##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: Wed Sep 23 09:18:54 2009
Session Ident: #futurestrades
[09:18] * Now talking in #futurestrades
[09:18] <@X> [NihabaAshi] Announcement: The new trade posting script v3.7 (replaces v3.6) is posted at your forum in the "Announcements" thread.
[09:23] <@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.
[09:29] <drt> mornin' everyone
[09:30] <@wrbtrader> Good morning all...be careful of a range day until the FOMC Announcement because so far...I've not seen any hype (very little) associated with the pending announcement
[09:32] <+drt> l es 67.75
[09:33] <kosmipt>
[09:36] <+drt> cl es 67.75
[09:50] <+kosmipt> absolutely nothing to do
[09:51] <Siddhartha> pure chop
[09:52] <TraderG> looks like grass growing on my screen
[09:52] <@wrbtrader> Reminder - Be careful of a range day until the FOMC Announcement because so far...I've not seen any hype (very little) associated with the pending announcement
[09:53] <Forex2stay> morning everyone
[09:53] <+kosmipt> my initial plan is to fade every significant move after announcement
[09:53] <+kosmipt> even if we make new highs
[09:54] <JimL28> Shorts TF @ 618.3 «« simulator »»
[09:54] <+JimL28> 1
[09:56] <+kosmipt> oil making new lows
[09:59] <@wrbtrader> Yeah...so far Oil and Gold is keeping the price down in the Eminis and Eurex
[10:00] <+Forex2stay> yes EURO trying to follow the Oil move but does not quite have the conviction yet
[10:00] <@wrbtrader> I say that because Oil and Gold broke their support level prior to the Eminis and Eurex doing the same.
[10:01] <@wrbtrader> I just gave a BIG TIP about how to determine whom currently is the LEADER
[10:01] <+Forex2stay> yesterday it appeared that EURO was leading the DJI
[10:02] <+Forex2stay> EURO retracing back to its support
[10:02] <+Forex2stay> now resistance
[10:03] <+Forex2stay> GBPUSD not participating in the down move, but it has been strong since Monday
[10:04] <+JimL28> Covered all TF Short @ 616 --> + 2.3
[10:05] <+TraderG> nice Jim
[10:06] <JimL14> TY
[10:09] <@wrbtrader> bullish price action not worth trying to capture a few ticks unless voaltility shows up to make it worthwhile
[10:10] <+JimL14> i didn't expect TF don't, a took a short setup with 1 contract & fast trrailing stop, just turned into something of a gift
[10:10] <@wrbtrader> Pres. Obama live on financial TV networks
[10:11] <+JimL14> forget the 'don't' i don't know where that came from
[10:13] <@wrbtrader> I'm not sure why Obama is giving a speech because so far he's talking about "explaining what his responsibilities" are to America.
[10:13] <@wrbtrader> Odd speech.
[10:19] <@wrbtrader> Long ES @ 1067.75 -> medium size
[10:20] <@wrbtrader> 4 only
[10:28] <@wrbtrader> So far today, it's just a "range continuation" of yesterday's afternoon p.m. trading session.
[10:31] <@wrbtrader> Exited all ES Long @ 1066.25 --> - 1.5
[10:31] <+JimL14> bottom dropped out of oil???
[10:31] <@wrbtrader> Yes...it was an odd price drop.
[10:31] <@wrbtrader> It's also the EIA Petroleum Status report release time
[10:32] <@wrbtrader> In fact, on some of my oil charts...it gapped down unless I'm having data problems.
[10:33] <+JimL14> +2.8 mm s vs -1.4 vs -4.7 last
[10:33] <@wrbtrader> Long ES @ 1067.00 -> medium size
[10:33] <@wrbtrader> 4 only
[10:34] <[2]luffy>
[10:36] <@wrbtrader> Oil push further down
[10:36] <@wrbtrader> Gold trying to follow
[10:36] <@wrbtrader> Exited all ES Long @ 1065.75 --> - 1.25
[10:37] <+[2]luffy> long 0654
[10:37] <+[2]luffy> 1065
[10:39] <@wrbtrader> Markets dropping more while Obama is talking...
[10:39] <@wrbtrader> Bet he ends his speech soon within the next 5mins
[10:41] <@wrbtrader> Shorts ES @ 1063.50 -> large size
[10:41] <@wrbtrader> 9 only
[10:42] <+[2]luffy> added at 63
[10:42] <+[2]luffy> stop at 61
[10:43] <@wrbtrader> Covered all ES Short @ 1062.75 --> + 0.75
[10:44] <+Forex2stay> 9800 on the DJI trying to hold
[10:47] <+Forex2stay> playing for peanuts here....stepping aside
[10:48] <@wrbtrader> Ok...Obama speech has ended
[10:49] <@wrbtrader> Long ES @ 1063.50 -> large size
[10:49] <@wrbtrader> 6 only
[10:57] <@wrbtrader> Exited all ES Long @ 1064.00 --> + 0.5
[10:57] <@wrbtrader> going nowhere
[10:57] <+[2]luffy> hi wrb, i've been monitoring th dollar, gold, oil, and 30yr bond, it looks like the dollar has the biggest effect.
[10:57] <+[2]luffy> how correlated do u see gold oil and bonds with es?
[10:58] <+[2]luffy> seems like gold and oil just inverse the dollar..
[10:58] <+[2]luffy> bond kinda independent
[10:58] <@wrbtrader> First of all, I don't look at correlation in terms of "tick by tick" which is something most look for when talking about "correlation".
[10:59] <@wrbtrader> I look for correlation in terms of different markets reacting at the same time to a key market event, news or whatever.
[10:59] <@wrbtrader> I don't care if one trading instrument goes the opposite direction in comparison to another trading instrument.
[10:59] <+[2]luffy> oh ic.. do u want to see different markets breaking or supporting pivots at key times?
[11:00] <@wrbtrader> I'm intereested in knowing that the "reacted at the same time".
[11:00] <+[2]luffy> icicic
[11:00] <+[2]luffy> very interesting thanks..
[11:01] <@wrbtrader> Thus, if different markets "react at the same time" to something like a key market event...
[11:01] <@wrbtrader> They are in sync and it's easier to better manage my trades.
[11:01] <@wrbtrader> Things get messy when one market is reacting while another market does nothing.
[11:02] <+[2]luffy> icic, when only 1 is reacting, are u more likely to have choppy action?
[11:02] <@wrbtrader> Yes
[11:02] <+[2]luffy> icic cool
[11:02] <+[2]luffy> thnx
[11:02] <@wrbtrader> You also get choppy conditions when key markets are doing nothing.
[11:03] <+[2]luffy> by key times, do u mean special news releases or when ES is at a important pivot?
[11:03] <+[2]luffy> rotated out my 65 long at BE
[11:03] <@wrbtrader> Economic events, speeches, breaking news, political events et cetera
[11:03] <+[2]luffy> still long from 63
[11:05] <+[2]luffy> ok icic
[11:05] <+[2]luffy> so not nessesarily when es is at support
[11:06] <@wrbtrader> For the past 10 mins or so...key markets have been in a tight range on low volatility....reason why prices nothing moving smoothly.
[11:06] * code is now known as codehead
[11:06] <@wrbtrader> If I see ES and Oil and Gold break support or resistance at the same time...
[11:06] <@wrbtrader> I get excited that a trade opportunity may soon appear.
[11:07] <@wrbtrader> However, I don't consider the actual support or resistance break a trade opportunity itself.
[11:07] <+[2]luffy> ic, u wait for the breakout to show itself
[11:07] <+[2]luffy> in price extension and vol
[11:07] <+[2]luffy> then u get in
[11:07] <+[2]luffy> right
[11:08] <@wrbtrader> Yeah...I rarely get a trade signal at the same time of a break in support or resistance...
[11:08] <+[2]luffy> cool thnx
[11:08] <@wrbtrader> Usually something appears within a few minutes afterwards.
[11:09] <+[2]luffy> icic
[11:09] <@wrbtrader> It's also not one dimensional meaning that just because support broke doesn't imply I'm looking to Short.
[11:10] <+[2]luffy> ok, also theres trend
[11:11] <+[2]luffy> wrb, which dollar index do u look at? i'm using the powershares dollar etf
[11:12] <+[2]luffy> uup
[11:15] <@wrbtrader> I'm using the actual U.S. Dollar Index when looking at the Dollar
[11:16] <+[2]luffy> ic cool
[11:27] <@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.
[11:39] <+[2]luffy> moved my stop to be+tick
[11:39] <+[2]luffy> let's see if this has any potential for globex hi
[12:07] <+[2]luffy> come on baby... i'm+5 so far.. looking for a bit more
[12:10] <@wrbtrader> We're back inside the range of yesterday's afternoon low volatility price action.
[12:11] <@wrbtrader> Back to where price was before Pres. Obama's speech.
[12:11] <+[2]luffy> good place for me to look for exits
[12:11] <+[2]luffy> changed my tgt to today's high..
[12:11] <@wrbtrader> There's a trading tip in my prior message post for those paying attention.
[12:12] <+[2]luffy> what do u mean wrb? ur twet?
[12:13] <@wrbtrader> It's simple...
[12:13] <@wrbtrader> document where price was at when a U.S. President shows up on TV on financial networks during trading
[12:13] <+[2]luffy> ic
[12:14] <@wrbtrader> Next, if price action moves strongly (it doesn't matter which direction)...
[12:14] <@wrbtrader> It will eventually retrace back that directional price movement back to the price you documented.
[12:17] <+Siddhartha> depending on what he said right wrbtrader...
[12:17] <+Siddhartha>
[12:18] <+[2]luffy> icic
[12:19] <@wrbtrader> well...yes
[12:20] <@wrbtrader> I mean...if he shows up on TV and said Bin Laden has been capture...that's different
[12:30] <+[2]luffy> ic
[12:46] <+[2]luffy> out +5
[12:46] <+[2]luffy> dont like this consolidation here
[12:57] <+[2]luffy> everyones sooo quiet today...
[13:30] <@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.
[13:39] <pat255> hi all
[13:39] <+pat255> just checkig ..@office
[13:40] <rickf> gday
[13:40] <+pat255> hi rick
[13:47] <+Siddhartha> there's pretty much been one opportunity to make money today... the downward blip when Obama spoke to the UN... either on the way down, or back up... outside of that... ziltch, nothing, chop
[14:03] <+rickf> wow ... 888K es traded today
[14:03] <+rickf> pre-fed calm
[14:04] <@wrbtrader> Yep...I'm just waiting like a Hawk
[14:06] <+pat255> craziness any second. wait a bit. and then just buy again.
[14:06] <@wrbtrader> I actually have a Short bias right now but I don't trade my bias...
[14:07] <@wrbtrader> If I didn't, I wouldn't be profitable
[14:07] <+rickf> lol -- me too on the bias
[14:07] <+rickf> frankly i hope we roll over soon ... up 60pct w/o any major pullback scares the hell out of me
[14:07] <@wrbtrader> Meant if I did routingly trade my bias...I wouldn't be profitable
[14:07] <+pat255> CL little dump..
[14:10] <+rickf> 5 minutes .... roughly
[14:12] <@wrbtrader> Shorts ES @ 1067.75 -> large size
[14:12] <@wrbtrader> 6 only
[14:12] <@wrbtrader> won't hold it too long
[14:12] <@wrbtrader> tight stop
[14:14] <@wrbtrader> Covered all ES Short @ 1068.50 --> - 0.75
[14:15] <@wrbtrader> I'm heavy on the way down and lighter on the contracts on the way up.
[14:17] <+rickf> http://federalreserve.gov/newsevents/pr ... 90923a.htm
[14:17] <tomosyn57> Long SSO @ 35.58
[14:17] <@wrbtrader> Long ES @ 1071.00 -> medium size
[14:17] <@wrbtrader> 4 only
[14:17] <+tomosyn57> Exited 1/2 SSO Long @ 35.68 --> + 0.1
[14:18] <@wrbtrader> Exited all ES Long @ 1070.50 --> - 0.5
[14:18] <+tomosyn57> exit stop set SSO @ 35.60
[14:18] <@wrbtrader> Long ES @ 1071.00 -> medium size
[14:18] <@wrbtrader> 4 only
[14:18] <+tomosyn57> exit stop raised SSO @ 35.63
[14:19] <+[2]luffy> s72
[14:19] <+tomosyn57> exit stop raised SSO @ 35.68
[14:20] <jbuch> Long ES @ 1072
[14:20] <@wrbtrader> I need at least an exit above 1073.00 to make this all worthwhile hanging around today to trade on FOMC Announcement day.
[14:21] <+tomosyn57> exit stop raised SSO @ 35.70
[14:22] <+tomosyn57> exit stop raised SSO @ 35.75
[14:22] <@wrbtrader> Exited all ES Long @ 1072.50 --> + 1.5
[14:22] <+jbuch> Exited all ES Long @ 1072.75 --> + 0.75
[14:22] <@wrbtrader> back to where I started
[14:23] <+tomosyn57> Trailing Stop Hit SSO @ 35.75 --> + 0.17
[14:24] <+rickf> kind of a bleak FOMC statement -- exactly what does "extended period" mean in terms of their policy?
[14:25] <@wrbtrader> Shorts ES @ 1071.00 -> large size
[14:25] <@wrbtrader> 6 only
[14:26] <@wrbtrader> Covered all ES Short @ 1071.00 --> 0
[14:27] <@wrbtrader> short signal not working
[14:27] <@wrbtrader> or I have no patience
[14:27] <+jbuch> Shorts ES @ 1071
[14:28] <+jbuch> Shorts ES @ 1072 -> medium size
[14:29] <@wrbtrader> Long ES @ 1072.00 -> medium size
[14:29] <@wrbtrader> 4 only
[14:31] <@wrbtrader> now I need and exit about 1074.00 to make it worthwhile
[14:31] <+jbuch> Covered all ES Short @ 1073 --> - 1
[14:34] <+[2]luffy> stopped out on short... tryed again
[14:34] <+[2]luffy> 74.25
[14:34] <+[2]luffy> last try
[14:34] <+jbuch> second entry was a mistake then I made the bigger mistake of not getting out breakeven and trying to make plus .25.
[14:35] <+[2]luffy> stopped again
[14:35] <+[2]luffy> i'm done
[14:38] <@wrbtrader> Oil is helping my trade but Gold is not causing ES to be stuck between 1075 - 1074
[14:38] <@wrbtrader> Gold trying to help now
[14:39] <@wrbtrader> Exited all ES Long @ 1074.25 --> + 2.25
[14:39] <+pat255> vn
[14:41] <+rickf> nice
[14:53] <+jbuch> Long ES @ 1072.5
[14:54] <+rickf> short es 1072.75 paper
[14:54] <+rickf> instinct
[14:56] <+jbuch> Exited all ES Long @ 1072.5 --> 0
[14:56] <Nesi> Shorts ES @ 1071.50 «« simulator »»
[14:56] <+jbuch> bummer it hit my half off but no fill
[14:57] <+rickf> exit es 1070.50 +2.25 paper
[14:57] <+jbuch> plummet
[14:57] <+Nesi> Shorts ES @ 1070.00 -> Add «« simulator »»
[14:57] <+rickf> TANK!!!
[14:58] <+rickf> early exit but i'll take it
[15:00] <+Nesi> Covered all ES Short @ 1070.00 --> + 1.5 «« simulator »»
[15:02] <+Nesi> Shorts ES @ 1070.50 «« simulator »»
[15:03] <+rickf> last hour
[15:03] <+jbuch> Shorts ES @ 1070.25
[15:04] <+Nesi> Covered all ES Short @ 1071.25 --> - 0.75 «« simulator »»
[15:05] <+Nesi> Shorts ES @ 1070.50 «« simulator »»
[15:08] <+jbuch> Covered all ES Short @ 1070.25 --> 0
[15:09] <+jbuch> Long ES @ 1071.5
[15:09] <+Nesi> Shorts ES @ 1071.50 -> Add «« simulator »»
[15:09] <+rickf> lol -- remember last year everyone was about the death of buy-and-hold for equities? now they're saying that's somethng to consider
[15:10] <+rickf> which tells me the market will roll soon once the players tell folks to start buying and holding (all the way down) again
[15:11] <+jbuch> Exited all ES Long @ 1070.5 --> - 1
[15:11] <+jbuch> getting chopped
[15:11] <+Nesi> Shorts ES @ 1070.00 -> Add «« simulator »»
[15:13] <+jbuch> Shorts ES @ 1070
[15:14] <+jbuch> Covered 1/2 ES Short @ 1068.5 --> + 1.5
[15:15] <+rickf> wtg
[15:16] <+jbuch> Covered Remainder ES Short @ 1067.25 --> + 2.75
[15:16] <+rickf>
[15:16] <+jbuch> yhanks
[15:19] <+jbuch> Shorts ES @ 1067.75
[15:19] <+jbuch> Covered all ES Short @ 1068.5 --> - 0.75
[15:21] <+jbuch> Shorts ES @ 1068
[15:22] <+Nesi> nice jb
[15:24] <+jbuch> Covered all ES Short @ 1066.25 --> + 1.75
[15:24] <+pat255> vn jb
[15:25] <+jbuch> dang had my target at 1066.25 pegged it but no fill
[15:26] <+jbuch> story of my dsy
[15:26] <+Nesi> Covered all ES Short @ 1067.00 --> + 6.5 «« simulator »»
[15:26] <+jbuch> dsy=day
[15:27] <+Nesi> Shorts ES @ 1066.00 «« simulator »»
[15:28] <+jbuch> nice nes
[15:28] <+Nesi> Shorts ES @ 1065.00 -> Add «« simulator »»
[15:30] <+jbuch> Shorts ES @ 1065
[15:31] <+jbuch> Covered all ES Short @ 1063.5 --> + 1.5
[15:31] <+jbuch> I'll dothis all day long
[15:31] <+rickf> heh
[15:32] <+rickf> i have been distracted today; hence paper-trading
[15:32] <+rickf> under deadline
[15:34] <+rickf> hrmmm just feels to me like the market's dropped more than it has already today
[15:34] <+rickf> maybe it's me
[15:36] <@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.
[15:40] <+jbuch> Long ES @ 1063.5
[15:42] <@wrbtrader> It wasn't difficult for ES to retrace it's gains considering the gains after the FOMC Announcement wasn't a big range nor contained a lot of volatility in comparison to prior FOMC Announcements.
[15:43] <+jbuch> Exited all ES Long @ 1063.75 --> + 0.25
[15:44] <@wrbtrader> weak support area for ES
[15:45] <@wrbtrader> Long ES @ 1062.50 -> medium size
[15:45] <@wrbtrader> 4 only
[15:46] <+jbuch> Long ES @ 1062.75
[15:47] <@wrbtrader> Exited ES Long @ 1061.75 --> - 0.75
[15:47] <@wrbtrader> Reverse and Enter Short ES @ 1061.75
[15:47] <@wrbtrader>
[15:47] <@wrbtrader> messed that one up
[15:47] <+jbuch> Exited all ES Long @ 1062 --> - 0.75
[15:48] <@wrbtrader> Covered all ES Short @ 1062.00 --> - 0.25
[15:48] <+Nesi> Covered all ES Short @ 1062.25 --> + 6.5 «« simulator »»
[15:48] <@wrbtrader> ok...lets do it right this time around.
[15:48] <@wrbtrader> Long ES @ 1062.25 -> large size
[15:48] <@wrbtrader> Exited all ES Long @ 1061.25 --> - 1
[15:50] <@wrbtrader> Shorts ES @ 1061.50 -> large size
[15:50] <@wrbtrader> 6 only
[15:50] <@wrbtrader> geesh
[15:51] <@wrbtrader> that's a big spike down...will need to lower my chart interval
[15:51] <+rickf> having a hard time figuring mine out past 30 min or so
[15:51] <+rickf> currently on 1600t
[15:52] <@wrbtrader> Covered all ES Short @ 1057.75 --> + 3.75
[15:52] <+rickf> vn
[15:52] <+Nesi> nice wrbtrader
[15:53] <@wrbtrader> only mistake was that I was too large on the losing Long position of -1 point.
[15:54] <@wrbtrader> Meant to go only 4 contracts on that one.
[15:54] <@wrbtrader> went 6 contracts by error
[15:57] <+Nesi> Shorts ES @ 1057.50 «« simulator »»
[15:57] <@wrbtrader> Shorts ES @ 1056.75 -> large size
[15:57] <@wrbtrader> 9 only
[15:58] <+Nesi> Covered all ES Short @ 1056.5 --> + 1 «« simulator »»
[16:00] <@wrbtrader> Covered all ES Short @ 1056.25 --> + 0.5
[16:00] <+rickf> ding
[16:00] <@wrbtrader> that's the best closing volatility I've seen in a few weeks.
[16:03] <+kosmipt> yes, that's the kind of days we've been waiting for
[16:04] <@wrbtrader> Yeah...we use to get it frequently for the past +10 years until this year
[16:08] <+rickf> reminds me of last summer .... ahh those were fine days
[16:08] <+jbuch> have agood night all
[16:08] <+rickf> short @ 1445 and cover @ 1601 for a nice profit
[16:08] <+rickf> cya
[16:08] <@wrbtrader> Long ES @ 1059.75 -> small size
[16:08] <@wrbtrader> 3 only
[16:08] <@wrbtrader> intuition
[16:09] <+rickf> gnight all
[16:10] <@wrbtrader> Exited all ES Long @ 1059.50 --> - 0.25
[16:11] <@wrbtrader> Wish the Gold and Oil index charts were still active after 4pm est.
[16:11] <@wrbtrader> It'll make it easier to trade between 4pm - 4:15pm est
[16:14] <@wrbtrader> time ran out for me
[16:14] <@wrbtrader> My profit goal for the day was +25 points...but hit a wall at +23.50 points
[17:39] <@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.
Session Close: Wed Sep 23 19:47:10 2009

Market Summary: Stocks Abandon Rally Post-Fed

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