Wednesday, March 28, 2012

Mar 28 2012

(Course on chart pattern recognition is available now: http://www.realitytrader.com/111trades.html  


Somewhat strange day as it was hard to get the rhythm. Morning started with a few back and forth trades, then midday put us solidly in green with a few 1:3-sized wins, and couple stops later on trimmed the profit a bit. All in all, not a stellar but still decent day.



Session Time: Wed Mar 28 00:00:00 2012
[08:57] {dino} gm
[08:57] {Threei}  morning dino
[08:58] {Threei}  I knew sooner or later someone would make me wake up...
[08:58] {_juanco} good morning
[08:58] {Threei}  usually it�s nemo or les
[08:58] {Threei}  morning juanco
[09:06] {Les} morning
[09:06] {Threei}  les :)
[09:08] {dptl} good morning
[09:08] {_sciborg} morning
[09:08] {Threei}  dp, sciborg :)
[09:09] {Les} I see you had a nice run yesterday
[09:09] {Les} here's to more days like that
[09:09] {Threei}  strategy tweak works like charm
[09:10] {Threei}  and last trade of the day was real icing on the cake
[09:10] {Les} yeh nice selloff going into EoD
[09:10] {Les} I was pissed as a newt by then and quite incapable of studying a chart
[09:21] {dino} .
[09:21] {MigC}  good morning
[09:21] {dino} amln spike
[09:22] {Threei}  migc :)
[09:22] {dino} alks spike
[09:22] {rambler} morning..
[09:23] {ese} gm
[09:23] {Threei}  rambler, ese :)
[09:23] {ese} mornin vad rambler
[09:24] {dino} news alks, amln?
[09:24] {Les} got a nice bearish divergence in hourly SPY macd. short setups could be way to go. JMO
[09:24] {thomcbell}     AMLN said to have rejected $3.5 bln bid from BMY          Amylin Pharmaceuticals rejected a $3.5b takeover bid from Bristol-Myers Squibb earlier this year, two people familiar with the matter told Bloomberg’s Meg Tirrell and Jeffrey McCracken      • Amylin’s board turned the offer down as too low, said the     people, who declined to be identified because
[09:24] {dino} ty
[09:25] {thomcbell} the approach was private.      • Bristol-Myers proposed a takeover at $22-shr in a share in a letter to Amylin, or 43 percent more than Amylin’s average share price in February
[09:27] {Beau} good morning you all
[09:27] {Threei}  beau :)
[09:27] {Threei}  OK guys, same approach as last two days
[09:31] {Threei}  FCX bounce candidate
[09:31] {Threei} Long Setup:  FCX  .20 break
[09:31] {Threei}  if holding .10
[09:31] {nemo} ckff
[09:32] {nemo} clf
[09:33] {Threei}  let�s see i gives double bottom
[09:33] {dino} oks sm l .66
[09:33] {Threei}  ok, same setup
[09:33] {Threei}  .20 break is entry again
[09:33] {Threei}  same stop
[09:34] {ese} L ree .45
[09:35] {Threei}  no go
[09:35] {ese} rats dino........nice call...missed it
[09:36] {Threei} Long Setup:  SLW  .25 break
[09:36] {Threei}  if holding .15
[09:38] {Threei} Short Setup: LVS  59 break
[09:39] {Threei}  if stays under .10
[09:40] {Threei}  SLW no go
[09:41] {Threei}  LVS target 1:3 if triggers
[09:42] {rambler} half lot..?
[09:42] {Threei}  it slowed down enough for full lot
[09:43] {nemo} 59 is pivot
[09:43] {rambler} missed
[09:43] {Threei}  1:1
[09:44] {_sciborg} got it..Nice :)
[09:44] {Threei}  :)
[09:44] {Threei}  second chance rambler
[09:44] {Threei}  stop .06 if took it on bounce into resistance
[09:45] {Threei}  scalpers win
[09:45] {Threei}  too bad, had more potential
[09:45] {rambler} ouch
[09:46] {Les} s slw .10 look for gap closure .50
[09:46] {Threei} Long Setup:  CAT  .55 break half lot
[09:47] {Threei}  if holding .45
[09:47] {Threei}  target .85
[09:48] {Threei}  takes too long...
[09:49] {Threei}  this kmind should bounce faster if they work
[09:49] {Threei}  not delighted by this morning so far
[09:50] {rambler} took LVS L +.15 
[09:51] {dino} gj
[09:52] {rambler} tks dino....makes me green...all good
[09:52] {nemo} tna .05
[09:52] {nemo} stop
[09:53] {Threei} Long Setup:  X  .80 break
[09:53] {nemo} rinse
[09:53] {Threei}  too fast...
[09:53] {Threei}  was a couple second late to alert
[09:54] {Les} SLW
[09:54] {nemo} mhs .81
[09:54] {Threei}  grrr
[09:54] {nemo} stop .65
[09:54] {nemo} 1/2 ,95
[09:55] {nemo} stop to b/e
[09:55] {rambler} sucks watching that...
[09:55] {Threei}  X?
[09:55] {rambler} ya
[09:55] {Threei}  shrug
[09:55] {Threei}  next bus is around the corner
[09:55] {rambler} yup
[09:56] {Threei}  trading is a process, not an event
[09:56] {Les} like a box of chocolates
[09:56] {Les} my mama always said
[09:56] {rambler} lol
[09:56] {Threei} Long Setup:  X  .85 break
[09:57] {Threei}  .75 stop
[09:58] {Threei}  1:1
[09:58] {Threei}  see? next bus
[09:59] {rambler} on board and half out
[09:59] {Threei}  (GR) Greece Parliament ratifies fiscal agreements and the ESM
[10:00] {Threei}  a bit strange morning
[10:01] {Les} slw stop flat
[10:01] {Threei} Long Setup:  LVS  .20 break
[10:02] {Threei}  if stays above .10
[10:02] {Threei}  invalidated
[10:02] {Les} how to hide NSXXb prints?
[10:03] {Les} never mind
[10:03] {Les} nxb, not gxb
[10:03] {Les} junk in, junk out
[10:04] {dptl} there is hidden MM tab in level 2 proporties, Les
[10:04] {Les} done dp ty
[10:06] {Threei} Long Setup:  LVS  59 break
[10:06] {Threei}  stop under .90
[10:08] {Threei}  nope
[10:08] {Threei}  not liking today one bit
[10:10] {Les} stoped and faded at .85 half out .75
[10:11] {ese} out 1K ree .56 +.11    one to go
[10:11] {rambler} nice ese..
[10:11] {Threei}  can�t get in rythm today
[10:11] {ese} tks
[10:11] {ese} me neither
[10:11] {rambler} more coffee
[10:11] {Threei}  either there is none or I am having brain fart
[10:12] {dino} hayn sm s .62 thin
[10:13] {Les} lvs stop +.03 2nd half
[10:13] {Les} s slw .98 stop above .10
[10:13] {ese} wow...big time thin dino....ride em cowboy
[10:14] {dino} not happy w/it
[10:15] {Les} half out .90
[10:16] {ese} ya.....i can see that.......i'd be terrified
[10:16] {Les} gooooo you little frikin beauty gooooo
[10:16] {Les} DIIIIIIIEEEEEEEEEEE
[10:16] {Threei}  see these weirdest jumps in SPY?
[10:16] {Threei}  no news
[10:17] {ese} nice les
[10:17] {thomcbell} lvs what anuisance
[10:18] {Threei} Long Setup:  TNA  .30 break half lot
[10:18] {Threei}  if stays above .20
[10:19] {Threei}  1:1
[10:19] {Threei}  1:2
[10:19] {Threei}  out .53
[10:19] {rambler} beauty
[10:19] {Threei}  I got it... it�s a Costanza day
[10:19] {cipher} me too .53 thx
[10:19] {Threei}  :)
[10:19] {Les} hehe
[10:20] {Les} does that mean I've gotta eat my mars bar with a knife and fork too?
[10:21] {Threei}  lol
[10:21] {nemo} use a wooden spoon
[10:21] {Les} on your bunny... yeh maybe
[10:22] {dino} cov hayn .74 -.12
[10:24] {Threei}  ese... remember symbol AONE?
[10:24] {Threei}  look the price
[10:24] {Threei}  we labeled it a potential failure on the day of its IPO
[10:24] {dino} huge battery recall i think
[10:25] {Les} remember trading it back in 2010
[10:25] {Threei}  IPOed around 30
[10:25] {Threei}  CEO mulled publickly about issuing secondary on the IPO fay
[10:25] {Threei}  lol
[10:26] {Les} I assume he got out fat, dumb and happy
[10:26] {Threei}  unless crash dummies beat him up
[10:27] {Threei}  look at SPY 1 min
[10:27] {Threei}  is it werid or what
[10:27] {Les} all macd time frames say DOWN
[10:28] {Threei} Short Setup: LVS  .60 break
[10:29] {Les} strong support here boss. gonna wait it out
[10:29] {Threei}  stop is obvious
[10:29] {Les} index support that is
[10:30] {Les} slw 1:2 another quarter .78
[10:30] {Threei}  DOE CRUDE: +7.1M V +2ME;
[10:30] {Les} Nemo's quiet. Drank too much again?
[10:32] {Les} Dino, how does you theory of gap closure work?
[10:32] {Les} in relation to SLW here
[10:32] {Threei} Long Setup:  TZA  .25 break
[10:32] {dino} buy the fill
[10:32] {dino} 32 area
[10:32] {Les} I am short. What target price ideally for cover
[10:32] {Les} ok
[10:33] {Threei}  stop for hard core scalpers .19, daytraders .14
[10:33] {Threei}  beautiful
[10:33] {Les} +.3
[10:33] {Les} 1:3 slw
[10:33] {dino} hayn sm s .58 ave, risky
[10:34] {Threei}  out TZA .42
[10:34] {Les} nice one
[10:34] {Threei}  that�s how we like�em
[10:34] {Threei}  fast and easy
[10:35] {Threei}  (EU) Lower end of speculated funding level boost for the firewall in the EU said to make IMF assistance more complicated - financial press
[10:35] {Threei}  what?
[10:35] {Threei}  I nedd translation
[10:35] {Les} heh. bureaucrat speak
[10:37] {Les} slw 1:4
[10:37] {Threei}  nice
[10:37] {dino} fcx gap around 36.85 6 months
[10:38] {dino} jan i mean
[10:38] {Les} another 1/8 covered .62
[10:39] {dino} translation- they need more $
[10:39] {Threei}  oh
[10:45] {Threei}  - IMF fund capacity increase efforts could be jeopardized assuming Germany's unwillingness to boost the firewall continues, with lending limit at �500B with overall level at �700-940B
[10:45] {Les} yeh yeh
[10:45] {Les} cough up krauts
[10:46] {dino} mwe sm l .87
[10:49] {Threei}  with all this back and forth, I am at about even after the last TZA trade
[10:50] {Les} so find us some elephants to shoot
[10:50] {Threei}  let�s make some money now or I will question the very idea of waking up today
[10:51] {Threei}  bounce time it feels
[10:52] {Threei} Long Setup:  TNA  .20 break
[10:52] {Threei}  hl
[10:52] {Threei}  stop under .10
[10:52] {Threei}  target .40
[10:53] {Threei}  1:1
[10:53] {cipher} +.32 mwe thx dino
[10:53] {dino} alxn drop
[10:53] {Threei}  nice
[10:53] {Threei}  scalpers win
[10:54] {Threei}  nemo, les, dptl... good news
[10:55] {Les} free 6 months in room?
[10:55] {Threei}  alcohol keeps heart atacks at bay
[10:55] {Les} oh
[10:55] {Les} I knew that
[10:55] {dptl} i knew that...lol
[10:55] {dino} gj cipher
[10:55] {ese} yeeeeeeeessssssssss!!!!!!!!!!11
[10:55] {Les} dunno about brain though
[10:55] {dino} vsm l alxn .63
[10:55] {Threei}  who needs brain
[10:55] {ese} hmmmmmmmmmmmm
[10:55] {Les} lol
[10:55] {cipher} +1.48 alxn thx dino!
[10:55] {Threei}  brain�s overrated
[10:55] {Threei}  wow cipher
[10:56] {Threei}  living dangerously and loving it eh
[10:56] {Les} scary stuff
[10:56] {Beau} very gj cipher
[10:56] {rambler} +.30 MWE thx dino
[10:57] {Les} tna db setup?
[10:57] {Les} maybe not
[10:58] {Threei}  chart is legit
[10:58] {nemo} hard to say, some divergence on spy, but not clean
[10:58] {Les} yeh
[10:58] {Threei}  yeah, SPY is questionable
[10:58] {Les} potential for further selling
[10:58] {Threei}  but it�s a play with small shares
[10:58] {nemo} you are at S2 daily on both
[10:58] {Threei}  just keep it small and tight
[11:00] {Les} missed it. nice
[11:00] {nemo} cat not bouncing much
[11:01] {Les} 15 min. macd about ready to turn. 3 min. already there
[11:01] {Les} indexes
[11:02] {Les} all out slw +.30
[11:02] {Threei}  wtg
[11:03] {dino} gj
[11:04] {Les} ty
[11:04] {Threei}  ok
[11:04] {Threei}  double bottom
[11:04] {Threei}  again
[11:05] {Threei}  .25 break TNA
[11:05] {Threei}  with stop under .10
[11:05] {Threei}  and target this time is about .70
[11:05] {Threei}  keep it to half lot
[11:05] {Threei}  still very muddy
[11:05] {dino} out alxn .03, +1.40
[11:05] {Threei}  wtg
[11:06] {cipher} gj dino
[11:06] {Les} awesome
[11:06] {dino} lucky
[11:06] {rambler} we make our luck...
[11:07] {dino} mwe to .27
[11:07] {dino} ;)
[11:07] {dino} ioc bit whippy
[11:08] {dino} out mwe .28, +.41
[11:10] {Threei}  1:1
[11:12] {nemo} I think at best you get to .60 unless spy goes to .84 area
[11:12] {nemo} frickin .50 seller on mos
[11:12] {Les} out 3/4 at .49
[11:12] {Threei}  1:2
[11:13] {rambler} nice V
[11:14] {dino} arlp drop
[11:16] {Threei}  out TNA in full
[11:16] {Threei}  .65
[11:16] {Threei}  +.40
[11:16] {Threei}  whew
[11:17] {Threei}  finally solidly in green
[11:17] {dino} ioc .00 sm l trig
[11:17] {dino} gj 3i
[11:17] {Threei}  ty
[11:18] {Les} out with ya boss.63 I wanted closer to .90
[11:18] {dino} cqp drop
[11:18] {Les} big fucking hole I've dug myself out of today.
[11:19] {Les} very happy with that
[11:19] {dino} tenacity eh les?
[11:19] {dino} cqp gap around .88
[11:19] {Threei}  congratulatuons but don�t make me edit the log lease
[11:19] {Les} no more revenge trading
[11:19] {Threei}  please
[11:19] {Les} sorry
[11:20] {nemo} wombat poker
[11:20] {Les} fu&% off
[11:20] {Les} oops janitor
[11:21] {Les} one more trade like that please today
[11:21] {dino} chn spike
[11:22] {nemo} tasmanian devil tapper
[11:22] {Les} bunny lover
[11:22] {nemo} and damn proud of it
[11:22] {Les} hmmm cassoulete de lapin... yum yum
[11:23] {dino} clne sm l .74
[11:23] {nemo} anf
[11:27] {Threei}  watching CAT for bounce play
[11:28] {Les} l anf .55 stop under .45
[11:31] {Threei}  no clear [lay yet on CAT
[11:31] {Threei}  staying put
[11:34] {dino} mwe sm l .70
[11:34] {Les} no go anf
[11:35] {dino} alxn drop again
[11:35] {Les} tna setup again?
[11:37] {dino} ngls drop
[11:38] {Threei}  not yet
[11:45] {Threei}  (EU) ECB's Contancio: The crisis is not over yet
[11:45] {Threei}  no really?
[11:46] {Les} l .71 stop under .60
[11:47] {Les} no go
[11:48] {Threei}  SPY had no slightest signs of reversing
[11:48] {nemo} 82.77 and 140.12 BIG levels IWM SPY accordingly
[11:51] {nemo} we break those levels 139.82 next big level on spy and 82.26 on iwm
[11:51] {Les} s3 is .56
[11:52] {nemo} bottomed at SPY WPP
[11:52] {Les} the bullish divergences in IWM are clear. waiting for spy
[11:55] {Threei}  almost time
[11:55] {Threei} Long Setup:  TNA  .10 break
[11:55] {Threei}  if holding 62
[11:56] {Threei} Long Setup:  CAT  104 break
[11:56] {nemo} God bless you, I'll wait for a db
[11:56] {Threei}  if holding .90
[11:57] {Threei}  target 1:3
[11:57] {Threei}  on both
[11:57] {Threei}  1:1 CAT
[11:57] {Threei}  1:1 TNA
[11:58] {Threei}  1:2 TNA
[11:58] {Threei}  (US) Justice Scalia (conservative) notes that if the individual mandate is struck down, the entire healthcare legislation should be struck down
[11:58] {Threei}  - Kennedy expresses concerns about cost risks for healthcare insurance companies assuming the individual mandate is struck down but the rest of the legislation is allowed to move forward (coverage of preexisting conditions etc)
[11:58] {Threei}  1:2 CAT
[11:59] {Threei}  1:3 TNA
[11:59] {Threei}  out
[11:59] {Les} chickened out tna 1:2.5 ty
[12:00] {rambler} just back from school driving duties...ugh
[12:00] {Threei}  yw
[12:00] {Threei}  1:3 CAT
[12:00] {Threei}  out
[12:00] {rambler} sucks...lol
[12:00] {Les} you looking after kids rambler?
[12:00] {Threei}  TNA wins the race but both reach the finish line
[12:00] {rambler} one daughter left at home...
[12:00] {Les} ok
[12:01] {Les} can't handle anything else with TNA yet Vad
[12:01] {rambler} almost done ...16
[12:01] {Threei}  if that�s not the highest precision bottom call you�ve ever seen...
[12:01] {Les} we live next door to school rambler. kids take themselves
[12:01] {Threei}  and the day became bright and clear, solidly green
[12:02] {Les} and if I hadn't gone and tried my own play on TNA i'd be solidly green too :(
[12:02] {rambler} was that way for early grades for me...was nice
[12:02] {Les} dig hole... fill it up
[12:02] {Les} TNA db?
[12:03] {Threei}  I didn�t understand that your TNA entry at all
[12:03] {Threei}  no, leave it be for now
[12:04] {Les} TNA db looked clear enough to me. and it made 1:1
[12:05] {Les} wasn't watching spy though
[12:07] {Les} some long entry reversal plays now would be nice
[12:08] {Les} gdxj .00 break here?
[12:09] {Les} small risk
[12:09] {Threei}  nah
[12:09] {dino} alxn sm l .30
[12:15] {dino} cmre drop
[12:20] {andj} Good morning all
[12:20] {Threei}  morning andj
[12:20] {andj} Afternoon to some
[12:21] {andj} Vad I have been reading the Tao Te Ching
[12:22] {andj} So I have been wondering...Is trading about choosing the path of least resistance?
[12:23] {thomcbell} watching invn for a long here - dont see a valid setup 
[12:23] {dino} shld blood
[12:23] {thomcbell} looks like an ibd zealot washout after 8% sell rule 
[12:23] {Threei}  that�s one way to put it
[12:23] {dino} andj "be water"
[12:23] {andj} You read it too dino?
[12:24] {dino} no
[12:24] {Les} take the path of least resistance. yeh, took me a while to work out that
[12:25] {Les} nice call on SLW dino. didn't look back once
[12:25] {andj} So Vad is the path of least resistance the direction that the price most likely to go?
[12:26] {Threei}  right
[12:26] {Les} vad slw db here?
[12:26] {dino} :D
[12:26] {thomcbell} long setup invn 19.02 break if holds 18.90 
[12:26] {Threei}  .40 break, yes
[12:27] {Threei}  if not losing .30 anymore
[12:27] {Les} ok
[12:28] {andj} That's also what you mean about 'Not thinking'?  Just to get involved with the trade in the direction it is already going?
[12:28] {Threei}  ummm
[12:28] {thomcbell} invalidated for now invn
[12:28] {Threei}  you are mixing unconnected elements in one phrase
[12:29] {thomcbell} lvs
[12:29] {thomcbell} near day low again
[12:29] {Threei}  �not thinking� rather refers to an idea of preparing for a trade and executing a trade being two separate stages,
[12:29] {Threei}  one involves thinking as yoy design and test your setups
[12:29] {Threei}  and another requiring pure disciplined execution with no second guessing
[12:30] {Threei}  thus leaving emotions out of decision-making process.
[12:30] {Threei}  �direction in which it�s already going� - no, that�s oversimplification
[12:30] {andj} First following the path of least resistance then utilizing the power to act?
[12:30] {Threei}  I don�t know wehat this means
[12:31] {Threei}  why don�t you focus on practical aspects of trading at this point
[12:31] {Threei}  setups, triggers, stops, targets
[12:31] {Threei}  start working all this stuff in
[12:31] {Threei}  you are trying to figure out whole thing in advance
[12:32] {Threei}  that�s not going to work with system of this level of complexity
[12:32] {Threei}  it�s a process of zigging and zagging,
[12:32] {Threei}  some theory, some practice,
[12:33] {Threei}  bck to theory to undersdtand the implications of what you eperienced,
[12:33] {Threei}  back to practice to apply new understanding
[12:34] {andj} So I have to deal with the complexity to the system first?
[12:34] {Threei}  I don�t know what this means
[12:35] {Threei}  it�s so general, any meaning can be put in it
[12:35] {Threei}  get back to my 12:31 comment
[12:36] {dino} out alxn .61, +.31
[12:36] {andj} Your comment about oversimplification?
[12:37] {dptl} .
[12:37] {Threei}  [12:31] {Threei} why don�t you focus on practical aspects of trading at this point
[12:37] {Threei}  [12:31] {Threei} setups, triggers, stops, targets
[12:37] {Threei}  [12:31] {Threei} start working all this stuff in
[12:39] {Threei}  (EU) EU draft reportedly agrees to increase firewall program to �940B; as earlier speculated - financial press- Cap would revert to �700B after 2013
[12:39] {Threei}  oh good... NOW it�s all fixed
[12:42] {nemo} well, I'm supposed to win the big Megamillions jackpot
[12:42] {Threei}  you are?
[12:43] {Threei}  I dunno... can you win wihtout buying a ticket?
[12:53] {dino} fmcn going for gap 24.87 area
[12:58] {nemo} bought them already
[13:05] {Les} lvs .60 break here?
[13:05] {Les} nahh
[13:06] {Threei} Long Setup:  TNA  .50 break hl
[13:08] {Threei}  stop under .40
06[13:12] * Threei kicks TNA in the rear with heavy duty steel toe army boots
[13:13] {Threei}  oops... did I kick it in the wrong part?
[13:14] {thomcbell} oh invn 
[13:14] {thomcbell} duh
[13:16] {Les} fcx db?
[13:16] {Threei}  can�t tell
[13:16] {Threei}  random
[13:16] {Threei}  rather not
[13:37] {Threei} Long Setup:  TZA  .80 break
[13:38] {Threei}  Yahoo! Inc Report indicates Yahoo is trying to renegotiate its search deal with MSFT and may seek to have GOOG take over its search unit - tech blogs
[13:38] {Threei}  - Report indiicates that Yahoo's new CEO may be trying to use some sort of escape clause from its 10-year search deal with Microsoft in order to open up the potential for a search deal with Google.
[13:39] {Threei}  invalidated
[13:39] {nemo} my view this was the bottom
[13:45] {dino} ioc drop
[13:54] {dino} fcx gap fill
[13:55] {dino} sm l .00
[14:05] {Threei} Long Setup:  TZA  .80 break
[14:09] {Threei}  come on SPY
[14:09] {Beau} vad don't kick this one in wrong place
[14:09] {Threei}  breakd down and die
[14:09] {Threei}  lol
[14:09] {Threei}  yes
[14:10] {Threei}  I�ll try to retsrain my violent instincts
[14:10] {dptl} stop under .70?
[14:10] {Threei}  yes
[14:10] {Beau} violence ok, just where used
[14:14] {Threei}  tough read
[14:14] {Threei}  this kind of breaks better work fst
[14:14] {Threei}  fast
[14:19] {Threei}  let�s trail to .74, shall we
[14:19] {Threei}  if it�s a double top, we will diminish the risk a bit
[14:20] {Threei}  and if it breaks, it should do so without revisiting the low of the last pullback
[14:23] {dino} wprt sm l .50
[14:23] {Les} cut shares in half  -.02
[14:26] {Threei}  ok... looks nicely breakdownish
[14:26] {Threei}  needs just a little push
[14:28] {Threei}  lol, lost clarity again
[14:28] {nemo} put the bottle down
[14:29] {Threei}  hmmm
[14:29] {Threei}  what�s the connection?
[14:29] {Les} clarity
[14:30] {nemo} water and healthy juices mess it all up
[14:31] {Les} stop -.05
[14:40] {Threei}  rambler, look dcc please
[14:41] {dino} lqdt sm l ave .50
[14:43] {Threei}  oh good... wind warning for the night
[14:43] {Threei}  if you don�t see me tomorrow morning, I am not in Cansas anymore
[14:45] {Les} bloody russians. That's Kansas with a K
[14:45] {Threei}  that too
[14:46] {Threei}  wait... maybe it�s not Kalifornia either??
[14:46] {Les} the Volkswagon, yes
[14:48] {dino} took awhile but out mwe .20, +.50
[14:53] {Threei}  nice
[14:53] {Threei}  took me as while to read it, too {G}
[14:54] {dino} lol
[15:27] {Threei}  ok... I want one last play
[15:28] {Threei} Short Setup: CAT  104 break
[15:28] {Threei}  if stays under .10
[15:29] {Threei} Short Setup: X  .65 break
[15:30] {Threei}  CAT invalidated for now
[15:30] {nemo} spy going to go
[15:30] {Threei}  X is very tight, if stays under .70
[15:31] {nemo} long .11 tna
[15:32] {Les} half out cat l .20
[15:32] {dino} out wprt .80, +.30
[15:32] {nemo} partial .20
[15:32] {Threei}  faded it on .10 break?
[15:32] {Les} y
[15:32] {Threei}  good one
[15:32] {nemo} looking for spy to go  to  .35
[15:32] {Threei}  many setups can be played this way
[15:33] {Beau} x inv printed 71 for instant
[15:33] {Beau} ?
[15:33] {nemo} stop is b/e
[15:33] {Threei}  I don�t see it
[15:34] {Threei}  still .70
[15:34] {Threei}  now it is
[15:36] {Les} 2nd half flat
[15:38] {Threei}  last hour is as weird as first
[15:38] {Les} machines' fault
[15:42] {dino} rally
[15:42] {dino} 07 all green
[15:48] {dino} ugh computer crash
[15:48] {Threei}  gremlins
[15:49] {dino} 3 open
[15:50] {dino} out lqdt +.30 at .80
[15:51] {Threei}  nice
[15:51] {Threei}  overall, not very satisfied with how the day went
[15:51] {dino} fcx to .16
[15:52] {Threei}  a few midday wins saved it but I didn�t feel like having a firm grip on events
[15:53] {Threei}  oh well... all I need is nemo�s photo to throw darts at, and I will feel much better
[15:53] {Threei}  I know he would do that for me
[15:53] {dino} good day here
[15:53] {nemo} sure...and I'll walk you out to the firing range
[15:53] {Threei}  knew I could count on you
[15:54] {dino} out fcx .19, +.19
[15:55] {dino} whew....calling it a (long, strange) day
[15:55] {rambler} ended up green so must be a good day...thx all...
[15:55] {Threei}  :)
[15:55] {Threei}  ok guys, thank you all
[15:55] {rambler} cya in the a.m.
[15:55] {Threei}  we will get them tomorrow
[15:55] {Les} cheers
[15:55] {Threei}  all of them
[15:56] {andj} Thank you Vad...
[15:56] {Threei}  have a good evening, see you in the morning�
[15:57] {dino} that the way to think rambler :)
[15:57] {dptl} good night all
[15:57] {Threei}  yeah, if statistics rioght, 95% traders ended today in red
[15:57] {Threei}  so... :)

Tuesday, March 27, 2012

Mar 27 2012

(Course on chart pattern recognition is available now: http://www.realitytrader.com/111trades.html)  


Not only did we hit 12 wins out of 14 trades today, we also got nice juicy Catch of the Day to put an icing on a cake. Nice DBI with stop above .30 and 1:3 r/r. 






Changed our morning strategy somewhat, adjusting to changing market, the change boosted winning ratio nicely while cutting risk down. Read the comment a few min before open.



Session Time: Tue Mar 27 00:00:00 2012
[08:57] {nemo} my head hurts
[08:57] {Les} a drink will fix that
[08:57] {nemo} that's what did it
[08:57] {Les} a bullet will fix that
[08:58] {nemo} you're not close enough to shoot
[08:58] {Les} hehehe
[08:58] {Threei}  lol
[08:59] {nemo} got the perfect bullet for you too
[09:00] {dptl} good morning all
[09:00] {Threei}  dp :)
[09:02] {dino} gm
[09:05] {Threei}  dino :)
[09:10] {ese} morning
[09:10] {Threei}  ese :)
[09:11] {nemo} the top is in...my brother, a construction guy, just told me that the market looks good to go higher and that he thinks it's safe to invest in more risk
[09:11] {Threei}  not yet
[09:11] {Threei}  wait for a shoeshine boy
[09:11] {Threei}  and before him, a cab driver should chime in
[09:12] {Threei}  there is a traditional pecking order, you know
[09:13] {nemo} got his info from CNBC squawkbox
[09:13] {Beau} good morning you all
[09:13] {Threei}  beau :)
[09:13] {nemo} I can't take the optimism
[09:16] {MigC}  good morning
[09:16] {Threei}  migc :)
[09:16] {nemo} I can't take it
[09:17] {Threei}  tough life, I know
[09:21] {Threei}  dino has gremlins again
[09:21] {rambler} gm
[09:21] {Threei}  rambler :)
[09:23] {rambler} no trading platform...gotta reboot
[09:26] {Threei}  let�s change our morning routine a little
[09:26] {Threei}  since we start getting better follow-through in the midday, there is less need to cram most plays in first minutes where the risk is the highest,
[09:26] {Threei}  so let�s hunt for extreme moves to fade
[09:27] {Threei}  and wait a few min before going for consolidation-break type of plays
[09:27] {Threei}  sounds good?
[09:27] {Les} yeh was thinking same in post trade analysis this morn
[09:27] {Threei}  we may miss something but we carry less risk of catching disorderly ones which we have to recover from later on
[09:33] {nemo} fcx
[09:33] {Threei} Short Setup: FCX  39 break
[09:34] {Threei}  if stays under .10
[09:36] {Threei}  1:1
[09:37] {Les} TZA here
[09:37] {Les} ?
[09:37] {Threei}  SLW on watch for bounce
[09:38] {Threei}  can�t tell TZA
[09:38] {Threei} Long Setup:  SLW  .85 break if stays above .75
[09:39] {Les} MACD lining up on IWM  reversal
[09:39] {nemo} is the market trading?
[09:41] {Threei}  1:3 target SLW
[09:42] {dino} expe sm l .40
[09:42] {nemo} clear as mud this morning
[09:42] {Threei} Long Setup:  TNA  .40 break half lot
[09:42] {Threei}  stop under .30
[09:43] {Threei}  target 1:4
[09:44] {Threei}  SLW 1:1
[09:44] {nemo} iwm spy lower highs?
[09:46] {Threei}  TNA 1:1
[09:46] {Threei}  SLW scalpers win
[09:47] {Threei}  TNA 1:2
[09:47] {Threei}  so far so good, 3 for 3
[09:48] {Les} FDX not joining the party
[09:48] {Threei}  missed FCX reversal
[09:48] {Threei}  had .95 break in mind but SLW and TNA took all the attention
[09:49] {Threei}  FDX, yes, short candidate if SPY reverses back down
[09:49] {cipher} ibm l .90
[09:49] {Threei}  .40 break trigger
[09:49] {Threei} Short Setup: X  30 break
[09:50] {Threei}  if stays under .10
[09:50] {Threei}  target 1:3
[09:50] {Threei}  play by the book
[09:51] {nemo} mos might be a short under .60
[09:51] {Threei}  no room for creativity on this one
[09:51] {Threei}  1:1
[09:51] {nemo} long if it breaks .75
[09:52] {rambler} took the scalp on X...tks V
[09:52] {Threei}  why .75... .70 break should be enough to launch this one
[09:52] {Threei}  sure thing rambler
[09:52] {ese} interesting struggle watching this mrkt try to go higher
[09:53] {nemo} no selling catalyst until earnings
[09:53] {Threei}  there you go, 1:1 for .70 break on MOS
[09:53] {ese} good point
[09:53] {Threei}  shoeshine boy hasn�t said his word yet
[09:53] {Threei}  thus, we go higher
[09:54] {Threei}  scalpers win on X
[09:54] {Les} do I count as a shoe shine boy?
[09:54] {Threei}  no
[09:54] {Threei}  you are too well read
[09:56] {Threei}  SLW nears original target
[09:56] {Threei}  must have rinsed our second half, eh?
[09:57] {Threei} Long Setup:  TZA  .65 break
[09:57] {Threei}  if stays above .60
[09:57] {nemo} jcp .51
[09:57] {dino} wnc sm s .00
[09:57] {Threei}  not counting on much on this one, 1�2 max
[09:58] {Threei}  1:2
[09:58] {nemo} stop .44
[09:58] {ese} L Driv .85
[09:59] {Threei}  *(US) MAR RICHMOND FED MANUFACTURING INDEX: +7 V 18E
[09:59] {nemo} partial at .60
[10:00] {Threei}  *(US) MAR CONSUMER CONFIDENCE: 70.2 V 70.1E
[10:00] {Threei}  TZA 1:2
[10:00] {Les} out ty
[10:00] {Threei}  on triple lot too
[10:00] {Threei}  that�s 5:5 this fine morning
[10:01] {Les} yeh I maxed on that one. TZA proves reliable for short moves
[10:01] {ese} man...how do you judge something like that.....one up one dn......sheeesh
[10:02] {Threei}  hmm?
[10:02] {Threei}  you go long on for up
[10:02] {Threei}  short for down
[10:02] {ese} which is the most important here vad...confidence or manu....
[10:02] {Threei}  profit oln both
[10:02] {Threei}  and go drinking
[10:03] {Threei}  confidence weighs more
[10:03] {ese} tks
[10:04] {Threei}  those regional manufacturing numbers were pouring ijn all day yesterday, all were bad, none stopped market from climbing
[10:04] {Les} fine afternoons trading. banking coin and going to Aikido. c u's tomorrow
[10:05] {nemo} don't get your pajamas dirty
[10:05] {Threei}  take care Les
[10:05] {dino} sina sm l .29 pulp
[10:05] {Threei}  OK, to relax a little:
[10:05] {Threei}  A chart reader has a heart attack and lays recovering in his hospital bed. While still heavily under sedation, the doctor comes in and shows him his EKG chart in detail. After the doc leaves the room, the patient picks up the phone, calls his broker and tells him "Get me 1,000 shares of EKG. Make it market order!".
[10:06] {dino} out sina .69, +.40
[10:07] {dino} lol
[10:07] {Threei}  my guess is, gas prices supress confidence numbers
[10:08] {dino} wnc stop -.15
[10:08] {ese} lol........thought the punch line was gonna be sell........that would have been funnier
[10:09] {cipher} meli l .43
[10:09] {dino} sina sm l .99 out .35 pulp
[10:11] {Threei}  a bit unclear here, waiting a few min before looking for the next trade
[10:13] {nemo} stx might be a short
[10:15] {nemo} jcp another quarter .81
[10:17] {nemo} stop is under the whole
[10:19] {nemo} looks like it'll be .94
[10:21] {nemo} s pay .49
[10:21] {nemo} stop is .61
[10:21] {Threei} Long Setup:  CAT  .10 break
[10:21] {Threei}  half lot
[10:21] {Threei}  if stays above 109
[10:22] {Threei}  target 1:3
[10:22] {Threei}  if invalidates, look for double bottom setup 108.90 - 109
[10:26] {Threei}  (EU) Germany Fin Min Schaeuble: There will be no need for more euro zone bailout in the next three months, rest of EFSF funds will not be shifted to ESM
[10:26] {Threei}  no go CAT
[10:26] {Threei}  first stop today
[10:27] {dino} affy drop
[10:27] {nemo} jcp stop to 37.09
[10:27] {nemo} took 1/2 pay at .41
[10:29] {cipher} +.53 affy thx dino
[10:30] {dino} affy sm l .35
[10:30] {rambler} SIGA L .41  stop .31
[10:30] {Threei}  lol, rambler found new ATM
[10:31] {rambler} wouldn't that be nice...lol
[10:31] {rambler} in my dreams...
[10:32] {nemo} scratching pay here
[10:35] {nemo} out remainder jcp .19
[10:35] {Threei}  48% Say Feds Should Drop Gas Tax Until Prices Come Down
[10:36] {Threei}  yeah, like that is going to happen
[10:36] {nemo} Obama and company want gas prices as high as possible
[10:36] {dino} out affy .65, +.30
[10:36] {Threei}  well, maybe not for an election day
[10:36] {Threei}  but the next morning, sure
[10:48] {nemo} arguably tna long here with tight stop worth it, but no strong catalyst visible
[10:48] {nemo} target would be vwap on spy and/or iwm
[10:49] {Threei}  catn�t really chose between TNA bounce or TZA break
[10:49] {Threei}  seems 50/50
[10:49] {nemo} yeah
[10:50] {nemo} lvs, sheesh
[10:51] {dino} out expe .50, +.10
[10:52] {Threei}  TZA win
[10:55] {nemo} tna might be ready for a bounce here
[10:56] {nemo} .71
[10:56] {nemo} small
[10:57] {nemo} don't like it scratch
[10:57] {nemo} wait until iwm hit's pivoto
[10:57] {nemo} pivot
[10:58] {nemo} me=wuss
[11:00] {andj} Hey Vad...
[11:00] {andj} Do you think you could email me a copy of my intelliscan login information?
[11:00] {nemo} 1;1 without me
[11:00] {andj} I can't find it.
[11:01] {ese} outta here....cya tomorow
[11:02] {dino} cya
[11:02] {Threei}  take care ese
[11:02] {Threei}  andj, see private message
[11:03] {dino} qre sm l .20
[11:05] {nemo} trip
[11:12] {Threei}  LVS on watch for long on pullback
[11:13] {Threei}  ideally, near 59, with stop under 58.90
[11:13] {Threei}  if dives under 59, here is alert in advance, so I can fall asleep:
[11:13] {Threei} Long Setup:  LVS  59 recross is stays above .90
[11:14] {Threei}  is = if
[11:16] {nemo} mpc
[11:17] {Threei} Long Setup:  TNA  .80 break if stays above .70
[11:18] {Threei}  anyone caught LVS?
[11:18] {Threei}  that was lightening fast dive
[11:18] {Threei}  TNA 1:1
[11:19] {Threei}  I assume the answer is no
[11:20] {Threei}  *(ES) SPAIN FEB YTD BUDGET BALANCE: -�20.7B V -�9.3B PRIOR
[11:20] {Threei}  changing the question: anyone�s awake?
[11:20] {dino} y
[11:21] {Threei}  TNA 1:2close enough, out
[11:21] {dino} gj
[11:21] {Threei}  it�s either 6 out of 7 or 7 out of 8
[11:21] {Threei}  my math becomes fuzzy
[11:22] {rambler} beauty trade Vad....tks
[11:22] {dino} mapp? fda rejects and its flat
[11:22] {Threei}  welcome sirt
[11:22] {Threei}  -t
[11:22] {rambler} lol
[11:23] {Threei}  it�s not downright rejection dino
[11:23] {Threei}  a bit more nuanced
[11:23] {Threei}  here is full text:
[11:24] {Threei}  MAP Pharmaceuticals MAP Pharmaceuticals Receives Complete Response Letter from FDA for LEVADEX� (dihydroergotamine) NDA- In the Complete Response letter, the FDA requested that the Company address issues relating to chemistry, manufacturing and controls (CMC) and observations from a recent facility inspection of a third party manufacturer. The FDA also indicated that it had not been able to complete review of inhaler usability information requested late in the review cycle by the FDA. - The FDA did not cite any clinical safety or efficacy issues, nor did the FDA request that any additional clinical studies be conducted prior to approval. The Company is pleased with the FDA-provided revisions to product labeling and packaging, including correct use of the LEVADEX trade name. The Company continues to pursue approval of LEVADEX for the acute treatment of migraine in adults. - MAP Pharmaceuticals plans to request a meeting with the FDA to discuss the issues raised in the Complete Response letter.
[11:25] {dino} thx
[11:28] {Threei}  X on watch for bounce
[11:29] {Threei} Long Setup:  X  .75 break
[11:29] {Threei}  .65 stop
[11:29] {Threei}  just a scalp most likely
[11:31] {Threei}  1:1
[11:31] {Threei}  feel free to be out
[11:31] {Threei}  lunch time scalp
[11:32] {Threei}  easy money
[11:32] {dino} sm s mapp .88
[11:40] {Threei}  market strtas looking like breakdown
[11:40] {Threei}  if you concur,
[11:40] {Threei} Long Setup:  TZA  .90
[11:40] {Threei}  if stays above .80
[11:40] {nemo} .14 pivot on iwm  .25 on spy
[11:42] {nemo} gs IC&H
[11:42] {Threei}  for hardcore scalpers stop can be at .84
[11:45] {nemo} A
[11:45] {dino} out qre .335, +.135
[11:46] {dino} oks drop affy spike
[11:47] {nemo} .91 long on a vad?
[11:48] {Threei}  either .91 or last shares at .90
[11:48] {Threei}  often the way to go with TZA
[11:48] {nemo} iwm bounced at pivot
[11:48] {Threei}  although this pullback makes me think of possible aggressive entry
[11:49] {Threei}  lwt�s see if we can get it near .80
[11:49] {nemo} iwm at pivot going into lunch
[11:55] {dino} cov mapp .68, +.20
[11:56] {rambler} got MAPP...tks dino..
[11:56] {dino} gj
[11:57] {Threei}  nice
[11:59] {nemo} pot coming into bounce time
[12:00] {Threei}  TZA invalidated
[12:00] {Threei}  change of plan
[12:00] {nemo} told ya...iwm pivot bounce
[12:00] {Threei} Long Setup:  TZA  .80 break if stays aove .75
[12:00] {nemo} pot  long
[12:00] {nemo} .91
[12:04] {nemo} 1:
[12:04] {nemo} 1:1
[12:04] {Threei}  nice
[12:04] {nemo} not expecting much more
[12:07] {dino} gj
[12:11] {Threei}  stop to .77
[12:11] {Threei}  risk is next to non-existent
[12:12] {dino} panl sm l .53
[12:24] {Threei}  I�ll be penny-pinching pig and trail stop to .79
[12:28] {Threei}  1:1
[12:37] {Threei}  10 calls, 9 wins, 1 stop today
[12:37] {Threei}  can I go home?
[12:37] {dino} nsh spike
[12:44] {nemo} BHI
[12:45] {rambler} I guess that's a no...!
[12:46] {Threei}  what is?
[12:46] {rambler} on another note...prawn season opens soon....:D
[12:47] {rambler} no to you going home..
[12:47] {rambler} but you are home so forgedaboutit...
[12:48] {Threei}  oh
[12:48] {Threei}  that�s OK, I didn�t really expect the answer... no one is talking to me anyway, including wifey
[12:48] {nemo} stx
[12:48] {rambler} that could be a good thing...
[12:49] {Threei}  certainly
[12:49] {nemo} wife not talking to you?  be thankful
[12:49] {Threei}  I am
[12:49] {Threei}  this way I don�t have to pretend I listen
[12:50] {Threei}  1:2
[12:50] {Threei}  out in full
[12:50] {Threei}  triple lot
[12:51] {rambler} nice
[12:51] {Threei}  aggressive entry was right idea
[12:51] {Threei}  took patience but this is taken care of by falling into coma
[12:52] {Threei}  (US) Fed Chairman Bernanke: Threat of second great depression was very real; Great Depression was much more severe than the recent recession
[12:52] {Threei}  oh boy
[12:52] {rambler} what a moron..
[12:54] {rambler} they think we'll come out of this without major surgery...
[12:54] {rambler} a little snip here, adjustment there and all is well...lol
[13:00] {Threei}  unfortunately, it�s not a matter of science... it�s a matter of ideology
[13:00] {Threei}  keynesianism is ideology
[13:00] {Threei}  european style economics is ideology
[13:01] {Threei}  they are based on �doing the right thing� thinking, not �doing what works�
[13:01] {dino} sm l pot .98
[13:01] {Threei}  and what they consider �right� think is not necessary the same that we conside
[13:03] {nemo} oh shit, Les might be back soon
03[13:08] * Looking up dannyboy user info...
[13:12] {nemo} gmcr should be in for a bounce
[13:19] {Threei} Long Setup:  FAZ  .25 break
[13:19] {Threei}  if stays above .20
[13:22] {Threei}  1:1
[13:24] {dino} panl stop -.25
[13:25] {Threei} Short Setup: JPM  .20 break
[13:26] {Threei}  if stays under .25
[13:26] {nemo} can you explain that one to me ?
[13:27] {Threei}  rathwr GS/FAZ following play than on its own merits
[13:27] {nemo} ahhhh
[13:28] {Threei}  leading indicator/sheep
[13:29] {Threei}  invalidated anyway
[13:29] {Threei}  at least for now
[13:45] {nemo} dang
[14:04] {nemo} you see a setup long in GS here?
[14:05] {Threei}  50/50
[14:06] {nemo} iwas thinking break of .55 with stop under .48
[14:06] {Threei}  can go either way with the same odds
[14:09] {nemo} think it goest to 127
[14:10] {dino} nbix sm l .85
[14:23] {dino} oks sm l .25
[14:27] {Threei}  good call on 127
[14:40] {dino} affy open
[14:41] {nemo} hehehehe
[14:42] {Threei}  hmmm... never seen someone getting that entertaineed by symbol AFFY
[14:42] {Threei}  nemo, how much should I drink to be that easy to please?
[14:42] {dino} nbix stop -.07
[14:50] {Beau} vad, educate me  double bottom on X?
[14:50] {Threei}  could very well be
[14:50] {Threei}  .60 break
[14:50] {Threei}  if SPY helps, it�s a play
[14:51] {nemo} pivot at .68, not much room overhead in a dull market
[14:53] {Beau} nemo pivot?
[14:53] {Beau} you all use but not what it is
[14:53] {Beau} not sure 
[14:58] {dino} beau, go to freestockcharts.com for pivot, r & s
[14:58] {dino} scor sm l .20
[14:58] {dptl} good night all....see ya tomorrow...
[14:58] {dino} gn dp
[14:59] {Threei}  take care dp
[15:01] {Threei}  loss of .50 will invalidate X
[15:01] {nemo} sorry, beau Iwalked away.  Pivot points are calculated price levels that floor traders have used for a long time. 
[15:02] {Threei}  and in fact is a short triger
[15:02] {Threei}  with stop above .60
[15:02] {Threei}  late alert?
[15:02] {Threei}  see if gives second chance
[15:03] {Threei}  here we go
[15:03] {Threei}  same setup
[15:03] {Threei}  in
[15:04] {rambler} you short X Vad...?
[15:04] {Threei}  yes
[15:04] {rambler} k
[15:04] {nemo} that's a lot of volume
[15:06] {nemo} anf .26 long
[15:06] {nemo} got .26 and .27s
[15:06] {Threei}  SPY doesn�t really cooperate with my short
[15:08] {Threei}  stop to .56
[15:08] {nemo} frickin indexes
[15:08] {Threei}  indices too
[15:08] {Threei}  out
[15:09] {Threei}  second stop for the day
[15:09] {dino} afternoons are dead lately
[15:10] {nemo} no sellers because there's no place else for the money to go
[15:10] {nemo} earnings will tell
[15:10] {Threei}  OK guys, do I have a nugget of wisdom from high above for you
[15:10] {Threei}  are you ready to absorb it?
[15:10] {nemo} Vad, you're not supposed to share our conversations
[15:10] {Threei}  are you ready to admire it?
[15:11] {nemo} don't short a dull market?
[15:11] {Threei}  do you feel worthy enough to be touched by the golden hand of the sage?
[15:11] {Threei}  here goes:
[15:11] {Threei}  (US) Fed's Bernanke: Having 'too big to fail' banks is bad for the system - Q&A- Would be "great accomplishment" to do away with "too big to fail" for banks.
[15:11] {Threei}  who knew?
[15:12] {nemo} jeez, I might get 1:1 out of this
[15:13] {Threei}  especially funny (and sad) that the guy who says it is one of those who did everything possible to allow big banks to entrench in their TBTF position
[15:14] {nemo} i'm out
[15:30] {Threei}  awww
[15:30] {Threei}  X works now
[15:30] {Threei}  lesson in wu wei
[15:30] {Threei}  shouldn�t have adjusted stop
[15:38] {Threei} Short Setup: CAT  .20 break
[15:38] {Threei}  if stays under .30
[15:39] {dino} healthcare getting whacked
[15:39] {nemo} I would go long, spy bouncing likely here
[15:40] {nemo} whoa, 22 bid
[15:41] {nemo} frickin dow guys
[15:42] {nemo} let's see what's behind that .24 bid
[15:42] {nemo} nyse keeps raising the bid
[15:43] {Threei}  np, that big one stays in place
[15:44] {nemo} yeah, interesting set up just above .20 drop and rebid
[15:45] {Threei}  will get taken out now
[15:45] {nemo} this is nasty action
[15:45] {Threei}  die
[15:45] {Threei}  good boy
[15:45] {Threei}  1:1
[15:45] {nemo} yeha nyse got out of the way when the indexes let go
[15:46] {nemo} .04 S1 support
[15:47] {Threei}  beautiful trade to end the day with
[15:47] {nemo} take some here
[15:47] {Threei}  1:2 baby
[15:48] {Threei}  1:3, over and out
[15:48] {nemo} cat should be nice short tomorrow down to 106
[15:49] {Threei}  thank you all, have a good evening
[15:49] {Threei}  see you tomorrow
[15:50] {rambler} cya Vad...TKS
[15:51] {Beau} nemo seem to be several points used to calculate pivot.what do you use?
[15:51] {nemo} High Low Close
[15:51] {nemo} I use the basic pivots and FSC
[15:51] {nemo} there are different types, but those work fine
[15:52] {Beau} 3 from yesterday
[15:52] {nemo} their probablility levels for price movement
[15:52] {nemo} today's High low and Close will be the levels for tomorrow
[15:52] {nemo} there is a Pivot and 3 levels of Support and 3 of Resistance
[15:53] {nemo} Plenty of info out there in the either
[15:53] {nemo} ether
[15:53] {Beau} yep. thanks
[15:53] {nemo} the stuff I post for Vad is multi-time frame
[15:54] {nemo} weekly, monthly, etc pivots
[15:54] {nemo} multiple levels coinciding provide stronger support or resistance.
[15:55] {Beau} I'll play with it.  slow learner but you all help a bunch
[15:56] {nemo} once you learn the concepts, it's all screen time
[15:57] {nemo} we're at Weekly R1 on spy right now
[15:57] {Beau} looks like I need another monitor or maybe 2 more
[15:58] {nemo} how many you have?
[15:58] {Beau} just 1 right now