##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 or commentaries involving futures, exchange traded funds or forex currencies. Simply, you don't need to be a client of TheStrategyLab.com to use the chat room nor do you need to be a price action only trader (no indicators) because some members use indicators while others do not.

Therefore, we welcome all traders with their own methods and different perspective of the markets.

Also, our primary job in the free chat room is to moderate the room (keep the peace) because with so many members using different methods along with different opinions about the market...debates or arguments can easily flare up without moderating. In addition, our presence in the chat room is to ensure it's a spam free chat room during trading although these archived chat logs may contain advertisments for guest visitors. More information about #FuturesTrades @ http://www.thestrategylab.com/FuturesTradesChatRoom.htm

Further, to prevent the usual mix-up about our different chat rooms, most of our fee-base clients do not use chat rooms just like most retail traders do not use chat rooms. Yet, the few clients that do use chat rooms, 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 and they're not allowed to do such in #FuturesTrades.

By the way, our Terms of Use (TOU) Policy is a must read to prevent any misunderstandings along with revealing that #FuturesTrades is a serious professional trading chat room and we expect members to act professional.

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Session Start: Mon Sep 21 09:25:32 2009
Session Ident: #futurestrades
[09:25] * Now talking in #futurestrades
[09:25] <@X> [NihabaAshi] Announcement: The new trade posting script v3.7 (replaces v3.6) is posted at your forum in the "Announcements" thread.
[09:28] <kosmipt>
[09:35] <@X> #FuturesTrades Info -> You must read #FuturesTrades purpose and benefits @ viewtopic.php?f=5&t=36 and TOU policy @ viewtopic.php?f=2&t=55 to prevent any misunderstandings.
[09:37] <Forex2stay> morning
[09:40] <jbuch> Long ES @ 1054.5
[09:45] <+jbuch> Exited all ES Long @ 1057.5 --> + 3
[09:46] <+Forex2stay> great start jb
[09:46] <+jbuch> thanks good way to start a monday .
[09:52] <+Forex2stay> yes sir
[09:52] <+Forex2stay> anyone in here ever look into or use Access Database for the trading log?
[09:54] <@wrbtrader> Shorts ES @ 1055.75 -> large size
[09:54] <@wrbtrader> 9 only
[09:56] <@wrbtrader> what happen...it suddenly dropped without any warning
[09:56] <+Forex2stay> because you shorted it
[09:56] <@wrbtrader>
[09:57] <@wrbtrader> I'm just wondering if I missed a breaking news report or something.
[09:57] <+Forex2stay> not that i'm aware of
[09:58] <@wrbtrader> Ok...must be just an "early" reaction to a leaked 10am est Leading Indicators report.
[09:59] <+Forex2stay> 9 is that your large size wrbtrader?
[10:00] <@wrbtrader> 6 t0 9 is a large size for me
[10:00] <codehead> report time
[10:00] <+jbuch> Shorts ES @ 1052.75
[10:02] <@wrbtrader> Covered all ES Short @ 1053.25 --> + 2.5
[10:02] <+jbuch> Covered all ES Short @ 1053.25 --> - 0.5
[10:04] <@wrbtrader> Long ES @ 1054.00 -> small size
[10:04] <@wrbtrader> 3 only
[10:07] <+jbuch> Shorts ES @ 1054
[10:09] <@wrbtrader> just chop and price noise in this price area
[10:10] <@wrbtrader> Exited all ES Long @ 1053.00 --> - 1
[10:11] <+jbuch> Covered all ES Short @ 1053.75 --> + 0.25
[10:11] <@wrbtrader> Shorts ES @ 1053.75 -> medium size
[10:11] <@wrbtrader> 4 only
[10:12] <+jbuch> Long ES @ 1053.5
[10:15] <@wrbtrader> It's choppy because volatility has contracted in other key markets like Gold and Oil
[10:15] <@wrbtrader> Covered all ES Short @ 1054.50 --> - 0.75
[10:16] <+jbuch> Exited all ES Long @ 1054.75 --> + 1.25
[10:16] <+Forex2stay> Reminder we have FOMC Statement and Funds Rate this Wednesday..
[10:16] <@wrbtrader> Shorts ES @ 1053.75 -> large size
[10:16] <@wrbtrader> 6 only
[10:17] <+jbuch> phew glad I decided to take it at first profit target
[10:18] <+Forex2stay> by the way if anyone is looking for a good book for their library i just finished reading "The Intuitive Trader" by Robert Koppel.
[10:18] <+Forex2stay> i thought i was a really good read
[10:18] <+Forex2stay> i=it
[10:23] <@wrbtrader> Covered all ES Short @ 1055.75 --> - 2
[10:28] <+jbuch> not so glad now
[10:32] <@wrbtrader> Shorts ES @ 1055.25 -> large size
[10:32] <@wrbtrader> 6 only
[10:34] <@wrbtrader> Market not too far from it's open...meaning we really haven't gone anywhere that's directional.
[10:39] <@wrbtrader> Covered all ES Short @ 1054.00 --> + 1.25
[10:46] <+jbuch> thanks for the book suggestion forex
[10:47] <+Forex2stay> yw
[10:56] <Forex2stay> well my APC battery backup just got it's first test...lost power and my trading station stayed powered on, so i guess it works
[10:58] <OICU812> GM
[11:00] <+jbuch> Long ES @ 1055.75
[11:07] <+jbuch> Exited 1/2 ES Long @ 1058 --> + 2.25
[11:12] <+jbuch> Exited Remainder ES Long @ 1059 --> + 3.25
[11:14] <+Forex2stay> nice read jb
[11:16] <+jbuch> thanks ,think we r going to test 65 but didn't have the discipline to move my stop up
[11:18] <luffy>
[11:18] <+luffy> long sso 34.85
[11:18] <+luffy> for a swing
[11:28] <+Forex2stay> i know what you mean jb...i was in a EURUSD long at the same time and took profits a little to quick also.
[11:30] <+OICU812> im playing that same long
[11:30] <+OICU812> took profit on half and holding on to half
[11:30] <+Forex2stay> nice
[11:30] <+OICU812> but
[11:30] <+OICU812> not sure about the other half
[11:31] <+OICU812> dont know if it still has the juice to keep going up
[11:34] <+OICU812> no strength
[11:41] <@X> #FuturesTrades Info -> You must read #FuturesTrades purpose and benefits @ viewtopic.php?f=5&t=36 and TOU policy @ viewtopic.php?f=2&t=55 to prevent any misunderstandings.
[11:42] <luffy> oic, u still long? this area is important.. pclose, globex hi
[11:42] <+luffy> i'm gonna hold through this
[11:44] <+OICU812> yes im still long
[11:44] <+OICU812> 59 my exit for now
[11:44] <+luffy> kool
[11:53] <+OICU812> think i need to give it a bit more room than 59
[11:53] <+luffy> could test 58
[11:54] <+luffy> my stop is 1 pt below 58 in SSO eqivalant
[11:56] <rickf> all
[11:56] <+rickf> all
[11:56] <+luffy>
[11:57] <+rickf> early trade: sold Oct SPX bearish call vertical 1105/1110
[12:00] <+kosmipt> Obama speaking
[12:05] <+luffy> this consolidation is taking awhile up here.. tick going into negative territory
[12:30] <@wrbtrader> Dollar Gains Ground Ahead of FED Meeting @ http://www.marketwatch.com/story/dollar ... 2009-09-21
[12:30] <@wrbtrader> I think the U.S. Dollar usually gains in the few days prior to a G 20 meeting.
[13:02] <+luffy> wonder if 58 will hold here
[13:02] <+luffy> dollar still going up...
[13:44] <+Forex2stay> boubt ready to fall alseep here...grabbing some lunch
[13:47] <@X> #FuturesTrades Info -> You must read #FuturesTrades purpose and benefits @ viewtopic.php?f=5&t=36 and TOU policy @ viewtopic.php?f=2&t=55 to prevent any misunderstandings.
[14:25] <+rickf> ughly day
[14:25] <+rickf>
[14:30] <+jbuch> Long ES @ 1058.5
[14:37] <+jbuch> Exited all ES Long @ 1058.75 --> + 0.25
[14:37] <+codehead> btw, 1061.50 was .500 retracement from the 1071.50 high to today low, and .618 from 1067.75 high, so no accident it stopped there earlier
[14:42] <+jbuch> Long ES @ 1059.25
[14:42] <+jbuch> meant to put my order at 59
[14:44] <+jbuch> Exited all ES Long @ 1059 --> - 0.25
[14:45] <+kosmipt> really choppy
[14:45] <+kosmipt> i should seriously consider trading only first 2 hours
[14:46] <+jbuch> a lot to be said for that
[14:49] <+rickf> post-quad-witch funk?
[14:49] <+rickf> sloooooow
[14:49] <+jbuch> Long ES @ 1060
[14:49] <+rickf> i like the am session myself
[14:50] <+Forex2stay> maybe pre-FOMC
[14:50] <+rickf> why....they cant raise rates yet
[14:51] <+rickf> end of quarter comign up too
[14:51] <+Forex2stay> nothing they do would surprise me this point....
[14:52] <+rickf> i am neither bullish nor bearish
[14:52] <+jbuch> Exited 1/2 ES Long @ 1060.5 --> + 0.5
[14:52] <+rickf> i think we're overdue for a major pullback but will play it as it comes if it comes when it comes
[14:53] <+Forex2stay> i've only had 3 trades today, and closed my last one over 2hrs ago...pretty boring
[14:57] <+jbuch> Exited Remainder ES Long @ 1060.25 --> + 0.25
[14:59] <+rickf> last hour
[14:59] <+Forex2stay> good news is i've done better today...typically i would get chopped to pieces on a day like today
[14:59] <+rickf> yeah knowing when to sit out is a big plus
[15:07] <@wrbtrader> Not much to bite on after 1145am est
[15:10] <+kosmipt> yes, it's just pathetic, trade first 2 hours and be done
[15:10] <+Forex2stay> yes...think i'm going to have to start getting up and trading the European session again on EURUSD.
[15:12] <+kosmipt> EUREX DAX futures provide decent volatility during european hours
[15:12] <+Forex2stay> it gives me a better feel for the NY session anyway...just real lonely at that time, don't know any FX chatrooms or traders to hang it in/with.
[15:13] <+kosmipt> maybe they re just waiting for fed decision
[15:28] <+luffy> price fianlly broke up
[15:33] <+Forex2stay> cancelling remaining orders and calling it quits for the day.
[15:33] <+Forex2stay> catch you all tomorrow
[15:35] <+rickf> cya
[15:37] <+jbuch> Shorts ES @ 1059
[15:40] <+jbuch> Shorts ES @ 1059.5 -> Add
[15:47] <+jbuch> Covered all ES Short @ 1058.75 --> + 1
[15:49] <@wrbtrader> Shorts ES @ 1058.50 -> medium size
[15:49] <@wrbtrader> 4 only
[15:49] <@wrbtrader> trader error but I'm going to stick with it
[15:50] <@X> #FuturesTrades Info -> You must read #FuturesTrades purpose and benefits @ viewtopic.php?f=5&t=36 and TOU policy @ viewtopic.php?f=2&t=55 to prevent any misunderstandings.
[15:51] <+rickf> meh did my morning trade - rest of day been a wash
[15:51] <+rickf> see y'all tomorrow
[15:52] <@wrbtrader> Covered all ES Short @ 1058.50 --> 0
[15:53] <@wrbtrader> nice fight by ES to stay up because other key markets had some downside pressure.
[15:59] <@wrbtrader> Long ES @ 1060.00 -> medium size
[15:59] <@wrbtrader> 4 only
[16:01] <@wrbtrader> Exited all ES Long @ 1059.25 --> - 0.75
[16:05] <@wrbtrader> FYI - In the past years there use to be a ton of volatility from 3:45pm to 4:15pm est...
[16:06] <@wrbtrader> This was mainly due to institutionals, large professional traders and swing position traders setting up their positions.
[16:06] <@wrbtrader> So far this year the volatility has declined in that trading area.
[16:07] <@wrbtrader> Reason why I still think there's a ton of money still on the sidelines eventhough the market has bounced strongly off its lows March 2009
[16:14] <+codehead> looking like ES might close unchanged

Market Summary: Stocks Sputter After Hitting Records

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