Scott-ST Moderator: *
**********************************************************
********** Good Morning Everyone
********** Tuesday 21th, 2007
**********
********************************************************************
JQ marcus did you hold ITRN?
Scott-ST Moderator: Markets look like they will be opening flat this morning
Jim has entered DayTrading Chat
Scott-ST Moderator: I have these on my Watch List: TTM CPHD CUTR NUAN
Scott-ST Moderator: GM Jim
Jim gm
Cale has entered DayTrading Chat
JQ GJ
Cale Good Morning Everyone
Cale gm JQ
JQ GM Dingdong
peterl has entered DayTrading Chat
Scott-ST Moderator: gm peter
peterl gm all
Cale anyone else have a chart for RIMM that still shows 235??
JQ nope
JQ you?
Cale yea
Cale quote window shows 78
JQ wtf?
Cale but the chart has not changed from the Split
Scott-ST Moderator: Good Morning **** OPENING BELL ****
Scott-ST Moderator: Good Morning **** OPENING BELL ****
Scott-ST Moderator: Good Morning **** OPENING BELL ****
Scott-ST Moderator: Markets opening down just a bit
Scott-ST Moderator: back to Summer Time Trading
JQ http://www.youtube.com/watch?v=vLhDNvbtFp4
Tony has entered DayTrading Chat
Scott-ST Moderator: gm Tony
nick has entered DayTrading Chat
Tony gm Scott and all
Scott-ST Moderator: lol, nice one JQ
Scott-ST Moderator: Summer Time is right
JQ lol
Drew is there a short or long bias on splits?
Jen from my understanding it is a long bias because of perceived "value"
Scott-ST Moderator: yep, most of the time a split is bullish
Drew ty
JQ really with the dilluition factor?
Jen perception not reality
Scott-ST Moderator: lol
Ricky has logged out
Scott-ST Moderator: exactly Jen
Scott-ST Moderator: did you guys see that Plane in Japan?
Jen yes, hard to believe all got out safely
Scott-ST Moderator: yep, that is awesome that they all are safe
Jen can't imagine how scary that was to be escaping that plane while it was on fire
JQ Well.... We all know perception is everything!!! LOL
Ricky has entered DayTrading Chat
Scott-ST Moderator: gm Ricky
Ricky wb
Scott-ST Moderator: lol and how handsome I am is just your perception
Jen but JQ, can you find a song to support that?
Cale okay Ken
Jen sassy Cale
Jen OPLK LOD?
Jp Got 1% Rimm
Scott-ST Moderator: good Job JP
Scott-ST Moderator: OPLK has a very wide stop
Ricky has logged out
Scott-ST Moderator: very 2 sided trading this morning
JQ NUAN pulling back G. Scott
Scott-ST Moderator: zero trend
Scott-ST Moderator: looking good, a bit overbought
Scott-ST Moderator: lets see if we can get it to consolidate some
macias0 has entered DayTrading Chat
Scott-ST Moderator: gm macias
Cale I hate summer trading
JQ wb
Cale I need to take these 3 months off and go travel
Scott-ST Moderator: good Call Cale
Scott-ST Moderator: Markets are testing the Green side again
JQ http://www.youtube.com/watch?v=91uLJ00B1h4
JQ Cool Cat Looking For A Kitty!!! LOL
Ricky has entered DayTrading Chat
Scott-ST Moderator: wb Ricky
JQ Catwoman?
Cale OMG, JQ how do you think of these
Jen sorry, not paying attention
Cale so thats Lovin' Spoonful huh
JQ LOL
JQ G. Scott we got the consold.
Jen you're good JQ!
JQ NUAN
macias0 has logged out
Jen trading tight to the market which will be hitting previous days resistance shortly above today's high
Scott-ST Moderator: Shorting the Q's at 46.61
tc has logged out
Scott-ST Moderator: Short the Q's now
JQ filled Q. Scott
JQ stop HOD?
Scott-ST Moderator: stop is 46.88
Scott-ST Moderator: Watching for Type B Buy at new high of the day on CPHD 19.51
Scott-ST Moderator: Watching for Type B Buy at new high of the day on CPHD 19.51
Scott-ST Moderator: Watching for Type B Buy at new high of the day on CPHD 19.51
Scott-ST Moderator: If this one breaks it will move fast
Scott-ST Moderator: No Financial Advice
The information on the Trading Room is provided for information purposes only. The information is not intended to be and does not constitute financial advice or any other advice. The information on this Trading Room is general in nature and is not specific to you. You should not make any decision, financial or otherwise, based on any of the information on this site without undertaking your own due diligence. You agree that any and all use of the information, which you make, is solely at your own risk and without recourse to the Company or the content providers
Killer Um like ... what do you mean?!?!?!!?
Scott-ST Moderator: what do you mean what do i mean, Killer?
Scott-ST Moderator: this Chat room is for Learning
Scott-ST Moderator: I do not make nor recommend any Financial Advice
Killer Ah... Learning! I get it... I was just kidding :-)
Scott-ST Moderator: [img id=em-0][img id=em-5][img id=em-6][img id=em-5][img id=em-0]
marcusid I bought CPHD on the dip
JQ lol
Jen marcus, were you taking into account where the market is when you bought?
Jen barely being supported by the 50 ema on the 5 min chart
marcusid No, and it cost me! Thanks Jen. I'll be more careful next time.
marcusid I made a nice profit on Rimm today, so I got a little careless.
Jen don't you hate that! Did that yesterday (got careless)
JQ marcus do you have a daily profit goal?
Cale my profit goal during summer is ANY PROFIT
JQ lol
peterl Hey scott - you did very well last august :)
JQ true calebo you make a trade you book IT and your DONE ...Right?
Scott-ST Moderator: because the FED's left us alone
Cale I wish
marcusid a agrree CALE! I know you need to have a plan and trade the plan. If you have a daily goal. Let's say 1K, and you meet it at 10:00 am (I made mine in spaces) then what? Do you stop trading, or ride the wave up/down?
JQ LMAO!!!
Jen ARTX LOD?
Cale close your platfrom
JQ Book marcus book IT ...IT"S Summer Bro!!!!
Jen or go to demo mode and hone your skills with fake money
Scott-ST Moderator: LOL Jen
JQ Catwoman....Puuuurrrrrrfect!!!!!!!!!!!
Jen hehehehe!
Scott-ST Moderator: OPLK taking out the LOD
JQ Q. Scott target?
Jen did you hear that? The bat phone is ringing!.....
Jen has logged out
JQ .38?
BatCatWoman has entered DayTrading Chat
JQ LOL
JQ WB
BatCatWoman marcus, see that red candle with the tail on top on market 5 minute?
Scott-ST Moderator: well JQ, am looking for 45.89
BatCatWoman how do you interpret?
Scott-ST Moderator: we will take 1/2 at 46.31 and trail the rest
marcusid Batcat, what are you referring to--which stock/chart?
BatCatWoman s&p 5 minute chart with a 5, 20 and 50 ema on it
Ricky Bat-lady, would you mind my asking whether the EMA displays closing price avereage, or the price the market would have been at the same day time period going back the number of days?
marcusid I check the indices futures and indexes. However, with Trade Station it is (I spoke with tech support at length) to use 5, 20 & 50 day ema on any intra day chart.m If you do, the lines are WAY above or below the price line. Garbage. Don't ask me why. There has to be a fix. Trade Station charting is, overall, very good. I'll call another tech and see what he/she says.
Ricky uses closing price
BatCatWoman Ricky, check out investopedia.com, dictionary, for definition. Basically, means more weight is given to the latest data. So if it's a 5 ema on a 5 minute chart it's using the average of the incremental time frame that you are looking at
Scott-ST Moderator: Gang,we strongly suggest that a 5 minute candlestick chart of the SPX be kept open to give you a visual of current market conditions, overlay this chart with 5, 20 and 50 ema and slow stochastics.  You will find that this will help you with your personal daytrading, giving you the “heartbeat” of the market.
BatCatWoman marcus, you can see the candlesticks on a 5 minute chart but not the emas, correct?
Ricky Thanks.
Scott-ST Moderator: markets trading in a tight range
Scott-ST Moderator: DOW DOWN 18
Scott-ST Moderator: NAZ DOWN 1.48
Scott-ST Moderator: SPX 0
marcusid yes, you can't get accurate ems's (regular or exponential) on an intra day chart. That's a problem because it doesn't allow me to accurately apply Swing Trade stategies.
BatCatWoman I can't imagine how you daytrade at all without emas. I would strongly consider switching platforms.
BatCatWoman Cybertrader or Streetsmart Pro both by Schwab and have great charts from my perspective
BatCatWoman once I discovered emas, it made things much clearer and why I was making mistakes. Everyone else could see what I couldn't
Cale for the best charting you should consider spending the money each month and get Ensign
marcusid agreed, but I like TS I also have an IB account, but their charting is not acceptalbe. My CPHD position is not in the green.
Cale you can get the data feed from eSignal or IB
Cale CPHD is moving back up though marcus
marcusid Oops. I meant CPHD is in the green, barely (but was down 1.3 % (just missed a 1.5 stop)
BatCatWoman can you at least see that the 5 min chart of the market appears to be trading in a channel with a downward slope?
Ricky BatCatWoman, how did you discover using the charts?
BatCatWoman also helpful for trading is IQCharts website (free) stock charts 101 section, identifies typical setups
BatCatWoman reading, professional trader training, experience
Scott-ST Moderator: [img id=em-9]
Ricky Any reading or training you may recommend? I don't use charts at all.
Cale Jen, do you use a MACD
BatCatWoman Steve Nisson Candlestick chart book, Toni Turner Beginner's Guide To Trading Online
JQ bouncing on the 5 broQ!!
Cale I heart Toni Turner
BatCatWoman I don't Cale. I've tried it and haven't found it all that consistent for me
BatCatWoman Ricky, How the heck do you trade without charts?
Ricky If i had to use my own brain to make trades i would n't have to pay Scott/Ken
BatCatWoman Go to tradingacademy.com, I went to their week long training, costly but it filled in all the gaps
JQ Rickey pull up the S&P chart as recommended
JQ and the QQQQ
JQ start watching THEM...Heartbeat of the MARKET BRO!!!!!
BatCatWoman but Scott/Ken would tell you, they are alerting you to setups, it's up to you to assess the chart, level II, the market to determine entry, exit, and whether to enter at all.
Cale OMG Now what do I do???
Cale My Paint is dry!!!!
Ricky I do, JQ. I have it up, with the 5,20 and 50 EMA.
Ricky With IB.
JQ Calebo you have to continue to set their until it starts to crack!!!
Cale oh
BatCatWoman so were you just playing with me Ricky?
Scott-ST Moderator: CANCEL ALL TYPE B ALERTS UNTIL AFTER LUNCH
Scott-ST Moderator: I will start scanning for type C's here in a few
Scott-ST Moderator: Markets pushing Green agan
JQ Ricky pulled us in hook line and sinker!!!
Ricky Not at all. I just don't use the charts to trade, but i should and should know how to use them to trade.
Ricky has logged out
Scott-ST Moderator: Ricky, would you like to Join in a training session to review the basic charting system we use?
Ricky has entered DayTrading Chat
Scott-ST Moderator: oh nm, he is gone
Scott-ST Moderator: oh he is back
JQ Then Caebo after it cracks you set their some moreand watch it peel....I hope that help's Brobo!!!
Ricky Yes.
JQ Wb
BatCatWoman Scott, I think a training session would be a great idea. I wish I'd had something like that early on in my trading. Would have samed me much money
BatCatWoman saved that is
Ricky It might keep some of us in the game longer.
Scott-ST Moderator: I will get something ready for tomorrow at lunch
JQ Q. Scott will you order the largest RED candle I have ever seen
Scott-ST Moderator: *** FREE TRAINING SESSION TOMORROW DURING LUNCH ***
Scott-ST Moderator: on the Q's JQ?
JQ yapper!!
Ricky Crap. I can't be here tomorrow at lunch. Any possibilty for Thursday?
marcusid Scott: can you state start/stop time; and will it be with audio/visual or just through this transcript?
Scott-ST Moderator: i need to test out the system but I will try to setup the session so you can hear my handsome voice and see my charts
Ricky Would you cosider Friday, since it's likely the slowest day?
Scott-ST Moderator: I can't do this Friday
Scott-ST Moderator: I will do tomorrow at 11:30 and maybe next Tue or Wed at the same time
peterl sounds good - I'll catch you all then.. time for a beer and shut down the platform...
peterl has left the room
JQ G. Scott are you doing it thru Hottcom?
Scott-ST Moderator: nope
Scott-ST Moderator: it will be a web based system, FREE
Ricky Can you record it?
JQ ok
Scott-ST Moderator: not sure Ricky, not going to be around?
Ricky No. I can't tomorrow at that time.
JQ No I will be hitting the little ball on the big ball
Scott-ST Moderator: oh
kami has logged out
Scott-ST Moderator: okay Gang no TYPE C's
Scott-ST Moderator: I am going to step away for 30 min
Scott-ST Moderator: I will be back and have some details on the trading room for tomorrow
Ricky has logged out
Scott-ST Moderator: DOW DOWN 26
Scott-ST Moderator: NAZ DWON 1.08
Scott-ST Moderator: SPX DOWN 1.15
bigb has entered DayTrading Chat
kami has entered DayTrading Chat
DaveL has logged out
DaveL has entered DayTrading Chat
Jim has logged out
DaveL has logged out
BatCatWoman has logged out
Amlo has logged out
Amlo has entered DayTrading Chat
nick has logged out
nick has entered DayTrading Chat
bigb anyone trading?
Scott-ST Moderator: HEY Big
bigb hey scott
Scott-ST Moderator: looks as though we got stopped out on our Q's
bigb man this market has made me one busy camper
Scott-ST Moderator: maken Money?
Killer I'm long SPY puts. Added a few, but no intraday trades
bigb ya making some good money
bigb i got lucky a second ago on that quick selloff
Scott-ST Moderator: nice
bigb i shorted and some guy on the floor yelled out the shuttle was down and some traders thought something bad happened and sold off
Scott-ST Moderator: got up to R1
Scott-ST Moderator: OMG really?
bigb ya can you believe that!
Scott-ST Moderator: you heard that on the sqwack box?
bigb picked up 4 points on that
Scott-ST Moderator: sweet
Killer Are you serious? yep - shorting rallies works for me... until it doesn't :-)
Scott-ST Moderator: I think they will test R1 again and take out the HOD
bigb yeah on the box and called a friend who works over there and he said the same thing
bigb couldnt believe it
Scott-ST Moderator: WOW
Scott-ST Moderator: DOW UP 8
Scott-ST Moderator: NAZ UP 12.84
Scott-ST Moderator: SPX UP 3.66
bigb ya have to be very selective if your shrting a rally killer
bigb especially right after it made a new high
Scott-ST Moderator: okay Gang we are rolling out of lunch
Scott-ST Moderator: RIMM made some new Highs during lunch
JQ NUAN too
Scott-ST Moderator: ITRN rocked it
JQ caught 1% NUAN
Killer Yes I am... kinda scary sometimes, but gotta trust my decisions
Scott-ST Moderator: nice JQ
JQ ty
Scott-ST Moderator: Watching for Type B Buy at new high of the day on NUAN 19.68
Scott-ST Moderator: Watching for Type B Buy at new high of the day on NUAN 19.68
Scott-ST Moderator: Watching for Type B Buy at new high of the day on NUAN 19.68
JQ covered the Q loss my brother!!!
Scott-ST Moderator: Very nice
JQ we got caught in the Dodd factor!!!
JQ He started that new's conf. it was ALL over!!
Tony has logged out
Scott-ST Moderator: Watching for Type B Short at new low of the day on OPLK 12.99
Scott-ST Moderator: Watching for Type B Short at new low of the day on OPLK 12.99
Scott-ST Moderator: Watching for Type B Short at new low of the day on OPLK 12.99
tony has entered DayTrading Chat
Killer Looks like just a slight over-reaction to Dodd factor... surprising
Scott-ST Moderator: what was the out come from the Dodd?
Killer The usual - nothing... "Save American homeowners"... crap like that
JQ Said Uncle Ben was unhappy with the banks not going to the discount window
Amlo has logged out
Amlo has entered DayTrading Chat
Jen has entered DayTrading Chat
JQ Will try and save the sudprime homeowners
Scott-ST Moderator: that's just too funny, no one want's to go to the discount windwo
Scott-ST Moderator: the reates still are too high
JQ Said It wasn't the homeowners fault it was the basturd lenders
JQ LOL
Killer I'd go if I could... then write a bunch of subprime mortgages at 10.15% :-)
Scott-ST Moderator: lol
Killer Make it half of prime, then MAYBE banks start taking the money
JQ I know one thing everytime I go Short on anything here come's the PPT to take me OUT
Killer I think that generally any over-extended rally can be shorted since the buying is either short covering or rumor based buying (usually both).
Scott-ST Moderator: lol JQ
bigb shorting a short covering can be one of the most dangerous positions
bigb they are panicking and dont care where the tape is at
bigb especially a short covering in the afternoon
Killer True, but picking the spots and with tight stops, a profitabe one. Where's the profit with no risk?
bigb they can often go into the close
JQ Short covering rally I'm doing a Ethel!!
bigb it also depends on what kind of short rally you are referring to..... there can be small ones when a resistance point is taken out which can be profitable but.......
bigb then there are the ones like we had i believe last week where the trend is all down and taking out lows and then at the end of the day the market reverses and takes out the hod.....you do not want to short that, instead go long with the break
bigb i made a bundle on that trade last week
marcusid Scott: could you explain something concerning ST's strategy on Type B's. I undertand entering at HOD or LOD. However, don't you consider overbought/sold conditoins as a factor. Take OPLK for example (and ITRN yesterday) The stock is already down 15% on the day. Sure it could go lower. But doesen't entering the stock in such an oversold condition make it unnattractive as a type B because it seems that, because of the extreme oversold condition, it is less likely to go down than up--thus making it a pass as a type B. Anbody's opinions would be apprciated
Scott-ST Moderator: Yes, we do use the Stochastics
Killer That's the thing - watching overall market indicators you can reasonably understand what is happening. Last thursday's was panic and reversal, which provides two options - do nothing or get long with everyone
bigb exactly killer
Scott-ST Moderator: marcus, if you look at the daily stochastics there is still room to go down on OPLK
marcusid Stochastics, IMHO, is not relevant if the stock is trading in a range (as it is now).
Killer VIX was at 37+ which is an insane reading
Scott-ST Moderator: as for the 5 min chart the stock is oversold but has room to move lower
bigb many newbies do not see that though and have their accounts blow up on them
Scott-ST Moderator: also with a lower priced stock you can see that move around very vast
Scott-ST Moderator: fast
bigb thats when we make all the money killer
marcusid agreed, but since it is already down 14.58 percent intra day, it just seems trying to get another 1 has more risk than reward.
Killer That's right. i didn't catch the absolute bottom thursday, can caught some...
Scott-ST Moderator: the reward is worth the risk in this case, but thats our strategy
Scott-ST Moderator: do what makes your trading feel comfortable for you
marcusid I will and do. I'm just exchanging ideas and asking for yours.
Scott-ST Moderator: OPLK is getting close
Scott-ST Moderator: OPLK as some good support here at the 13.03 - 13.07 area
Scott-ST Moderator: so IF it gets below the whole number 13.00 it will need to find new support which is 11.65
bigb perfect panic trade
Scott-ST Moderator: I need to set away for about 10 min. keep your eyes on the 2 open alerts
Scott-ST Moderator: brb
Amlo has logged out
JQ brh
kami has logged out
Jp has logged out
Scott-ST Moderator: JP had enough
Killer had too much fun watching OPLK :-)
Scott-ST Moderator: [img id=em-10]
JQ :)
Scott-ST Moderator: [img id=em-5]
Scott-ST Moderator: these markets are just cracking me up
Scott-ST Moderator: such a tight range
Scott-ST Moderator: DOW DOWN 7
Scott-ST Moderator: NAZ UP 13.57
Scott-ST Moderator: SPX UP 3.15
Killer I know... one day tredning, the other crazy volatility, then today's afternoon - nothing!
Scott-ST Moderator: we will see some action at the last hour of trading
Killer If recent history repeats itself
Killer or at 2:30 :-)
Killer why my smilies are disabled?
JQ :)
Jen leave the dash out you used for the nose
Scott-ST Moderator: not sure killer
JQ Cat woman to the rescue!!!
Jen na, na, na, na, na, na, na,na,na,na,na,na,na,na,na,na.....batgirl!
Scott-ST Moderator: [img id=em-0]
Scott-ST Moderator: Markets working their way down now
Scott-ST Moderator: DOW DOWN 50
Scott-ST Moderator: NAZ UP 5.18
Scott-ST Moderator: SPX DOWN 2.78
JQ http://www.youtube.com/watch?v=dwnqqj5Q1BU
Scott-ST Moderator: NA NA NA, na na na, Good bye
JQ LOL
Cale leave it to JQ
JQ Wb Calebo!!
Jen nice. I was thinking more the batman theme
Killer Fundamentals are sound!
Cale ty ty ty
Cale what ya working JQ?
Cale I have not traded at all today
Cale not even the futures
Cale i missed all the moves
JQ Calebo there's not a damn thing OUT there!!
Cale i cant see anything at all
Drew gotta run...count me in for lunch time training tomorrow.
Scott-ST Moderator: okay Drew
Scott-ST Moderator: take care
Cale what Training
Cale ?
Drew has left the room
Jen I don't think you were supposed to know about it Cale
Cale oh man, see you you all are
Cale you just leave me out of everthing
Cale find a song for that JQ
Killer Scott - are there any way to actually directly own VIX? Is there an ETF?
Killer Or anyone else please?
Scott-ST Moderator: not sure I understand the Question
Scott-ST Moderator: oh direclty own
Scott-ST Moderator: Not that I know of
Killer right - not thru straddle or other nuetral position
JQ http://www.youtube.com/watch?v=yEfSnjL0pd8
Cale NICE
Cale feeling the love
Cale wow that was 1987
Jen hehehehe!
JQ LOL
Scott-ST Moderator: Well just under an hour left
Scott-ST Moderator: any Questions?
Scott-ST Moderator: Markets still on its tight trading range
JQ http://www.youtube.com/watch?v=3J8q4cBSkTQ
JQ here a good one calebo
Jen another good one JQ
JQ ty
Cale http://www.youtube.com/watch?v=hK_-Ovmg-vA
Killer yeah i have a question - how do u listen to 3 songs at the same time?
JQ Calebo LMAO
Killer http://www.youtube.com/watch?v=ALn0GBkM_5c
JQ LMFAO
Jen HOLY COW JQ! By far your best work yet! Too funny the other guys just keep talking on the phone!
Cale that was funny
Scott-ST Moderator: CANCEL ALL ALERTS FOR TODAY
Scott-ST Moderator: anyone around?
Killer yeah still here
JQ laters
JQ has logged out
Scott-ST Moderator: might want to see if you can test the traing room for me
Killer sure
marcusid Scott: what time is class tomorrow?
bigb dow trying to finish positive
Scott-ST Moderator: if all goes well I will try for 11:30
Scott-ST Moderator: it wants GREEN huh
Cale Big how was your trading today
Cale I didnt get in at all
bigb looks like it faked out the shorts near the pivot
bigb oh did alright...i think i made about 500
bigb not much to trade this afternoon
bigb dow is positive now
bigb that was my first trade in awhile
tony has left the room
Jen let's see, that's 4 green bars on the daily s&p and the last two have been very small differences between where they opened and closed. Usually 4 colored bars in one direction are followed by one in the opposing direction, lets see if that holds true for tomorrow!
Killer S&P trading very technically - hitting major converging resistance from MAs
Scott-ST Moderator: so much for the DOW Green
Killer right now hold SDS - moving stops
Scott-ST Moderator: but the NAZ and SPX get green
Killer Out of SDS for .41%
Scott-ST Moderator: lol
bigb im out.....slow day
bigb has logged out
Killer has logged out
Jen has logged out
marcusid has logged out
limey has logged out