##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: Thu Jun 11 08:06:01 2009
Session Ident: #futurestrades
[08:06] * Now talking in #futurestrades
[08:06] <@X> [NihabaAshi] Announcement: The new trade posting script v3.7 (replaces v3.6) is posted at your forum in the "Announcements" thread.
[08:20] * rickf_away is now known as rickf
[08:21] <+rickf>
[08:25] <+rickf> jobless claims @ 830
[08:25] <+rickf> retail sales @ 830
[08:31] <+rickf> JoblessClaims Fall 24,000 to 601,000; Retail Sales Rise 0.5% in May
[08:43] <+rickf> back later
[08:43] * rickf is now known as rickf_away
[09:15] <fcb98292>
[09:16] <jbuch> morning all
[09:25] <+jbuch> r the new and old contract price levels always so different
[09:31] <drt> everyone
[09:31] <jigglyhippo>
[09:36] <+jigglyhippo> Long ES @ 943.75
[09:37] <+jigglyhippo> late entry
[09:37] <+jigglyhippo> Exited all ES @ 944.00 --> + .25
[09:39] <TraderG> JB yes
[09:39] <+TraderG> every 1
[09:40] <+jbuch> it sucks
[09:40] <+jbuch> that means that all of my historical levels are off
[09:48] <+TraderG> as far as i undestand it, futures take the time decay part of the contract right at the roll-over day where as in options this time factor is calculated daily
[09:50] <+jbuch> ru talking canadian
[09:50] <+TraderG> meaning - options have an intrinsic value and a time value and the time value changes
[09:50] <+TraderG> ie decays with time
[09:50] <+jigglyhippo> lol jbuch
[09:51] <+TraderG> in futures the time value is added only once; at roll over
[09:51] <+TraderG> yes I talking CandanianISH )
[09:51] <+jbuch>
[09:53] <@NihabaAshi> weak resistance are developing
[09:55] <+jbuch> I understand what ur saying but aren't ES and SPY ES mearly a representitve of the 500 stocks in the s&p 500
[09:56] <+jbuch> S o shouldn't the value of it mearly fluctuate with that index
[09:56] <+TraderG> SPY ES
[09:56] <+jbuch> oops just ES and SPY
[09:57] <+jbuch> but it iis what it is so it doesn't really matter why
[09:57] <+TraderG> SPY is an ETF, the price of which is related to the cash value of the SP-500. the ES represent the FUTURE value as percieved by traders TODAY reflected forward
[09:58] <+TraderG> so the ES has a TIME VALUE built in
[09:58] <+TraderG> the further the contract date is from today, the higher the price
[09:59] <+TraderG> so ES of DEC 09 will have a higher value than the SEP 09
[10:00] <+jbuch> thanks TG
[10:01] <+TraderG> ur wc
[10:01] <@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.
[10:07] <+TraderG> forgot somethiing. your historical values are still valid because after roll-over the previous contract disappears so the old numbers are the ONLY numbers that we can use.(in absolute terms and not relative)
[10:08] <+jbuch> Long ES @ 947
[10:08] <+fcb98292> right.
[10:08] <+jbuch> thats what I was looking for )
[10:08] <+TraderG> hahaha
[10:09] <+jbuch> financials moving higher
[10:11] <+TraderG> the problem is that you will have no connection between the historical values and the new contract values on the same chart. For that purpose they invented CONTINUOS CONTRACTS that show all valus of the most recent contracts. So if you look at a CONTINUOS CONTRACT you will have DISCONTINUITY at each roll-over date
[10:11] <@NihabaAshi> Long ES @ 944.00 -> small size
[10:11] <@NihabaAshi>
[10:11] <@NihabaAshi> 3 only
[10:11] <@NihabaAshi> got a chart mixed up
[10:15] <+TraderG> one last thing - and then I will stop - if the expectation for the price in the future to be lower then the value of the new contract will be lower then the value of the old one. that seems to be the case now
[10:15] <@NihabaAshi> Exited all ES Long @ 944.50 --> + 0.5
[10:15] <@NihabaAshi> lucky exit
[10:15] <+fcb98292> LOng ES 949
[10:16] <@NihabaAshi> be right back...got some family distractions here at home that needs resolving before my next trade.
[10:16] <@NihabaAshi> it cost me a Long entry @ 942.75
[10:16] * NihabaAshi is now known as NihabaAshi_away
[10:16] <+jbuch> Exited all ES Long @ 950 --> + 3
[10:16] <+jigglyhippo> nice trade jbuch
[10:16] <+TraderG> I can send yo a whip Mark.
[10:17] <+jbuch> thanks JH
[10:23] <OICU812> GM
[10:24] <Awash> good morning all
[10:28] * rickf_away is now known as rickf
[10:28] <+rickf> back
[10:30] <+jbuch> Long ES @ 947.5
[10:31] <+fcb98292> Added at 947.5
[10:34] <+rickf> am short the 940-935 ESU9 strangle from last night (paper)
[10:34] <+rickf> am dabbling w/futures options
[10:34] <+rickf> long-term thing, just letting it go and watching it
[10:36] <+jbuch> Exited all ES Long @ 946.5 --> - 1
[10:37] <+fcb98292> Exit ES 946
[10:38] * NihabaAshi_away is now known as NihabaAshi
[10:39] <@NihabaAshi> back a little late after deciding to do a little website work
[10:41] <@NihabaAshi> Long ES @ 943.00 -> small size
[10:41] <@NihabaAshi> if this takes me out for a loss...
[10:41] <@NihabaAshi> I'll try another re-entry just as long as it stays about the 941.50 price area
[10:41] <@NihabaAshi> 3 only
[10:42] <+jigglyhippo> which contracts are you trading wrbtrader?
[10:43] <+jigglyhippo> I see ES at 947.50
[10:44] <@NihabaAshi> It should be obvious because the contracts have several points apart.
[10:44] <@NihabaAshi> At least the should be.
[10:45] <@NihabaAshi> I removed all the old contracts off my system last night...don't know what price they are currently at exactly but they should be several points above the new contract.
[10:46] <+rickf> Wow - WH wants to 'rein in pay' ACROSS the private sector, not just financial services
[10:46] <+rickf> http://finance.yahoo.com/news/Administr ... .html?.v=6
[10:46] <+fcb98292> So much for capitalism.
[10:47] <@NihabaAshi> jig...sounds like your looking at the M9 contract.
[10:47] <@NihabaAshi> It won't start losing it's volume until around NOON est
[10:47] <+jigglyhippo> yeah I was looking at M9 slipped my mind today was rollover
[10:48] <@NihabaAshi> In the past, I would continue trading the old contract on rollover day and would trade the new contract until the trading day after rollover
[10:49] <+jbuch> Long ES @ 947.5
[10:50] <+rickf> i usualyl don't trade the new contract for a day or two ... because until volume picks up i have to tweak all my charts/settings, and i prefer not to do that.
[10:50] <+rickf> so i'm watching mostly today
[10:50] <+jigglyhippo> ahh
[10:50] <+jigglyhippo> yeah wrbtrader i usually trade the old contract on rollover days
[10:50] <+jigglyhippo> why the change this yr?
[10:52] <@NihabaAshi> actually I started doing that last year when I did two swing trades on a rollover day
[10:53] <@NihabaAshi> Ever since...just been habit
[10:55] <@NihabaAshi> Exited all ES Long @ 943.50 --> + 0.5
[10:57] <@NihabaAshi> will be nice if I can grab an entry around 942.00
[10:57] <+jbuch> Exited all ES Long @ 946.25 --> - 1.25
[10:57] <@NihabaAshi> got an order in
[10:57] <@NihabaAshi> lets see if I get a fill
[10:57] <+jbuch> opps 947.25
[10:57] <+jbuch> Exited all ES Long @ 947.25 --> - 0.25
[10:58] <+Awash> Shorts YM @ 8745 «« paper »»
[11:01] <@NihabaAshi> Long ES @ 941.50 -> small size
[11:01] <@NihabaAshi> 2 only
[11:01] <@NihabaAshi> will be tough trade because my next support level is several points below
[11:02] <@NihabaAshi> hopefully a new support (weak support) develops
[11:03] <@NihabaAshi> tightning up stop
[11:08] <@NihabaAshi> weak support area
[11:10] <@NihabaAshi> Exited all ES Long @ 941.25 --> - 0.25
[11:13] <+jbuch> Long ES @ 945
[11:13] <@NihabaAshi> Long ES @ 942.00 -> small size
[11:13] <@NihabaAshi> 3 only
[11:13] <@NihabaAshi> intuition in reaction to prior trade
[11:18] <@NihabaAshi> Exited 2/3 ES Long @ 943.75 --> + 1.75
[11:18] <+jbuch> Exited all ES Long @ 947.75 --> + 2.75
[11:20] <Nesi> i rollover
[11:21] <@NihabaAshi> 944.00 and 945.25 are resistance levels
[11:21] <+Nesi> thx
[11:21] <+jbuch> vol is starting to favor the new contract
[11:23] <+Nesi> Ken Lewis taking heat...
[11:23] <+Nesi> u guys seeing it?
[11:24] <+rickf> vn jb
[11:26] <@NihabaAshi> Nesi...yes but audio only
[11:27] <+jbuch> thanks rick
[11:28] <+Awash> Covered all YM Short @ 8765 --> - 20 «« paper »»
[11:29] <@NihabaAshi> Exited Remainder ES Long @ 945.25 --> + 3.25
[11:29] <@NihabaAshi> FED starting to look like mobsters
[11:30] <+Nesi> I need to reboot...brb
[11:31] <@NihabaAshi> If Ken Lewis ends up dead soon after this via an "apparent" suicide...
[11:31] <@NihabaAshi> I'm going to start calling Bernanke the Godfather.
[11:31] <+jigglyhippo> lol
[11:42] <+rickf> the Capo du Capo Chairman you mean
[11:46] <+jbuch> Long ES @ 946.75
[11:50] <+jbuch> Exited all ES Long @ 947 --> + 0.25
[12:04] <@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.
[12:04] <+jbuch> Long ES @ 947.25
[12:08] <+jbuch> Exited all ES Long @ 946.75 --> - 0.5
[12:10] <TarderG> chop chop chop chop chop chop chop chop
[12:12] <+TarderG> 944 on the ESM looks closer
[12:12] <+jbuch> Shorts ES @ 946.5
[12:13] <+TarderG> but 1st we have 2 go below 945.75
[12:16] * TarderG is now known as TraderG
[12:17] <+jbuch> Covered all ES Short @ 946.25 --> + 0.25
[12:19] <+TraderG> TarderG----- where did that come from?
[12:22] <+jbuch> Long ES @ 947.5
[12:26] <+jbuch> Exited all ES Long @ 947.25 --> - 0.25
[12:33] <+OICU812> kind of stuck right now jbuch
[12:33] <+jbuch> Long ES @ 947.25
[12:33] <+OICU812> was going to short it but will wait till its out of the range
[12:33] <+jbuch> yeah forming a wedge
[12:33] <+OICU812> and we are getting close to the apex
[12:33] <+jbuch> think it is going to break to upside but should probably just go for a bike ride
[12:38] <+OICU812> i'd have to agree to the upside
[12:38] <+OICU812> longer term
[12:43] <+rickf> ken lewis back on
[12:46] <+jbuch> Exited all ES Long @ 949.5 --> + 2.25
[12:50] <+jbuch> broke out on high vol lets see if the top of the wedge will support it or if it was a fake
[12:53] <+OICU812> nice trade jbuch
[12:53] <+OICU812> here comes the pullback
[12:54] <+OICU812> you trading M or U?
[12:55] <+jbuch> Long ES @ 950.25
[12:56] <+OICU812> 950.50 here
[12:57] <+jbuch> Exited all ES Long @ 950.75 --> + 0.5
[12:57] <+rickf> jb on fire this week !
[12:57] <+jbuch> making up for yesterday
[12:58] <+jbuch> ended up positive but fought that trend all the way down
[12:58] <+OICU812> scaled out here 952.00
[12:59] <kosmipt> bond report in 2 min
[12:59] <+jbuch> I am still in m Oic
[13:01] <codehead> short 2c ES 947.75 <paper>
[13:01] <+OICU812> Yeah, im using M too, probably switching till tomorrow
[13:02] <+rickf> bond auction better than expcted
[13:04] <+jbuch> that is surprising after the 3 year yesterday
[13:05] <+codehead> exit ES -1.00 <paper>
[13:05] <+rickf> yeah
[13:05] <+OICU812> exited the rest 952.5
[13:06] <+jbuch> very nice
[13:09] <+codehead> i front-ran my signal on paper trade--oops :-)
[13:09] <+rickf> lol
[13:09] <+codehead> lol, boy, even on paper a bad idea huh
[13:10] <+codehead> especially against trend
[13:11] <+rickf> aye
[13:12] <+jbuch> so when u guys switch to the new contract do u move ur historical S/R levels like previous highs and lows to the same place or adjust to the new contract
[13:13] <+codehead> well, that's a pain in butt for me too... it helps to look at the cash ($SPX)
[13:13] <+rickf> i just roll ... i don't use much historical s/r data in my intraday trading
[13:13] <+OICU812> i adjust to the new contract
[13:13] <+rickf> i do so on the index tho -- just for reference
[13:13] <+OICU812> just trade what the chart says. it takes a few hours of data for the longer term charts to reset
[13:13] <+jbuch> makes me miss SPY
[13:14] <+rickf> lol
[13:20] <+OICU812> if it does not break the last swing high i'd be looking to go short
[13:22] <+rickf> wow they are 'spitting' Paulson's name in this hearing
[13:23] <silo> hey awah i remember reading that you swing trade ftureus
[13:23] <+silo> do you have any current positions?
[13:25] <+OICU812> Shorted ES 955.00
[13:25] <+rickf> lews hearing done
[13:26] <+OICU812> keeping a tight stop on this one
[13:27] <@NihabaAshi> We have a trend day so far with no deep price pullback...
[13:27] <+rickf> WOW
[13:28] <+rickf> The doddering Mark Haynes on CNBC is sounding like Bill O'Reilly
[13:28] <+rickf> torked off Barney Frank bigtime this morning apparently
[13:28] <@NihabaAshi> Even the sideways market between 10am - 1215pm est had enough range to trade.
[13:28] <+OICU812> out -.75
[13:28] <+rickf> yes indeed - trendyness
[13:30] <+rickf> as you predicted wrbtrader
[13:33] <@NihabaAshi> rickf...I didn't predict back to back trend days.
[13:33] <+rickf> thoguht you did?
[13:33] <+rickf> my bad then
[13:34] <@NihabaAshi> In contrast, my analysis was that I would be surprised (I used the word shocked) if we got back to back trend days this week
[13:35] <@NihabaAshi> However, I did predict we'll get at least one BIG trend day this week.
[13:35] <+rickf> ah ok
[13:36] <+jbuch> RIGHT AT YESTERDAYS HIG JUST POKED ABOVE IT
[13:37] <@NihabaAshi> Still an impressive bounce back to reach yesterday's high point.
[13:37] <@NihabaAshi> That should spook some of the swing Shorts out there.
[13:37] <+jbuch> my bad on the caps
[13:38] <+jbuch> italian sharp how is ur buddy doing
[13:39] <+OICU812> hmmm chickned out on shorting it at 956.00
[13:40] <+jbuch> same here
[13:42] <+jbuch> testing the up trendline
[13:45] <@NihabaAshi> weak support area
[13:46] <+kosmipt> Long ES @ 949.50 «« simulator »»
[13:46] <@NihabaAshi> Long ES @ 949.75 -> small size
[13:46] <@NihabaAshi> 1 only
[13:49] <@NihabaAshi> Exited ES Long @ 950.00 --> + 0.25
[13:51] <+kosmipt> Exited all ES Long @ 948.75 --> - 0.75 «« simulator »»
[13:55] <+OICU812> jbuch, what do you see?
[13:57] <+jbuch> looks like another wedge just higher up
[13:59] <+jbuch> but the up trendline was broken pretty good
[14:00] <+jbuch> so will need something strong to go long
[14:03] <@NihabaAshi> Next support level is 946.75
[14:04] <@NihabaAshi> volatility still declining
[14:06] <+jbuch> what about u OIC
[14:07] <@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.
[14:12] <+jbuch> second attempt to break of the down trendline
[14:12] <+OICU812> im thinking of a possible long
[14:12] <+jbuch> same here
[14:12] <+OICU812> but not yet
[14:12] <+OICU812> regret not taking the short at 956
[14:13] <+OICU812> steady down
[14:13] <+OICU812> hehehehe
[14:13] <+jbuch> like to see it test below that last 5 min bar
[14:13] <+rickf> long es 948
[14:15] <+jbuch> didn't catch it
[14:16] <+rickf> exit 949.25 +1.25
[14:20] <+jbuch> Long ES @ 952.25
[14:23] <+jbuch> tightened my stop
[14:24] <+jbuch> Exited all ES Long @ 952.5 --> + 0.25
[14:25] <+kosmipt> Long ES @ 948.75 «« simulator »»
[14:25] <+drt> l es 48.75
[14:27] <+jbuch> Long ES @ 953
[14:27] <+kosmipt> Long ES @ 949.50 -> Add «« simulator »»
[14:30] <+jbuch> come on take off
[14:31] <MK> Shorts ES @ 939 -> Add «« paper »»
[14:31] <+drt> cl es 50
[14:31] <+MK> Shorts ES @ 942 -> Add «« paper »»
[14:31] <+MK> Shorts ES @ 944.5 -> Add «« paper »»
[14:31] <+MK> Covered all ES Short @ 931 --> - 10.75 «« paper »»
[14:33] <+MK> Shorts ES @ 953 «« paper »»
[14:33] <+jbuch> Exited all ES Long @ 953.25 --> + 0.25
[14:41] <+jbuch> Long ES @ 950.5
[14:45] <+kosmipt> Exited all ES Long @ 946.50 --> - 5.25 «« simulator »»
[14:46] <+kosmipt> Shorts ES @ 946.25 «« simulator »»
[14:49] <+kosmipt> Shorts ES @ 947 -> Add «« simulator »»
[14:50] <+jbuch> Exited all ES Long @ 950.75 --> + 0.25
[15:18] <+jbuch> Long ES @ 953
[15:21] <+rickf> chop time
[15:21] <+jbuch> Exited all ES Long @ 951.75 --> - 1.25
[15:23] <+kosmipt> chop chop, churn and burn your account
[15:27] <+jbuch> Long ES @ 951.5
[15:30] <Awash> good afternoon all
[15:30] <+TraderG> GA
[15:30] <+jbuch> Exited all ES Long @ 950.5 --> - 1
[15:31] <+kosmipt> Covered 1/2 ES Short @ 944 --> + 3 «« simulator »»
[15:31] <+Awash> anyone have an opinion about how price is selling off at the highs
[15:32] <+TraderG> how or why?
[15:32] <+Awash> mostly why, what's the psychology there, if any?
[15:32] <+kosmipt> profit taking, especially on bigger time frames
[15:33] <+kosmipt> if you look at daily or 60 min chart, we're still within channel, some traders respect that
[15:33] <+TraderG> sombody thought that the price will go down so they sold and somebody thought thtat the price will go up and they bought. the latter was wrong
[15:33] <+Awash> interesting
[15:33] <+TraderG> Awash, I was just kidding
[15:34] <+Awash>
[15:34] <+silo> turns out it's not a trend day at all
[15:34] <+kosmipt> TraderG, exactly. The name of the game is watch who's losing the battle
[15:34] <+TraderG> if we agree that no one knows where the market will go next and this is a game of probabilities, then that's enough 2 know
[15:34] <+Awash> it's crazy how long we're staying in this range at the yearly highs
[15:35] <+silo> hey awash, you swing trade futures right?
[15:35] <Nesi> yeah
[15:35] <+silo> do you still have any positions
[15:35] <+Awash> silo, yes
[15:35] <+Awash> yes
[15:35] <+drt> l es 44
[15:35] <+Awash> I'm still SHORT from yesterday
[15:35] <+kosmipt> all traders who bought above 947 and did'n cover are under water
[15:35] <+Awash> 935 (September contract)
[15:36] <+silo> right that's why i was surprised when wrbtrader was using words like i predicted the market would be a trend day ... or would get one in a week(often that one trend day in a week is not something out of the norm) :D
[15:36] <+Awash> i'll make sure I post my positions on all swings by 3:00pm CST
[15:36] <+drt> cl es 43.75
[15:37] <+drt> l es 44
[15:37] <@NihabaAshi> weak support area
[15:37] <+TraderG> actually Silo with predicting a trend or non trend day i agree
[15:37] <+TraderG> MArk did not say in which direction the trend will be
[15:37] <@NihabaAshi> Long ES @ 944.25 -> small size
[15:37] <@NihabaAshi> 2 only
[15:38] <@NihabaAshi> if wrong...easy area to do a position reversal with the next support level a few points downwards
[15:38] <+TraderG> if u watch the daily charts u will notice that after a small bodied candle or maybe several of them we get a WRB
[15:39] <+kosmipt> Covered Remainder ES Short @ 945.50 --> + 0.75 «« simulator »»
[15:39] <@NihabaAshi> Exited all ES Long @ 945.25 --> + 1
[15:39] <+silo> wrbtrader how did you get 944.25 at 15.37 or even 15.36 i dont see 944 during that time
[15:40] <+kosmipt> Shorts ES @ 945 «« simulator »»
[15:40] <+kosmipt> volatility increasing
[15:40] <+silo> even at 1532 the absolutely low of taht lower shadow is only 946.25
[15:40] <@NihabaAshi> I didn't take a trade @ 944 which could be why you didn't see a 944.00
[15:40] <+silo> [15:37] <@NihabaAshi> Long ES @ 944.25 -> small size
[15:40] <+silo> "944.25"
[15:41] <@NihabaAshi> Right...not 944 which is why you didn't see 944
[15:41] <@NihabaAshi> You saw 944.25
[15:41] <+silo> low of that time was 946
[15:41] <+Nesi> he is playing sept
[15:41] <+kosmipt> Covered all ES Short @ 946 --> - 1 «« simulator »»
[15:41] <+silo> ah i see
[15:41] <+silo> just wondering
[15:41] <+silo>
[15:41] <@NihabaAshi> silo...your on the OLD contract
[15:41] <+Nesi> i did roll over today...
[15:41] <@NihabaAshi> M 9
[15:41] <+silo> was confused when i saw that
[15:42] <+drt> cl es 45.75
[15:42] <@NihabaAshi> Well...you probably should have been confused by others posting their trades too because others are also on the U 9 contract
[15:42] <+silo> yeah but they are noobs like me
[15:42] <+silo> so i dont
[15:42] <+silo> lol
[15:42] <+silo> jk guys
[15:43] <+kosmipt> Shorts ES @ 944 «« simulator »»
[15:43] <@NihabaAshi> Rollover trading day's are usually a little confusing but today's price action has been orderly like...not a lot of chop.
[15:44] <+TraderG> excuse me? how do u call the area between 10 AM and 1PM?
[15:44] <+Awash> I'm not a day trader, but if I was I would look to trade the september contracts on all futures starting from this point on
[15:44] <+kosmipt> Shorts ES @ 943.75 -> Add «« simulator »»
[15:44] <+TraderG> it was a 5 point range for 3 hours.
[15:44] <+Awash> especially tomorrow, you'll start seeing the volume dry up on the June contracts
[15:44] <+TraderG> that is chop for me
[15:45] <+TraderG> and now we r back in the same area
[15:45] <+OICU812> i do change contracts tomorrow Awash for that reason
[15:46] <@NihabaAshi> TraderG...see prior comments by me about that price area...
[15:46] <@NihabaAshi> [13:28] <@NihabaAshi> Even the sideways market between 10am - 1215pm est had enough range to trade.
[15:46] <+kosmipt> Covered all ES Short @ 945 --> - 2.25 «« simulator »»
[15:46] <@NihabaAshi> Not chop but a nice tradable range.
[15:46] <+kosmipt> Long ES @ 945.25 «« simulator »»
[15:46] <+TraderG> ok
[15:46] <+kosmipt> Long ES @ 946 -> Add «« simulator »»
[15:48] <@NihabaAshi> I smell a volatility spike coming especially this late in the trading day with volatility contracting going into the closing bell
[15:49] <@NihabaAshi> If it flatlines all the way to the close...I'll be surprised.
[15:50] <@NihabaAshi> weak support area
[15:52] <+drt> l es 44.25
[15:52] <@NihabaAshi> Long ES @ 944.50 -> small size
[15:52] <+kosmipt> 10 mins left
[15:52] <@NihabaAshi> 1 only
[15:52] <@NihabaAshi> Profit protection mode because I'm barely above my profit goal for the day of +10 ES points.
[15:53] <@NihabaAshi> Currently sitting on +11.50 ES points for the day
[15:53] <+Awash> nice
[15:53] <@NihabaAshi> Exited ES Long @ 943.75 --> - 0.75
[15:53] <@NihabaAshi> Reverse and Enter Short ES @ 943.75
[15:53] <+kosmipt> Exited ES Long @ 944 --> - 1.25 «« simulator »»
[15:53] <+kosmipt> Reverse and Enter Short ES @ 944 «« simulator »»
[15:54] <+drt> cl es 44.25
[15:56] <@NihabaAshi> Covered ES Short @ 941.00 --> + 2.75
[15:57] <+Awash> man, what a selloff
[15:57] <+kosmipt> Covered 1/2 ES Short @ 940 --> + 6 «« simulator »»
[15:57] <+rickf> nahh this is a mild drop compraed to years past
[15:58] <+kosmipt> 936.50 - gap fill + pivot point
[15:58] <+kosmipt> wrbtrader nice call on volatility spike
[15:59] <@NihabaAshi> I'm done for the day...
[15:59] <+jbuch> looks like yet another doji on the daily
[15:59] <+jbuch> this market doesn't have a clue were it is going
[15:59] <@NihabaAshi> +13.50 ES points : 6 winners and 2 losers
[15:59] <+Awash> yes, jbuch
[16:00] <+Awash> what does that mean in your opinion?
[16:00] <+jbuch> not a clue closed out all of my longs last week
[16:01] <TraderG> what a bummer
[16:01] <+TraderG> disconnected again
[16:01] <+TraderG> this must b a communist plot
[16:01] <+rickf> only +1.25 pts today but was not looking to trade much today anyway
[16:03] <+jbuch> we crossed the 200 on the daily and we are trending up long term so I wouldn't take a short position but I am not looking to get back into any of my longs either
[16:03] <+Awash> STILL HOLDING MY SHORT POSITIONS OVERNIGHT FROM JUNE 10TH AT 935
[16:03] <+jbuch> fundamentally I think we should plummet but I HAVE THOUGHT THAT FOR A LONG TIME
[16:03] <+rickf> i've been waiting for that drop for almost 6 weeks now
[16:04] <+jbuch> every day that we have like this I think okay here we go
[16:04] <+jbuch> and then then the next day it comes back up
[16:05] <+rickf> my longs are fine ... my short hedges are down big tho
[16:05] <+rickf> account still up 20% YTD so not worried
[16:06] <+rickf> just wish (hah!) that i had bought hand over fist back in feb-march as i had planned to
[16:06] <+rickf> but i was quite conservative
[16:06] <+jbuch> I am sticking with the short term what might happen in the next 30 seconds to 5 minutes for now
[16:06] <+TraderG>
[16:06] <+rickf> oh i meant on my long-term stuff, obviously
[16:06] <+OICU812> have a good evening guys
[16:06] <+TraderG> that's the spitit JB
[16:06] <+rickf> day-to-day stuff on futs and fx it's all about intraday
[16:07] <+OICU812> oh and gals if there is any here (which i have never seen)
[16:07] <+TraderG> when i get out of this mess I am not putting a cent in long term stuff.
[16:07] <+TraderG> only day trading
[16:07] <+TraderG> i want to at night
[16:08] <+jbuch> that is why we keep selling at each new high
[16:08] <+rickf> the stuff in my long-only portfolio is pretty much stuff with a 15-20 year timeframe, being built over time
[16:08] <+rickf> my trading portfolio, obviously, is much shorter interval
[16:09] <+jbuch> I was all jealous rick thought u had bought a ton of longs last march
[16:10] <+rickf> i had been building positions
[16:10] <+rickf> just not in BIG sizes
[16:10] <+rickf> so now i look back and go "wow, i should have done 250-share lots" and not 100-share ones
[16:10] <+rickf> you know, that whole coulda-woulda-shoulda
[16:11] <+kosmipt> Covered Remainder ES Short @ 939 --> + 5 «« simulator »»
[16:11] <+rickf> wtg
[16:11] <+jbuch> I kept waitng for a retest of the lows after the trendline break never came did't get rid of my shorts until half way up
[16:11] <+jbuch> nice Kos
[16:13] <+rickf> jb - i am not complaining though ... live and learn, and this market i'd rather be cautious than stupid
[16:13] <@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.
[16:16] <+jbuch> Awash u must be breathing a liyyle easier
[16:19] * rickf is now known as rickf_away
[16:19] <+Awash> what do you mean?
[16:20] <+jbuch> liyyle =little
[16:21] <+jbuch> price is a lot closer to ur entry than it was an this afternoon
[16:22] <+Awash> that moves against me doesn't shake me
[16:23] <+MK> Covered all ES Short @ 942.75 --> + 10.25 «« paper »»
[16:25] <+Awash> jbuch, i'll be able to elaborate more again
[16:25] <+Awash> tomorrow
[16:26] <+jbuch> have a good night all
[16:35] <+Awash> good night all
[16:35] <+Awash> taking off
[16:42] <@NihabaAshi> Nice 10 pointer by MK...
[16:43] <@NihabaAshi> If I remember correctly, he's like an intraday position trader.
[16:43] <@NihabaAshi> Take care all and see all tomorrow
[16:43] * NihabaAshi is now known as NihabaAshi_away

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