##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 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.

Also, 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: Thu Jul 09 09:26:24 2009
Session Ident: #futurestrades
[09:26] * Now talking in #futurestrades
[09:26] <@X> [NihabaAshi] Announcement: The new trade posting script v3.7 (replaces v3.6) is posted at your forum in the "Announcements" thread.
[09:29] <drt> all
[09:31] <@NihabaAshi> Good morning all...hopefully I won't have any ISP connection problems like yesterday's p.m. trading session.
[09:33] <pat255> all N
[09:33] <Awash> good morning all
[09:37] <jigglyhippo> all
[09:42] <@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.
[09:43] <@NihabaAshi> That's the new banner message that will auto post several times every trading day in here.
[09:43] <+pat255> k..
[09:43] <@NihabaAshi> I had someone email me the 4th of July weekend asking me why #FuturesTrades was not educational for him
[09:44] <+pat255> lol
[09:44] <@NihabaAshi> I reply via sending him the direct link to the "Purpose and Benefit" thread.
[09:45] <@NihabaAshi> He's someone that NEVER asked a single question, never maintain a trade journal and gave the impression he was profitable.
[09:45] <+pat255> gap close it seems
[09:45] <@NihabaAshi> Simply, this room is only educational as you want it to be but beware that nobody in here can read minds of those that are silent.
[09:46] <+pat255> so true
[09:46] <@NihabaAshi> Anyways, that's the basics of that message.
[09:46] <Nesi> hi all
[09:47] <+pat255> hi nesi
[09:50] <+pat255> geez 10 pts gone in es
[09:51] <TradeLancer> stealth dwnwrd drift, we need some opptys to get a few jabs in
[09:52] <@NihabaAshi> Another big price drop out of the gate...
[09:52] * iliketrading is now known as luffy
[09:52] <@NihabaAshi> Lets see if around 11am - 1130am est the market then goes sideways for several hours before making a big move upwards or further downwards.
[09:53] <@NihabaAshi> This has been the pattern for awhile now...giving us big clues when to not trade.
[09:53] <+pat255> S 77.5 es
[09:54] <+pat255> 1 pt stop
[09:54] <+pat255>
[09:56] <@NihabaAshi> Key Market Event: 10am est Wholesale Trade Report
[10:01] <+Nesi> Long ES @ 878.00
[10:01] <@NihabaAshi> Shorts TF @ 477.90 -> small size
[10:01] <@NihabaAshi> 3 only
[10:02] <@NihabaAshi> tight trail stop
[10:02] <+Nesi> Exited all ES Long @ 876.75 --> - 1.25
[10:03] <+Nesi> Long ES @ 877.50
[10:03] <@NihabaAshi> I need my glasses today...didn't realize I was chasing from 488.40
[10:03] <@NihabaAshi>
[10:03] <+Nesi> Long ES @ 878.00 -> Add
[10:03] <@NihabaAshi> Covered all TF Short @ 477.70 --> + 0.2
[10:04] <@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.
[10:04] <@NihabaAshi> poor entry equals not being able to properly manage the trade
[10:05] <+pat255> yup ...entry is so critical
[10:07] <+Nesi> Exited all ES Long @ 880.00 --> + 4.5
[10:07] <+pat255> vn
[10:09] * Retrieving #futurestrades modes...
[10:17] <+Nesi> Long ES @ 880.25
[10:20] <+Nesi> Exited all ES Long @ 879.25 --> - 1
[10:21] <+Nesi> http://www.businessinsider.com/new-gold ... ens-2009-7
[10:28] <+Nesi> Long ES @ 876.25
[10:31] <@NihabaAshi> Long TF @ 477.80 -> small size
[10:32] <@NihabaAshi> 3 only
[10:32] <@NihabaAshi> Energy News - Oil rises but stays below $61 on uncertain demand @ http://finance.yahoo.com/news/Oil-rises ... 6.html?x=0
[10:33] <+Nesi> Long ES @ 877.50 -> Add
[10:35] <rickf> all
[10:35] <@NihabaAshi> Exited 2/3 TF Long @ 479.50 --> + 1.7
[10:37] <+pat255> vn ..
[10:37] <+drt> s es 78.25
[10:37] <+pat255> TF behaving a bit ..usually wild
[10:37] <@NihabaAshi> trader psychology difference between ES and TF (formerly ER2) is that I need to be more prepared to trade TF in comparison to ES because TF will punish me more for my trade mistakes.
[10:38] <+pat255> u bet ...TF is a beast
[10:40] <+drt> cs es 77.25
[10:41] <@NihabaAshi> oh oh
[10:41] <@NihabaAshi> be careful...has a good chance to flip over and go southwards
[10:41] <+rickf> yes there are things i like on the TF but the motion isn't as smooth as the ES
[10:41] <+rickf> it does jump around
[10:41] <+Nesi> looks like coiling
[10:42] <+rickf> different mindset than the ES ... not 100% sure if I like it enough to switch contracts live, though
[10:42] <@NihabaAshi> looking for an exit in this lucky spike upwards
[10:42] <@NihabaAshi> Exited Remainder TF Long @ 480.20 --> + 2.4
[10:42] <werner> all
[10:43] <+Nesi> exit stop set ES @ 877.25
[10:43] <jbuch> hey werner
[10:43] <+werner> hi jbuch
[10:44] <@NihabaAshi> Shorts TF @ 480.00 -> small size
[10:44] <@NihabaAshi> 1 only
[10:46] <@NihabaAshi> volatility just died
[10:46] <+Nesi> Exited all ES Long @ 878.75 --> + 3.75
[10:47] <@NihabaAshi> tight trailing stop
[10:47] <+pat255> vn guys
[10:47] <+rickf> wtg
[10:49] <+TradeLancer> wrbtrader, when you have a chance, how/what do u use to timely, objectively, measure the volatility ("just died") experience &/or tools?
[10:49] <@NihabaAshi> Covered TF Short @ 478.80 --> + 1.2
[10:49] <@NihabaAshi> I eyeball it...visual stuff...no indicators
[10:50] <@NihabaAshi> I look for the intervals to start to contract
[10:50] <@NihabaAshi> If I see several intervals contracting back to back (consecutive)...
[10:50] <@NihabaAshi> volatility is declining
[10:50] <+TradeLancer> length of $ bars, volume, ticks etc? intervals= bars/candles?
[10:51] <@NihabaAshi> No volume...
[10:51] <@NihabaAshi> I'm talking about time charts or normal charts.
[10:51] <@NihabaAshi> For example...
[10:51] <@NihabaAshi> Lets pretend your using the 5min chart interval
[10:52] <@NihabaAshi> If I see three 5min intervals contracting back to back
[10:52] <@NihabaAshi> volatility is declining
[10:52] <@NihabaAshi> The "died" commentary means that I was expecting a volatility spike and got the opposite.
[10:53] <@NihabaAshi> I usually expect a volatility spike if the volatility is contracting at/near a key support or resistance area
[10:53] <@NihabaAshi> Unfortunately, I don't know the direction of the volatility spike
[10:54] <+TradeLancer> i understand, triangles, wedges, consolidations, coils, etc over a time & as $ nears the apex you're expecting something, but it can be delayed i see
[10:55] <@NihabaAshi> Yeah...it's exact moment when it occurs is not important to me nor do I try to guess that.
[10:55] <@NihabaAshi> All I need to know that something will "happen soon" and its not the time to be surfing the porn sites
[10:56] <+jbuch> Shorts ES @ 878.25
[10:56] <+TradeLancer> yeah, well that's another discussion
[10:56] <+TradeLancer> thanks for the insight
[10:57] <@NihabaAshi> no problem
[10:57] <+Nesi> Long ES @ 879.00
[10:58] <+jbuch> Covered ES Short @ 878.5 --> - 0.25
[10:58] <+jbuch> Reverse and Enter Long ES @ 878.5
[10:58] <+Awash> ES ranging trading narrower and narrower
[10:58] <+Awash> ES range trading narrower and narrower
[10:58] <+pat255> y
[10:59] <@NihabaAshi> Many years ago I once played around with "volatility" indicators in Tradestation but it just wasn't as accurate nor as useful in comparison to my "visual contraction/expansion" rule.
[11:00] <+jbuch> Exited all ES Long @ 878 --> - 0.5
[11:00] <+Nesi> Exited all ES Long @ 877.75 --> - 1.25
[11:04] <+rickf> vol i think is subjective in nature to each trader
[11:04] <+rickf> kind of like a pilot and his 'feel' of his airplane during weather changes
[11:06] <+TradeLancer> correcto, all depends on you're time perspective for timing trades (1 min vs 5, etc)
[11:08] <TraderG> here we go again
[11:08] <+TraderG> repeat of yesterday
[11:14] <@NihabaAshi> Yep...market trying hard to go range bound now
[11:14] <+werner> indd
[11:15] <@NihabaAshi> be back later...going to go play Mario Kart with my 6 year old.
[11:15] * NihabaAshi is now known as NihabaAshi_away
[11:15] <+werner> lol
[11:17] <+Nesi> Long ES @ 876.25
[11:19] <+TradeLancer> Argh, what a mess, no directional followthru
[11:21] <Reno> Long NQ @ 877 «« paper »»
[11:21] <+werner> can be a nice one nesi
[11:21] <+Nesi> still ranging...so.. we will see
[11:22] <+werner> yep
[11:23] <+werner>
[11:27] <+Nesi> Exited all ES Long @ 877.50 --> + 1.25
[11:27] <+pat255> vn
[11:28] <+Reno> Exited all NQ Long @ 877.25 --> + 0.25 «« paper »»
[11:28] <+rickf> short es 877.25
[11:29] <+pat255> feel better s ..but Nesi making on the L side ...
[11:29] <+Nesi> scalping the range
[11:29] <+pat255> lol nice job
[11:30] <+Reno> Long NQ @ 877.25 «« paper »»
[11:32] <+Reno> Exited all NQ Long @ 876 --> - 1.25 «« paper »»
[11:32] <+rickf> out es 876 +1.25
[11:32] <+pat255> vn rick
[11:32] <+rickf> ty pat
[11:38] <+Nesi> Long ES @ 879.00
[11:40] <+Reno> Long NQ @ 879 «« paper »»
[11:45] <+pat255> needa p/b
[11:45] <+Reno> Exited all NQ Long @ 880.50 --> + 1.5 «« paper »»
[11:46] <+pat255> vn nesi agauin
[11:46] <codehead> oil making a vicious comeback
[11:49] <+Nesi> Exited all ES Long @ 880.25 --> + 1.25
[11:49] <+pat255> wtg
[11:50] <+Nesi> thx..taking a break
[11:53] <+werner> reboot
[11:58] <+Reno> Long NQ @ 879.25 «« paper »»
[12:00] <+Reno> Exited all NQ Long @ 878 --> - 1.25 «« paper »»
[12:02] * NihabaAshi_away is now known as NihabaAshi
[12:10] <@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.
[12:11] <@NihabaAshi> Shorts TF @ 479.40 -> small size
[12:11] <@NihabaAshi> 1 only
[12:12] <@NihabaAshi> If trade results in a loss...I'll go to an early lunch and return later after 2pm est.
[12:13] <@NihabaAshi> Just don't want to be tempted into "overtrading" in the current shrinking range
[12:17] <@NihabaAshi> Covered TF Short @ 479.90 --> - 0.5
[12:17] <@NihabaAshi> going to lunch...be back later
[12:17] * NihabaAshi is now known as NihabaAshi_lunch
[12:22] <+rickf> long TF 480.60 paper
[12:28] <+rickf> exit TF 480.80 +.20 paper
[12:38] <+jigglyhippo> Shorts ES @ 881.50
[12:38] <+jigglyhippo> stop 884.5
[12:40] <+jigglyhippo> Covered all ES Short @ 881 --> + 0.5
[12:42] <+codehead> long ES 880.75 <paper> 6 tick stop
[12:45] <+codehead> hm, obama... could get shaken out here...
[12:51] <+codehead> stopped -1.5 <paper>
[12:51] <+codehead> could see this coming in the oil price
[12:55] <+codehead> stopped out exactly, oh well
[12:55] <+codehead> still expecting 885 area
[13:23] <+jbuch> Shorts ES @ 881.5
[13:26] <+jbuch> Covered all ES Short @ 881 --> + 0.5
[13:34] <+Nesi> Long ES @ 880.50
[13:41] <+jbuch> Shorts ES @ 880.5
[13:43] <+jbuch> Covered all ES Short @ 880.75 --> - 0.25
[13:54] <+TraderG> boring..................................
[13:55] <+rickf> yup
[14:01] <+Nesi> Long ES @ 881.50 -> Add
[14:12] <+codehead> the earlier breakout indicates we *should* go to 884.75 at least
[14:12] <+codehead> but mkt in a coma
[14:12] <+codehead> ah, here we go...
[14:12] <+jbuch> Long ES @ 881.75
[14:13] <@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.
[14:14] <+rickf> long es 882.25
[14:15] <+jbuch> Exited all ES Long @ 882.5 --> + 0.75
[14:16] <+jbuch> and there it goes
[14:17] <+jbuch> hate buying breakout always screw them up
[14:22] <+rickf> exit es 883.50 +1.25
[14:22] <+rickf> meh
[14:28] <+Nesi> Exited all ES Long @ 883.50 --> + 5
[14:29] <werner> Shorts NQ @ 1420.00
[14:29] <+werner> vn nesi
[14:29] <+rickf> nice long nesi -- i was late to the party and didnt get my original entry which was down by yours
[14:30] <+rickf> btw for those interested my SPX option spread from yesterday STILL hasn't gotten a fill despite trading thru my price many many times. Stupid open outcry
[14:39] * NihabaAshi_lunch is now known as NihabaAshi
[14:45] <@NihabaAshi> Shorts TF @ 481.10 -> small size
[14:45] <@NihabaAshi> 1 only
[14:46] <+Nesi> Shorts ES @ 882.25
[14:54] * Awash1 is now known as Awash
[14:58] <+jbuch> Shorts ES @ 881.75
[15:00] <+werner> Shorts NQ @ 1418.25 -> Add
[15:00] <+rickf> last hour
[15:01] <+jbuch> Covered all ES Short @ 880 --> + 1.75
[15:01] <+rickf> long es 880
[15:01] <+werner> Covered all NQ Short @ 1416.50 --> + 5.25
[15:01] <+rickf> vn
[15:02] <+werner> pffffff
[15:02] <+werner> tx
[15:02] <+jbuch> werner nice
[15:02] <+werner>
[15:03] <+jbuch> u were in that for a long time
[15:03] <+werner> yes indd pfff
[15:04] <@NihabaAshi> tighten trailing stop @ profit
[15:07] <@NihabaAshi> weak support developing
[15:09] <+rickf> exit es 880.25 +.25
[15:09] <@NihabaAshi> FYI - Whenever I say support or resistance...I'm talking about TF, YM, ES, NQ, DAX et cetera and not whatever it is I'm trading.
[15:09] <+rickf> short es 879.50
[15:09] <@NihabaAshi> Thus, if I only see it in one trading instrument and not the others...I don't really bother mentioning it.
[15:12] <@NihabaAshi> Covered TF Short @ 479.90 --> + 1.2
[15:12] <@NihabaAshi> volatility flatlining...it could range again and I hope not because it's getting late in the trading day.
[15:20] <+jigglyhippo> Long ES @ 881
[15:20] <+jigglyhippo> stop 878
[15:26] <+werner> wow nice sell ... but i was a
[15:27] <+rickf> out es 878.25 +1.25
[15:27] <+werner> its 9.30 pm here
[15:27] <+jigglyhippo> Covered all ES Short @ 878.75 --> - 2.25
[15:28] <+werner> nice rickf
[15:28] <+rickf> ty werner -- thought i had made a mistake; glad i held
[15:28] <+werner>
[15:29] <+rickf> all that chop was scary -- i force myself to sit on my hands and weather the turbulence
[15:30] <+werner> yes i did also... but danst a few time around my chair
[15:30] <+werner> dance
[15:31] <+Nesi> Covered all ES Short @ 879.00 --> + 3.25
[15:31] <+rickf> THAT is my current 'lesson to learn' if i get caught in chop, to not panic and just wait for a breakout one way or other...
[15:31] <+werner> yes me too
[15:31] <+rickf> if i'm in and right, it'll be a winner; if i'm wrong, i'll control my risk
[15:31] <+werner> nice nesi
[15:31] <+rickf> but ducking in and out will kill me on commissions and add to my stress
[15:31] <+Nesi> thanks
[15:31] <+rickf> wtg nesi
[15:32] <+Nesi> took a long time again
[15:35] <+rickf> wow.... costs 37% to insure AIG corporate bonds, says bloomie
[15:41] <+werner> i am done, gn al
[15:41] <+rickf> cya
[15:41] <+werner>
[15:44] <+jbuch> Shorts ES @ 979
[15:47] <+jbuch> Covered all ES Short @ 879 --> + 100
[15:48] <+jigglyhippo> woooooo
[15:48] <+jbuch> nice well that should od it for me for a couple of weeks
[15:48] <+jigglyhippo> dinners on jb
[15:48] <+jbuch> you got it
[15:48] <+jigglyhippo> sweet
[15:48] <+rickf> oh?
[15:48] <+rickf> ahhh
[15:48] <+rickf> lol yeah
[15:49] <+jbuch> hard to do on a tight range day like this but I got lucky
[15:53] <+rickf> yeah me too
[15:53] * +rickf kept tight targets ... a bunch of 1.25 scalps ... profitable but annoying
[15:53] <+jbuch> good day for scalping have a good one
[15:54] <+rickf> u too
[15:57] <@NihabaAshi> Shorts TF @ 477.30 -> small size
[15:57] <@NihabaAshi> 2 only
[15:59] <+jbuch> Long ES @ 877.5
[15:59] <@NihabaAshi> Covered all TF Short @ 476.90 --> + 0.4
[16:00] <+jbuch> Exited all ES Long @ 877.75 --> + 0.25
[16:00] <@NihabaAshi> I'm not use to trading TF into the closing bell...
[16:00] <@NihabaAshi> Thought it was best to exit the trade early and just watch.
[16:01] <@NihabaAshi> Profit level has been rising each day since I've switch from Emini ES to the Emini TF (formerly ER2)
[16:03] <Awash> good night all
[16:05] <+jbuch> night all
[16:19] <@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.
[16:24] <@NihabaAshi> Reminder - Do Not share the password to #FuturesTrades.
[16:24] <@NihabaAshi> Take care all and see all tomorrow.
[16:24] * NihabaAshi is now known as NihabaAshi_away
Session Close: Thu Jul 09 21:43:16 2009

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