##TheStrategyLab Price Action Chat Room Logs

Note: The chat log below represents the free chat room called #FuturesTrades that's hosted by TheStrategyLab.com and any one can use the chat room to post their trades. Simply, we do not know what trading methods are being used by some members while others are using methods we ourselves don't use.

Our primary job in the chat room is to moderate the room (keep the peace) and 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: Fri Jun 05 08:13:37 2009
Session Ident: #futurestrades
[08:13] * Now talking in #futurestrades
[08:13] <@X> [NihabaAshi] Announcement: The new trade posting script v3.7 (replaces v3.6) is posted at your forum in the "Announcements" thread.
[08:14] <@NihabaAshi> Good morning all...I won't be trading this morning due to doctor appointment (immunization shots) for the kids.
[08:15] <@NihabaAshi> Take care and talk to all later.
[08:15] <Nesi> good morning wrbtrader
[08:15] * NihabaAshi is now known as NihabaAshi_away
[08:19] <@NihabaAshi_away> Hi Nesi...I won't be trading this morning due to doctor appointments this morning for the kids...will be leaving around 8:25am est
[08:20] <+Nesi> got it..thanks wrbtrader
[08:30] <rickf_away> jeez
[08:30] <TraderG> every 1
[08:31] <+TraderG> we hit the 944 mark overnight
[08:31] <+rickf_away> +12 on the ES on i guess 'good' job number?
[08:31] <+rickf_away> Payrolls Shrink by 345,000, Less than Expected, but Unemployment Rate Jumps More than Expected to 9.4%
[08:32] * rickf_away is now known as rickf
[08:32] <+Nesi> that was first reaction
[08:32] <+Nesi> now lets see second reaction
[08:33] <+rickf> i think down - think the reaction was for the headline "less than"
[08:33] <+Nesi> me too
[08:33] <+Nesi> all digested already..IMHO
[08:33] <+rickf> once they read the actual release
[08:34] <+Nesi> I follow gold everyday.. it keeps trying to break BIG 1000
[08:34] <+Nesi> holds well still...rick
[08:34] <+rickf> i've shorted the 1K mark a few times with great results, fwiw
[08:35] <+Nesi> wow..great
[08:35] <+rickf> thx
[08:36] <+rickf> was funny this morning, i get a note from my clearing firm that a trade had happened
[08:36] <+rickf> i was like WTF? I
[08:36] <+Nesi> and?
[08:37] <+rickf> Turns out I had some covered calls get exercised and my stock called away
[08:37] <+rickf> first time that had happened to me
[08:37] <+rickf> perfectly fine, just kind of weird to see less 'stuff' on your screen than you had yesterday
[08:37] <+rickf> at least w/o warning
[08:37] <+Nesi> and you did not know that you had that position?
[08:38] <+rickf> no i knew i had the position --- just did not know it had been called away until after the fact
[08:38] <+rickf> thats how covered calls workd
[08:38] <+Nesi> oh
[08:38] <+rickf> no big deal, just the first time it's happened to me BEFORE expiration
[08:39] <+rickf> in this case it got called away because today is ex-div and the call holder wanted to get the shares and take the dividend
[08:48] <@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.
[08:49] <TraderG> was every 1 disconnected or only me?
[08:49] <+rickf> only you
[08:49] <jbuch> JUST U
[08:50] <+TraderG> weird. I lost connection with the world for a few minutes. no data, no Skype, no mirc. it is a Communist Plot. I am sure.
[08:55] <+rickf> nope, just the market makers trying to shut you down
[08:56] <+TraderG> oh good. then it's ok. I thought it was the commies
[08:56] <+rickf> tha'ts who i meant
[08:56] <+rickf> *g*
[08:57] <+rickf> i mean heck i read the WH is looking to establish a "pay czar" for companies taking gov money now
[09:29] <drt> all
[09:34] <+jbuch> GM ALL
[09:36] <+drt> l es 48.50
[09:38] <+TraderG> FORD all
[09:39] <+drt> s es 51.50
[09:40] <+drt> corr cl es 51.50
[09:44] <+Nesi> i wont be surprise if we close red big today
[09:52] <pat255> all
[09:54] <+Nesi> hi pat
[09:55] <+pat255> hi nesi
[10:09] <+pat255> man what a dump the mkt took
[10:09] <+Nesi> and getting uglier...imo
[10:24] <+jbuch> Shorts ES @ 938.75
[10:27] <+jbuch> Covered all ES Short @ 939 --> - 0.25
[10:28] <+rickf> ugly tape
[10:29] <+jbuch> back in yesterdays afternoon range
[10:30] <+jbuch> 938 seems to be acting as support agagin
[10:32] <+TraderG> i am on the ball 2 day. better quit while I am ahead. made $2.02
[10:32] <+jbuch> u can buy a coffee with that ?
[10:33] <+TraderG> i don't drink coffee but i think that in McDonald's u can (at least in Canada)
[10:34] <+rickf> buy tea
[10:34] <+jbuch> U could probably do a whole meal deal
[10:34] <+rickf> right now the only trade i'm waiting on is an options trade to fill on Apple. Not seeing anything to entice me on the ES right now
[10:36] <+jbuch> like in the last 10 minutes right now or all morning rickf
[10:36] <+rickf> most of the morning
[10:51] <@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.
[10:57] <+jbuch> Long ES @ 942.25
[11:00] <+jbuch> Exited all ES Long @ 944.25 --> + 2
[11:00] * codehead_afk is now known as codehead
[11:01] <+TraderG> vn
[11:01] <+jbuch> there is 2 6 to go
[11:07] <+rickf> nice jb
[11:10] <+jbuch> thanks rick
[11:13] <+rickf> still trying to decide if i like tick or time charts ... this market has made me adjust some stuff
[11:13] <+jbuch> nice trend down, nice trend up. haven't seen many of them recently
[11:16] <+pat255> L 944 paper
[11:22] <+codehead> short ES 945.75 <paper> small
[11:22] <+codehead> 3 pt stop for now
[11:24] <+codehead> exit half ES +1.00 <paper>
[11:25] <+codehead> stop remainder 945.25 <paper>
[11:26] <+codehead> exit remainder ES +2.00 <paper>
[11:44] <+jbuch> Long ES @ 942.25
[11:46] <+jbuch> Exited all ES Long @ 943.5 --> + 1.25
[11:58] <+jbuch> Long ES @ 944
[12:09] <+jbuch> caught in some more shitty sideways action
[12:12] <+rickf> yeah
[12:14] <+jbuch> Exited ES Long @ 943.25 --> - 0.75
[12:14] <+jbuch> Reverse and Enter Short ES @ 943.25
[12:14] <+jbuch> Covered all ES Short @ 942 --> + 1.25
[12:14] <+jbuch> that wore my ass out
[12:14] <+jbuch> gonna get some breakfast
[12:57] <@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.
[13:23] <+jbuch> Long ES @ 942.
[13:23] <+rickf> *yawn*
[13:30] <+rickf> is the market still open?
[13:30] <+rickf>
[13:30] <+jbuch> tell me about it
[13:32] <+Nesi> if takes 941.50 , probably we will have a leg lower imho
[13:32] <+jbuch> not quite what I hoped for when it broke above 942.5
[13:32] <+rickf> i'm still looking down
[13:33] <+jbuch> i am just taking them as they come
[13:33] <+jbuch> bounced off of yesterdays high with high vol
[13:34] <+jbuch> Exited all ES Long @ 943 --> + 1
[13:34] <+Nesi> vn
[13:34] <+jbuch> wore me out again
[13:34] <+rickf> very little bit
[13:34] <+rickf> i dont blame you
[13:34] <+jbuch> thanks
[13:35] <+jbuch> every trade that I have taken since I moved up in size has been a challenge
[13:37] <+jbuch> went and had a workout to get some of the adrenaline out. and bam there it is again
[13:37] <+Nesi> here we go
[13:38] <+jbuch> up looks like that was a dead cat bounce
[13:38] <+Nesi> yup
[13:38] <+rickf> yepper
[13:39] <+jbuch> quiet in here today.
[13:39] <+Nesi> wrbtrader no trading today
[13:40] <+jbuch> ahh that will do it
[13:41] <+jbuch> maybe not on that dead cat bounce
[13:41] <+jbuch> expanding vol and price
[13:42] <+jbuch> that is what I was hoping for a couple of minutes ago
[13:43] <+jbuch> second test on lighter vol with a higher tick. I am boneheading it today.
[13:48] <+jbuch> Long ES @ 943.75
[13:50] <+jbuch> ruh roh
[13:52] <+TraderG> the calm b4 the storm
[13:56] <+jbuch> Exited all ES Long @ 943.25 --> - 0.5
[13:58] <+Nesi> here we go
[14:23] <+Nesi> my guess ..imho.. we aiming for 920 925
[14:26] <+jbuch> sure doesn't look to good right now. Selling on good news
[14:30] <+jbuch> Shorts ES @ 936.5
[14:32] <+jbuch> Covered all ES Short @ 935.75 --> + 0.75
[14:32] <+Nesi> not easy to hold it
[14:33] <+Nesi> feels like it will drill soon..IMHO
[14:33] <+jbuch> feels like it is late in the game shoulda taken the first reversal
[14:41] <+jbuch> Long ES @ 936.75
[14:42] <+rickf> short es 938.50
[14:44] <+jbuch> Exited all ES Long @ 938.5 --> + 1.75
[14:44] <+rickf> wtg
[14:44] <+Nesi> nice
[14:45] <+jbuch> thanks finally 1 that jumped in my favor in my favor
[14:46] <+jbuch> back above 938
[14:47] <+jbuch> that is turning into quite the pivot
[14:49] * NihabaAshi_away is now known as NihabaAshi
[14:49] <+rickf> exit es 938.25 +.25
[14:50] <+rickf> still looking down but getting spooked
[14:51] <+jbuch> down trend line broken
[14:53] <+jbuch> broke above 2 swing highs but hard to trust a long after that down move
[14:58] <+rickf> still looking short tho
[14:58] <+rickf> last hour coming up .. game time
[14:58] <+jbuch> this looks pretty good
[14:58] <@NihabaAshi> Long ES @ 939.00 -> small size
[14:58] <@NihabaAshi> 2 only
[14:58] <+jbuch> not so much now
[14:59] <+Nesi> elvis enters the building
[14:59] <+jbuch> lol
[15:00] <@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.
[15:00] <@NihabaAshi> Exited ES Long @ 938.25 --> - 0.75
[15:00] <@NihabaAshi> Reverse and Enter Short ES @ 938.25
[15:00] <+jbuch> Shorts ES @ 938.5
[15:00] <+Nesi> consumer report numbers now?
[15:01] <+Nesi> consumer credit report
[15:01] <+Nesi> that is
[15:01] <+jbuch> oh uh forgot about that
[15:02] <+Nesi> looks like drop in consumer credit
[15:02] <+Nesi> -6 consensus
[15:02] <+Nesi> -15.7 actual numbers
[15:03] <@NihabaAshi> Covered all ES Short @ 937.75 --> + 0.5
[15:04] <+jbuch> Covered all ES Short @ 937.5 --> + 1
[15:04] <+Nesi> US consumer borrowing plunges by $15.7 billion in April, second largest amount on record [AP]
[15:04] <+jbuch> I am all about those 1 pointers today
[15:05] <+jbuch> market fades on good news and rallies on bad
[15:06] <+jbuch> Long ES @ 939.5
[15:07] <+rickf> short es 940.25
[15:07] <+jbuch> Exited all ES Long @ 939.75 --> + 0.25
[15:09] <+jbuch> Shorts ES @ 939.75
[15:10] <+rickf> exit 939 +1.25
[15:11] <+jbuch> Covered all ES Short @ 939.75 --> 0
[15:12] <+jbuch> bad entry and bad exit on that
[15:14] <+rickf> beats a bad entry on the exit
[15:14] <+rickf> one pointers today is pretty good i think
[15:15] <+jbuch> great moves this morning being hesitant but am getting in the groove will be up to speed by monday.
[15:15] <+rickf> some days are better than others
[15:15] <@NihabaAshi> 940 acting like a pivot
[15:17] <+jbuch> aggressive buying there
[15:19] <+jbuch> Long ES @ 939.25 -> large size
[15:20] <+jbuch> not large size just 1
[15:26] <+jbuch> out +.25 back in same price
[15:26] <@NihabaAshi> tight trading range
[15:27] <@NihabaAshi> play the range and try to let one run through as a breakout
[15:27] <+jbuch> yeah
[15:29] <+jbuch> Exited all ES Long @ 938.5 --> - 0.75
[15:30] <+jbuch> It broke just not the way that I was hoping
[15:33] <@NihabaAshi> Long ES @ 939.00 -> small size
[15:33] <@NihabaAshi> 2 only
[15:33] <@NihabaAshi> intuition
[15:34] <+jbuch> Long ES @ 939.25
[15:34] <+jbuch> 1 more time
[15:35] <+jbuch> Exited all ES Long @ 941.5 --> + 2.25
[15:36] <+TraderG> vvn
[15:36] <@NihabaAshi> tighten trail
[15:36] <+TraderG> i am green
[15:36] <@NihabaAshi> If it hits 942
[15:36] <@NihabaAshi> I'll categorize it as a runner
[15:40] <+jbuch> thanks
[15:40] <+jbuch> had to jump around the room a little bit
[15:40] <+TraderG> )
[15:41] <@NihabaAshi> Exited all ES Long @ 942.75 --> + 3.75
[15:42] <@NihabaAshi> caught a runner out at the low part of that tight trading range and by the time it became a breakout I was about +1.50 or +1.75 in the profit
[15:43] <@NihabaAshi> Everything after that profit target of +1.50 to +1.75 was just GREED
[15:43] <+TraderG> Greed is good
[15:44] <+TraderG> Michael Douglas said that in a movie many years ago
[15:45] <+TraderG> Wall Street
[15:45] <GoodMood> we all know his end ...
[15:46] <+rickf> the sequel is coming out later this year
[15:46] <+TraderG> yes. he became a rich actor.
[15:47] <+jbuch> can't wait
[15:49] <@NihabaAshi> somebody or folks don't want this to close about yesterday's close
[15:50] <@NihabaAshi> about = above
[15:50] <@NihabaAshi> I smell a good pivot point fight here about to take place
[15:50] <@NihabaAshi> I'm sidelined...will just watch.
[15:53] <+jbuch> caught in the same range as yesterday afternoon
[15:55] <@NihabaAshi> Anybody watch the BBC "Million Dollar Traders" episodes ??
[15:55] <+Nesi> no
[15:55] <+rickf> nope
[15:55] <+rickf> is it online?
[15:56] <@NihabaAshi> Here's the first episode...recorded from TV to online...
[15:56] <@NihabaAshi> http://video.google.ca/videoplay?docid= ... 1016&hl=en
[15:56] <+Nesi> thx
[15:56] <@NihabaAshi> Excellent trading show...the best one I've ever seen.
[15:57] <@NihabaAshi> Kind'uv like the Donald Trump "apprentice"
[15:57] <+jbuch> Shorts ES @ 940
[15:59] <+jbuch> Covered all ES Short @ 939.75 --> + 0.25
[15:59] <Sidhartha> I never actually saw in wrbtrader... despite it being on TV here in London. For some reason I was distracted elsewhere...
[15:59] <+Sidhartha> As I recall they all lose their grubstake... is it informative... Or just plain funny...
[15:59] <@NihabaAshi> However, the advertisement on the video that appears was not in the actual TV show...
[15:59] <@NihabaAshi> I guess whomever is sponsoring the video put the ad in the online version
[16:00] <@NihabaAshi>
[16:00] <+rickf> damn ... missed a fill on AAPL by .03
[16:00] <@NihabaAshi> Regardless...great TV show about real trading from people with every little knowledge about trading
[16:01] <+rickf> checking them out now
[16:03] <@NihabaAshi> I have downloaded most of the episodes except for a few that weren't posted online (I can't find them).
[16:04] <@NihabaAshi> Once I get them ALL...I'll store them as movie files at the website (forum)
[16:04] <+rickf> coolness - i'm grabbing 3 right now
[16:04] <+rickf> eps 1,2,3
[16:05] <+jbuch> good stuff
[16:05] <+rickf> i guess this is REAL versus Wall street warriors
[16:05] <+rickf> never saw that one either
[16:06] <+TraderG> it seems that the add in the videos is not related 2 the guy that put up the money
[16:07] <@NihabaAshi> Correct...
[16:07] <@NihabaAshi> I saw some of the real episodes on TV...
[16:07] <@NihabaAshi> There was no ads.
[16:07] <@NihabaAshi> However, the online version contains ads.
[16:08] <@NihabaAshi> Most likely some company that paid BBC UK to sponsor
[16:09] <@NihabaAshi> If I had 10 - 20 million dollars to throw away...
[16:09] <@NihabaAshi> I would do the same type of "apprenticeship" and try to get it on a major TV network
[16:10] <+TraderG> CNBC has their trading contest
[16:10] <+TraderG> but you never know what/how the people trade
[16:10] <@NihabaAshi> Yeah but they are using simulated money...
[16:11] <+TraderG> yes
[16:11] <@NihabaAshi> This guy from BBC is using real dough
[16:11] <+TraderG> it would be great if there would be a Trading Reality Show
[16:11] <+jbuch> and they are not doing what we do they can only buy and sell at the end of the day
[16:12] <@NihabaAshi> Well...hopefully this show and its episodes gets someone thinking about a "trading reality show".
[16:12] <+jbuch> got a buddy in the business just suggested it to him 2 weeks ago
[16:13] <+TraderG> probably soliciting for such a show would be ilegal somehow
[16:13] <+jbuch> didn't seem very interrested but i didn't sell it very well
[16:14] <+jbuch> think that i will send him these vids
[16:14] <@NihabaAshi> Take care all...have a good/safe weekend
[16:14] <+rickf> you too
[16:14] <+rickf> i'm outta here as well guys
[16:14] <+TraderG> All the best 2 all of u
[16:14] * NihabaAshi is now known as NihabaAshi_away
[16:14] <+rickf> take care and see y'all next week
[16:18] <+jbuch> have a good weekend all.
Session Close: Fri Jun 05 17:01:12 2009

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