##TheStrategyLab Price Action Chat Room Logs

Note: The chat log below represents the free chat room called #FuturesTrades . Also, any trader can use the chat room to post their trades regardless if they use indicators or price action only trading (no indicators). Simply, we do not know what trading methods are being used by some members even though TheStrategyLab.com fee-base resources are price action only trading (no indicators).

Our primary job in the free chat room is to moderate the room (keep the peace) when members using different trading methods are giving their market analysis while posting trades. In addition, our presence in the chat room is to ensure it's a spam free chat room. More information about #FuturesTrades @ http://www.thestrategylab.com/FuturesTradesChatRoom.htm

In contrast, our fee-base clients are discussing market analysis or trade signals via concepts from our strategies in the private chat rooms called #VolatilityTradingTSL or #SwingTradingTSL.

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Session Start: Wed Jun 24 09:22:04 2009
Session Ident: #futurestrades
[09:22] * Now talking in #futurestrades
[09:22] <@X> [NihabaAshi] Announcement: The new trade posting script v3.7 (replaces v3.6) is posted at your forum in the "Announcements" thread.
[09:24] <@NihabaAshi> Good morning all...I'm not trading today due to Fête nationale du Québec (Saint-Jean-Baptiste Day) which is a BIG celebration similar to 4th of July in the U.S.
[09:26] <@NihabaAshi> Take care and you can read my trade journal for yesterday's trading session @ http://www.thestrategylab.com/tsl/forum ... f=62&t=228
[09:26] * NihabaAshi is now known as NihabaAshi_away
[09:27] <rickf> all
[09:27] <fcb98292>
[09:29] <drt>
[09:32] <jigglyhippo> all
[09:32] <Nesi> hi all
[09:35] <kosmipt>
[09:35] <+kosmipt> Long ES @ 896.25 «« simulator »»
[09:36] <+kosmipt> Exited all ES Long @ 897.50 --> + 1.25 «« simulator »»
[09:39] <+Nesi> new homes sales at 10 am
[09:39] <+Nesi> and oil 10:30 today
[09:40] <+rickf> i suspect boring until 2:15 fomc
[09:41] <+kosmipt> and fed at 2.15
[09:42] <+Nesi> Shorts ES @ 897.75
[09:42] <+Nesi> 2c
[09:45] <+kosmipt> Long ES @ 897.75 «« simulator »»
[09:46] <+Nesi> Covered all ES Short @ 898.00 --> - 0.25
[09:47] <+kosmipt> Exited all ES Long @ 897.75 --> 0 «« simulator »»
[09:52] <+Nesi> Shorts ES @ 898.25
[09:57] <+kosmipt> Shorts ES @ 899.50 «« simulator »»
[09:58] <+Nesi> Covered all ES Short @ 900.25 --> - 2
[10:00] <+Nesi> Shorts ES @ 898.75
[10:01] <+kosmipt> Covered all ES Short @ 898.75 --> + 0.75 «« simulator »»
[10:04] <+Nesi> Covered all ES Short @ 900.50 --> - 1.75
[10:04] <+jigglyhippo> Shorts ES @ 899.50
[10:05] <+jigglyhippo> stop 904
[10:05] <codehead> short ES 900.25 <paper> stop 901.25
[10:05] <+Nesi> Shorts ES @ 899.00
[10:05] <+codehead> exit half ES +1.00 <paper>
[10:08] <+rickf> i plan to stand flat until this afternoon, fwiw saying
[10:09] <+Nesi> Covered all ES Short @ 901.00 --> - 2
[10:09] <+codehead> stopped -1.00 remainder <paper>
[10:11] <+Nesi> Shorts ES @ 902.00
[10:16] <JimL> watching T&S looks like retail & sm comm keep shorting the hi's & the also computers come in blow away stops & push more shorts out & starts over
[10:17] <+JimL> algo-computers...
[10:17] <+Nesi> Covered all ES Short @ 903.50 --> - 1.5
[10:18] <+rickf> i filter that out when I look @ T&S --- ie I only print 50+ lots
[10:18] <+rickf> but yeah valid point
[10:18] <+JimL> need to micro scalp shorts for now
[10:20] <+JimL> need to see some of these lower swing lows broken before trend up is over
[10:23] <+codehead> short 904.25 ES 2c <paper>
[10:24] <+Nesi> Shorts ES @ 904.00
[10:31] <+Nesi> Shorts ES @ 903.50 -> Add
[10:31] <ItalianSharp> nesi, why try to pick the top when current trend is UP? best you can hope for is to catch a retracement. dont take my words as criticism, its just an observation
[10:31] <+codehead> exit half ES +1.00 <paper>
[10:32] <+Nesi> i know, you are right, once i get in the mode of picking the top or bottom i cant stop... big mistake
[10:32] <+ItalianSharp> yes, i can tell...you take it personal and start a bar brawl vs the market
[10:33] <+ItalianSharp> remember that the market always wins
[10:33] <TraderG> IS we agree on this 1
[10:33] <+Nesi> exactly!
[10:33] <+ItalianSharp> something i've figured out over the last 5 years is this:
[10:34] <+ItalianSharp> 95% of the times i lose money is because i am trading the WRONG SIDE of the market...the WEAKER side
[10:34] <+ItalianSharp> its pretty obvious i know
[10:34] <+codehead> lowering stop to b/e remainder ES <paper>
[10:35] <+ItalianSharp> the key is to understand whether you are buying a retracement or selling a pullback...or buying a falling knife or selling a rally
[10:35] <+ItalianSharp> if you can understand that consistently, then you will make money consistently
[10:35] <+Nesi> i agree, the BIG mistake i make is like i cant think or see what is going on, and i keep doing the same thing, getting the top
[10:36] <+Nesi> see, now i have to let this run if goes my way or stop again at the top 905.25
[10:36] <+Nesi> i am 15.50- points now
[10:36] <+Nesi> on top of this, the emotional part takes a big hit too
[10:36] <+ItalianSharp> why dont you use a moving average to help you then? higher highs, higher lows trend is UP...lower lows lower highs trend is DOWN...a moving average makes it even simpler visually
[10:37] <+rickf> exactly
[10:37] <+jigglyhippo> good point italiansharp
[10:37] <+rickf> and ONLY trade in the direction of whatever trend YOU see
[10:37] <+Nesi> i cant get used to any indicator :/
[10:37] <+ItalianSharp> nesi, a moving average is like a curved trendline
[10:37] <+rickf> is why i might be short when you're long; i'm not counter-trending, but to me the trend might be down
[10:37] <+Nesi> point is i try to see the future
[10:38] <+ItalianSharp> forget the future...think of WHO IS IN CONTROL RIGHT NOW
[10:38] <+Nesi> i know that i am not in control... right now :/
[10:38] <+rickf> "trade the market you see not the market you want"
[10:38] <+rickf> VERY hard lesson to learn
[10:38] <+rickf> but it keeps me from guessing/predicting
[10:38] <+Nesi> i know all that in theory
[10:38] <+ItalianSharp> if you daytrade eminis, you must be very flexible and ready to change opinion different times per day
[10:39] <+Nesi> but i keep doing it
[10:39] <+rickf> lol yeah i hear ya nesi
[10:39] <+codehead> exit ES +.50 <paper> remainder
[10:39] <+Nesi> i may help someone in WHAT NOT TO DO :/
[10:39] <+ItalianSharp> nesi, you must do something about it...if you keep doing it, it means you are either stupid - dont think so - or dont have a structured trading plan that keeps you from doing it
[10:40] <+rickf> nesi - so are you saying we should fade you? *ducks*
[10:40] <+Nesi> i do well for few days, then hammer time
[10:40] <+Nesi> lol rick
[10:40] <+rickf> sorry couldn't resist
[10:40] <+ItalianSharp> <Nesi> i agree, the BIG mistake i make is like i cant think or see what is going on
[10:40] <+Nesi> i post my trades and i dont like to you guys or myself , i can get help from this room
[10:41] <+ItalianSharp> that should tell you something
[10:41] <+Nesi> that should tell me to stop ...take a break and clean my head
[10:41] <+ItalianSharp> if you cant see what's happening, then you got to learn how to see it and develop rules and use instruments that allow you to see it most of the times
[10:42] <+Nesi> thanks Italian, i know you trying to help me...
[10:42] <+rickf> and btw there is nothing wrong with using indicator(s) to help you learn and develop a sense of the market
[10:42] <+Nesi> today and many many other times
[10:42] <+rickf> and then wean yourself off them as you feel ready
[10:42] <+rickf> that's what i did
[10:42] <+rickf> hard lesson for me was to embrace the ART of the trade and not just the SCIENCE
[10:43] <+rickf> science = indicators
[10:43] <+rickf> art = instinct, gut feeling, sixth-sense, mostly experience
[10:43] <+JimL> in the emini you also have to recognize the "pace of the trading". intra-day indicators don't recognize that. this am move is slow/steady with expansions up, natural retracements, even this pullback is slow, no dramatic rejection @ 905. But the FOMC is this pm, & evryone waits on that news
[10:43] <+rickf> JimL: yessir, "situational awareness"
[10:43] <+rickf> and that's not something you can see on a chart later tonight
[10:44] <+rickf> gotta watch in real time to 'feel' the pace of the market
[10:44] <+Nesi> "situational awareness" i needed that this morning
[10:44] <+ItalianSharp> rick, believe it or not but i find moving averages the only DECENT indicators out there...most of the big moves seem to occur when volatility contracts around the MA
[10:44] <+rickf> cool
[10:45] <+ItalianSharp> when prices are trading away from MA...the market is trending
[10:45] <+rickf> hey if a MA keeps you on the right side of the trend/trade that alone is worth using, right?
[10:45] <+ItalianSharp> exactly
[10:45] <+jigglyhippo> which ma's do you use?
[10:45] <+ItalianSharp> i like EMA34
[10:45] <+ItalianSharp> that's for the good trades and retracements
[10:45] <+ItalianSharp> EMA9 for shallow retracements when there is plenty of momentum
[10:45] <+JimL> i looked @ intraday charts @ night after work & thought I could trade like I swingtraded stock & ETF's wrong, wrong, wrong,
[10:46] <+rickf> and i've found if i am trading WITH a trend and it goes against me, I have a better than 50-50 chance of catching a quick pop up to exit at/around b/e if I want to
[10:46] <+jigglyhippo> thanks
[10:46] <+rickf> if you're trading against the trend, your ability to 'recover' decreases bigtime i think
[10:46] <+ItalianSharp> rick, that's very important...when you trade WITH the trend, sometimes bad trades become BE trades...when you trade AGAINST the trend, you are either surgically perfect or you get hurt
[10:46] <+rickf> but again, all depends on your timeframe
[10:46] <+Nesi> i inserted a simple moving average now...italiano
[10:47] <+JimL> now here's a potential chance for reversal let's see what sets up
[10:47] <+ItalianSharp> nesi, put up an EMA34
[10:47] <+ItalianSharp> i am by no means promoting the use of MAs here
[10:47] <+Nesi> i dont have it
[10:47] <+ItalianSharp> this is a disclaimer
[10:47] <+ItalianSharp> you dont exponential MA?
[10:48] <+Nesi> got it
[10:48] <+Nesi> i have it
[10:48] <+rickf> right now i would not be looking short -- price is above 34
[10:48] <+rickf> (for example)
[10:48] <+ItalianSharp> ok...what timeframe do you use? and what chart, globex or RTH?
[10:48] <+rickf> oh
[10:49] <+ItalianSharp> i am asking nesi, rick
[10:49] <+JimL> 2x top & lwr hi's across eminis, shorts need to break the last swingpoints
[10:49] <+rickf> lol gotcha
[10:49] <+ItalianSharp> your comment was correct
[10:49] <+ItalianSharp> nesi, you there?
[10:49] <+Nesi> Covered all ES Short @ 905.25 --> - 3
[10:49] <+Nesi> yes
[10:49] <+ItalianSharp> what timeframe do you use?
[10:50] <+Nesi> one minute chart
[10:50] <+ItalianSharp> ok
[10:50] <+ItalianSharp> cool
[10:50] <+Nesi> lets go private..italiano
[10:50] <+ItalianSharp> is that RTH or continuous chart?
[10:52] <+rickf> ok back in a bit -- gym time
[11:07] <+Nesi> Shorts ES @ 904.75
[11:08] <@X> #FuturesTrades Info -> Members use this room to document (trade journal) their trades and thoughts from one trade to the next trade. 2009 chat logs stored @ viewforum.php?f=20 and chat logs prior to 2009 are stored @ http://www.thestrategylab.com/ArchivedPastTrades.htm. Also, do not mimic (shadow) trades of others without their permission.
[11:26] <+Nesi> Covered all ES Short @ 905.50 --> - 0.75
[11:30] <TraderG> i think that your direction was right just the timing was off Nesi
[11:30] <+Nesi> lol
[11:30] <+TraderG> i am serious
[11:34] <+TraderG> sorry to butt into this active chat but yesterday or the day b4 I asked whether any 1 has ideas of how to stay longer in a trade but nobody picked up the glove (as in a dual) so here I am again.
[11:35] <+Nesi> i see some traders that scale in and out
[11:35] <+Nesi> like OICU
[11:35] <+Nesi> he is not here now
[11:35] <+Nesi> even wrbtrader scales out
[11:37] <+TraderG> not normally (Mark)
[11:37] <+Nesi> i meant he sometimes let last contract run
[11:38] <+TraderG> yes but i was hoping 4 a more scientific answer
[11:39] <+Nesi> Shorts ES @ 904.50
[11:39] <+Nesi> 4c
[11:39] <+Nesi> i am not the right guy for scientific matter :/
[11:39] <+TraderG> right now u seem 2 b the ONLY guy
[11:40] <+Nesi> i guess just patience..TraderG
[11:40] <+TraderG> yes I agree but I seem to lack that commodity
[11:40] <+Nesi> traderG, if it gives me some room...i will let it run
[11:40] <+TraderG> back in a few
[11:40] <+Nesi> did you trade today...TG?
[11:41] <+Nesi> k
[11:41] <+TraderG> just FX GU
[11:41] <silo> still holding my 11 stock shorts
[11:41] <+silo>
[11:41] <+silo> added back 1/2 back into MON and POT after MON earning
[11:41] <+TraderG> U R NOT SUPPOSED 2 TALK ABOUT STOCKS HERE :0
[11:41] <+silo> MON tanking by the way
[11:46] <+silo> <^>-_-
[11:46] <+silo> hehe
[11:47] <+ItalianSharp> traderG, higher timeframes may help in staying with a trade long
[11:48] <+ItalianSharp> if you enter via 1min or 2min, and you believe you have a good trade on...then you may decide to increase timeframe and manage it from there
[11:49] <+ItalianSharp> it all depends on your analysis though
[11:49] <+ItalianSharp> an easier and more scientific way to stay with trades longer is to use fixed targets that are multiple of stoploss
[11:49] <+ItalianSharp> that way all you got to do is respect your trading plan
[11:51] <OICU812> hey guys
[11:52] <+Nesi> hey, hola
[11:52] <+jigglyhippo> hows it going
[11:52] <+OICU812> tuff day
[11:52] <+OICU812> imho
[11:52] <+Nesi> traderG , here is OICU, he is the guy that scales out
[11:53] <+OICU812> he had questions about scaling?
[11:53] <+Nesi> on how to stay in a trader longer
[11:54] <+OICU812> yeah thats a good way
[11:54] <+OICU812> or switching the charts time frame
[11:54] <+Nesi> exit stop moved to breakeven ES @ 904.25
[11:55] <+OICU812> nesi, was wondering from your trades i have seen. what triggers your entries?
[11:55] <+Nesi> bad time to ask me that today...lol
[11:56] <+Nesi> i am doing bad trading lately
[11:56] <+OICU812> should it not be the same things that trigger them?
[11:56] <+OICU812> saw a couple of trades two days ago, seemed like you were chasing price
[11:56] <+Nesi> yes
[11:56] <+Nesi> just gut feeling...
[11:56] <+Nesi> what can i say
[11:57] <+OICU812> if it works then perfect.
[11:57] <+OICU812> no need to say anything
[11:57] <+Nesi> well..today.. i fought the market like an idiot
[11:57] <+rickf> back
[11:59] <+OICU812> what time frame do you trade nesi?
[11:59] <+Nesi> 1,5,15
[12:01] <+OICU812> ok
[12:01] <+OICU812> just trying to figure out what you are seeing
[12:03] <+OICU812> Im looking to go showrt on this move up
[12:03] <+Nesi> i changed my mind about covering even
[12:12] <+OICU812> im short but taking a while
[12:12] <+jigglyhippo> where did you short 904?
[12:13] <+Nesi> who is this guy on CNBC commercial
[12:13] <+Nesi> geez
[12:17] <+OICU812> ok got my first scale
[12:18] <+silo> holding OCN TNC WGOV PTV ATW ANR AFAM COO NFLX MON POT shorts
[12:18] <+OICU812> thats a whole lot of shorts
[12:18] <+rickf> silo - we can't talk about stocks here, remember?
[12:18] <+silo> lol yeah
[12:18] <+silo> my bad
[12:18] <+rickf> just dont want wrbtrader to get pissed @ ya
[12:18] <+silo> wont happen again :D
[12:19] <+silo> rickf is the rat
[12:19] <+silo> hehe jk
[12:19] <+rickf> uh huh
[12:19] <+OICU812> AKA sapo
[12:19] <+rickf> and on 12-24 i ride in a sleigh pulled by reindeer
[12:19] <+rickf> and i leave $$ under your pillow when you put a tooth there
[12:19] <+rickf> riiiight
[12:19] <+rickf>
[12:20] <+silo> he is also the the person who showed up at my house when i dialed 1-800-hooker
[12:20] <+silo> lol
[12:20] <+silo> :D
[12:20] <+rickf> sssssh
[12:23] <TraderG> silo - u r missing an S since there are only 6 letters in the number you wrote
[12:23] <+silo> lol
[12:23] <+silo> true true
[12:25] <+TraderG> anyway back 2 business. since interest rates will not change 2day nor in the near future, the market should move based on economic expectations. Right?
[12:25] <+rickf> one would htink
[12:25] <+rickf> if the fed sets up gloomy forecast, lookout below
[12:26] <+silo> tehre's just no reason why market should go up NOW
[12:26] <+silo> regarding this interest rate fed fomc
[12:26] <+silo> it's not like they are goign to lower it lol
[12:27] <+rickf> wow JPMorgan raising cash advance fees to 5% in August
[12:27] <+Nesi> geez
[12:27] <+rickf> "inr esponse to the new credit card law passed"
[12:28] <+Nesi> anyone here has a degree in ?
[12:28] <+Nesi> i know off topic
[12:28] <+rickf> frankly i am thinking we're due for a drop down in the markets this summer
[12:28] <+rickf> we'll see 2Q and 2H window-dressing until the end of June I bet
[12:28] <+Nesi> i need it today..rick
[12:29] <+rickf> ')
[12:32] <+TraderG> but even with a near term gloomy outlook, if there is a shred of optimism for the longer term we should have a small bounce
[12:32] <+TraderG> sorry for the delay
[12:32] <+rickf> quite possibly, but short-lived one perhaps?
[12:33] <+TraderG> very SHORT )
[12:33] <+rickf> heh
[12:33] <+TraderG> if u catch my draft
[12:33] <+TraderG> sorry
[12:33] <+TraderG> my drift
[12:33] <+rickf> i do i do
[12:33] <+TraderG> )
[12:34] <+TraderG> i am sticking by my 800
[12:35] <+rickf> prolly good target
[12:35] <+TraderG> the only thing that will change this is if Obama finds a way to print more money without causing inflation or lowering the value of the dollar further
[12:35] <+TraderG> or
[12:35] <+rickf> not sure how he can
[12:36] <+TraderG> borrowing from the Chineese without having 2 pay them back
[12:36] <+TraderG> NOT LIKELY
[12:37] <+TraderG> but Nesi - DON'T worry. you can still make $$$ day trading futures
[12:37] <+Nesi> lol
[12:43] <+OICU812> Finally my short moving!!!!!!!!!!
[12:43] <+Nesi> nice
[12:43] <+OICU812> man im in this trade since 11:19 eastern time
[12:43] <+OICU812> 11:29 sorry
[12:44] <+Nesi> i think from what i see.. that u have good patience
[12:44] <+OICU812> with profits on the pocket, its easy
[12:44] <+OICU812> alredy scaled twice
[12:44] <+OICU812> so trying to let the other part run
[12:44] <+TraderG> i prefer profits IN the pocket
[12:44] <+TraderG>
[12:45] <+Nesi> what OICU just said.. anwsers your question about holding a trader longer, TraderG
[12:45] <+OICU812> just semantics TraderG. On the pocket means the inside part is alredy full
[12:45] <+TraderG> hahahahaha
[12:45] <+TraderG> u r funny OICU
[12:45] <+TraderG> actually I do c u
[12:46] <+OICU812> No. 1 objective in life is to have fun
[12:46] <+OICU812> thats why i love trading
[12:46] <+OICU812> im probably sick, but honestly I like mondays better than saturdays and sundays.
[12:46] <+TraderG> EXCELLENT attitude
[12:46] <+codehead> 901.25 is .500
[12:46] <+codehead> 900.00 is .618
[12:47] <+Nesi> fomc day today, OICU
[12:47] <+OICU812> yes Nesi
[12:47] <+OICU812> wont chance much untill 2 pm
[12:48] <+OICU812> except for the slowness
[12:49] <+OICU812> TraderG, Nesi told me you had some questions about scaling.
[12:50] <+TraderG> it was not about scaling exclusively
[12:50] <+TraderG> it was about how people manage to stay in a trade for a long time
[12:50] <+OICU812> well, in my case scaling out
[12:50] <+OICU812> but
[12:50] <+OICU812> every person has a different risk tolerance and different patience.
[12:51] <+OICU812> also, depends on the time frame you choose to trade
[12:51] <+TraderG> i get out 2 quickly. if women were trading they would not like me.
[12:51] <+Nesi> lol
[12:52] <+TraderG> 1-3-5 min
[12:52] <+TraderG> msotly 3
[12:52] <+TraderG> this bloody keyboard
[12:52] <+TraderG> missing letters
[12:52] <+TraderG>
[12:52] <+OICU812> scaling out might work for you
[12:52] <+OICU812> start with one scale then two
[12:52] <+OICU812> the fact that you pocket some profits
[12:53] <+OICU812> allows you to run the rest with a bit more ease
[12:53] <+TraderG> i have a problem with anything that cannot be proven statistically
[12:53] <+OICU812> in my case at least, scaling out balances greed and fear.
[12:53] <+TraderG> i am thinking of how to test different ideas by backtesting them
[12:53] <+TraderG> like scaling in
[12:53] <+TraderG> scaling out
[12:54] <+TraderG> all in/ all out
[12:54] <+OICU812> if that works for you
[12:54] <+TraderG> all of them have + & - and all can be logically explained
[12:54] <+OICU812> ok im out of my trade 902.25
[12:55] <+TraderG> no. they don't. thata is why I need mathematical proof but then again I might be over analizing
[12:56] <+TraderG> OFF TOPIC When I woke up this morning my girlfriend asked me, 'Did you good?' I said 'No, I made a few mistakes.'
[12:57] <+codehead> lol
[12:59] <+TraderG> scalling in makes sense if a trend last for some time because if it does not, the extra exposure will wipe out your profits
[13:00] <+TraderG> scalling out will piss you off because you may have a long run but only a small position left to enjoy it
[13:00] <+TraderG> all in/ all out could kill you in a choppy market
[13:01] <+TraderG> it maybe that the answer is in the stops/exits and not in the size
[13:03] <+TraderG> TraderG I had enough of your ramblings so I'll be back after the FOMC announcement
[13:14] <@X> #FuturesTrades Info -> Members use this room to document (trade journal) their trades and thoughts from one trade to the next trade. 2009 chat logs stored @ viewforum.php?f=20 and chat logs prior to 2009 are stored @ http://www.thestrategylab.com/ArchivedPastTrades.htm. Also, do not mimic (shadow) trades of others without their permission.
[13:14] <+OICU812> as i said TraderG, for me it works
[13:14] <+OICU812> it balances my green and my fear
[13:16] <+OICU812> ok staying flat till 2 pm
[13:16] <+OICU812> and taking a break
[13:19] <+silo> DBC commodities index down for the day n ow
[13:22] <+silo> nesi , i need another movie recommendation
[13:22] <+silo> just finished KNOWING
[13:23] <+jigglyhippo> did you like it?
[13:24] <+silo> yeah it was decent
[13:31] <+jigglyhippo> <30min to fed decision
[13:34] <+silo> [13:33] <+silo> transformer2 cam version is available for download on torrents.
[13:34] <+silo> [13:34] <+silo> apparently it already aired in russia and a few other countries
[14:09] * NihabaAshi_away is now known as NihabaAshi
[14:10] <@NihabaAshi> Good afternoon all and hope trading is going well...just got back from a family event.
[14:11] <+Nesi> hi wrbtrader
[14:11] <+rickf> 4 mins
[14:12] <+silo> wish me luck
[14:12] <+silo> :D
[14:12] <+rickf> luck
[14:12] <+rickf> quiet trading day wrbtrader -- prefed and all that
[14:13] <jbuch> hey everyone
[14:13] <+rickf> hi jb
[14:13] <+Nesi> hey jbuch
[14:16] <+jbuch> HERE WE GO
[14:16] <+OICU812> yep
[14:16] <+OICU812> took the day off jbuch?
[14:16] <+jbuch> NO JUST TOOK A BREATHER FROM THE ROOM
[14:17] <+OICU812> hope you did well today
[14:17] <+rickf> WHY R U SHOUTING JB?
[14:17] <+jbuch> plus 1 point yehaa
[14:17] <+rickf> better than minus 1 point
[14:17] <+jbuch> sorry didn't see the caps
[14:17] <+rickf> lol np
[14:17] <+OICU812> beats a stick in the eye
[14:18] <+jbuch> thats the problem w/ being a shitty typer
[14:18] <+rickf> fed late AGAIN
[14:18] <+rickf> no change in FFR
[14:18] <+rickf> http://federalreserve.gov/newsevents/pr ... 90624a.htm
[14:18] <+OICU812> well market did not like it
[14:19] <+rickf> mkt conditions warrant exceptionall low fed fund rate for a prolonged time
[14:19] <+rickf> the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve will buy up to $300 billion of Treasury securities by autumn.
[14:20] <+rickf> now 'they' digest things
[14:20] <+OICU812> ok here we go down
[14:21] <@NihabaAshi> Shorts ES @ 900.00 -> small size
[14:21] <+silo> booyakashaa
[14:21] <@NihabaAshi> 2 only
[14:21] <tomosyn57> Shorts SSO @ 25.34
[14:21] <@NihabaAshi> Covered ES Short @ 901.00 --> - 1
[14:21] <+jbuch> yehaa
[14:22] <@NihabaAshi> Shorts ES @ 903.00 -> small size
[14:22] <+OICU812> just shroted 903.00
[14:22] <@NihabaAshi> 2 only
[14:23] <+tomosyn57> Covered all SSO Short @ 25.36 --> - 0.02
[14:23] <+OICU812> Scaled 901.00
[14:24] <+rickf> quiet reaction here
[14:24] <+rickf> weird
[14:24] <+OICU812> all out 900.50
[14:24] <@NihabaAshi> Covered all ES Short @ 900.75 --> + 2.25
[14:25] <+jbuch> nice guys
[14:25] <+Nesi> 888 here we go
[14:25] <+rickf> vn
[14:25] <+rickf> lotta long wicks on these candles
[14:26] <+OICU812> thanks
[14:26] <+OICU812> not much movement
[14:27] <+rickf> yeah really
[14:28] <+silo> interesting how this FOMC doesn't even have a pop. usually FOMC will go up and down wildly 2-3 times. so far no green bar to the upside yet
[14:28] <+silo> booyakasha!
[14:29] <+rickf> tho it's still early
[14:29] <+silo> lol true
[14:29] <TraderG> it did in FX
[14:29] <+silo> YM 8200 is first place we should visit
[14:30] <+OICU812> ok, I am short and hopefully it will keep going short on longer term charts
[14:32] <+OICU812> second scale here 897.5
[14:32] <+OICU812> will try to hold the rest as much as i can
[14:33] <+tomosyn57> Shorts SSO @ 25.1
[14:33] <+tomosyn57> exit stop set SSO @ 25.08
[14:34] <+OICU812> all out of hte short 897.00
[14:34] <+tomosyn57> Trailing Stop Hit SSO @ 25.08 --> + 0.02
[14:34] <+jigglyhippo> nice oicu
[14:35] <+OICU812> was hoping to hold it longer but chart said no more
[14:36] <+rickf> grr missed my short by 1 tick
[14:37] <+rickf> not going to chase
[14:43] <+jigglyhippo> a little bounce here?
[14:43] <@NihabaAshi> Long ES @ 895.75 -> small size
[14:43] <@NihabaAshi> 3 only
[14:44] <+rickf> short es 896.50
[14:45] <@NihabaAshi> Exited 2/3 ES Long @ 898.00 --> + 2.25
[14:46] <+jigglyhippo> nice
[14:46] <+jbuch> beauty
[14:46] <+OICU812> nice trade NihabaAshi
[14:46] <@NihabaAshi> messed up the exit
[14:46] <+jbuch> thought u were crazy
[14:47] <+jbuch> but once again crazy like a fox
[14:47] <@NihabaAshi> Exited Remainder ES Long @ 897.25 --> + 1.5
[14:47] <@NihabaAshi> Wanted to cover all and then get short 1 contract.
[14:47] <+jigglyhippo> hate when that happens
[14:48] <@NihabaAshi> However, my goal was only 897.00
[14:48] <@NihabaAshi> Thus, exceeded my profit target on all contracts.
[14:49] <+OICU812> still a nice trade however you slice it
[14:50] <+OICU812> 896.25 long
[14:51] <+OICU812> 898.25 first scale
[14:52] <+OICU812> BE stop for the rest for now
[14:53] <+OICU812> 99.00 second scale
[14:53] <+rickf> short es 898.50 (add)
[14:54] <+jbuch> Shorts ES @ 898.5
[14:54] <+OICU812> exited all 898.25
[14:56] <+OICU812> 898.25 short
[14:58] <+OICU812> hmmmm
[14:58] <+jbuch> Covered all ES Short @ 898.25 --> + 0.25
[14:59] <+OICU812> 97.50 first scale
[14:59] <+jbuch> man that has happened a lot to me today
[14:59] <+OICU812> 96.5 second scale
[15:00] <+rickf> out es 897 +.50
[15:00] <+rickf> ugh
[15:00] <+OICU812> starting to get wierd
[15:00] <+rickf> last hour
[15:00] <+codehead> bond close time
[15:01] <+rickf> that scared me .... got in way too early on that and almost bailed
[15:01] <+OICU812> still holding last portion not sure where its going
[15:01] <+codehead> rick--first bounce was .500, pb, then .618
[15:02] <+OICU812> 97.25 all out
[15:02] <+rickf> yeah i see that
[15:04] <+rickf> tho i dont often use fib lines
[15:04] <+codehead> if you want to short a bounce, helps to look at the fibs
[15:05] <+rickf> good point - will check them out
[15:05] <+codehead> that's where scalp long will look to take profit, and shorts will look for entry
[15:06] <+OICU812> i think imight have had to hold on to my short
[15:09] <+jigglyhippo> tanking
[15:09] <+jigglyhippo> damn
[15:09] <+OICU812> and im not in!!!
[15:09] <+jigglyhippo> same
[15:09] <+OICU812> havent got a decent entry signal
[15:09] <+OICU812> so i rather stay out
[15:09] <+jbuch> I am crying in a corner kicking myself
[15:10] <+jbuch> just took a break to write this going back to my corner
[15:10] <+jigglyhippo> lol
[15:10] <+jigglyhippo> but
[15:11] <+OICU812> long 892.00
[15:12] <+OICU812> 92.75 first scale.
[15:14] <+silo> i should be good for the next few weeks :D
[15:14] <+silo> time to stock up on movies
[15:14] <+silo> :D
[15:14] <+jigglyhippo> nice
[15:15] <+OICU812> 93.5 second scale
[15:17] <+OICU812> 91.25 my stop, i think its worth the risk. hoping for one more move up
[15:17] <@X> #FuturesTrades Info -> Members use this room to document (trade journal) their trades and thoughts from one trade to the next trade. 2009 chat logs stored @ viewforum.php?f=20 and chat logs prior to 2009 are stored @ http://www.thestrategylab.com/ArchivedPastTrades.htm. Also, do not mimic (shadow) trades of others without their permission.
[15:18] <+OICU812> :S
[15:20] <+jbuch> Long ES @ 892.5
[15:21] <+OICU812> comforting to see you go long jbuch , im still holding last part
[15:22] <+jbuch> Exited 1/2 ES Long @ 894 --> + 1.5
[15:22] <+OICU812> still holding here
[15:22] <+TraderG> ) vn JB
[15:22] <+OICU812> 894.5 all out
[15:22] <+jbuch> nice rest at breakeven
[15:23] <+OICU812> nice afternoon
[15:23] <+jbuch> target is 896
[15:23] <+jbuch> yeah nice movement
[15:24] <+silo> we'll likely chop here at this area into the close. support around here
[15:25] <+OICU812> might give one more short into the close
[15:29] <+jbuch> Exited all ES Long @ 896 --> + 3.5
[15:29] <+jigglyhippo> vn
[15:29] <+jbuch> thanks
[15:30] <+rickf> wtg
[15:30] <+jbuch> frustrating day I needed that
[15:31] <+codehead> 896.25 is .618 bounce
[15:32] <+OICU812> tuff day no doubt jbuch
[15:32] <+OICU812> [11:52] <+jigglyhippo> hows it going
[15:32] <+OICU812> [11:52] <+OICU812> tuff day
[15:32] <+OICU812> [11:52] <+OICU812> imho
[15:33] <+jbuch> had some great entries and the market kept coming back and tagging me out for +.25
[15:34] <+OICU812> oh i hate those days
[15:35] <+jbuch> need to leave my stops alone until the market has moved at least 1 or 1.5 points or just take a scalp.
[15:38] <+OICU812> ok trying last short for the day
[15:38] <+jigglyhippo> 895?
[15:38] <+OICU812> 95.25
[15:38] <+rickf> short es 894.50
[15:39] <+OICU812> lets see if it develops
[15:39] <+jbuch> thought u were still long OIC felt bad for bailing )
[15:40] <+silo> Unemployment Claims tomorrow
[15:40] <+TraderG> 890 looks good 2 me
[15:41] <+TraderG> 8-9-10
[15:42] <+OICU812> oh no i bailed before you did.
[15:42] <+OICU812> 893.25 Scale out
[15:42] <+Nesi> 888 pretty close
[15:42] <+jbuch> support here from that sideways action a couple of days ago if we break should be good resistance
[15:43] <+jbuch> and then good ol 888
[15:43] <+jigglyhippo> 888 is the key number
[15:44] <+rickf> out es 893.75 +.75
[15:44] <+rickf> sheesh
[15:44] <+OICU812> i think we might go thru it overnight
[15:44] <+jbuch> silo got it right with the chop call it looks like
[15:44] <+kosmipt> Long ES @ 894.50 «« simulator »»
[15:44] <+jbuch> yeah thats my guess as well oic
[15:44] <+rickf> should have gone in with my limit pre-set ... left a bunch on the table there
[15:45] <+OICU812> well guys please sell cause i need to close my short before 4 PM lol
[15:45] <+jigglyhippo> lol
[15:45] <+rickf> u have 29 minutes
[15:45] <+OICU812> on but dont like it too close to the close
[15:45] <+TraderG> I will push mentally
[15:45] <+OICU812> thanks TraderG
[15:45] <+rickf> huffs puffs fans the screen to give the ES some air
[15:46] <+Nesi> i am waiting also
[15:46] <+Nesi> [11:39] <Nesi> Shorts ES @ 904.50
[15:46] <+Nesi> [11:39] <Nesi> 4c
[15:46] <+rickf> (that's down-draft air, not up-draft)
[15:47] <+rickf> really thought that last short was going to be a major drop into the close
[15:47] <+OICU812> ok, need to break 91.75 in order to keep the short
[15:47] <+TraderG> there is still time 4 that
[15:48] <+TraderG> 91.75 is above us ???? where is the short
[15:48] <+jbuch> time to test 900 as well
[15:48] <+OICU812> im all out
[15:48] <+OICU812> -1.25
[15:48] <+OICU812> on my last third
[15:48] <+TraderG> it will get there overnight
[15:48] <+jigglyhippo> damn
[15:49] <+jigglyhippo> should have reversed and gone long jeez
[15:50] <+OICU812> shorted 897.00
[15:50] <+rickf> very weird action for fed day
[15:50] <+Nesi> if its going to reverse down again..should be by now
[15:51] <+Nesi> come on
[15:51] <+jbuch> Shorts ES @ 897
[15:51] <+OICU812> way to go jbuch
[15:51] <+OICU812> anyone else?
[15:51] <+OICU812> lol
[15:51] <+Nesi> lol
[15:51] <+OICU812> we need sellers
[15:51] <+Nesi> come on..one more push
[15:51] <+rickf> great entry
[15:51] <+jbuch> tick fading hard
[15:52] <+Nesi> nice timing jbuch
[15:52] <+rickf> missed it
[15:52] <+OICU812> 895.25 first scale
[15:52] <+kosmipt> Long ES @ 895.25 -> Add «« simulator »»
[15:52] <+Nesi> u got it..OICU
[15:52] <+OICU812>
[15:52] <+jbuch> Covered 1/2 ES Short @ 895 --> + 2
[15:52] <+Nesi> need more pressure
[15:53] <+jbuch> well sell some more nesi
[15:53] <+OICU812> 895.25 sold another scale
[15:53] <+OICU812> bought actually
[15:53] <+OICU812> i liked this ttrade it moved vast
[15:54] <+OICU812> when it moved
[15:54] <+jigglyhippo> niec job
[15:54] <+jigglyhippo> nice
[15:54] <+OICU812> 94.5 all out
[15:54] <+Nesi> vn
[15:55] <+jbuch> exit stop set ES @ 895.75
[15:56] <+OICU812> ok too late so no more trades for me
[15:56] <+jigglyhippo> if it moves fast like the other that would be great
[15:57] <+jbuch> isn't it funny that price can bounce on ur entry or target for a week or so without filling but if it even looks at ur stop it is filled
[15:57] <+jigglyhippo> hell yeah
[15:57] <+jigglyhippo> as soon as your stop is touched BOOM
[15:57] <+jbuch> Covered all ES Short @ 895.75 --> + 1.25
[15:57] <+OICU812> nice one jbuch
[15:58] <+jbuch> thanks
[15:59] <+kosmipt> Exited all ES Long @ 896.50 --> + 3.25 «« simulator »»
[15:59] <+Nesi> good
[15:59] <+jbuch> nice Kos
[16:00] <+rickf> vn
[16:00] <+jigglyhippo> ding ding ding
[16:00] <+OICU812> nice trade kosmipt
[16:00] <+jigglyhippo> good job being patient kos
[16:05] <+kosmipt> thx
[16:05] <+kosmipt> gn all
[16:06] <+Nesi> Covered all ES Short @ 897.25 --> + 7.25
[16:06] <+Nesi> good night all
[16:06] <+Nesi> thanks all
[16:07] <+rickf> WTG nesi
[16:07] <+jigglyhippo> sick nesi
[16:13] <+rickf> ok guys -- i'm off for the ToS webcast ... see y'all tomorrow
[16:13] <+rickf> good trading and good evening to all
[16:13] <+OICU812> im out of here too
[16:13] <+OICU812> have a good evening
[16:14] <+jbuch> you to oic
[16:14] <+OICU812> nice trade by the way nesi
[16:14] <+OICU812> good trading jbuch
[16:14] <+jbuch> yeah nesi the way u hang onto ur trades is motivating
[16:14] <+jbuch> thanks oic same to u
[16:15] <+OICU812> jbuch
[16:15] <+OICU812> glad you jumped in on that short
[16:15] <+OICU812> lol
[16:15] <+OICU812> helped it move
[16:15] <+jbuch> lol
[16:15] <+TraderG> no one said anything nice 2 me and I haven't even made a cent in futures 2day )
[16:16] <+OICU812> good job if you did not loose either TraderG
[16:16] <+TraderG> thank u thank u thank u
[16:16] <+jbuch> if nesi woulda added another 4 contracts to his short then we might have broken through
[16:16] <+TraderG> but then I have not traded 2day
[16:17] <+jbuch> good way not to lose $
[16:17] <+TraderG> this is the essence of money management
[16:18] <+TraderG> anyway, I had fun 2day so BA BYE every 1
[16:19] <+jbuch> night TG
[16:19] <+OICU812> good night all
[16:19] <+jbuch> smae here I am off for daddy doody
[17:23] <@X> #FuturesTrades Info -> Members use this room to document (trade journal) their trades and thoughts from one trade to the next trade. 2009 chat logs stored @ viewforum.php?f=20 and chat logs prior to 2009 are stored @ http://www.thestrategylab.com/ArchivedPastTrades.htm. Also, do not mimic (shadow) trades of others without their permission.
[19:26] <@X> #FuturesTrades Info -> Members use this room to document (trade journal) their trades and thoughts from one trade to the next trade. 2009 chat logs stored @ viewforum.php?f=20 and chat logs prior to 2009 are stored @ http://www.thestrategylab.com/ArchivedPastTrades.htm. Also, do not mimic (shadow) trades of others without their permission.
Session Close: Wed Jun 24 19:29:17 2009

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