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********** Good Morning Everyone
********** Monday 13h, 2007
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sl has entered DayTrading Chat
ddj has entered DayTrading Chat
Scott-ST Moderator: gm JP. PAPPERTRADER, peter, ddj, nick, kami, JQ
Scott-ST Moderator: I will be trading the Q's today if I see an entry Signal
JQ GM Q. Scott!!!!
nm has entered DayTrading Chat
nm gm all
Scott-ST Moderator: gm nm
Cale has entered DayTrading Chat
Cale GM Everyone
Scott-ST Moderator: gm Cale
JQ GM Dingdong
Ricky has entered DayTrading Chat
Scott-ST Moderator: gm Ricky
Ricky gm
Scott-ST Moderator: Good Morning **** OPENING BELL ****
Scott-ST Moderator: Good Morning **** OPENING BELL ****
Scott-ST Moderator: Good Morning **** OPENING BELL ****
Scott-ST Moderator: Good Morning **** OPENING BELL ****
Scott-ST Moderator: YELL OUT YOUR TRADES
tc 100000 SHARES LONG ON THE Q'S
JQ Get you Some!!!!
tc playing conservative
Scott-ST Moderator: LOL
JQ lol
Scott-ST Moderator: will take the Q's at 47.77 Long
Scott-ST Moderator: but on a small pull back
Scott-ST Moderator: so it will need to get up there then come down then go long
Jim has entered DayTrading Chat
Scott-ST Moderator: gm Jim
Jim gm
macias0 has entered DayTrading Chat
Scott-ST Moderator: gm macias
Jim WBSN?
Scott-ST Moderator: Still in recent Trading Range
Scott-ST Moderator: Markets Opened Strong This Morning
Scott-ST Moderator: the S&P on a 60 Min is still on a Down Trend
JQ yapper
Scott-ST Moderator: DOW UP 68
Scott-ST Moderator: NAZ UP 18.76
Scott-ST Moderator: S&P UP 9.40
Scott-ST Moderator: SCOX ouch
Scott-ST Moderator: Not much Range so far this morning
Scott-ST Moderator: Momentum is down right now
Scott-ST Moderator: making lower lows
Scott-ST Moderator: Looks Like a breakdown
Cale anyone Trading Anything?
Cale I have nothing
JQ http://youtube.com/watch?v=gaTyCV6bzUw
nm nothing here
nm has logged out
peterl zip for me..
Cale well, may just need to go clean the house
JQ nm had enough
Cale LOL JQ
Cale Dock of the Bay
JQ lol
Cale [i]"Watch the Time just Roll away"[/i]
Cale how do you find these, that is just perfect
Scott-ST Moderator: Going to Short the Q's at .62
JQ lol
Cale http://youtube.com/watch?v=_axva_bxUyw
Scott-ST Moderator: okay Short the Q's
Scott-ST Moderator: 47.62
peterl stop loss on that scott?
Scott-ST Moderator: 47.84
Scott-ST Moderator: Well, Any Questions?
Scott-ST Moderator: Comments?
Scott-ST Moderator: Personal Trades?
Cale Shorted the Q's does that count as a personal Trade?
Scott-ST Moderator: lol, sure
Cale was looking to short BECN
Scott-ST Moderator: Markets working their way back up
Scott-ST Moderator: the S&P is hitting the 5 ema on the Daily Chart as resistance
Scott-ST Moderator: Very Range Bound Trading, NO TRENDING
limey None of my HOD and LOD alerts are going off
Scott-ST Moderator: [img id=em-0]
Jen question for ya Scotty while you have some time on your hands
Scott-ST Moderator: lol
Scott-ST Moderator: Green
Jen I am looking at the hourly chart for the S&P, do you think that this chart has great relevance at this point and time?
Jen I see it bumping up against 20 and 50 ema and not stalling
Jen and stalling, sorry about the NOT
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Scott-ST Moderator: It does, why? because the 60 min is a good indicator for direction using the 20 and 50 ema
Scott-ST Moderator: note that we are trading right in between the 50 and 20
JQ mac-o had enough
Scott-ST Moderator: and that the 20 ema is below the 50 showing a down trend but its very sideways
Jen thank you Mr. Market
Scott-ST Moderator: lol
Jim has logged out
JQ almost same thind on daily Bat woman!!
Scott-ST Moderator: on the Hourly Chart you can see how the we have bounced back up to the emas
Jen JQ, I'm seeing it up against the 5 ema and finding resistance. Righto?
Jen I vote for another plunge later in the day, unless of course the Fed jumps in with some magic rate adjustment. Any other votes?
Cale well, My vote never counts so I will just Guess that we go Lower
Cale I am the Bear
JQ Yapper a good 5 trend... bounced off 50 on wed, thur ...back on 5 trend sweet Batgirl!!!
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JQ Calebo my Son is a Bear!!!
Ricky Scott, will you be cutting out early today?
Cale a bare bear
Scott-ST Moderator: not sure at this point Ricky, for now I am here for he Long Hall
Scott-ST Moderator: Haul
JQ Baylor!!
Cale L0L
JQ lol
limey Almost got EDS at HOD but everything is moving so slow
JQ Tight range!!!
Scott-ST Moderator: wow nice trade limey
Scott-ST Moderator: wait, which HOD
Scott-ST Moderator: the one jsut after the Market or the one 5 min ago
Scott-ST Moderator: ?
JQ brb
Scott-ST Moderator: brh
JQ has logged out
Scott-ST Moderator: maybe
Ricky has logged out
Scott-ST Moderator: Still Holding the Q's Short
Scott-ST Moderator: okay Gang We are rolling into the Lunch time
Scott-ST Moderator: not much cook'en for lunch at all
Amlo has logged out
Scott-ST Moderator: DOW UP 40
Scott-ST Moderator: NAZ UP 9.79
Scott-ST Moderator: SPX UP 6.35
Scott-ST Moderator: so whats the Price of GAS in your area?
Tony has entered DayTrading Chat
Scott-ST Moderator: tm Tony
Scott-ST Moderator: gm Tony
Tony gm
Scott-ST Moderator: Not Finding any C's either
Scott-ST Moderator: I am going to step away for a few Minutes
Scott-ST Moderator: still Holding the Q's and the stop is 47.84
Scott-ST Moderator: brb
nm has entered DayTrading Chat
bigb tight range today
macias0 has entered DayTrading Chat
nm Karl Rove resigning...live conference CNBc
nm Any guesses why Rove resigning now?
tc has logged out
bigb anyone here today?
bigb you guys leave me soo lonely
bigb alright deadzone lunch now. im going to eat breakfast
kami has logged out
marcusid Scott: how come you're not making pics. Is it the volatility? Summer. What? Do you really take a break in the summer; and if so, when will trading resume to normal levels. I just subscribed to the room, so I'd like to know what to expect going forward. Thx.
bigb its a low volatility trade so there is very few breakout stocks and much less trades. Hard to find anything today that looks good
bigb i mean trade=day on first line
bigb haha
nick has logged out
bigb a week ago there were many trades.....just depends on the day and today is pretty dead
bigb just in a range today and were right in the middle right now. No strong trend defined yet
marcusid But there were plenty of gappers, up and down, that seemed to meet type B trading criteria????
bigb if you see any you should mention them out and scott will take a look at them...... its just that on days like this the probablity of success is much lower
bigb riskier........better to preserve capital then force trades out
bigb action may pick up coming out of lunch or tomorrow and you will see many more better trades to enter
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nick has entered DayTrading Chat
Scott-ST Moderator: back
Scott-ST Moderator: Hello Big
Scott-ST Moderator: Rolling Out of Lunch see what we might have
Scott-ST Moderator: the Q's we got stopped out at 47.84
Scott-ST Moderator: DOW UP 49
Scott-ST Moderator: NAZ UP 9.66
Scott-ST Moderator: SPX UP 6.29
Scott-ST Moderator: Marcusid today is an example of summer trading. We just didn't have any Stocks that met our strategy of Trading
Scott-ST Moderator: marcus if you see a stock that mets our strategy please feel free to point it out and I will take a look. I can't see every single stock out there.
Scott-ST Moderator: I would say that 25% of our stock picks come from suggestions from other Members in the room
Scott-ST Moderator: Watching for Type B Short at new low of the day on BECN 11.99
Scott-ST Moderator: Watching for Type B Short at new low of the day on BECN 11.99
Scott-ST Moderator: Watching for Type B Short at new low of the day on BECN 11.99
Scott-ST Moderator: TYPE B Trade (Gap). Consider Short BECN 11.99
Scott-ST Moderator: TYPE B Trade (Gap). Consider Short BECN 11.99
Scott-ST Moderator: TYPE B Trade (Gap). Consider Short BECN 11.99
Scott-ST Moderator: UPDATE: Moving stop on BECN 12.18
Scott-ST Moderator: UPDATE: Moving stop on BECN 12.18
Scott-ST Moderator: UPDATE: Moving stop on BECN 12.18
bigb but scott where is the stop!!!! the stop!!!!!
bigb j/k
Scott-ST Moderator: [img id=em-0]
bigb oh there you go....you beat me
bigb lol
marcusid Scott (and others) what's your thoughts on putting in a limit order (at your entry price) on positions you are considering BEFORE wating for you to having people considering a position.
Scott-ST Moderator: 100% the way to setup
Scott-ST Moderator: if you wait for our alerts you will be to late.
marcusid Thanks!
Scott-ST Moderator: np
marcusid How many out there get in early,since usually the stock is moving in the direction of entry?
Scott-ST Moderator: Markets testing their lows
bigb wouldnt get in early
Cale I sometimes get in early by 2 or 3 cents, sometimes
bigb there is a reason those are the entry points
Cale and I let it run just a bit longer then 1% also
Scott-ST Moderator: thats right bigb
Scott-ST Moderator: BigB is right, you can get in early but it does not meat our strategy.
limey has logged out
Scott-ST Moderator: other Shoe is dropping in the Markets
peterl the meat strategy scott? I have one of those..
Scott-ST Moderator: DOW UP 6
Scott-ST Moderator: NAZ DOWN 3.37
Scott-ST Moderator: SPX UP 1.95
Scott-ST Moderator: LOL oops
Scott-ST Moderator: meet
peterl np - stuck on the zeros here
marcusid BECN: a lot of suppoort around 12:00--just stuck!
marcusid I should have kept my mouth shut :)
Scott-ST Moderator: lol
Scott-ST Moderator: there really is no resistance
Scott-ST Moderator: you would have to go al the way back to 2004
PAPERTRADER YOU WOKE ME UP I WAS ASLEEP ON THE SOFA LOL
Scott-ST Moderator: lol, sorry Paper[img id=em-2]
PAPERTRADER THIS BETTER BE GOODROFLMAO
Scott-ST Moderator: back up
Scott-ST Moderator: DOW UP 41
Scott-ST Moderator: NAZ UP 4.54
Scott-ST Moderator: SPX UP 4.76
Scott-ST Moderator: STOPPED Consider exit in BECN
Scott-ST Moderator: STOPPED Consider exit in BECN
Scott-ST Moderator: STOPPED Consider exit in BECN
marcusid What would drive BECN to 12.60 in a hearbeat (huge spike up in one two minute period. Shorts unwinding? Any ideas
Scott-ST Moderator: Hard one to Guess
Scott-ST Moderator: Short Covering really doesnt happen until after 3:00, unless its big money
JQ has entered DayTrading Chat
JQ wb
JQ ty
JQ nice to be here
Scott-ST Moderator: lol
Scott-ST Moderator: goof nut
JQ lol
Drew has left the room
JQ drew had enough
JQ brh
Scott-ST Moderator: i think everyone has had enough
Ricky has entered DayTrading Chat
Scott-ST Moderator: wb Ricky
Scott-ST Moderator: Nice to have you back
Ricky Thanks. Didn't miss much.
Scott-ST Moderator: nope
JQ how hot is it there Scott?
JQ 108* here
Scott-ST Moderator: Not too bad 84 right now
Scott-ST Moderator: you?
Scott-ST Moderator: OMG really?
Scott-ST Moderator: where in TX?
JQ yapper
Cale Full Moon on the 28th?
Scott-ST Moderator: where JQ?
marcusid Scott: are you done making pics today. If so, I'd like to log-off until tomorrow.
Scott-ST Moderator: not sure marcus, most likey but never sure
Scott-ST Moderator: if you had a gun to my head I would have to say YES
bigb pit noise is very quiet right now
bigb good move up here
Ricky Scott, wake up Ken and ask him if you can have the rest of the day off.
bigb out on longs after that runup
Scott-ST Moderator: LOL Ricky, I am sure if I want to take the day off Ken wouldn't mind
JQ bigb what charting service do you use for futures?
Scott-ST Moderator: little Kick in the Markets
Scott-ST Moderator: DOW UP 75
Scott-ST Moderator: NAZ UP 10.55
Scott-ST Moderator: SPX UP 9.49
bigb esignal and tradestation
JQ ty
JQ is the setup easy?
bigb my esignal was acting up though so i have only been using tradestation charts
marcusid BECN: just hit 12:00 again (presently 12.07). What a ride. Did anybody short it after get got stopped out?
bigb ya its pretty simple.....give it a few days though
JQ thx's bro!!
bigb np
Scott-ST Moderator: marcus, I would not suggest chacing it down at all
JQ Great Scott what do you use?
Scott-ST Moderator: InstaQuote, eSignal, Ensign, Schwab, DAS
JQ ty what was brobro using in chat room?
bigb futures room?
JQ yes
Scott-ST Moderator: hotcomm
bigb ummm i think the latest he was using was ensign but not sure....he switched a few times throughout the time
JQ thx' my brothers
JQ Is Calebo in the House?
marcusid My stop got filled on BECN 13 cents above my stop =1% Did anybody else get a really bad fill. My loss was over 2.5% (as opposed to the posted papertrade of 1.5%).
Cale am here
Scott-ST Moderator: did you have a limit order marcus?
JQ Calebo what charting service for futures?
Cale I use Strategy Runner to trade the futures
Cale but i also chart with eSignal and Ensign
JQ easy to setup ? strategy runner?
marcusid No, cover by a "stop marke"t. My broker is TS. I used a different stop than you (12.22) and was filled at 12.35.
marcusid Any advise going forward?
Scott-ST Moderator: market is a kinda at your risk order
JQ which is the easiest to setup, Calebo?
Scott-ST Moderator: lets say you get a run that goes outside the market and then triggers your order, then the stock drops right back down, where the ask may have run up but the bid never triggered
Scott-ST Moderator: you would get stuck with the lower market price
Scott-ST Moderator: use ARCA as your ECN and set a Stop Limit Order
marcusid Scott, I now all about the market--I was just wondering whether there is any better way(or type of order) to protect a really bad fill.
marcusid Scott, if you use s stop limit, what protects you from a spike to 12.60? Doesn't it cut both ways?
JQ Use a limit and don't get a bad fill
Scott-ST Moderator: but the order will fill at the limit, and not the market
Scott-ST Moderator: example:
Scott-ST Moderator: you buy a stock at 10.00
marcusid But what if the knife drops/falls--won't you not get filled at all, and risk a more than a bad fill. I would really appreciate you thoghts since I never used a stop limit fearing a gap up/down.
Scott-ST Moderator: you set a limit order at 10.50, which means if the price reaches 10.50 you want to sell your positions at 10.50
Scott-ST Moderator: or better
Scott-ST Moderator: so if the stock runs up to 10.51 and right back down to 10.01 you will get filled only at 10.50 and not 10.01 which is market
marcusid Lets take the BECN example, if the stock gapped above a limit of 12.18, you might not get filled--and it could and did run up t 12.60. By using a limit, don't you also assume the risk of even a worse result. For example, in the BECN case, I got filled at 12.35 but with a limit at 12.18, if there was a gap, it could have gone to 12: 60 in a hearbeat and did. Am I missing something here? Please elaborate because, based onyour collective comments, I may change from stop markts to stop limits. But I need to really understand the risks-rewards of both stops.
Scott-ST Moderator: so your asking about an exit then right?
Scott-ST Moderator: a lot of time a market maker will bring the stock down to fell a lot of stops then run it back
Scott-ST Moderator: but a limit order as an exit, imo, is the best
Scott-ST Moderator: use a stop limit order to exit
marcusid Yes I'm talking ony about exits (stops)
Scott-ST Moderator: unfortunitly its not an exact science, and you may have to adjust case by case
Ricky Scott, coming in late in this conversation. Ken recommends Stop Market to enter position, Limit to exit profit position, Stop Market to exit losing position. You're giving good guidence on the case by case. Up to the individual.
Scott-ST Moderator: Correct, Market to Enter and Limit to exit
Scott-ST Moderator: and Stop Market orders to exit a losing Position.
Scott-ST Moderator: Thanks Ricky
Scott-ST Moderator: okay Gang Just one Hour Left in the Trading Day
Scott-ST Moderator: Very Ranged bound for todays Trading
Scott-ST Moderator: marcus, keep asking questions until you understand
Scott-ST Moderator: I dont want you to get Frustrated
bigb give it a few weeks marcus and you will have a much better feel
marcusid So I did the right thing by using a stop at the MARKET (not a stop limit) notwithstanding the fill which was about 13 cents (on a $12.00) stock--and should NOT have used a stop LIMIT.
Scott-ST Moderator: only time you use a market order for the most part is to enter a stock
Scott-ST Moderator: you should set a Stop Limit Order to exit a losing position
Scott-ST Moderator: and use a limit order to exit for profit
JP has logged out
peterl I'm out. Losing day. Catch all tomorrow .
Cale me too, later gang
peterl has left the room
Scott-ST Moderator: Take Care, Cale, peter, JP
Cale has left the room
Scott-ST Moderator: any other Questions?
Scott-ST Moderator: DOW UP 39
Scott-ST Moderator: NAZ UP 5.34
Scott-ST Moderator: SPX UP 6.02
Scott-ST Moderator: I am going to take of, let me know if you have any Questions before I take off