news is good, ...for elections.\
[10:52] {komalg} with ascending triangle?
[10:52] {Threei}  right now you mean?
[10:52] {komalg} no,at the time of placing trade
[10:52] {Threei}  oh
[10:53] {Threei}  bounce after selloff, finding support and breaking upper resistance afrer forming the minirange at the bottom
[10:54] {komalg} thank you.
[10:54] {larisa} nano range :)
[10:55] {ese} heres why i think that......on 7/01 indexes were dn16%...climbed back up and are now dn11%....10% is the usual correction.....selling here does not seem that dramatic to me.....
[10:56] {ese} nemo....your the index guy....thoughts?
[10:57] {strider} still watching ipi, dino?
[10:58] {gregns} ese , my gut says no, due to the way it is acting now since the drop ?? only my gut tho, not from the smidgeon of knowledge i posess
[10:59] {ese} hmmmmm........
[10:59] {dino} y
[10:59] {strider} c-sharp?
[10:59] {nemo} ese, on today being a small up day..I don't think so, look at the hourly on the spy, you have a double top, and two solid pieces of bad news today, last night I was looking at spy, and thought today would be down anyway
[10:59] {ese} b flat
[10:59] {strider} damn
[10:59] {strider} I'm losing it.
[11:00] {nemo} tell us something we didn't know
[11:01] {ese} you thinkin we need another bottom in spy nemo
[11:01] {ese} i was looking at that as well
[11:02] {nemo} what I think is it is currently in a range between about 106 and 113 until it breaks those ranges...my opinion would be that nobody will particularly want to be long going into the weekend
[11:02] {nemo} We also have to keep in mind this is opex, yes?
[11:03] {nemo} Also, moneyflows were negative yesterday in the inverse etfs, but that was before today's news
[11:03] {ese} i tend to go by trend lines.....one from the top of  04/26 to the top of 06/21 and then 07/20 bounceses off the top of it.....
[11:03] {ese} spy
[11:04] {ese} was thinking that the dn trend was broken
[11:05] {dino} whr gap fill
[11:05] {nemo} yes it was, but you also have a range that developed starting end of may and has been pretty consistent, if anything an Inverse H&S
[11:05] {ese} sorry not clear there......07/20 bounces off the top of that dn trend line
[11:05] {ese} hmmmmmmmm ok....theses a thought
[11:05] {ese} theres
[11:08] {ese} 05/25 left shoulder 07/01 head and maybe 08/16 possible dn right shoulder.....ok...i can see that
[11:08] {ese} spy of course
[11:09] {nemo} so, we can see what we want to see...we'll know when the big money gets back in September
[11:09] {Threei}  DNDN Hearing Deutsche Bank making positive comments on Provenge insurance coverage (timing uncertain) (38.31, -0.02, -0.05%)
[11:10] {ese} agreed.....
[11:11] {ese} what are you following for money flow nemo
[11:11] {nemo} a friend of mine's proprietary analyses
[11:11] {strider} whoa
[11:12] {ese} ahhhh.....and who might that be
[11:12] {strider} excuuuusssse me!
[11:12] {nemo} Pascal Willain
[11:12] {ese} neat........but never heard of him...
[11:12] {ese} where do we look
[11:15] {dino} wsm sm l .30
[11:15] {nemo} send a check  ;)
[11:15] {nemo} bank check
[11:16] {strider} full (.30) stop on wsm, dino?
[11:16] {dino} ndx filled 1821 gap, monday
[11:17] {dino} .99
[11:17] {strider} thx
[11:17] {dino} np
[11:18] {dino} hope it works
[11:18] {dino} whr interesting
[11:18] {dino} itri held well
[11:21] {dino} whr sm l .24r
[11:23] {dino} 'r=fat finger
[11:23] {strider} your stop, dino?
[11:25] {dino} .93
[11:25] {strider} thx
[11:38] {dino} whr stopped
[11:38] {strider} yeah
[11:46] {dino} lol uaw bans foreign cars on union lots
[11:48] {strider} long itri .63
[11:48] {strider} long .63
[11:48] {strider} sorry
[11:49] {Threei}  trying to get a feel whether SYMC worth a short at 13 break or it will turn into water torture trade
[11:52] {strider} ctt halted
[11:54] {Threei}  oh yessss!!
[11:54] {Threei}  (US) President Obama to issue statement on US economy soon, following recent US data points
[11:54] {Threei}  SYMC Hearing UBS making cautious comments, not likely company is a takeover candidate (timing uncertain) (21.52, +0.22, 1.03%)
[11:54] {strider} stop itri
[11:55] {strider} oh well
[11:55] {Threei}  UBS agrees with me on that
[11:55] {dino} i hear ya strider. we were a bit early
[11:57] {strider} yep
[11:59] {dino} wfc 52 wk low
[12:00] {Threei}  CTT Announces New Date for Previously Postponed NYSE Amex Delisting Hearing (22.83, -0.93, -3.91%)
[12:01] {strider} and the halt is going to accomplish exactly what?
[12:02] {dino} wsm last try hl l .65
[12:02] {Threei}  prove the idiocy of the halts
[12:02] {dino} halts are b.s.
[12:03] {dino} skx hl l .00
[12:10] {strider} GE lod
[12:19] {dino} hl l itri .55
[12:29] {strider} short wsm .65
[12:32] {Threei}  (US) President Obama: Weekly jobless claims figures argue for the Senate immediately vote and pass the stalled small business lending bill (related EUR/USD TLT SHY JOBSX )
[12:35] {strider} stop wsm
[12:35] {strider} I can hear a sucking sound
[12:35] {strider} coming from my computer
[12:48] {dino} zzzzzzzzzzzzz
06[12:52] * Threei is putting a pillow on the desk where the chin's trajectory meets the hard surface
[12:54] {komalg} .
[13:05] {ese} i'm with ya there vad
[13:06] {Threei}  great
[13:07] {Threei}  let's launch one of those fruitful discussions of advatnagesd and shortcomings of diff kinds of vodka and whisky
[13:07] {larisa} ne nado
[13:07] {hawk} let me get a drink first
[13:07] {Threei}  ok... we won't
[13:07] {Threei}  cognac, larisa?
[13:08] {larisa} mors
[13:08] {Threei}  sorry, can't discuss champaine, I don't know much about it
[13:08] {Threei}  nor carrot juice
[13:09] {patience} i am researching agricultural machinery stocks, any suggestions?
[13:09] {larisa} you becoming a farmer patience? :)
[13:09] {patience} looking for where puck is heading larisa
[13:09] {larisa} :)
[13:10] {patience} won't make it as a farmer
[13:10] {patience} planted masses when i got home from asia
[13:10] {Threei}  does a compaany manufacturinf carrot juice makers count?
[13:10] {patience} i'll add it to the list
[13:10] {patience} crop in the back 40 is doing zippo this year
[13:15] {strider} can't connect to laser.   lost connection.  rebooted.  got internet. no laser.
[13:16] {hawk} ditto strider
[13:16] {strider} y'all check our connections
[13:16] {strider} your
[13:18] {strider} nothing here.    I gotta go.  
[13:18] {hawk} still nothing
[13:26] {laserdave} hey guys
06[13:26] * Threei slaps laserdave around a bit with a large absence of connection
06[13:26] * nemo slaps laserdave around a bit with a large trout
[13:26] {laserdave} we are aware of laser being down for nbcf users
[13:26] {laserdave} it is down on genesis end
[13:27] {laserdave} will let you know as i hear info regarding this
[13:27] {laserdave} sorry for inconvienice
[13:27] {Threei}  have to give it to you dave - if you must have downtime, you picked he best day for it
[13:27] {komalg} dave.I got yr email.Thank you.
[13:28] {komalg} pm.dave
[13:28] {laserdave} nprobs komalg
[13:31] {i2r} nbcf? what's that?
[13:31] {Threei}  shhhh i2r
[13:31] {Threei}  no one knows, and we are not supposed to ask
[13:31] {nemo} it's an IT region
[13:41] {Threei}  I officially nominate this day as The Day of Boredom, 2010 Winner
[13:43] {laserdave} i heard laser is up now
[13:43] {laserdave} or getting close
[13:43] {laserdave} can you guys log in now?
[13:43] {Threei}  trying
[13:43] {laserdave} ty
[13:43] {hawk} y
[13:43] {laserdave} could be false alarm
[13:43] {laserdave} ok cool
[13:43] {Threei}  yup
[13:43] {Threei}  I am in
[13:43] {komalg} Vad,If you don't mind,can I ask you question?....This morning we took CAT ,you told that reason for taking that trade is failure of JBE
[13:44] {Threei}  yes
[13:44] {komalg} How can you tell that this is failure set up?
[13:44] {Threei}  easy
[13:44] {Threei}  look at JBE structure,
[13:44] {komalg} pls explain
[13:44] {Threei}  you'll see that it has two lines,
[13:44] {nemo} need a credit card number komalg
[13:45] {komalg} why
[13:45] {Threei}  upper envelope break of which consitutes a trigger
[13:45] {nemo} Vad charges extra for this...I get a cut for processing ;)
[13:45] {komalg} are you looking at 1 min or 5 min?
[13:45] {Threei}  and lower, which is a support and constitutes either stop level if trade is triggered,
[13:45] {Threei}  or invalidation level if it didn't.
[13:45] {Threei}  1 min
[13:45] {Threei}  Now,
[13:45] {komalg} no he will appreciate how is trying to understand set up
[13:46] {komalg} who*
[13:46] {Threei}  if the lower envelop is broken
[13:46] {Threei}  you can view it in two ways:
[13:46] {Threei}  1. invalidation of breakout setup
[13:46] {Threei}  and
[13:46] {Threei}  2. trigger for the trade in opposite direction,
[13:46] {Threei}  which makes a setup two-sided
[13:47] {Threei}  that can be presented this way:
[13:47] {Threei} Long Setup:  ABCD  20 break if holding above 19.90
[13:47] {Threei} Short Setup: ABCD  19.90 break if holding under 20
[13:47] {i2r} lol
[13:48] {nemo} ?
[13:48] {Threei}  not each setup and not always can be looked at as two sided,
[13:48] {nemo} what's so funny i2r
[13:48] {nemo} ?
[13:48] {i2r} the credit card processing
[13:48] {i2r} sorry, i'm behind in reading the chat
[13:48] {nemo} oh...went over like a lead baloon
[13:49] {Threei}  but in this particular case, CAT went up too far andf too fast,
[13:49] {komalg} ABCD symbol?
[13:49] {Threei}  consolidation looked weak,
[13:49] {Threei}  market was reversing,
[13:49] {Threei}  si I picked breakdown
[13:50] {komalg} price for ABCD symbol is differernt for me=3.00
[13:50] {Threei}  that's just a random example...
[13:50] {Threei}  I didn't even know there was a stock abcd, lol
[13:51] {komalg} I see.
[13:51] {nemo} yeah, look at the volume Vad,
[13:51] {komalg} I I get it now.
[13:51] {Threei}  the concept behind all this is a phrase said at the seminar I gave with Alan farley, and I can't for the world of me remember who of us said that
[13:51] {Threei}  "Setup failure is a setup too"
[13:52] {komalg} ys,it's true.I am getting there.
[13:52] {hawk} and don't forget the "failure of a failure" setup
[13:52] {Threei}  I hope it was me but if not - it was Alan
[13:52] {Threei}  yeah
[13:52] {jfjf64} lvs  lod
[13:53] {larisa} Alan wrote about it in his  master swingtrader book, was seminar after that? :)
[13:54] {Threei}  yes
[13:54] {Threei}  so it was him
[13:54] {Threei}  darn
[13:55] {Threei}  can I at least claim word "and", I used it in my book
[13:55] {i2r} repeating great stuff is just as great
[13:55] {larisa} failure of a failure  is his too :)  too deep for me :)
[13:55] {i2r} lol
[13:56] {komalg} Vad,how would you define envelop?
[13:56] {Threei}  just a line
[13:56] {komalg} means previous high
[13:56] {Threei}  no,
[13:56] {Threei}  envelop is a line drawn through a few highs or lows
[13:56] {Threei}  can be norisonatl, can be inclined
[13:57] {komalg} but trigger was shrt@.40,if it stays under ..50
[13:57] {komalg} so envelop line should be .40 and .50
[13:58] {Threei}  yes
[13:58] {Threei}  it tried .50 a few times
[13:58] {Threei}  couldn't break it
[13:58] {komalg} I see.
[13:58] {Threei}  .40 acted as a slight support a few times
[13:58] {komalg} I see.
[13:59] {komalg} I am guessing that you are still seeing 1 min chart for all this detail..right?
[13:59] {Threei}  .30-.35 zone was more pronounced support
[13:59] {Threei}  but I wanted aggressive entry with tighter stop
[13:59] {Threei}  yes
[13:59] {dino} out wsh .95 +.30
[13:59] {Threei}  oooh, I remember now how it happened and why I am confused about who said that
[14:00] {Threei}  I was talking about pattern life cycle,
[14:00] {jfjf64} lets go lvs  die
[14:00] {Threei}  how it blossoms, then more and more people start using it
[14:00] {Threei}  so it becomes less effective,
[14:00] {Threei}  then turns into its opposite so people playing it become trapped
[14:00] {Threei}  and that it's rtime to start fading the pattern
[14:01] {Threei}  and at this point Alan commented from the back row with that phrase
[14:01] {Threei}  so it was my day and my topic, and his phrase
[14:04] {komalg} Thank you
[14:11] {ese} ok ...so maybe this is a double bottom in the spy,ders......maybe i can do something now.....mybe?
[14:14] {komalg} for CAT is it DBE break out?
[14:22] {Threei}  sorry, didn't see it
[14:22] {komalg} ok.
[14:28] {nemo} tna short looking better
[14:40] {nemo} shoulda' known, stopped out by .05
[14:44] {komalg} nemo, what drives you to think that TNA short is good
[14:44] {komalg} just curious
[14:46] {nemo} resistance level at .90, high volume candle @14:24 followed by difficulties breaching resistance, should have taken 1:1 at trend line, the true short was the next peak
[14:57] {ese} L X .00
[15:03] {ese} hmmmmmmmm
[15:04] {dino} zzzzzzzzzzzzzzzzzzzzz
[15:10] {dino} out skx .35, +.35
[15:13] {ese} good one dino......in this mrkt
[15:13] {dino} thx
[15:13] {dino} whr l .75
[15:14] {ese} L another K in
[15:14] {ese} X
[15:14] {ese} avg .01
[15:14] {nemo} think spy goes to .25
[15:17] {ese} hope so
[15:18] {dino} out whr .25, +.50
[15:19] {ese} out X .14
[15:19] {dino} fl
[15:19] {ese} +.13 with 2k
[15:20] {dino} gj
[15:22] {ese} tks.......that should just about be it for me today
[15:25] {ese} hmmm can this market make it almost back to positive,,,,,,,that would say something
[15:27] {ese} nahhh......end of the day short covering....it's got to far to go
[15:45] {dino} cky, syut,veco all held well
[15:48] {dino} s/p gap filled and monthly low held, sp far
[15:48] {dino} so\
[15:49] {ese} outta here all...take care cya tomorrow
[15:49] {dino} cya
[15:49] {ese} cya dino
[15:49] {hawk} bye es
[15:50] {Threei}  take care ese
[15:54] {Threei}  okay guys, this day wins a prize of the most boring day this year
[15:55] {Threei}  profitable though
[15:55] {Threei}  I'll yawn all the way to the baank
[15:55] {Threei}  thank you all, have a great weekend
[15:55] {Threei}  see you on Monday
[15:55] {nemo} tomorrow
[15:55] {Threei}  oops
[15:55] {hawk} we didn't give you tomorrow off
[15:55] {Threei}  I thought it was friday
[15:55] {hawk} :)
[15:55] {Threei}  lol
[15:55] {Threei}  sorry
[15:56] {Threei}  brain freeze
[15:59] {patience} the vacation did it to you vad
[16:06] {dino} gn all

Wednesday, August 18, 2010

Aug 18 2010

Useless day with a few too many stops and invalidations. There was however nice play worth an educational chart. Double top with aggressive entry.



Session Time: Wed Aug 18 00:00:00 2010
[08:47] {magoo} morning
[08:48] {Threei}  Good morning
[08:59] {Threei}  reading JAZZ news, I am not sure I understand why it's up a point with change inxtead of being down 5
[08:59] {magoo} ifi remember, that one can be a momo
[09:01] {Threei}  yes
[09:01] {Threei}  but heckj
[09:01] {Threei}  read for yourself:
[09:01] {Threei}  Jazz Pharmaceuticals FDA Staff: Jazz has provided sufficient evidence to support the efficacy of sodium oxybate for the treatment of fibromyalgia
[09:01] {Threei}  - The Division determined that the efficacy analyses of the data do not support the Applicants proposed labeling claims of improved sleep.
[09:01] {Threei}  - The general safety profile in fibromyalgia is consistent with the currently approved Xyrem in narcolepsy.
[09:01] {Threei}  - The distribution restrictions of sodium oxybate containing products for its various approved indications has to take into consideration patient access and the possible increases in rates of abuse, misuse (including drug facilitated sexual assault) and diversion.
[09:01] {Threei}  - Approval of sodium oxybate for treatment of fibromyalgia may also result in increased reporting rates of adverse reactions due to interactions of sodium oxybate with other central nervous system depressants used in the fibromyalgia patient population.
[09:01] {Threei}  - In addition, sodium oxybate is a drug of abuse and misuse. The illicit, nonpharmaceutical form is a Schedule I controlled substance. Pharmaceutical products (Xyrem) containing sodium oxybate are currently in Schedule III. Any product containing sodium oxybate and approved for fibromyalgia will be similarly scheduled.
[09:18] {hawk} any news NFLX Vad?
[09:19] {Threei}  Time Warner Inc HBO plans to stream shows on the iPad and other mobile devices with an application ready in 6 months
[09:19] {Threei}  - Note: The company is still holding out from allowing NetFlix to offer its shows streaming.
[09:19] {Threei}  NFLX Morgan Keegan Cuts NFLX to Underperform from Outperform
[09:19] {larisa} gm :)
[09:19] {Threei}  larisa :)
[09:19] {hawk} ah, ok thx...and gm
[09:19] {Threei}  :)
[09:22] {dino} gm all
[09:23] {Threei}  dino :)
[09:29] {dino} agq
[09:30] {dino} gap 58.45ish
[09:31] {Threei} Long Setup:  LVS  .15 break
[09:31] {Threei}  if stays above .05 for scalpers, 30 for day traders
[09:34] {nemo} quite the line in the sand at .05
[09:34] {Threei}  let's trail stop to under it for day traders too
[09:35] {Threei}  no go
[09:37] {Threei} Short Setup: RIMM  .85
[09:37] {Threei}  if stays under 51
[09:37] {Threei}  half lot
[09:38] {Threei}  LVS rinse
[09:41] {Threei}  RIMM no worky
[09:43] {komalg} should I go for LVS it hits .15?
[09:44] {komalg} I missed last enry
[09:44] {Threei}  no, that's a different situation now and requires new setup
[09:44] {komalg} ok
[09:46] {nemo} rimm forming support at .10
[09:49] {ese} morning
[09:49] {Threei}  ese :)
[09:49] {nemo} dude
[09:49] {ese} dude
[09:49] {ese} 30k bike ride took a little longer than anticipated
[09:49] {nemo} the motor die?
[09:50] {ese} exercise
[09:50] {ese} was almost out at vad's house.....thought about popping in and trading from there
[09:51] {komalg} Vad,LVS is holding .15 level
[09:52] {nemo} what's the high komalg
[09:52] {komalg} 30.35
[09:52] {Threei}  it's holding .10
[09:52] {Threei}  lost .15 a few times
[09:52] {nemo} looking a bit short actually
[09:53] {komalg} what is corelation between hign and level .15?.nemo
[09:53] {Threei} Long Setup:  FCX  .20 break half lot
[09:53] {Threei}  late.. grrr
[09:54] {Threei}  see if pulls back to about .20
[09:54] {ese} L cagc .61
[09:56] {Threei}  market looks like making one more pullback, then reversing to the upside
[09:56] {Threei}  if we are lucky, we can catch FCX around .20,
[09:56] {ese} out cagc .90
[09:56] {Threei}  RIMM uinder .30
[09:57] {Threei}  .40 break FCX is possible, just not my favorite... and much more risky
[09:57] {ese} +.29   cool...farmed it out at .90 and it took it
[09:57] {ese} thought it was gonna give me mid to low .80's
[09:57] {Threei}  nice one ese
[09:57] {ese} tks
[09:57] {Threei}  no luck FCX
[09:58] {dino} cpl
[09:58] {Threei}  if anyone went for .40, take profit here
[09:58] {ese} eh eh nemo!!!!!!! wha da ya say ehhhh.......30k bike ride keeps the mind sharp........huh?
[09:59] {rdw09} Ty Vad FCX + .18
[09:59] {Threei}  :)
[10:06] {Threei} Short Setup: FCX  .50 break
[10:06] {Threei}  half lot
[10:06] {Threei}  if stays under .645
[10:06] {Threei}  .65
[10:07] {Threei}  .55 break semi-aggressive entry is possible
[10:07] {Threei}  invalidated
[10:10] {Threei} Short Setup: RIMM  .40 break
[10:10] {Threei}  if stays under .50
[10:10] {Threei}  invalidated
[10:11] {nemo} .50 if stays under .60?
[10:11] {Threei}  no
[10:13] {magoo} there goes lvs
[10:15] {dino} ctrn sm l .01
[10:16] {dino} stop lod
[10:16] {dino} syut sm l .05
[10:16] {strider} .
[10:17] {Threei}  Preview: DOE (EIA) Petroleum Inventories due at 10:30ET
[10:19] {jfjf64} mornin
[10:20] {Threei}  jf :)
[10:20] {strider} morning here, too.
[10:21] {Threei}  what a coincidence
[10:26] {Threei} Short Setup: RIMM  .40 break
[10:26] {Threei}  if stays under .50
[10:29] {magoo} in
[10:29] {strider} in .38
[10:30] {Threei}  *DOE CRUDE: -820K V -1.0ME; GASOLINE: V -375KE; DISTILLATE: V +1.4ME UTILIZATION: % V 87.2%E
[10:30] {strider} out
[10:30] {Threei}  shrug
[10:30] {Threei}  invalidations and rinses
[10:31] {Threei}  GASOLINE: -40K V -375KE; DISTILLATE: +1.07M V +1.4ME UTILIZATION: 90.0% V 87.2%E
[10:31] {Threei}  GOOG Plans to lauch tablet computer to compete with iPad, model to run Chrome OS - Gizmodo
[10:31] {Threei}  - The Chrome OS tablet will be manufactured by HTC, launched on Verizon, and go on sale on November 26th.
[10:31] {Threei}  - Report also cites features that include a NVDA Tegra 2 graphics, a 1280x720 multitouch display, 2GB RAM, 32GB SSD, WiFi/Bluetooth/3G connectivity, and webcam
[10:31] {magoo} out
[10:31] {Threei}  IMMU Immunomedics and GE Healthcare in Research Collaboration
[10:32] {Threei}  Immunomedics Inc Immunomedics and GE Healthcare in Research Collaboration
[10:32] {Threei}  entered into a license and collaboration agreement for the evaluation of labeling technologies based on Immunomedics' patented F-18 peptide labeling method. Terms of the agreement were not disclosed, but GE Healthcare will fund all costs related to this collaboration.
[10:33] {magoo} LVS
[10:33] {magoo} LVS
[10:39] {komalg} why are looking for short on RIMM?
[10:39] {komalg} *we
[10:40] {Threei}  we are not anymore
[10:40] {Threei}  there was short setup at the moment
[10:40] {komalg} I understand/
[10:44] {hawk} nice spot on LVS mags, thx
[10:47] {magoo} ty, was just distracted here
[10:47] {magoo} hit l .79 out .93 on it
[10:47] {Threei}  oh boy... guess who's on TV
[10:48] {strider} I know this time.
[10:48] {strider} Lou Salome.
[10:48] {magoo} david copperfield?
[10:55] {ese} l X .83
[10:57] {ese} out 1/2 X .00 +.17
[10:57] {nemo} ese, could you explain your rationale for that play?
[10:57] {ese} stop to break even balance
[10:57] {larisa} break of previous high he went for
[10:58] {larisa} kinda risky it was bounsing sinse .40
[10:58] {larisa} but worked :)
[10:58] {nemo} yeah, and the high was .95 prior to that...god love him
[10:58] {nemo} frickin' musicians
[10:58] {larisa} lol
[10:59] {ese} hey nemo ...lookin for a break of .80....but it also fits one of the patterns in vads book
[10:59] {dino} whr sm l .49
[10:59] {nemo} I see a range break but the stop looked so big
[10:59] {ese} except that the range was a little large 40pts
[11:00] {nemo} you have a horshoe somewhere in your anatomy?
[11:00] {nemo} horseshoe
[11:00] {ese} I wasn't going to use that kind of stop below .40
[11:00] {ese} for me 1/2 of that range was good
[11:00] {larisa}  stop would be around .75, short time trend line
[11:01] {nemo} oh...yeah...duh
[11:01] {larisa} X is strong today, so valid trade
[11:01] {ese} out remainder X .23
[11:01] {ese} +.42
[11:01] {nemo} kewl
[11:02] {Threei}  wtg
[11:02] {dino} gj
[11:02] {magoo} out .33 X ty ese :)
[11:02] {ese} 2k/2k....a good days work
[11:05] {ese} the other thing that i try to focus in on nemo is the time and sales.......after watching vads scalp trading video and a few questions to him i've started to become alot more aware of momentum
[11:05] {nemo} what did you see?
[11:05] {dino} chk hl l ,90
[11:06] {ese} with X this was classic...it was medium then it started to pick up some steam the 3rd time........gut feeling came into play a little here
[11:07] {ese} does not happen all the time but this time you could feel it
[11:08] {Threei}  musicians and their feelings...
[11:09] {Threei}  if I sound sour, there is a good reason for that: got one here who needs to practice Rakhmaninov for the next couple hours... I need soundproof room for that piano
[11:09] {Threei}  hate open concept houses, lol
[11:09] {ese} "Feelings.............nothing more than feelings!!!!!"
[11:10] {dino} out whr .00, +.51
[11:10] {Threei}  nice one dino
[11:10] {dino} ty
[11:10] {ese} actually i hate that tune..........been done badly too many times
[11:11] {Threei}  RIMM suddent drop
[11:18] {ese} have any of you seen this web site (http://www.stockmapper.com/STXtrac.html)   this is where i saw X
[11:19] {ese} you have to clic on it to udate it but it a pretty effective heat map
[11:23] {magoo} takeover rumor i beliebve X
[11:23] {magoo} making my day, reloaded
[11:23] {ese} ya.........lots of strength here
[11:23] {magoo} waiting .43
[11:23] {nemo} just blew through r3
[11:23] {ese} i'll say
[11:25] {ese} ok ....nows theres something i don't get.......mags...how do you get the nerve to get back in...once i'm out i'm out
[11:25] {ese} how do you judge that strength
[11:26] {strider} dino, what you looking for out of chk?
[11:27] {dino} hod
[11:27] {strider} thx
[11:27] {gregns} i appreciate this disccusion , it helps me to learn, thanks
[11:27] {nemo} there are no such things as stupid questions....
[11:28] {nemo} ...unless you're Les   ;)
[11:28] {strider} m: ArcelorMittal not likely pursuing US Steel, says Dahlman Rose
[11:30] {magoo} sorry still in
[11:31] {dino} sm s x .25
[11:31] {dino} bstop is .52
[11:37] {strider} dino, from here would you still hold stop at .52?
[11:38] {dino} b/e
[11:38] {strider} tx
[11:38] {dino} np, its a free trade now
[11:39] {dino} should have broke .00 w/whoosh
[11:40] {strider} whoosh
[11:40] {dino} to .85
[11:40] {dino} nope, battleground
[11:41] {jfjf64} computer prob all week
[11:41] {dino} gremlins
[11:41] {magoo} careful itds gonna launch imo
[11:42] {jfjf64} was workin off lap top  one  monitor  o  windows xp  just fine
[11:43] {dino} tighten to .15
[11:43] {strider} just what I was thinking.
[11:43] {jfjf64} upgrade system  + 4 monitors   windows 7
[11:43] {strider} nice db formed.
[11:43] {jfjf64} real mess
[11:44] {nemo} that's Microsuck for you
[11:44] {ese} L hd .85
[11:44] {jfjf64} didnt someone say if not broke dont fix
[11:44] {magoo} what u using? as in wind 7?
[11:45] {dino} hope that doesn't get ,e jf, moving my office this weekend
[11:45] {dino} e=me
[11:45] {nemo} no e=mc2
[11:45] {dino} tighten to .00
[11:45] {jfjf64} my trading system not compatible with  7
[11:46] {jfjf64} swarb  chuckie
[11:46] {magoo} what u using?
[11:46] {magoo} xp here
[11:46] {dino} cyber?
[11:46] {jfjf64} switchin bk to xp
[11:46] {magoo} vista was the crap
[11:46] {strider} out .93
[11:47] {dino} gj
[11:47] {jfjf64} yes  there system cyber plat
[11:47] {dino} same
[11:47] {dino} running xp
[11:48] {jfjf64} that what y use dino
[11:48] {dino} cov. +.25
[11:48] {Threei}  Microsft said they'll support XP till 2014, so I intend to use it to about 2017
[11:48] {dino} yes
[11:49] {jfjf64} yup   7  pure  sh   t     4  trading
[11:49] {jfjf64} imo
[11:50] {dino} sticking w/xp until something dies
[11:50] {strider} me too.
[11:51] {komalg} Vad,what brokerage are you using?
[11:52] {strider} dino where your stop on chk now?
[11:54] {dino} .79
[11:54] {Threei}  one that is reperesented by the form on our website
[11:54] {ese} out hd .85 even......commissions of course
[11:54] {jfjf64} our   ltk  tha
[11:55] {jfjf64} lol
[11:55] {komalg} I see.I sent them email abt 2 days ago...didn't get email from them
[11:55] {Threei}  normally they respond next day
[11:56] {komalg} also one more question,how much is min amount for day trading?
[11:56] {Threei}  5K
[11:56] {jfjf64} not 25k
[11:56] {komalg} so I can take any number of trade?
[11:57] {Threei}  yes
[11:57] {komalg} so good.
[11:57] {komalg} other brokerage won't allow till I have 25 K
[11:57] {komalg} what is comission and fees?
[11:58] {Threei}  commissions are on that webpage with form
[11:58] {nemo} .005 per share +data feeds, +ecn fees, which can also be rebates
[11:59] {Threei}  fees may depend on the country and trader status so that's for you to clear out with their rep
[11:59] {komalg} Thank you.I am going to follow up.
[11:59] {magoo} lots of news X
[11:59] {magoo} im long .20 again
[12:00] {Threei}  there is no fresh news on it
[12:00] {magoo} i cover quick, so careful
[12:00] {magoo} ill get out to get in lower
[12:01] {magoo} 11:03 and 11:17 vad
[12:01] {Threei}  none here
[12:01] {Threei}  you sure it's really fresh?
[12:02] {dino} chk to b/e
[12:03] {magoo} out
[12:06] {magoo} l rimm fitty
[12:06] {magoo} looking for new high
[12:06] {magoo} crap
[12:06] {magoo} every timre i post drops
[12:06] {magoo} ,55 started typing
[12:07] {magoo} stop .39
[12:16] {nemo} short setup X vad?
[12:16] {nemo} break of .80
[12:17] {nemo} stop above  .89...too late
[12:17] {strider} in .79
[12:18] {strider} partially in
[12:19] {strider} out 1/2
[12:20] {dino} gj
[12:23] {strider} out x in full.
[12:24] {strider} thanks nemo
[12:24] {Threei}  gj
[12:24] {strider} only got 200 shares,
[12:24] {Threei}  ok... not a gj
[12:24] {strider} full lot usu. 400
[12:25] {strider} that's better.
[12:25] {Threei}  glad to oblige :)
[12:30] {dino} ioc
[12:30] {strider} m: ArcelorMittal not likely pursuing US Steel, says Dahlman Rose
[12:31] {strider} wrong.  ignore.
[12:31] {strider} om: T2 Partners predicts InterOil on track to run out of cash, Business Insider says
[12:31] {strider} there
[12:31] {dino} hmmm
[12:31] {strider} is that a bad thing, you think?
[12:32] {dino} soros added to his stake q2
[12:33] {strider} Whitney Tilson of T2 Partners, which owned 1,623 put contracts on InterOil (IOC) as of June 30, believes the company has no proven or probable reserves in its Sierra Madre holdings, according to Business Insider. Moreover, the company is going to run out of cash soon, T2 Partners believes
[12:33] {strider} August 16, 2010
[12:33] {strider} 16:02 EDT IOC
[12:33] {strider} theflyonthewall.com: InterOil reports Q2 EPS 17c vs. consensus of 10c
[12:35] {dino} quite the battle on it
[12:38] {strider} don't much like the spread.
[12:41] {Threei} Short Setup: RIG  .80 break
[12:41] {Threei}  half lot
[12:41] {Threei}  .95 stop'
[12:45] {magoo} just a feeling, but believe X will attack its day high sometime
[12:45] {magoo} today
[12:45] {Threei}  IMGN Announces Orphan Drug Designation Granted to Lorvotuzumab Mertansine for Treatment of Small-Cell Lung Cancer (9.30, +0.26, 2.88%)
[12:46] {Threei}  Gold making a fresh six week high ahead of the pit close in NY
[12:46] {Threei}  - hearing desks noting todays strong reversal has been accompanied by solid Asian and Middle Eastern buying ahead of Friday's options expiration.
[12:48] {Threei}  stop can be trailed to above .90
[12:51] {strider} short .84
[12:51] {dino} sm l ioc .97
[12:53] {Threei}  not a scalp if works
[12:57] {strider} out 1/2 +.10
[12:57] {strider} .74
[13:01] {strider} dino, get ese to buy a bunch of CHK...that'll run it up.
[13:01] {Threei}  1:1, covering half
[13:03] {strider} out in full .61 +.23
[13:03] {strider} thanks vad.   a good one.
[13:04] {Threei}  welcome
[13:05] {magoo} ty, nice
[13:05] {Threei}  if this one didn't work, I would try to find wet paper bag and try to trade my way out of it
[13:05] {Threei}  I suspect I wouldn't be able to do that
[13:06] {strider} haha
[13:06] {i2r} lol
[13:06] {Threei}  1/4 more out
[13:06] {Threei}  last piece is out here.42
[13:06] {dino} took all day but out ctrn .50, +.49
[13:07] {Threei}  +.38
[13:07] {i2r} gj vad
[13:07] {Threei}  ty
[13:07] {Threei}  finally hooked decent one
[13:07] {dino} gj
[13:07] {i2r} really good call
[13:07] {gregns} ty
[13:07] {strider} {--------quietly folds paper bag and puts back in drawer.
[13:07] {Threei}  lol
[13:08] {magoo} long rimm .50, loike my 4th try
[13:09] {dino} out ioc .75, +.78
[13:10] {Threei}  komal, I spoke to dave, he said he has your e-mail and will cotact you today
[13:11] {magoo} komalg wants u
[13:11] {magoo} daves coming
[13:12] {strider} dave's not here.
[13:15] {i2r} dino, +.78??? nice job!
[13:15] {dino} ty
[13:16] {magoo} mkts up 47..wow
[13:16] {magoo} nice dino
06[13:17] * magoo slaps laserdave around a bit with a large trout
[13:17] {laserdave} shoudl of new that was coming
[13:17] {komalg} ok
[13:18] {komalg} thank you.
[13:18] {laserdave} pm komalg
06[13:19] * Threei slaps laserdave around a bit with a large list of people asking for his attention
[13:19] {laserdave} :)
[13:20] {komalg} pm dave
[13:21] {i2r} thx vad, indeed
[13:21] {strider} vad, do you ever trade bull flags?
[13:21] {strider} e.g., HD
[13:24] {Threei}  sure
[13:24] {Threei}  every time when I say:
[13:24] {Threei}  long on pullback
[13:24] {Threei}  what is it if anot a bull flag?
[13:25] {strider} would trigger be at break of top trend line?
[13:25] {Threei}  I am not sure I understand what you mean in this case
[13:25] {Threei}  can you give prices?
[13:26] {Threei}  people draw those lines in zillion ways
[13:26] {strider} HD treneded down till 1:22...green candle.
[13:26] {strider} Would break at 1:24 be trigger?
[13:27] {Threei}  1:22?
[13:27] {Threei}  you lost me
[13:27] {strider} ok
[13:27] {Threei}  at 1:22 it was barely under the high
[13:28] {strider} typical bull flag has top trend line and bottom trend line.
[13:28] {Threei}  how is it treded down?
[13:28] {strider} do you see trigger as break of top trend line?
[13:28] {Threei}  you mean this little retreat from the top?
[13:28] {strider} forget HD:)
[13:28] {strider} just asking generally.
[13:28] {Threei}  OK
[13:28] {Threei}  draw
[13:28] {strider} bang
[13:28] {strider} I win.
[13:28] {Threei}  this is too theoretical and subjected to different visions
[13:30] {Threei}  what you mean by those "trend lines" is not necessary what anyone else means until you show drawing
[13:31] {strider} in typical bull flag....a series of lower highs and lower lows.    question was, does an upside break of the lower highs trendline constitute a trigger for you?
[13:31] {Threei}  no
[13:31] {Threei}  you take a little piece of a bigger picture
[13:32] {Threei}  flag does not exit in vacuum
[13:32] {Threei}  flag is created in context of uptrend,
[13:32] {Threei}  making hugh,
[13:32] {strider} yes
[13:32] {Threei}  pulling back from it,
[13:32] {strider} hefner?
[13:32] {strider} yes
[13:32] {i2r} lol
[13:32] {Threei}  and this is whole complex that needs to be taken into account:
[13:32] {strider} k
[13:33] {Threei}  how uptrend is structured,
[13:33] {Threei}  where last support is,
[13:33] {Threei}  how pullback looks,
[13:33] {Threei}  and what the signs of pullback being over are.
[13:33] {Threei}  So,
[13:33] {Threei}  if your pullback crosses upper trendline after touching on the latest support
[13:34] {Threei}  or does it somewhwere in the middle
[13:34] {Threei}  those are two different situatikons
[13:34] {Threei}  how volume shapes up during the pullback is another factor
[13:34] {strider} y
[13:36] {strider} HPQ climbing slowly today
[13:41] {strider} LVS
[13:48] {dino} .
[13:53] {gregns} c & h forming on MOS ? 1200 to now?
[13:53] {Threei}  pretty much
[13:53] {Threei}  volume is not really classic shape
[13:54] {Threei}  but price configuration is right
[13:54] {gregns} thks
[13:54] {ese} .
[13:58] {Threei} Long Setup:  BP  .50 break
06[13:59] * Threei slaps laserdave around a bit with a large subject of unknown and probably extraterresterial origin, looking strangely appropriate for slapping dave
[13:59] {dino} hmmmm
[14:01] {i2r} hmm
[14:02] {magoo} hm
[14:03] {i2r} vad, when you say break, do you actually set the price to like .55 and hit buy the moment it's at .51 or how do you figure it's a .50 break without losing the entry?
[14:03] {Threei}  principle is right, I just don't fo as far as 5 cents out for the thick stock like BP
[14:03] {ese} aye lads and lassies........itsa harda to contribute to the board ehhhhh   when ya just canna fine nuttin
[14:03] {Threei}  couple cents is enough
[14:04] {nemo} your command, or lack thereof, of English makes it difficult
[14:04] {komalg} so what is stop in this case?
[14:04] {Threei}  under .40
[14:05] {dino} slowwww es
[14:05] {Threei}  that's nothing nemo, you shald hear him speaking after third shot of vodka
[14:05] {nemo} then I switch to German
[14:05] {i2r} k tx
[14:06] {nemo} yeah...but you also forgot to tell them I consider a shot to be a tea glass
[14:06] {Threei}  are there any others?
[14:06] {i2r} Vad, is the break trigger considered the pricing going to .51, .52 or just anything above .50?
[14:07] {Threei}  anything above .50, but there is one necessary condition:
[14:07] {nemo} there are americans/canadians on this board who wouldn't know that
[14:07] {Threei}  price level should actually disappear on level2, especially in case of big offers
[14:07] {Threei}  otherwise you can be lured in by out of bounds print
[14:08] {i2r} can you explain?
[14:08] {Threei}  caused by someone with brokerage of 18 century
[14:08] {Threei}  who gets screwed up on execution
[14:08] {nemo} Dino...where we end today
[14:08] {i2r} probably in laser it disappears? in TD I am not sure how to see that
[14:08] {Threei}  just watch level 2, make sure that price level that serves as break treshold gets actually taken out
[14:09] {Threei}  does TD even have level 2?
[14:09] {i2r} now I"m even questioning whether I know what level 2 is, i thought level 2 is when I see the quotes and a bunch of them
[14:09] {i2r} below the current bid and above the current ask
[14:09] {Threei}  right
[14:09] {i2r} like a dome
[14:09] {Threei}  they are colored
[14:09] {i2r} right
[14:10] {Threei}  so when we look for .50 break,
[14:10] {Threei}  you have a bunch of them in yellow at .50,
[14:10] {Threei}  some in purple at .51
[14:10] {Threei}  some in red at .52
[14:10] {Threei}  etc
[14:10] {Threei}  that yellow should dissipate in full
[14:10] {i2r} got it
[14:11] {Threei}  so .51 becomes yellow (color for inside quote)
[14:11] {i2r} where can I find the meaning of colours?
[14:11] {Threei}  there is none, you can assign those you like
[14:11] {nemo} creee, should bounce around here
[14:11] {i2r} then what are the meanings besides different quotes?
[14:11] {i2r} like inside quotes?
[14:11] {i2r} what is inside quotes?
[14:11] {Threei}  just to make different price levels visible
[14:12] {Threei}  without reaading actrual numbers
[14:12] {Threei}  as you would have to if not for colors
[14:12] {Threei}  let me make a quick screen shot
[14:13] {komalg} Vad,can you pls teach how  to be pateince with drawdown? like....I entered @.50 break but when price reach to .42, I was not able to take pressure
[14:13] {strider} good call nemo.  missed it
[14:14] {dino} nemo, flat to slightly up
[14:14] {Threei}  i2r
[14:14] {Threei}  http://realitytrader.com/vad/Level2%20color%20scheme.jpg
[14:15] {i2r} see it, thx.
[14:15] {i2r} so price point separates 1 cent change?
[14:15] {Threei}  is it what you see with TD?
[14:15] {Threei}  well, for this stock it's 1 cent
[14:15] {i2r} a bit less info, but the middle part yes
[14:16] {Threei}  but look for instance at GOOG
[14:16] {i2r} true, sometimes I see diff colour for price 2 or 3 cent diff
[14:16] {i2r} yes, larger range for GOOG
[14:16] {Threei}  C&H on MOS wortks nicely
[14:17] {Threei}  good spot greg
[14:17] {Threei}  komal... thbis is trading psychology area
[14:17] {komalg} yes. understand.
[14:17] {Threei}  reread corresponding chapter of MPP,
[14:17] {Threei}  look through blog,
[14:17] {Threei}  part devoted to psychology
[14:17] {komalg} O.K.
[14:18] {Threei}  this kind of things must become a focus of attention,
[14:18] {Threei}  something to work with
[14:18] {Threei}  and ultimately, this is going to be what makes or breaks a trader
[14:18] {i2r} anyway for me to get a layout file from someone that has proven to be practical?
[14:18] {gregns} thks
[14:18] {komalg} I am aware of dirrent kind of technicque,but while I am in trade,I am kind of lost
[14:18] {Threei}  laser layout you mean?
[14:19] {i2r} yes
[14:19] {Threei}  mine is for 4 monitors setup, so laser spans over 3 monitors
[14:19] {Threei}  if you need something more modest, ask dave,
[14:19] {Threei}  he has a few of those
[14:19] {nemo} i2r, decide what you would want, we'll tell you the windows
[14:19] {i2r} one app spans 3 monitors?
[14:19] {Threei}  yes
[14:20] {Threei}  take a look at my monitors:
[14:20] {i2r} well, would be good to get the basic idea, nemo, of what you guys see
[14:20] {i2r} cause my thoughts will be history based, TD, and might be limiting
[14:20] {Threei}  http://realitytrader.com/vad/Scr1.png
[14:20] {Threei}  http://realitytrader.com/vad/Scr2.png
[14:20] {Threei}  http://realitytrader.com/vad/Scr3.png
[14:20] {dino} ctrn l .06
[14:20] {Threei}  http://realitytrader.com/vad/Scr4.png
[14:21] {i2r} i usually look for the daily and by the minute, order entry, market view, index view, L2 and chart for 2 tickers
[14:21] {i2r} thx vad
[14:21] {i2r} ok, I recognize scr1 as intelliscan
[14:22] {nemo} dcc i2r
[14:25] {i2r} oh i see how it's done
[14:26] {magoo} any read X vad, feels UP
[14:26] {Threei}  feels up to me too
[14:27] {gregns} bp is not a scalp if it goes, correct?
[14:27] {Threei}  hard to tell really
[14:27] {Threei}  no opinion
[14:28] {gregns} ok
[14:34] {strider} you see entry for X, vad?
[14:35] {nemo} maybe better short unless breaks .50 on volume, it's above R3 so how much farther it can run id debatable
[14:35] {Threei}  pullback to about .20 I would get very interested
[14:35] {Threei}  break, don't know
[14:36] {magoo} l .49
[14:36] {magoo} thinking .70 area
[14:36] {strider} well, there's R4:)
[14:36] {magoo} might dupe me
[14:36] {nemo} r4 would be 51.18
[14:37] {strider} I was thinking maybe R3.276
[14:37] {nemo} 3.1416
[14:38] {strider} boy, I got two hot ones....bp and chk
[14:39] {Threei}  LVS S&P raises ratingone notch to B from B- (30.15, +0.39, 1.31%)
[14:39] {dino} lol, chk here too
[14:40] {dino} huvl
[14:41] {strider} that daily looks bad, dino.
[14:41] {dino} :D
[14:41] {dino} thinny
[14:41] {strider} with blood dripping from the corner of his mouth/
[14:42] {strider} think we ought to take a dime, chk?
[14:43] {dino} thinking yes, can't get thru .05
[14:46] {komalg} what's yr opinion for BP?
[14:46] {strider} I think it blows
[14:46] {dino} roflol
[14:46] {magoo} harte BP, always wears me out
[14:46] {nemo} komalg might not understand the idiom
[14:47] {magoo} cut it...then vad says "1:1, 2:1 AHHHHHHHHHHHH
[14:47] {dino} lol
[14:47] {magoo} after i lose a nicklee
[14:50] {Threei}  that's because you try to approach every trade as some creative act
[14:50] {nemo} bidu break of .55 might work
[14:51] {magoo} no, i dont use hard stops so i gotta stare at it
[14:51] {magoo} but hey, gave u credit as a winner
[14:51] {strider} you're charts are slow, nemo.
[14:51] {magoo} i just cant watch it that long
[14:51] {nemo} wtf?
[14:51] {nemo} nah...lost support
[14:52] {strider} I thought you meant short.
[14:52] {strider} anybody could see that.  :)
[14:52] {nemo} oh, sorry
[14:53] {strider} {-------looking for paperbag again
[14:53] {nemo} bidu might form the right side again
[14:53] {strider} {---faxing to vad
[14:53] {nemo} offer .55
[14:57] {dino} out chk .00, +.10
[14:57] {nemo} cough
[14:58] {strider} short .39 bp
[15:02] {strider} it's quiet.....too quiet.
[15:09] {strider} stop chk +.01
[15:10] {strider} piece of crap
[15:14] {dino} the dime looks good now, lol
[15:14] {strider} cover 1/2 bp+.09
[15:14] {strider} no kidding dino
[15:15] {strider} I got a penny
[15:23] {dino} sm l ioc .87
[15:24] {dino} scok
[15:27] {dino} esi
[15:32] {dino} scok, seems china mine ban
[15:42] {strider} MOS theflyonthewall.com:  Mosaic downgraded to Hold from Buy at Standpoint Research
[15:42] {nemo} bidu could be short here
[15:42] {nemo} break of 83
[15:42] {nemo} too fast
[15:43] {dino} stop ioc .70 -.17
[15:46] {Threei}  GM *FORMALLY FILES IPO
[15:46] {strider} big whoop
[15:47] {strider} I hope nobody buys any
[15:47] {Threei}  hey, you are dismissing what may be a start of car manufacturing industry in USA
[15:47] {Threei}  oh, wait...
[15:47] {strider} uh huh
[15:48] {Threei}  lol
[15:48] {Threei}  anyway:
[15:48] {Threei}  no shares of common stock to be sold; offering series B preferreds
[15:48] {Threei}  shrug
[15:48] {strider} see, they're afraid nobody will come to their party
[15:48] {Threei}  Registers common stokc for selling shareholders, including the US Treasury
[15:48] {Threei}  what's with all the trickery
[15:49] {Threei}  I am disgusted
[15:49] {Threei}  oh wait...
[15:49] {Threei}  I've been already
[15:49] {dino} syutout =.06
[15:49] {dino} -.06
[15:49] {strider} 1/4 bp at  +.05
[15:50] {strider} this is getting teejus
[15:50] {ese} hmmmmmm......did nothing for ya eh dino
[15:50] {dino} yes
[15:50] {Threei}  - Common stock outstanding immediately after following at 500M shares; The number of shares to be offered and the price range have not been determined
[15:50] {Threei}  - We have no current plans to pay dividends on our common stock.
[15:50] {strider} really?
[15:51] {dino} lol
[15:51] {ese} well.....i'll see you all tomorrow......
[15:51] {strider} see ya eses
[15:51] {strider} ese
[15:51] {Threei}  take care ese
[15:51] {ese} later eh
[15:52] {strider} somebody sit on bp
[15:52] {dino} out ctrn -.06
[15:53] {dino} gotta hop, tee time. l8r all
[15:53] {strider}  didn't kjnow you drank tee
[15:54] {nemo} dude needs help
[15:58] {strider} out final bp +.09
[15:59] {strider} all that non-work for nothing
[15:59] {Threei}  okay guys
[15:59] {Threei}  useless day
[15:59] {Threei}  they seem to take turns
[16:00] {Threei}  thank you all
[16:00] {Threei}  have a good evening
[16:00] {Threei}  see you tomorrow
[16:00] {hawk} nite all
[16:00] {strider} thanks vad.
[16:00] {Threei}  which should be good if pattern holds
[16:00] {strider} this could work out OK.  Just trade every other day.
[16:01] {strider} More drinking time, eh?
[16:01] {Threei}  and don't confuse them
[16:01] {strider} oh, yeah.  there's that.

Tuesday, August 17, 2010

Aug 17 2010

Very nice and active morning with consecutive trades on RIMM, mostly short, and LVS, mostly long. Reversal on RIMM for a bigger trade on a long side and a few scalps made for an unusually nice day for August. 

Session Time: Tue Aug 17 00:00:00 2010
[08:35] {Threei}  *(US) JULY PRODUCER PRICE INDEX M/M: 0.2% V 0.2%E; PPI EX FOOD&ENERGY M/M: 0.3% V 0.1%E
[08:35] {Threei}  *(US) JULY HOUSING STARTS: 546K V 560KE; BUILDING PERMITS: 565K V 580KE
[08:40] {hawk} morning vad :)
[08:41] {Threei}  hawk :)
[08:47] {hawk} good thing for POT shareholders that I didn't carry it overnight.  If i had this offer never would have happened
[08:47] {Threei}  lol
[08:48] {Threei}  - BHP's offer "does not even come close" to the intrinsic value of Potash Corp
[08:49] {hawk} Cramer saying hold on for 165-170
[08:51] {magoo} morn, POT wow
[08:51] {Threei}  morning mags
[08:52] {magoo} in sympathy MOS IPI BG MON AGU
[08:52] {magoo} oph..hi boss:)
[08:57] {hawk} RIMM weak
[08:58] {magoo} news rimm?
[08:59] {Threei}  Amazon.com Inc Offers BlackBerry Torch for $99.99 with new services plan; About half of what it retails for with a 2 year contract regularly - Engadget
[08:59] {Threei}  - Note: 08/16 RIMM: Goldman Sachs lists the launch of BlackBerry Torch as "underwhelming" since the phone did not sell out in its first week of being available - Business Insider
[08:59] {Threei}  RIMM Goldman Sachs lists the launch of BlackBerry Torch as "underwhelming" since the phone did not sell out in its first week of being available - Business Insider
[08:59] {Threei}  RIMM UPDATE: Wedbush Morgan Cuts RIMM to Neutral from Outperform, price target: $57
[09:00] {Threei}  overall, it feels like RIMM can't compete with modern offerings
[09:07] {Threei}  I got my daily portion of bitter laughter:
[09:07] {Threei}  (US) Treasury Sec Geithner: There is no clear consensus on how best to design a new housing finance structure
[09:07] {Threei}  I mean,
[09:08] {Threei}  1. there is clear consensus on anything else?
[09:08] {lilyd} good morning and welcome back, Vad
[09:08] {Threei}  2. yoo imbeciles still believe you can design anything that must be allowed to design itself?
[09:08] {Threei}  hi lily, thank you!
[09:09] {lilyd} you know, the guys seem to have better days when you're around
[09:09] {Threei}  well, there must be some reason for my existence...
[09:10] {Threei}  it's certainly not a promotion of vegetarian lifestyle
[09:10] {lilyd} let's hope it's more than just that, though
[09:10] {Threei}  :)
[09:10] {nemo} VAD!  why didn't you tell us to take POT overnight?!
[09:10] {Threei}  I did... in the platinum service room
[09:10] {nemo} ahhh....silly me
[09:11] {Threei}  - Any wind down of GSE portfolios must be done very carefully, must keep overall mortgage rates "reasonably priced."
[09:11] {Threei}  ***Note that the administration has said it won't offer a new plan for reforming the GSEs until next year
[09:12] {Threei}  totally amazes me how none of them can see the forest behind trees
[09:12] {Threei}  they still think more tweaking could help,
[09:12] {Threei}  they can't step back, look at the bif picture and realize that the problem is the tweaking itself,
[09:12] {Threei}  intrusion in what must be a natural process
[09:15] {Threei}  *(US) JULY INDUSTRIAL PRODUCTION: 1.0% V 0.5%E; CAPACITY UTILIZATION: % V 74.6%E
[09:17] {Threei}  EUR/USD Dealer chatter circulating of US think tank report that conditions for Fed to enact additional Quantitative Easing (QE) measures
[09:18] {Threei}  that conditions need to worsen for Fed
[09:20] {larisa} gm :)
[09:21] {Threei}  larisa :)
[09:21] {larisa} :)
[09:22] {i2r} morning all :)
[09:23] {Threei}  i2r :)
[09:23] {strider} morning everyone.
[09:23] {Threei}  strider :)
[09:23] {strider} :)
[09:25] {Threei}  watching RIMM
[09:25] {Threei}  chart wise, .40 break is long but I am inclined to look for shorts on it
[09:25] {jfjf64} mornin
[09:26] {Threei}  breaks on a long side feel like traps to me
[09:26] {Threei}  jf :)
[09:26] {Threei}  I am talking about RIMM specifically, not market in general
[09:26] {magoo} prob is rimm tends to have a rip day every now and then, as in 3-4 points up
[09:27] {magoo} it kills and kills until u harte it, next day bam..up
[09:30] {Threei}  how about that RIMM
[09:30] {ese} good morning
[09:31] {Threei}  ese! :)
[09:32] {ese} was up the island at deep bay yesterday at my wifes parents on the water ....tried to log into the board but couldn't do it
[09:32] {Threei}  RIMM, move over .30, staying under .40, and recross of .30 is short
[09:33] {Threei}  invalidated, but idea stays, let's wacth for diff trigger
[09:33] {nemo} we having a relief rally here?
[09:33] {Threei}  .40 break
[09:34] {Threei}  again
[09:34] {Threei}  if stays under .50
[09:34] {Threei}  1:1
[09:35] {Threei}  1:2
[09:35] {Threei}  1:3, out
[09:35] {magoo} missed that
[09:35] {Threei}  first break was certainly way too fast
[09:35] {Threei}  second was gettable
[09:35] {Threei}  1:4
[09:36] {magoo} nice
[09:36] {magoo} mioving faster than usual
[09:36] {jfjf64} nice
[09:37] {Threei}  should be shortable again around .20 - .30
[09:37] {Threei}  alternatively, 50 break
[09:37] {Threei}  if doesn't go above .15
[09:40] {Threei}  1:1
[09:41] {jfjf64} rimm our  flute
[09:41] {jfjf64} breath in
[09:41] {jfjf64} breath  out
[09:41] {jfjf64} ahhh
[09:41] {jfjf64} ty
[09:41] {jfjf64} ty
[09:41] {Threei}  :)
[09:41] {jfjf64} comon  2 smiles
[09:41] {Threei}  :)
[09:42] {jfjf64} ty
[09:42] {Threei}  1:2
[09:43] {i2r} ty Vad, that was sweet!
[09:43] {i2r} great start to a day :)
[09:43] {Threei}  "_
[09:43] {Threei}  hmm
[09:43] {Threei}  what was that
[09:43] {Threei}  supped to be :)
[09:43] {Threei}  supposed
[09:45] {Threei}  1:3, done
[09:46] {i2r} nice
[09:46] {Threei} Short Setup: LVS  .30 break
[09:47] {Threei}  if stays under .40 for day traders, .35 for extrascalpers
[09:48] {Threei} Long Setup:  LVS  .40 break if stays above .30
[09:50] {Threei}  1:1
[09:50] {magoo} jesus
[09:50] {magoo} missed
[09:51] {nemo} yeah, fast
[09:51] {dino} mos sm s .49
[09:52] {Threei}  1:2
[09:52] {Threei}  aww, missed RIMM this time
[09:53] {magoo} i suk
[09:53] {Threei}  wasn't clear
[09:53] {magoo} went for lvs .50 break, missed fill
[09:53] {magoo} missed all 3
[09:57] {Threei} Short Setup: RIMM  .60 break
[09:57] {Threei}  actually, it's aggressive entry for .50 break
[09:58] {Threei}  which would give way too wide stop
[09:58] {Threei}  so I am trying to find better way to p[lay it
[09:59] {Threei}  stop above .70
[09:59] {dino} stopped mos .76, -.27
[10:01] {Threei}  no go this time
[10:01] {magoo} now THAT one i caught lol
[10:02] {Threei}  NY Fed: Q2 Total consumer debt at $11.7T, down 1.5% q/q
[10:03] {Threei}  rinse
[10:03] {Threei}  overtightened stop, .75 was the way to go
[10:05] {dino} mos rinsed
[10:16] {Threei}  (US) PIMCO's Bill Gross: Believes that the US will need fresh stimulus measure in six months (update) (related EUR/USD GBP/USD USD/JPY TLT SHY )
[10:17] {Threei}  US will need fresh stimulus measure like rabbit needs syphilis, IMO
[10:18] {dino} anf hl l .75
[10:20] {nemo} you saw that too dino...stop to the low?
[10:23] {magoo} BP news vad?
[10:24] {Threei}  nothing fresh
[10:26] {dino} y
[10:27] {magoo} u see a short in RIMM vad ?
[10:27] {Threei}  no, not anymore
[10:27] {magoo} LVS ?
[10:30] {Threei}  RIMM seems to me changing trend
[10:30] {Threei}  and setting a trap for those who got overconfident shorting it
[10:30] {magoo} why, new low
[10:30] {magoo} breakin down imo
[10:30] {Threei} Long Setup:  RIMM  .50 break
[10:31] {Threei}  invalidated
[10:32] {Threei} Long Setup:  RIMM  .45 break
[10:37] {komalg} momentum is down so why you choose long and why .45?
[10:37] {Threei}  we had 3 successful shorts earlier on RIMM
[10:38] {Threei}  IMO, it p[layed out on short side and is ready to change direction
[10:38] {komalg} so what is your target?
[10:38] {Threei}  I don't have taregets, I have partialing levels
[10:39] {Threei}  defined by risk reward ratios
[10:39] {komalg} I see.
[10:40] {Threei}  1:1, half out
[10:41] {dino} anf stopped
[10:43] {Threei}  scalpers win
[10:44] {Threei}  done with RIMM for now
[10:45] {dino} sm s wlt .50
[10:46] {dino} bstop is .81
[10:50] {magoo} u readin LVS boss?
[10:50] {magoo} might launch
[10:52] {Threei}  want something easier
[10:52] {magoo} yea, it alreaddy run
[10:56] {dino} wlt stopped taking break
[10:59] {hawk} are most here using mibbit or mirc?
[10:59] {gregns} mibbit here
[10:59] {nemo} mirc
[10:59] {magoo} mirc
[11:00] {Threei}  LVS moved 2-3 cents while market was making highs
[11:00] {Threei}  maybe ready to be shirted
[11:00] {Threei}  shorted too
[11:00] {Threei}  let's see if we find right entrey
[11:00] {nemo} 16 32/33 please, french cuffs
[11:01] {dino} mibbit
[11:01] {Threei}  new high, invalidated as short for now
[11:02] {hawk} thx
[11:03] {ese} L pwer .90
[11:05] {ese} out 1/2 .03 +.13
[11:06] {ese} stop to .95 balance
[11:07] {dino} 8/11 close gaps filled
[11:15] {larisa} RIMM, ty on reversal call vad
[11:15] {Threei}  :)
[11:15] {i2r} me too, vad, collecting gravy
[11:16] {i2r} more like a stew
[11:17] {magoo} yea, good rimm reverse vad, out .87
[11:18] {i2r} out RIMM, +45
[11:18] {magoo} my only win,
[11:18] {magoo} missed all others, i slow or something
[11:18] {i2r} +.45 that is
[11:19] {ese} out remainder pwer .02 +.12
[11:19] {i2r} gj ese
[11:19] {ese} 2k/2k
[11:19] {ese} tks
[11:20] {Threei}  good to see you guys pay atention
[11:20] {Threei}  I'll try to get my wife to read today's log
[11:20] {ese} ?
[11:21] {magoo} huh?
[11:21] {ese} what did i miss
[11:21] {Threei}  oh boy
[11:21] {i2r} RIMM reversal
[11:21] {ese} oh oh....were in for it now mags
[11:21] {Threei}  nevermind you humorless grim creatures whose souls want nothing but profits
[11:22] {ese} ouch.....!!!!!!!1
[11:22] {ese} i told ya mags
[11:23] {magoo} well, dont want vads wife thinking hes productive do we
[11:23] {ese} man.......i was patient beyond belief this morning
[11:23] {ese} ya ya......
[11:23] {magoo} ese..you ever see blood diamond?
[11:23] {Threei}  lol
[11:23] {ese} yup
[11:24] {ese} based on true story
[11:24] {magoo} when dicaprio was wounded in ledges with rifle "ya ya comon"
[11:24] {ese} yup.....i got cha
[11:26] {Threei}  (US) Fed's Bullard: Any Fed asset purchase program should be modest - WSJ
[11:26] {ese} speaking of another bullet on the ledges......
[11:27] {Threei}  Sees 50/50 chance of Fed asset purchase plan taking place
[11:28] {Threei}  - Bullard would support asset purchases if inflation falls any further
[11:28] {larisa} out RIMM  +.60 thanks again vad
[11:29] {magoo} nice
[11:29] {Threei}  beautiful
[11:29] {dino} gj
[11:30] {larisa} :)
[11:32] {komalg} what do you think abt market direction?
[11:33] {nemo} spy goes to between 110.28 and .74
[11:34] {komalg} Pls clarify why to 110.08 and .74
[11:34] {nemo} look at 15 minute chart on spy
[11:34] {komalg} sorry .28
[11:36] {komalg} means previos higher low?
[11:36] {nemo} you had gap down on 11th se resistance?
[11:36] {nemo} se=see
[11:37] {komalg} yes
[11:37] {nemo} that's why I said it...now that's just an idea, nothing ever set in stone...I'm a Von Clausewitz desciple
[11:37] {nemo} disciple
[11:41] {Threei}  creep up ias certainly not something I'd try to play here, so if this is what happens next I'll stay inactive
[11:41] {Threei}  quick sharp drop would make me hunt for bounce plays
[11:42] {Threei}  and forming some kind of short setup would be ideal as the next turn of events
[11:46] {Threei} Short Setup: RIMM  58 break
[11:46] {Threei}  if stays under .15
[11:46] {larisa} :)
[11:47] {strider} 50 break
[11:47] {nemo} yeah
[11:48] {Threei}  if you want semi-aggressive type of entry, .05 break can be a trigger
[11:48] {Threei}  big bids there
[11:52] {Threei}  short scenario doesn't materialize
[11:52] {Threei}  creep up does though
[11:52] {Threei}  not willing to play it, it's a torture
[12:00] {Threei}  let's see if we get a bounce and new setup
[12:00] {Threei}  SEED Hearing Rodman & Renshaw making positive comments (8.89, +0.56, 6.72%)
[12:00] {dino} esi sm l .17
[12:01] {Threei}  *(US) FED'S KOCHERLAKOTA: MARKETS MISINTERPREATED MBS PURCHASES; ARE INSTEAD LARGELY TECHNICAL IN NATURE
[12:04] {dino} wlt sm s .02
[12:09] {komalg} Hey guys,I am learning that day trading is fun.If I be more patience, and look for right set up,chances are more to succeed.
[12:10] {dino} open drop
[12:10] {Threei}  morning was fun... fast trades one after another
[12:10] {Threei}  now this is boredom
[12:11] {i2r} yep, totally
[12:11] {i2r} wondering if LVS is good to short soon
[12:11] {Threei}  I want to say yes very much
[12:14] {Threei}  but in clear conscience, can't just yet
[12:15] {Threei}  let me try some vodka though, it usually helps with quieting conscience down
[12:15] {i2r} it better work fast :)
[12:15] {Threei}  lol
[12:15] {Threei}  OK, discretionary:
[12:16] {i2r} using absolute or grey?
[12:16] {Threei}  around .10 it's a short with stop above .15
[12:16] {i2r} or stolichnaya?
[12:16] {Threei}  aggressive entry
[12:16] {i2r} k
[12:17] {Threei}  grey goose if I geel like spending, or Russian Standard if I feel like like original vodka taste, or Iceberg if I want Grey Goose taste without overpayiong THAT much
[12:17] {i2r} i see
[12:17] {i2r} i like grey myself
[12:17] {Threei}  30 break is "standard fare" entry
[12:17] {i2r} most of the time
[12:18] {i2r} k
[12:18] {Threei}  who doesn't
[12:18] {Threei}  truly premium vodka
[12:18] {Threei}  fopr truly premium price
[12:18] {i2r} true
[12:19] {Threei}  but if you prefer this bready taste characteristical for traditional russian kinds. Standard is the way to go
[12:20] {Threei}  and Iceberg is poor man's Grey Goose, and I bet you 95 out of 100 won't tell the difference in blind tasting
[12:20] {Threei} Short Setup: RIMM  50 break
[12:20] {Threei}  half lot
[12:25] {Threei}  1:1
[12:28] {i2r} good call on RIMM
[12:28] {Threei}  with one exception, like flute today
[12:28] {i2r} LVS will take longer to crash down
[12:28] {Threei}  rarely this thing is so easy
[12:30] {hawk} nice one, thx vad
[12:32] {Threei}  :)
[12:57] {strider} HPQ?
[12:58] {Threei}  toss a coin
[12:59] {strider} hye nemo...gotta quarter?
[12:59] {strider} hey
[13:00] {nemo} sure
[13:00] {i2r} there's an iphone app for tossing a coin, try it out and trade happily :)
[13:00] {nemo} go long...triple lot
[13:01] {i2r} you don't even need a quarter :)
[13:01] {Threei}  Obama to Attend Europian Summit in November
[13:01] {Threei}  I have an idea...
[13:01] {strider} uh-oh
[13:02] {Threei}  can we ask our europian friends to keep him?
[13:02] {Threei}  they seem to like him more than we do
[13:02] {strider} who would you trade for?
[13:02] {dino} out esi .57, +.40
[13:02] {strider} trde O for.
[13:02] {Threei}  oh, just send us your finest cheeses
[13:03] {i2r} gj dino
[13:03] {larisa} gj dino
[13:04] {dino} thx
[13:06] {i2r} LVS moving, question is where
[13:13] {i2r} up is the answer
[13:14] {magoo} vad, u got read POT?
[13:15] {Threei}  I am indifferent to it
[13:15] {Threei}  oh, you mean stock
[13:15] {Threei}  up
[13:15] {hawk} lol
[13:15] {Threei}  as for entry, well
[13:16] {Threei}  pullback to or under 142 would get me interested
[13:19] {nemo} komalg, see spy hit .28
[13:19] {Threei}  141.80
[13:19] {Threei}  my target for entry
[13:19] {komalg} ya
[13:20] {komalg} so chances are more that it may reverse?
[13:21] {nemo} not necessarily, but your risk reward from here is limited...so, if you're going to go long, you need to give this parameter more weight
[13:21] {komalg} If we know that it is reaching to fill the gap so why we took short on rimm? do we consider market direction to take a trade?
[13:22] {nemo} you look at the relative strength of an issue in comparison with the market always
[13:23] {komalg} I see.
[13:24] {komalg} but we were talking around 12 p.m so why were we not looking for long set up?
[13:26] {nemo} the market had run strong in the morning, yes?
[13:26] {komalg} yes
[13:26] {nemo} well, the market has rythms
[13:26] {komalg} does it mean that market won't run up again?
[13:26] {nemo} it had run hard, and needed rest
[13:27] {nemo} also, lunchtime tends to be relatively neutral for trading
[13:27] {nemo} either long or short
[13:27] {komalg} I see.
[13:27] {nemo} that's where the art comes in
[13:27] {nemo} btw...the market did just run again
[13:27] {ese} . no he is not
[13:27] {komalg} hey guys,I am a new baby for trading...so I am trying to understand and feel this art
[13:28] {nemo} 10,000 hours of screen time
[13:28] {ese} komag baby!!!!!!! welcome to the board.........
[13:28] {komalg} but some question should be clarify to get clarity
[13:28] {komalg} thank you guys!!!!
[13:29] {komalg} don't make fun.......I am here to bug you
[13:29] {komalg} LOL
[13:29] {magoo} i was dropped
[13:29] {magoo} i here?
[13:29] {patience} yup
[13:29] {hawk} u is
[13:29] {Threei}  he are?
[13:30] {Threei}  hmmm... mags, you sure? log doesn't show you disconnecting
[13:30] {nemo} we is
[13:30] {nemo} seizure?
[13:30] {Threei}  must be
[13:31] {strider} I think he means he was dropped as a baby...that's why, well...you know.
[13:31] {dino} multiple times
[13:31] {nemo} flat head, swept back teeth, pistol.....nevermind
[13:33] {Threei}  nemo, I asked you to keep my appearance secret...
[13:33] {strider} you only go out at night?
[13:34] {Threei}  I don't at all
[13:34] {strider} oh, that's right.
[13:34] {strider} Your 'people' bring everything to you.
[13:35] {strider} POT small c&h
[13:38] {strider} bp pb
[13:38] {strider} late
[13:38] {strider} .06 pb
[13:38] {strider} hmmm...
[13:45] {strider} vad, was looking at a Murano the other day.  You happy with yours?
[13:46] {Threei}  very
[13:46] {strider} I've had 3 Nissans...always got good service from them.
[13:47] {strider} wife has a Sentra now.
[13:47] {strider} bp now?
[13:47] {Threei}  nah
[13:48] {Threei}  mine is 2010, SL AWD, luxury package
[13:49] {strider} plenty of room for bodies?
[13:49] {strider} dead
[13:50] {Threei}  alive too
[13:53] {strider} market taking a long lunch.
[14:00] {i2r} I have murano, 2009, LE, fully loaded
[14:01] {i2r} didn't think anyone else I know has a murano though
[14:01] {strider} I think nemo is fully loaded, too.
[14:19] {i2r} today was a nice lesson in letting the profits run, focusing on simply the price movement rather than profit, and sticking to the stop as the controlling element, I was able to hold on to a winner longer. Something that was quite difficult in the past.
[14:20] {i2r} it's actually easier to trade that way, I find, than my usual nerv racking approach
[14:23] {dino} gj i2r
[14:23] {strider} ah, yes.  The ceremonial wracking of the nerves.
[14:24] {Threei}  rite of passage
[14:31] {strider} i2r, getting myself to stop trying to 'work' at trading has been my most difficult challenge.
[14:31] {strider} the harder you work, the better you do....everyone knows that.
[14:31] {strider} but doesn't work here.
[14:31] {komalg} I aggree.
[14:32] {i2r} yep, i see that now
[14:35] {strider} lvs breaking down
[14:35] {nemo} cree?
[14:36] {Threei}  (SP) Moody's notes it still has doubts on Spain's fiscal outlook despite austerity measures - interview (related EUR/USD EWP SOVRX )
[14:36] {i2r} out LVS +.20
[14:36] {i2r} now I'm ok with it going back up
[14:38] {i2r} i wanted CREE to be where it is today, just last week
[14:38] {Threei}  that's principle of uncertainty by Heisenberg, you know
[14:39] {Threei}  you can get time or place, but noth both
[14:39] {i2r} yep
[14:39] {i2r} i like RIMM
06[14:40] * strider slaps Threei around a bit with a large collapsed wave function
06[14:40] * nemo slaps strider around a bit with a large Schroedinger's Cat
[14:41] {komalg} what do you think at market?
[14:41] {komalg} abt
06[14:42] * Threei slaps everyone around a bit with large chronoclastic infundibula
[14:42] {strider} {----calls the ASPCA on nemo
[14:42] {i2r} lol
[14:42] {Threei}  there is nothing to think komal
[14:42] {nemo} komalg...don't see much in it
[14:42] {Threei}  look at it this way
[14:42] {komalg} yes,it is true
[14:42] {Threei}  matrket is not really a subject of thinking for traders
[14:43] {Threei}  it is for analysts,
[14:43] {magoo} just copmputer programmers lol
[14:43] {Threei}  and for those who don't understand what trading is
[14:43] {komalg} so what  should I do?
[14:43] {Threei}  they think trading involves careful deep thoughful analysis of the situation,
[14:43] {nemo} unlearn
[14:43] {Threei}  to figure out what happens next.
[14:43] {komalg} I see.
[14:44] {Threei}  What happens next is all their analysis are regularly proven wrong
[14:44] {komalg} yes.
[14:44] {Threei}  and they scream blloody murder (calling it manipulation),
[14:44] {Threei}  because, you see, they are never wrong,
[14:44] {Threei}  they figured it all out,
[14:44] {i2r} or it's useful for all the hindsight traders and analysts
[14:44] {nemo} well...don't forget the PPT
[14:44] {Threei}  and if somethig duifferent happens, it's not the indication of them being wrong, it just can't be,
[14:45] {Threei}  it's an indication of someone manipulating the market.
[14:45] {Threei}  But here is the thing
[14:45] {Threei}  whetrher there is manipulation or not, it's totally irrelevant
[14:45] {Threei}  because there is the only one thinmg that matters:
[14:46] {Threei}  do you trade profitably or not?
[14:46] {komalg} not that much
[14:46] {Threei}  if there is manipulating entity ion the market,
[14:46] {Threei}  your method of reading must account for that
[14:46] {i2r} I wanna know if LVS is reversing
[14:46] {komalg} I  agree.
[14:46] {Threei}  if it doesn't, what good your methid is?
[14:46] {Threei}  so,
[14:47] {Threei}  correct trading is not done by deep thinking and forecasting,
[14:47] {Threei}  no one knows what happens next.
[14:47] {Threei}  Corect trading is done by folloiwng the proven patterns,
[14:47] {Threei}  controlling your risk in case you run into case where pattern doesn't work
[14:48] {Threei}  and constant monitoring of how those patterns works, what changes occur
[14:48] {Threei}  in order to correct your action.
[14:48] {Threei}  Trading in May was very different from one in August
[14:48] {Threei}  and it will be very different in Octorber
[14:49] {Threei}  Stay sensitive to changes and observant, follow patterns in a disciplined fashion - and you will make money,
[14:49] {Threei}  not on every trade and not every day, but on a statistically valid number of trades and days you will.
[14:49] {Threei}  Try to out-think markets, and watch your account destroyed
[14:50] {komalg} I This is the best advise I ever get...I will follow  it.
[14:55] {strider} whoa
[14:55] {nemo} Having a Catherine the Great moment there Strider?
[14:55] {strider} 12 cent greeen candle, spy
[15:00] {magoo} vad, u watching LVS?
[15:02] {i2r} I think he's watching the bottle, it's getting empty
[15:02] {Threei}  I do, I just don't see anything in this slow move
[15:02] {Threei}  not enough pace
[15:03] {i2r} kinda dropping
[15:03] {i2r} lil by lil
[15:03] {strider} strider's quote for the day:To Epictetus, all external events are determined by fate, and are thus beyond our control, but we can accept whatever happens calmly and dispassionately. Individuals, however, are responsible for their own actions, which they can examine and control through rigorous self-discipline. Suffering arises from trying to control what is uncontrollable, or from neglecting what is within our power.
[15:04] {strider} fron wikipedia on Epictetus
[15:04] {strider} from
[15:04] {Threei}  sounds about right
[15:04] {Threei}  I would have a drink with him
[15:04] {i2r} :)
[15:05] {dino} and somedays you are the bear
[15:05] {nemo} ahhhh...The Holy Truths
[15:05] {Threei}  and sometimes it rains
[15:06] {magoo} why is "rain right?"
[15:06] {strider} Rufus?
[15:08] {strider} market going back to the barn?
[15:10] {i2r} barn sounds good
[15:10] {strider} not if you're trying to sleep.
[15:12] {strider} fcx dbl bottom nemo?
[15:12] {magoo} POT set new high
[15:12] {magoo} 146 pre mkt high
[15:13] {nemo} look it, but... it's following the market now
[15:13] {strider} si
[15:13] {magoo} stronger actually
[15:14] {nemo} yeah but not since 1:00 it's been following the curve
[15:14] {magoo} i think it prints 145 today
[15:14] {nemo} oh, I was taking fcx
[15:14] {strider} talking
[15:14] {nemo} with yo there mags
[15:14] {magoo} right time of day
[15:15] {magoo} has the feel here
[15:15] {strider} vad, you interested in fcx?
[15:17] {strider} .40 break?
[15:19] {nemo} look for this as the right side of an IH&S, take it if you want around here
[15:20] {strider} yeah, I see that.
[15:20] {nemo} take partial near .40 let the rest ride for the end of day unless it hits stop
[15:23] {strider} long .25 fcx sm.
[15:23] {komalg} one more qestion,in beginning what patterns should I look for?.In the book of tape reading,there are a lot patterns..
[15:23] {nemo} the 200 on the 2 minute is around .18 it could fall to there
[15:24] {strider} k
[15:25] {strider} where you getting two min. charts?
[15:25] {nemo} freestockcharts.com
[15:26] {nemo} did you partial?
[15:26] {strider} sure wish laser would do that.
[15:26] {Threei}  seriously?
[15:27] {strider} yeah.
[15:27] {magoo} [15:14] {magoo} i think it prints 145 today
[15:27] {magoo} [15:14] {nemo} oh, I
[15:27] {nemo} In these markets I've seen many stocks respect technical levels in different time frames
[15:28] {strider} stop to .35
[15:28] {strider} out .37
[15:29] {larisa} good agressive entry, strider. technically still in downtrend, but diverging like crazy. good job
[15:29] {strider} out too soon.  just had small shares.  should have partialled.
[15:30] {i2r} LVS, either going up or down, how  about that for a coin flip
[15:30] {Threei}  it can also stay in place
[15:30] {dino} esi sm l .70
[15:30] {strider} ah, the rain man :)
[15:30] {Threei}  coin can land on the edge, right?
[15:30] {Threei}  or hang in the air
[15:30] {nemo} don't laugh I fell once, and missed the ground
[15:31] {strider} or disappear into parallel universe.
[15:31] {Threei}  that would be nemo...
[15:31] {strider} just as long as they have parallel bars there.
[15:32] {Threei}  that was the matter of his investigation when he wernt there
[15:32] {Threei}  since then we only get once a week brief messages from him, saying: nothing to do here... eeck.. stay where you are... eeck
[15:33] {strider} They start out parallel, but by the end of the night, they run together.
[15:33] {Threei}  we sent Les to get him back... guess what,
[15:34] {Threei}  no Les either, and his reports mention something about parralel universe being very perpendicular
[15:34] {strider} les is a born space cadet anyway.
[15:34] {nemo} see...you have to be inari to bend space and time
[15:34] {strider} nemo just bends elbow
[15:35] {Threei}  whose?
[15:35] {strider} his own
[15:35] {Threei}  then, on whose throat?
[15:35] {strider} just lifting glass from bar to mouth.
[15:36] {Threei}  nope... not the way he drinks
[15:36] {Threei}  you obviously never drunk with him
[15:36] {Threei}  there is no lifting involved
[15:36] {strider} no.
[15:36] {i2r} he drinks that way only under your influence, vad
[15:38] {strider} but I hear nemo is doing post-graduate work, undere vad's advisement
[15:41] {komalg} LVS bounce from .30 level
[15:41] {i2r} last day of trading with TD and no trading for the next 2 weeks, sad times
[15:42] {Threei}  paper
[15:42] {komalg} are you talking abt TD waterhouse?
[15:42] {i2r} yes
[15:42] {i2r} thx vad, good idea
[15:42] {Threei}  use the break to your advantage
[15:42] {komalg} They are charging really higher money
[15:42] {i2r} yep, totally got it
[15:42] {i2r} perfect timing actually
[15:42] {Threei}  anyway, if you thought of the best time to do this, you couldn't pick better one
[15:43] {i2r} komalg, it's not so much about the money, although it's part of it
[15:43] {i2r} it's the execution of trades, lack of flexibilities and a sucky tool
[15:43] {komalg} yes, am planning to change to Laser
[15:43] {i2r} I'm with activetrader platform, paying $7 per trade, unlim shares
[15:44] {strider} so tell us how you really feel about it, i2
[15:44] {i2r} I will reserve myself until I test out laser in detail :)
[15:44] {i2r} although already loving what I'm seeing in the demo
[15:45] {i2r} everyone is diff, i'm not guaranteeing that I will love laser, but I am very willing to try, hearing everyone rave about it
[15:46] {i2r} funny, RIMM breaks into the up area and LVS breaks down
[15:47] {i2r} not even sure why it's funny, just thought I'd mention it lol
[15:47] {Threei}  hey, that's fine - some luahg seeing others falling in paddles
[15:48] {strider} i2r is self-amusing.
[15:48] {Threei}  and I can't stop hysterical laughter seeing cake in the face
[15:48] {i2r} :)
[15:49] {strider} pies, too, vad, or just cake?
[15:50] {Threei}  cakes excluisively
[15:50] {Threei}  pies just don't do it for me
[15:50] {i2r} I was thinking of enlisting in the army, saw them at the Air Show in Abbotsford this weekend, but when they mentioned that I'd start at $90 a day (Army), or $500 a week (RCMP) or in between of that in the Navy, I said, wow, that's pretty cool, you study and get paid. But then I realized that it's not $90 an hour, it's $90 a day.
[15:50] {strider} Have friends who are 1st cousins to Soupy Sales.
[15:51] {Threei}  oh, and speaking of movies, the very first comedy still has me in stitches
[15:51] {i2r} So I enjoyed the show and went back to trading in the morning
[15:51] {strider} But he just does pies.  or used to.
[15:51] {Threei}  filmed in 1895
[15:51] {Threei}  titled Watering the Gardener
[15:51] {i2r} If only I had the stomach to short PCLN, it was at +12 today
[15:52] {hawk} U see that in the theater Vad? ;)
[15:53] {dino} stop esi -.30
[15:53] {Threei}  lol
[15:53] {i2r} look at RIMM
[15:54] {Threei}  http://www.youtube.com/watch?v=Kd4jSTBhYDw&mode
[15:54] {strider} gotta go see a man about a dog.  see y'all tomorrow.
[15:54] {dino} cya
[15:54] {i2r} cya st
[15:55] {hawk} lol, like that
[15:56] {Threei}  okay guys, thank you all
[15:56] {Threei}  nice day
[15:56] {hawk} agree, gn all
[15:56] {Threei}  if we can float the rest of August like this, will be fine
[15:57] {Threei}  have a good evening, see you tomorrow
[15:57] {larisa} bye :)
[15:57] {komalg} bye
[15:57] {i2r} bye
[15:57] {i2r} same here
[15:57] {i2r} cheers everyone
[15:58] {dino} cya i2
[15:58] {dino} cov wlt .78, +.24
[15:59] {i2r} gj dino