[06:22 am] Ed : good morning traders [06:26
am] Mitch K: NFLX on a hot run last 3 days,
up again pre market
[06:27 am] Mitch K:
QCOR up sharply today too pre
market
[06:30 am] Mitch K: watching INFY
for bottom
[06:30 am] Mitch K: watching
NFLX for trades both ways today
[06:31 am]
Mitch K: watching QLIK for top
[06:31 am]
Mitch K: watchign NAV for top
[06:31 am]
Mitch K: watchiong KMX for top to
short
[06:31 am] Mitch K: watching HOG for
top to short
[06:31 am] Mitch K: watching
CELG for bottom
[06:31 am] Mitch K:
watching AAPL for bottom
[06:32 am] Mitch
K: watching ASH for bottom
[06:32 am]
Mitch K: monitoring CRM
[06:32 am] Mitch
K: watching VRTX for short
[06:32 am]
Mitch K: watching SFUN for bottom to
buy
[06:33 am] Mitch K: monitoring
EBAY
[06:33 am] Mitch K: looking for CMG
to trend up today
[06:34 am] Mitch K:
watching CRUS for bottom
[06:34 am] Mitch
K: watching AGNC for bottom
[06:34 am]
Mitch K: watching DDD for bottom to
buy
[06:34 am] Mitch K: watching MPC for
top to short
[06:35 am] Mitch K: watching
CAT for bottom
[06:36 am] Mitch K:
watching HOG to cover short and for
bounce
[06:37 am] Mitch K: watchign ACTG
for bottom
[06:38 am] Mitch K: watching
CLF for top to short
[06:38 am] Mitch K:
watching NTSP for top to short, missed
bottom
[06:38 am] Mitch K: monitoring SHW
drop
[06:39 am] Mitch K: watching
healthcare stocks for top to short:
UNH, HUM, AET, WLP, CI
[06:40 am] Mitch K:
watching AN for top to short
[06:40 am]
Mitch K: watching PRGS for bottom, trades
both way today long and short
[06:40 am]
Mitch K: watching MMR for bottom
[06:40
am] Mitch K: watching SFY for bottom to
buy
[06:41 am] Mitch K: watching EMN for
bottom to buy
[06:44 am] Mitch K: watching
FFIV for top to short
[06:44 am] Mitch K:
consider selling CRM if long
[06:45 am]
Mitch K: watching RVBD for top
[06:45 am]
Mitch K: watching PCG for top to short, maybe
a 1% potential profit, not huge
[06:46 am]
Mitch K: monitoring CCI
[06:47 am] Mitch
K: consider selling NFLX if long or
reduce
[06:47 am] Mitch K: monitor HOG for
2nd helping short
[06:47 am] Mitch K:
consider selling HOG if long
[06:48 am]
Mitch K: watching WHR for top to
short
[06:48 am] Mitch K: consider
reducing INFY
[06:48 am] Mitch K: consider
covering VRTX if short
[06:50 am] Mitch K:
watching SPLK for top to short, sell soon if
long
[06:51 am] Mitch K: watching VHC for
bottom
[06:56 am] Ed : KMX turned over
nicely
[06:59 am] Mitch K: GDOT rebounding
after 25% drop today
[07:00 am] Mitch K:
consider selling CRUS
[07:00 am] Mitch K:
consider selling CMG
[07:03 am] Mitch K:
more downside on KMX short
[07:04 am]
Mitch K: consider selling CCI if
long
[07:04 am] Mitch K: AKAM turning
over
[07:07 am] Mitch K: watchign HOG for
2nd helping short soon
[07:11 am] Ed : SPY
trading in tight range
[07:12 am] Mitch K:
consider covering UNH
[07:12 am] Mitch K:
real quiet in futures and forex too
[07:13
am] Mitch K: consider covering AET and CI
too
[07:13 am] Mitch K: consider covering
HUM short
[07:14 am] Mitch K: consider
covering KMX short
[07:15 am] Mitch K:
micro trade on PCG
[07:15 am] Mitch K: 2nd
helping short on PCG
[07:15 am] Mitch K:
low vol dumper CLMT, watching but real low
vol
[07:21 am] Mitch K: no hurry,
monitoring PETM
[07:28 am] Mitch K:
watching ACOR for bottom to buy
[07:34 am]
Mitch K: more downside on MPC
[07:35 am]
Mitch K: more downside on MPC, WHR, FFIV,
HOG, and probably QLIK
[07:37 am] Mitch K:
if you wanted a swing trade, QCOR is a good
one, looking for $26-28 in 2-3
weeks
[07:38 am] Mitch K: NFLX starting to
turn into a bullshort on daily
chart
[07:38 am] Mitch K: looking for more
downside on MPC
[07:39 am] Mitch K: gotta
love those healthcare stocks
[07:58 am]
Mitch K: soon
[07:58 am] Mitch K: watching
ACOR for 2nd long
[08:01 am] Mitch K:
watching for 2nd short on OPEN, missed
first
[08:03 am] Mitch K: watching EZPW
for bounce, slow motion
[08:22 am] Ed :
test SPY nearing lod
[08:28 am]
Mitch K: you passed test but got C
[08:35
am] Ed : another bear cup pattern on 15min
chart SRPT
[08:36 am] Ed : thats
AAPL
[08:37 am] Ed : u can look for those
same patterns on any timeframe
[08:38 am]
Ed : EZPW on 15min chart
[08:39 am] Ed :
FB on 15min chart
[08:41 am] Ed : again
this is 15min chart
[08:41 am] Ed : works
on all instruemtns this is EUR/USD. Saw
pattern setup last night
[08:41 am] Ed :
nice short when it lost 1.3000
[09:12 am]
Ed : nice bounce in SPY
[09:35 am] Mitch
K: starting to watch HPY
[10:13 am] Ed :
AAPL teasing with lows
[10:16 am] Ed :
woud like to see a push close to 50 area for
potential short on LLY
[10:17 am] Ed :
this is an advanced trade
[10:27 am] Ed :
just wil see how price/vol reacts to 50
level
[10:33 am] Ed : nice one on
LLY thx murano
[10:42 am] Ed :
test
[10:44 am] Mitch K: you passed test,
your grade is B-
[10:49 am] Ed :
test
[11:59 am] Ed : .
[12:01 pm] Ed :
getting bounce in SPY
[12:15 pm] Ed : SPY
nearing hod
[12:24 pm] Ed : getting
pullback in SPY
[12:58 pm] Ed : have a
great evening traders
[01:01 pm] Mitch K:
later guys
[01:02 pm] Mitch K: this is
natural gas, been very active lately.
forecasts of cold cold winter spiking natural
gas
[01:04 pm] Mitch K: ok see this yellow
area?
[01:05 pm] Mitch K: see all those
wicks?
[01:05 pm] Mitch K: its working
real well, got lucky actually
[01:05 pm]
Mitch K: this is the area where a No trading
zone is issued. its a strong suggestion
to not trade during this time
[01:06 pm]
Mitch K: we dont want to be trading during
that time
[01:06 pm] Mitch K: but all
those wicks, that gyration with no real big
move that lasts? see that?
[01:06
pm] Mitch K: yes, yellow area will be on
charts. trying to get it programmed for
you to have a choice to have a women’s voice
to announce the beginning of No Trading
Zone
[01:07 pm] Mitch K: like that big
move, you want to be trading, not the little
tiny stuff that is just frustrating and
exhausting
[01:07 pm] Mitch K: and then
you miss teh big moves
[01:07 pm] Mitch K:
this will eat up profits and create lots of
small losses if you try trading
that
[01:08 pm] Mitch K: know what i
mean?
[01:08 pm] Mitch K: you guuys notice
that when you trade a bunch of small stuff
that you lose sight of the big picture and
its easy to miss big moves or where you are
in a bigger move?
[01:09 pm] Mitch K:
there it is again, garbage, all
garbage
[01:10 pm] Mitch K: wont
show
[01:10 pm] Mitch K: see all that
confusing, sell, buy, sell, buy in the blue
circle?
[01:10 pm] Mitch K: ok, during
this yellow painted area . . . . trade
signals will not be shown
[01:10 pm] Mitch
K: i said i would stop tinkering and send it
out to you but i just couldnt do it, it just
wasnt good enough and i knew that the newer
traders would complain
[01:11 pm] Mitch K:
let me look around a little more with some
charts. today, in futures and forex,
was really quiet, almost dead. there
were some trades but very quiet
[01:11 pm]
Mitch K: this means will save you from many
unnecessary losses
[01:12 pm] Mitch K: If
we are not able have an on-off sound switch
on her voice NTZ, then we will prob keep it
off because it will be annoying to have 16
charts open and NTZ is being announced often,
like today
[01:12 pm] Mitch K: so this No
Trading Zone was firing off a lot
[01:13
pm] Mitch K: its easy to say in your head
“alright, i know already”
[01:14 pm] Mitch
K: if you guys want to guarantee an increase
in profits…… do what im doing now, review
charts every day
[01:15 pm] Mitch K: big
move there
[01:15 pm] Mitch K: look how
much yellow today
[01:15 pm] Mitch K: i
just loaded more backhistory to 6 days, ninja
presets to 3 days
[01:17 pm] Mitch K: if
it is too dark, it will start interfering, we
need to see through it victor.
[01:17 pm]
Mitch K: you mean the NTZ color
victor?
[01:18 pm] Mitch K: this is that
last 30-45 min qwert in CL. i was
saying big moves in CL last 30-45 min, there
they are, on schedule as usual
[01:19 pm]
Mitch K: i didnt trade much today, was
studying lots of settings, tweaking, working
with LIghtning
[01:20 pm] Mitch K: you
guys just remember that you really want to
use Lightning the right way. and be
picky, wait for good clear signals, and when
you do that, your profits go
skyrocketing.
[01:22 pm] Mitch K: you can
have let’s say, for example, 3-4 trades in an
instrument like CL which is crude oil, 2
trades in GC, which is GOld, 2-3 silver
trades, maybe 4-5 stock trades in first hour,
and your day would just be
fabulous.
[01:23 pm] Mitch K: even if you
had only 3-4 trades all day in a combination
of 1, 2 or 3 instruments (gold, silver,
natural gas, SP minis, Dow FUtures, whatever)
and it will be very successful, probably a
lot more profits per trade than what you are
doing now
[01:24 pm] Mitch K: this was oil
on Friday
[01:26 pm] Mitch K: see those
two buy signals in a row about 21 minutes
apart?
[01:26 pm] Mitch K: its corn i
think, pretty sure
[01:26 pm] Mitch K: ok
see this here
[01:27 pm] Mitch K: means a
new surge of buying is occuring
actually
[01:27 pm] Mitch K: just means to
keep holding
[01:27 pm] Mitch K: we are
going to show consecutive signals, which is
fine
[01:28 pm] Mitch K: i got to go now,
later
[01:28 pm] Mitch K: ive lost track
of corn.
[01:28 pm] Mitch K: started
moving in JUne on the drought news
[01:28
pm] Mitch K: daily chart on CORN
| [06:04 am] mikewd2 -: good morning
traders
[06:04 am] qwert : Good
morning everyone
[06:10 am] joeytsa
: Good morning Mitch, traders
[06:11 am]
khall : good morning all
[06:11 am]
eyes : Gm Everyone
[06:12 am]
mikewd2 -: you ready to make some money today
eyes?
[06:13 am] eyes : You nkow
it
[06:13 am] mikewd2 -: oil 89
bucks
[06:13 am] mikewd2 -: HPQ down to
14.50
[06:14 am] joeytsa : glad i
dont have any
[06:14 am] mikewd2 -: me
too
[06:14 am] eyes : Does Chingo
still have it
[06:14 am] joeytsa :
not sure
[06:14 am] mikewd2 -: i hope not,
but not sure
[06:14 am] doji : Good
morning L&G
[06:15 am] mikewd2 -:
Ed, recommended him consider going short on
equal number of shares. would have worked out
for him.
[06:15 am] joeytsa : gap
up: NFLX,SRPT
[06:16 am] mikewd2 -: QCOR
up nicely
[06:16 am] joeytsa : gap
down:AAPL,GDOT
[06:17 am] qwert :
mdrx nice gap up
[06:18 am] joeytsa
: yeah MDRX and TPCG
[06:18 am]
joeytsa : MDRX possibly
buyout?
[06:18 am] joeytsa : same
with TPCG
[06:18 am] mikewd2 -: SRPT up
premarket, 1.3
[06:20 am] joeytsa :
Earnings seaon kicks off tomorrow with AA and
YUM
[06:21 am] doji : QCOR up above
20
[06:21 am] lisas : gm
all
[06:21 am] taco : good
morning
[06:22 am] qwert : gm
ed
[06:22 am] mikewd2 -: yeah doji, i
considered it at 20 premarket but did not
take it.
[06:23 am] doji : It was on
Mitch DSR…
[06:23 am] doji : but I
closed in on Friday…. didn’t like the
sudden selloff although it recooursvered in
the last h
[06:26 am] mikewd2 -: watching
YOKU for breakout above 20
[06:27 am]
elisha : GM Mitch, Ed and
everyone
[06:27 am] ticktrader :
Good Morning Mitch, Ed
[06:27 am]
ticktrader : Good Morning
Elisha
[06:27 am] elisha : good
Morning Ticktrader
[06:28 am] doji :
APPL holding 644 for now….
[06:29 am]
skydiver : gm all
[06:35 am]
doji : QCOR heading to 20
[06:38 am]
mikewd2 -: FSLR
[06:41 am] doji :
PAY
[06:44 am] doji : SPY moving
up
[06:46 am] skydiver : NOG is up
after a report stating NOG might be an
aquistion target
[06:48 am] mikewd2 -:
VRNG moving again
[06:48 am] doji :
CMG
[06:48 am] mikewd2 -: nice 10 pt move
on CMG, doji
[06:48 am] skydiver :
LULU KORTS
LNKD CRM
JOY — came up nice – now
monitoring for shorts if spy drops
[06:48
am] gum : Mitch, thanks for KMX, big
one
[06:48 am] skydiver : KORS
–
[06:49 am] mikewd2 -: nice KMX, missed
it
[06:50 am] skydiver : thnx for
CRM L earlier Mitch 🙂
[06:50 am]
doji : GMCR
[06:54 am] doji :
Out 1/2 CMG from 283.65
[06:55 am] mikewd2
-: watching CLF for 40
[06:55 am]
skydiver : nice one doji on
CMG
[06:56 am] doji : stopped 1/2
half CMG
[06:56 am] joeytsa : ES
trading in about a 2pt range so far
[06:57
am] elisha : goog forming
pennant?
[06:59 am] doji :
GOOG?
[06:59 am] mikewd2 -: CLF S, stop
above 40
[07:00 am] elisha :
yes
[07:01 am] doji : CLF
hummmmm
[07:01 am] mikewd2 -: been a good
short at 40 for a while,
[07:01 am]
mikewd2 -: re: CLF
[07:02 am] doji :
It’s riding the 10dMA
[07:02 am] mikewd2
-: KMX consoldidating for another move
up
[07:02 am] doji :
10minMA
[07:02 am] mikewd2 -: KMX L
32.15
[07:02 am] mikewd2 -: stop below
32
[07:03 am] mikewd2 -: so VIX up 5.5%,
UVXY down – go figure.
[07:04 am] mikewd2
-: no higher CLF!!!!
[07:05 am] mikewd2 -:
stopped on CLF
[07:05 am] doji :
PAY
[07:07 am] skydiver : KMX —
still dropping
[07:08 am] joeytsa :
KMX talk on cnbc, might give it a
pop?
[07:09 am] skydiver : not sure
joey — I am short in KMX at moment
–
[07:09 am] joeytsa : see if MPC
holds $59
[07:10 am] doji : NFLX
wants to break 73
[07:10 am] mikewd2 -:
WLT turning over
[07:12 am] joeytsa
: maybe a lot of traders took today
off?
[07:13 am] skydiver : coiuld be
joey
[07:13 am] joeytsa : not sure
if school is open today or not, i hear the
band practicing though
[07:13 am]
ticktrader : Is it a bank holiday?
Schools are open todya
[07:14 am] mikewd2
-: i think bank and no postal today
[07:14
am] mikewd2 -: but not 100% sure
[07:14
am] joeytsa : yeah, but maybe some
people made it a 3day weekend?
[07:14 am]
doji : Watching FB
[07:14 am]
skydiver : all out of KMX
short
[07:14 am] mikewd2 -: nice sky, i’m
still long
[07:15 am] mikewd2 -: watching
SRPT
[07:15 am] skydiver : thnx for
KMX short Mitch — you are Mike? — may
turn in your favour
[07:15 am] mikewd2 -:
stop 31.81
[07:16 am] skydiver :
gotcha mike
[07:16 am] regatta :
GNC
[07:17 am] mikewd2 -: joey must have
re-stocked, GNC! lol
[07:17 am]
skydiver : well – 3 trades and made 28
cents per share on two and 26 cents on the
other — making a fortune so far 🙂
[07:17
am] joeytsa : haha
[07:17 am]
joeytsa : one small step for
man..
[07:17 am] skydiver : good
thing Ipm trading 1,000,000 shares at a time
🙂
[07:18 am] skydiver : I
am
[07:18 am] doji : If they werer
10,000 shares position as Mike, they you hit
the jackpot
[07:18 am] skydiver :
yes — only doing 400 at a time
[07:18 am]
joeytsa : still a profit
[07:18 am]
skydiver : agreed joey
[07:19 am]
mikewd2 -: still think CLF is toppy
[07:20
am] doji : I just did one trade in
CMG… only 200 shares although
[07:20 am]
skydiver : still nice doji – profit
🙂
[07:20 am] doji :
$6/share…..
[07:21 am] mikewd2 -: nice
doji
[07:21 am] joeytsa : nice
trade
[07:21 am] doji :
Thanks…
[07:21 am] mikewd2 -: stopped
KMX
[07:22 am] skydiver : doji –
beats my price per share by a lot
🙂 nice job
[07:23 am]
doji : AAPL
[07:23 am] mikewd2 -:
qcor moving again
[07:23 am]
skydiver : ACOR
[07:23 am]
joeytsa : ACOR dropping
[07:24 am]
doji : Dang… mised the rebound in
QCOR from 20
[07:24 am] mikewd2 -:
watching YOKU for support
[07:24 am]
skydiver : ACOR – rumor = Therapeutics
moves down on Ampyra concerns
[07:27 am]
joeytsa : AAPL to test $640
[07:27
am] doji : Bye 640 for APPL
[07:28
am] joeytsa : that was a quick
move
[07:28 am] Ed : AAPL had nice
bear cup also showing up friday on 15min
cjhart
[07:28 am] Ed : one can go back and
study pattern
[07:28 am] joeytsa :
sure did Ed
[07:28 am] elisha :
thx
[07:28 am] elisha : Ed
[07:29
am] joeytsa : almost a h/s that broke
around $665
[07:29 am] joeytsa : ES
testing lod area
[07:30 am] mikewd2 -:
QCOR hod
[07:30 am] doji : Are you
in QCOR Mike?
[07:30 am] mikewd2 -: no
doji
[07:31 am] doji : I missed the
rebound at 20….
[07:31 am] joeytsa
: nice red candle there
[07:31 am]
doji : but volume was not there so I
just passed
[07:33 am] Ed : SPY nearing
lod
[07:34 am] doji : ACOR
[07:35
am] mikewd2 -: CLF hod
[07:36 am]
doji : Yeap, bullish cup
[07:37 am]
doji : NFLX
[07:40 am] Ed : getting
nice bounce in SPY
[07:43 am] Ed : SPY mew
hod
[07:43 am] doji : Any news
moving the SPY?
[07:44 am] joeytsa :
break time, see you all in a little
bit
[07:44 am] doji : APPL back
above 640
[08:09 am] mikewd2 -: watching
for another long on SRPT
[08:09 am]
mikewd2 -: SRPT new lod
[08:18 am] mikewd2
-: QCOR at 20 again
[08:20 am]
joeytsa : CLF cons just under
$41
[08:21 am] qwert : been watching
that joey
[08:22 am] qwert : cya
Ed
[08:22 am] joeytsa : ES 4pt range
all day
[08:24 am] Ed : thx
qwert
[08:24 am] qwert :
:))
[08:28 am] qwert :
haha
[08:28 am] Ed : oh well
[08:31 am]
doji : NFLX hod
[08:35 am]
doji : EZPW at 20…
[08:36 am]
joeytsa : good eye Ed, grade was just
raised to a B+ 🙂
[08:36 am] Ed :
lol
[08:42 am] jsn13 : for stocks on
1min, how many cents belwo or above do u use
for entry?
[08:42 am] jsn13 : above
or below cup break i mean…
[08:42 am]
joeytsa : probably depends on your
trade timeframe
[08:42 am] Ed : matter of
preference, just stay away from whole
numbers
[08:42 am] Ed : right
joey
[08:43 am] jsn13 : if trade on
intraday 1min chart?
[08:43 am] Ed : there
is no perfect answer
[08:43 am]
jsn13 : what is the system
then?
[08:43 am] Ed : u bck test and see
what works best for ur style of
trading
[08:44 am] Ed : see we can give
direction, basis for trading but after that,
u want it to be based on ur style not
mine
[08:44 am] jsn13 : ed, as a
reference, what do u use? 8-10 cents if
trading on 1min chart? or a certain
percentage?
[08:45 am] Ed : it varies,
sometimes will give .33 or .79
[08:45 am]
Ed : sometimes i will cheat, meaning take
entry earlier and add. But thats my
style
[08:46 am] jsn13 : u mean for
the break of 15min chart cup breaks that
is?
[08:46 am] Ed : so if I tell you to
always use .33 u will take that as gospel,
and u dont want to do that
[08:46 am]
jsn13 : yup i wont do
that….
[08:46 am] Ed : i use that on
1min
[08:47 am] jsn13 : ok
thanks…
[08:48 am] Ed : hope that makes
sense. So what u do is maybe learn from say
few traders, and see what they use as far as
entries. Then derive ur own
[08:48 am]
doji : and remeber, Ed takes one share
at a time
[08:48 am] jsn13 : ya
sure…thanks….
[08:48 am] Ed : See the
pattern is the pattern, the other is all
about working the trade when u see that
pattern
[08:48 am] Ed : i need to bump
that up doji
[08:48 am] joeytsa :
good point Ed
[08:49 am] jsn13 :
agree and understand…
[08:49 am] Ed : to
like 1.1
[08:49 am] elisha : Ed,
what ma settings do you think gives the
clearest pic of what is going on with a
stock?
[08:49 am] Ed : cant see the word
after what
[08:50 am] elisha : ma =
moving average
[08:50 am] Ed :
ok
[08:51 am] Ed : the clearest for lack
of better word really is common sense, what I
mean is its simple, we just make it
compicated
[08:51 am] elisha : feel
as if i am looking at charts through a gauzy
veil
[08:51 am] Ed : when we look at chart
we can see what overal trend is say on 15min
or daily
[08:52 am] Ed : we complicate
with all the indicators and
overthinking
[08:52 am] mikewd2 -: nice
down move in TSO today
[08:52 am] mikewd2
-: unfortunately didnt short on that
bounce
[08:52 am] Ed : so this is why its
good to know overall direction of the stock,
u get this from larger time frames
[08:53
am] Ed : like using daily or 15min is good
for this
[08:54 am] Ed : Now on to the
more complicated, in starting out, its best
to flow or trade with the overall
trend
[08:55 am] elisha : i’m
listening
[08:55 am] Ed : like we pull up
chart of AAPL we see it looks ugly, we dont
have to be rocket scientist to see its ugly
coming into today
[08:56 am] Ed : just
drew to show where trend is
[08:56 am] Ed
: where has trend been going
[08:56 am] Ed
: down down down down
[08:57 am] Ed : now
we are speaking of basics not
advanced
[08:57 am] Ed : so on basic side,
why would we want to long a downtrender as a
day trade??
[08:57 am] elisha :
short it
[08:57 am] Ed : can everyone see
that chart
[08:57 am] elisha :
yes
[08:57 am] qwert : yep
[08:57
am] jsn13 : yes
[08:57 am]
taco : ya
[08:58 am] Ed : right or
stand on sidelines
[08:58 am]
joeytsa : yep
[08:58 am] Ed : now if
stock drops say to this area
[08:58 am]
joeytsa : lots of traders try to fade
every single move
[08:58 am] Ed : this is
where you use common sense
[08:59 am] Ed :
stock has had huuge drop and stock has sold
off more so dont try to short after its lost
like aapl speaking of where i drew
line
[08:59 am] Ed : staying on
basics
[08:59 am] Ed : so u stand
aside
[09:00 am] Ed : will pull up
some 1min charts
[09:00 am] Ed : but you
see how we use the 15min to get overall
trend
[09:00 am] elisha :
yes
[09:00 am] qwert : yep
[09:00
am] shark : yes
[09:01 am] Ed : so
we got overall trend, then we pull up 1,min 2
day cahrt
[09:01 am] Ed : area to left is
friday
[09:01 am] Ed : coming into today
and premarkt this is info we have
[09:01
am] mikewd2 -: CLF finally turning over a
bit
[09:02 am] mikewd2 -: 3 nice bounces
on QCOR off 20
[09:02 am] Ed : thx
mike
[09:03 am] Ed : thats our premarkt
area drawn
[09:03 am] Ed : so looking at
chart see how that 15min or overall downtrend
translated into smaller time frame
[09:03
am] elisha : yes
[09:04 am]
taco : yes
[09:04 am] Ed : downtrend
on 15min, lets me know we want to be flexible
never anticipate, but see what chart
says
[09:04 am] Ed : chart says on 1min
cant trade above fridays close, and even in
premarket cant get much upward
thrust
[09:05 am] Ed : so the advaced
traders will look and say hey, let me short
the bounce
[09:05 am] Ed : or wait for
signal to get short from basic
standpoint
[09:06 am] Ed : dont worry
about fact that its 600+ stock, its the
pattern thats key
[09:06 am] Ed : this is
why you want to study charts, the more the
better
[09:07 am] doji : I always
keep a trendline at the previous day high and
low and close for reference. Thus is waht Ken
Calhoun call your ATR
[09:07 am] Ed : this
is NFLX
[09:07 am] doji : It traded
above the Friday’s high and moved
higher
[09:07 am] joeytsa : same
here doji
[09:08 am] Ed : this is NFLX,
drew line depicting premarket
trading
[09:08 am] joeytsa : i have
them color coded so i can tell at a glance
where price is at
[09:08 am] mikewd2 -:
also remember about 90% of the time stocks
gap, they will continue to move in that
direction.
[09:08 am] qwert : same
here joey
[09:09 am] Ed : lets see what
15min says about NFLX
[09:09 am]
elisha : ok
[09:09 am] Ed : 15min
says strong
[09:09 am] mikewd2 -: QCOR
hod
[09:09 am] Ed : been breaking
out
[09:09 am] Ed : so we want the
long
[09:09 am] Ed : but we never
anticipate
[09:10 am] Ed : thats for
another time how to play the gaps, but what
want to get over is from basic standpoint
what u want to be short and what you want to
play long
[09:11 am] Ed : we are speaking
of basic
[09:11 am] elisha : you
make it look easy, uncluttered and
logical
[09:11 am] Ed : this is whay so
many how problems with shorting an uptend, or
taking long a downtrend
[09:11 am] Ed :
cant talk
[09:11 am] Ed : this is why so
many have
[09:12 am] Ed : u want to make
sure u have down basic
understanding
[09:12 am] Ed : does that
make sense
[09:12 am] mikewd2 -: nice 6%
move in MCP today
[09:12 am] elisha
: yes
[09:12 am] taco :
yes
[09:12 am] qwert : yep
[09:13
am] eddy : what about qcor Ed can you
give us the resoning there please/
[09:13
am] Ed : the great part about the room is
that ideas are given for all types of
traders, but it does not mean evey idea is
great trade for ur style
[09:13 am] Ed :
lets look at overall pic,
[09:14 am]
mikewd2 -: QCOR testing 21
[09:14 am] Ed :
on my charts, when i pull up symbol, it shows
me dialy, 15min and the 1min itime frame i
trade on
[09:14 am] joeytsa :
another great point Ed
[09:14 am]
doji : QCOR needs to break 22.82 with
volume to confirm the U-Pattern
[09:14 am]
elisha : so you’re saying there is no
perfect indicator setting, they must be
married with knoweldge and common
sense
[09:15 am] Ed : Right we do get
hookep up on settings and indicators, and
they do work, but we want to learn how to see
what before us
[09:15 am] Ed : it has been
consolidating long time
[09:16 am] Ed :
now this chart for many begginers may not
mean much
[09:17 am] Ed : however what do
ur eyes tell you
[09:17 am] elisha :
energy being built up?
[09:17 am]
shark : nice support area getting
built
[09:17 am] Ed : it has dropped from
price of 50’s, and the line i drew, it says
after many days at bottom, sellers cant take
it lower as of yet
[09:18 am] Ed : how do
i know, bcuz price has been basing, or
consolidating
[09:18 am] Ed : so all tht
couple means we have potential long
[09:18
am] joeytsa : yep, but based on those
trendlines, i see $4 upside, $4
downside
[09:19 am] Ed : what do ur eyes
tell you on 1min 2 day cahrt
[09:19 am] Ed
: who is in control
[09:19 am]
joeytsa : bulls
[09:19 am]
ticktrader : buyer
[09:19 am] Ed :
right
[09:19 am] Ed : u can see
it
[09:19 am] jsn13 :
buyers….price stays above prior
high…
[09:20 am] elisha :
ok
[09:20 am] Ed : right, and sellers cant
take it lower as of trading we see on
charts
[09:20 am] Ed : look at
premarket
[09:20 am] joeytsa : now
based on this chart i see $4up,$1
down
[09:20 am] joeytsa : much
better r/r
[09:20 am] Ed :
exactly
[09:20 am] Ed : this is why u
never chase, let the stock come to
you
[09:21 am] doji : Sorry but I
forgot to post my second long in CMG… at
283.67
[09:21 am] Ed : it gave a chance
for entry, at lower price without having to
chase
[09:21 am] Ed : even bull
cup
[09:21 am] Ed : on smaller timeframe
if u missed early move
[09:21 am] Ed : can
u all see the bull cup
[09:21 am]
doji : Yes
[09:21 am] mikewd2 -:
yep
[09:21 am] qwert : yep
[09:22
am] shark : yes
[09:22 am] Ed : i
know u guys can
[09:22 am] elisha :
would you please point to it?
[09:22 am]
mikewd2 -: would have preferred a
consolidation handle.
[09:22 am] Ed :
imagine cup u drink out of
[09:22 am]
taco : got it
[09:22 am] mikewd2 -:
instead of a failed breakout
[09:22 am]
doji : Ken Calhoun recommends to enter
30c/35c above the cup’s left side
[09:22
am] ticktrader : trendline alos happes
to be R2
[09:22 am] elisha : thx,
but why not the first dip?
[09:22 am] Ed :
right, key is always vol
[09:23 am] Ed :
all about setting pricing such that u dont
get fals breakout
[09:23 am] Ed : great Q
eilisha
[09:24 am] Ed : it takes practice
but most importantly the basic thing we spoke
on, trade with trend, leave the advanced
trading technique to once u have gotten the
basic down
[09:25 am] Ed : does that help
at all
[09:25 am] jsn13 : How do u
have time to go through the flow of ideas in
the am?
[09:25 am] taco : yes thank
you Ed
[09:26 am] jsn13 : do u
repeat this process every time u see an idea
posted?
[09:26 am] Ed : practice and work
on getting faster
[09:26 am] Ed : and
after you have done it many times come 2nd
nature
[09:26 am] elisha : I think i
missed why not enter on the first
dip.
[09:27 am] jsn13 : ok
cool…
[09:27 am] Ed : can u give me time
elish
[09:27 am] elisha : certainly,
sorry
[09:29 am] Ed : also once u study
the charts, it does not matter what type,
color, or ma’s you have you will be able to
see the setups
[09:29 am] Ed : or
indicators
[09:29 am] Ed : u get a time
for us elisha
[09:30 am] elisha :
pardon?
[09:31 am] eddy : wat time
of the day the first dip u r asking about
elisha?
[09:32 am] elisha : oh – on
Ed’s chart looks to be 9:30
[09:32 am] Ed
: is that the time ur speaking of
[09:33
am] Ed : actually that would be nice lower
risk getting as close to fridays close area
as possible
[09:33 am] elisha : yes,
9:30 ish – where the first dip(duplike
forms)
[09:33 am] elisha :
dup=cup
[09:34 am] Ed : that time is not
what i call cup, has to be complet
[09:34
am] Ed : has to form full cup
[09:34 am]
elisha : oh, ok
[09:35 am] Ed : some
cups are shallow, and some are really
deep
[09:35 am] Ed : just to show
different chart look of sam thing
[09:36
am] Ed : this is advanced trade
idea
[09:37 am] Ed : can u newer folks
tell me why this is advanced?
[09:38 am]
jsn13 : weak on daily?
[09:38 am]
taco : its on downtrend
[09:38 am]
Ed : great job
[09:38 am] mikewd2 -: good
observation guys
[09:38 am] Ed : going
contrary to trend
[09:39 am] eyes :
but support at 27
[09:39 am] doji :
acceleration in price and volume…
indicators don’t work on those quick
movers
[09:39 am] mikewd2 -: actually
daily support is uptrend jason
[09:39 am]
doji : Only volume and price
action
[09:40 am] Ed : about support,
potential cuz support is support until its
not
[09:40 am] eyes : yup
[09:40
am] jsn13 : what do u mean
mike?
[09:40 am] Ed : mike is upside
down
[09:40 am] joeytsa :
hah
[09:40 am] Ed : lol
[09:40 am]
elisha : I’ve read you saying that
before
[09:41 am] mikewd2 -: my daily
looks like uptrend on HPY
[09:41 am]
jsn13 : on daily chart, short term
wise, it’s on strong downtrend…
[09:42
am] mikewd2 -: dipping to previous
support
[09:42 am] joeytsa :
actually daily getting ready to make a cup @
$27
[09:42 am] Ed : what that means
ellisha is that price, can pierce on through
what are percieved as potential ares of
support until sellers are exhausted
[09:42
am] jsn13 : yup i see that…
[09:42
am] joeytsa : i call the daily chart ”
chaos”
[09:42 am] jsn13 : ed, did u
pass HPY as it is on strong downtrend and
it’s lunch time now?
[09:43 am] Ed :
right, just the way i treat my day around
this time
[09:43 am] shark : lol,
joey
[09:43 am] jsn13 : ok
thanks….
[09:43 am] shark : put on
wall next to Mona Lisa
[09:43 am] mikewd2
-: CLF finally turning nicely
[09:43 am]
jsn13 : if it free falls to 27
potential support, would u be
interested?
[09:44 am] elisha : so
you’re really saying anything can happen in
the market at any time no matter s/r or
anything
[09:44 am] Ed : nope
[09:44
am] jsn13 : why?
[09:44 am] Ed :
right, as savy trader we are looking
for clues
[09:44 am] Ed : clues that could
setup for us having an edge to take the
trade
[09:45 am] elisha : this is
why i am looking through a veil, not enough
experience yet
[09:46 am] Ed : i dont have
to take every trade, and this is time i like
to sit, unless i get an extreme
mover
[09:47 am] Ed : just bcuz i dont
take trade does not mean its not a good
one
[09:48 am] jsn13 : understand
ed….good lesson….thank u so
much….
[09:49 am] elisha : Ed,
Thank you for the lesson – you need to take a
bow
[09:49 am] shark :
ditto
[09:49 am] joeytsa : very
good
[09:49 am] taco : thanks
Ed
[09:49 am] ticktrader : Thank you
Ed
[09:49 am] elisha : and thanks
for other helpful comments from
traders
[09:49 am] Ed : no problem, that
what we are all here for
[09:49 am]
jsn13 : it’s best to learn from u in
real time…looking at ideas and go through
the thought process that u
practise…
[09:50 am] jsn13 : it
will be even nice if we can follow u 1 trade
per day where u can go from setups, entries
to exits using the audio
function….
[09:50 am] shark : nice
bounce HPY -saw it too late
[09:51 am]
jsn13 : just 1 trade per day….either
u or mitch if that is possible…
[09:52
am] Ed : i know for me would have to practice
that somehow, anything that take u away from
ur normal routine can be a
distraction
[09:52 am] jsn13 : nvm
if it is not possible….thanks
anyway….
[09:53 am] mikewd2 -: SRPT at
support pivot?
[09:53 am] jsn13 :
just a suggestion…
[09:54 am] Ed : its
like an athelte, say quarterback, u tell him
to get mic tell us play by play. Only example
i could think of, im sure it would take some
getting use too. Not making an excuse just
being honest with you from my point of view
and type of personality I have
[09:54 am]
jsn13 : the reason behind that is when
we go through real time examples, we can ask
specific questions or u can explain some of
ur unconcious thoughts…
[09:55 am]
jsn13 : cos every trade looks easy
after the fact…but when we can only see the
left side of the trades, we tend to
overthink….
[09:55 am] Ed : see its
almost like u get into a zone, when ur at
peak
[09:56 am] Ed : peak performance so
for me, that would mean u get some dead
silence
[09:56 am] victor51 : Ed,
what stock you were discussing for reversed
cup handle?
[09:57 am] Ed :
AAPL FB HPY
EZPW
[09:57 am] Ed : any others
[09:57
am] jsn13 : ok understand….just a
suggestion….thank u alot for ur time and
effort….
[09:59 am] Ed : that the thing
though jsn, if u study the charts quite a
bit, u will learn what the right side of
chart will look like based on left side. Not
from biased standpoint but using prev. day
and premarket as ur guide
[10:00 am]
jsn13 : ok very good
suggestion….thank u alot….
[10:00 am]
Ed : a stock will either trade within those
ranges or outside
[10:00 am] Ed : so as
trader u decide if u want to be pivot trader,
playing within ranges or breakout/breakdown
trader, playing outside of those
ranges
[10:01 am] Ed : some traders are
both
[10:01 am] Ed : or utilize
both
[10:01 am] joeytsa : bottom
line is that it gives you a strategy to focus
on
[10:01 am] joeytsa : which most
traders have a hard time finding
[10:01
am] jsn13 : i wanna be
both….
[10:02 am] Ed : most important
which cant stress enough is understanding
from daily or 15min where u are in reference
to it.
[10:02 am] Ed : where u are meaning
is stock uptrend or downtrend
[10:02 am]
joeytsa : esp if you want to swing
trade
[10:03 am] elisha : i’m
writing thid down Ed
[10:03 am]
elisha : thid=this
[10:04 am]
qwert : monitoring VVUS
[10:04 am]
Ed : good idea elisha
[10:05 am]
joeytsa : im finding trading very
boring today
[10:06 am] mikewd2 -: me too
joey
[10:06 am] Ed : why u think im jaw
boning so much
[10:06 am] joeytsa :
at least its not me
[10:06 am]
elisha : that’s probably because you
know too much
[10:06 am] joeytsa :
wouldnt say that
[10:06 am] Ed : i have
long way to go
[10:06 am] joeytsa :
Ed’s lesson has been the biggest profit i had
today 🙂
[10:06 am] Ed : lo
[10:07 am]
Ed : lol
[10:07 am] Ed : always bet on
blue
[10:07 am] qwert :
hahahaha
[10:07 am] elisha : Ed, if
you say you have long way to go it spells
despair for us newbies
[10:07 am] Ed : i
have also come a long way
[10:08 am] Ed :
it just means that my learning will contniue
as long as i have yearning to imporve on my
skills
[10:09 am] Ed : make sense
elisha
[10:09 am] joeytsa : traders
always have to stay on their toes
[10:10
am] elisha : It is this desire to
understand what the charts are
saying
[10:10 am] Ed : and u will learn
it
[10:11 am] elisha : It is just
like learning a second language, isn’t
it?
[10:12 am] Ed : sure it depends on
person, but continue to study the chart
patterns, read and study technical analysis
by john murphy
[10:12 am] Ed : he is great
start
[10:13 am] taco : whats a good
book after that one?
[10:13 am]
joeytsa : best trading book ever
written…you own trading journal
🙂
[10:13 am] doji : If APPL drops
near 620, that will be a nice target to go
long swing
[10:13 am] elisha : for
instance – books about cups and
pivots
[10:13 am] doji : I’ll go
however with options
[10:14 am] doji
: Sharky, I’ll send you an e-mail later
buddy
[10:14 am] shark :
ok
[10:14 am] shark : ;)_
[10:14
am] mikewd2 -: CLF S working out
[10:14
am] Ed : trading in the zone by mark
douglas
[10:15 am] taco :
thx
[10:15 am] murano :
LLY
[10:15 am] Ed : thats very key book
dealing with discipline, overcoming mental
challenges dooming our trading
[10:17 am]
mikewd2 -: positive news on LILY
[10:18
am] Ed : even better
[10:21 am] Ed : u
take it long mike
[10:21 am] mikewd2 -: no
considered but didn’t
[10:22 am]
ticktrader : I agree with Joey’s
comments. Your trading journal is a great
teacher.
[10:22 am] Ed : every trader
should have one
[10:23 am] joeytsa :
out LLY
[10:23 am] joeytsa : quick
one, time for lunch
[10:25 am] mikewd2 -:
nice joey
[10:25 am] shark : sweet,
joey
[10:26 am] jsn13 : where did u
get it long for LLY joey?
[10:27 am]
victor51 : Nice Joey
[10:27 am]
eyes : thoughts on lly
[10:27 am]
shark : still holding 10min
ma
[10:28 am] shark : R3 49.68 –
LLY
[10:28 am] eyes :
thanks
[10:28 am] mikewd2 -: looking to
short soon
[10:32 am] shark : break
of 10min ma was good entry for
short
[10:33 am] mikewd2 -: big spreads on
the puts ask/bid on lly
[10:33 am]
shark : @1:31pm ET
[10:33 am]
shark : I have .01 to .03 spread,
mike
[10:34 am] shark : good eye,
Murano! 🙂
[10:34 am] mikewd2 -: on the 50
put i have 15 cents
[10:35 am] shark
: so you can offer .05 into that
spread
[10:35 am] mikewd2 -:
right
[10:35 am] mikewd2 -: i’m in put at
1.00
[10:35 am] shark : which
strike?
[10:35 am] mikewd2 -: oct 20th,
50
[10:36 am] mikewd2 -: TSO
[10:37 am]
shark : liquidity low on these, I
agree
[10:38 am] mikewd2 -: come to papa
CLF
[10:38 am] shark : CLF testing
vwap
[10:39 am] mikewd2 -: about to close
short on CLF
[10:39 am] eyes :
TSO
[10:39 am] shark : there you go,
mike 🙂
[10:39 am] shark : breaking
VWAP – CLF
[10:41 am] mikewd2 -: out half
CLF S +0.90
[10:41 am] shark :
🙂
[10:42 am] shark : c u
Ed
[10:42 am] Ed : charts not working in
room but they are on my system
[10:43 am]
shark : wow, yeah…
[10:44 am]
mikewd2 -: looking to add to LLY
short
[10:45 am] shark : pocket
pivot, bullish engulfing candle –
LLY
[10:46 am] doji :
?????
[10:47 am] shark : on the
daily, LLY
[10:48 am] shark : she’s
alive…
[10:48 am] eyes : how would
you handle LLY here
[10:49 am] shark
: I’m done LLY
[10:49 am] Ed : having
issue with room on my end, tryn to
fix
[10:49 am] mikewd2 -: short
it
[10:49 am] shark : extended too
much for me on a long
[10:50 am] mikewd2
-: i added to my short, tight stop on 2nd
entry
[10:50 am] shark : short
possibly smaller this time
[10:50 am]
elisha : see you Ed
[10:50 am]
doji : I am staying aside….
[10:50
am] shark : 🙂
[10:50 am] doji
: It could break 50…..
[10:50 am]
mikewd2 -: it could
[10:50 am] Ed : thx
elisha
[10:50 am] eyes : whats yiur
stop mike
[10:51 am] mikewd2 -: 49.83 on
2nd, 50.07 on first entry
[10:51 am]
elisha : next time Ed type “pop
quiz”
[10:51 am] Ed : too funny, i like
it
[10:53 am] mikewd2 -: still holding
half CLF S
[10:54 am] Ed : was nice call
on VVUS qwert
[10:54 am] mikewd2 -: ESRX
going to distribute VVUS drugs
[10:55 am]
qwert : thx
[10:58 am] mikewd2 -:
moving stop on CLF to VWAP
[10:58 am]
eyes : see you all manana
[10:58 am]
shark : bye eyes
[10:59 am]
elisha : bye eyes
[10:59 am] mikewd2
-: bye eyes
[10:59 am] Ed : cy
aeyes
[10:59 am] taco : bye
eyes
[10:59 am] mikewd2 -: QCOM
weak
[11:00 am] mikewd2 -: another
downgrade
[11:04 am] mikewd2 -: out all
CLF S +0.74 on 2nd half
[11:05 am]
taco : nice mike
[11:05 am]
gum : Rusty…..where are
you????
[11:05 am] mikewd2 -: he got in
HPQ and lost it all – lol
[11:06 am]
mikewd2 -: Ed, thoughts on LLY?
[11:07 am]
Ed : i would cover moajority here and move
stop down to breakevn
[11:07 am] gum
: mike…that funny
[11:07 am] Ed : could
go either way
[11:07 am] mikewd2 -: ok, i
have 2x position
[11:07 am] mikewd2 -: avg
49.725
[11:08 am] Ed : atleast this way u
bank some money relieve stress of trade, and
if she drops u still participate
[11:08
am] mikewd2 -: out half 49.423
[11:08 am]
mikewd2 -: thanks
[11:08 am] Ed : no
problem
[11:08 am] mikewd2 -:
49.43
[11:09 am] mikewd2 -: like the fact
that second bounce didn’t have the
vol
[11:09 am] Ed : right
[11:10 am] Ed
: tight trading range not help in markets
either not getting that nice pendallum
swing
[11:10 am] doji : Nice
Mike
[11:11 am] mikewd2 -: probably dumb
luck doji
[11:16 am] mikewd2 -: doji, when
will you be in houston?
[11:16 am] mikewd2
-: stopped -0.01 on LLY
[11:20 am]
joeytsa : LLY gavea few nice
scalps
[11:21 am] mikewd2 -: I didn’t play
it right joey, got greedy on the first
postion, had 60 cents in the bag and didn’t
sell.
[11:21 am] mikewd2 -: ended up
losing a penny on them.
[11:21 am]
joeytsa : i got the quick move up and
sold quickly
[11:21 am] mikewd2 -:
nice
[11:22 am] joeytsa : wasnt the
greatest of trading execution
[11:22 am]
joeytsa : actually thank you mike, when
you said LLY had good news i jumped
🙂
[11:22 am] joeytsa : just dont
lie ever hahaha
[11:22 am] mikewd2
-: haha, did i say good news –
oooooooh
[11:22 am] joeytsa : SHLD
50cent spike down
[11:23 am] joeytsa
: yeah, i figured that since it was so early
in teh move that it had more upside..took it
just over 49 to the next pivot
[11:31 am]
doji : NFLX hit 74….
[11:31 am]
mikewd2 -: yeah doji
[11:31 am] doji
: Time to buy puts?
[11:31 am] mikewd2 -:
at some point, haha
[11:32 am]
joeytsa : has the 200ema aroudn $85 on
NFLX
[11:32 am] mikewd2 -: yeah, could
easily push to that point
[11:32 am]
joeytsa : 20ema close to crossing the
50 upwards
[11:33 am] mikewd2 -: didn’t
understand Cramer comment on too late to
short NFLX
[11:33 am] joeytsa : NFLX
hasnt been over teh 200 in over a year
now
[11:33 am] mikewd2 -: unless he meant
earlier in the year
[11:33 am]
joeytsa : i think he meant for the big
money
[11:34 am] mikewd2 -: ok, makes
sense
[11:34 am] joeytsa : im
guessing
[11:34 am] mikewd2 -: HD
lod
[11:36 am] joeytsa : HD has some
support around $60
[11:37 am] mikewd2 -:
60 works – haha
[11:37 am] joeytsa :
been in a nice uptrend for a year
[11:38
am] mikewd2 -: about time for it to
end!
[11:38 am] joeytsa : said the
gambler after 7 reds showed up
🙂
[11:38 am] mikewd2 -: yeah
[11:39
am] mikewd2 -: then my luck – it hits
green!
[11:39 am] joeytsa : again,
like Ed said earlier, its all about your
style and risk amount etc
[11:39 am]
mikewd2 -: just a couple options
[11:40
am] mikewd2 -: not 100 like i use to do!
lol
[11:40 am] joeytsa : smart way,
dip your toe in the water
[11:40 am]
joeytsa : press it if it goes your
way
[11:40 am] mikewd2 -: the new plan
joey
[11:40 am] joeytsa : im more
conservative, would rather it show a sign of
turning first
[11:41 am] mikewd2 -: HPQ
hit new lod
[11:41 am] joeytsa : get
in later, but better odds of it
working
[11:41 am] joeytsa : as a
trend ending type play
[11:41 am] mikewd2
-: yeah, i need to learn that trick – i
always anticipate.
[11:41 am] mikewd2 -:
bad habit.
[11:42 am] joeytsa : but
tahts why you get great fills
[11:42 am]
joeytsa : you know your risk and are
comfortable with it…
[11:42 am] mikewd2
-: and with my new friend “the stop” not
getting hurt too bad if wrong.
[11:42 am]
joeytsa : you might have more
stops/lower win%..but your wins when they
come will always be bigger than
mine
[11:43 am] joeytsa : a lot of
it has to do with the mental side
also
[11:44 am] joeytsa : how many
losses can you mentally take
[11:44 am] Ed
: i like waking up as a winner in
vegas
[11:44 am] joeytsa : dont sell
your hair to a wig shop hahah
[11:44
am] Ed : have u seen my head
[11:45 am]
joeytsa : yeah..you bought my latest
invention
[11:45 am] Ed : lol
[11:45
am] joeytsa : Staybald : gets rid of
unsightly hair 🙂
[11:45 am]
joeytsa : its working on me too
haha
[11:46 am] Ed : yea but im only
19
[11:46 am] joeytsa : i forgot
🙂
[11:46 am] mikewd2 -: LLY moving
nicely
[11:46 am] joeytsa : yeah,
wish i held it
[11:46 am] mikewd2 -: glad
i closed the shorts
[11:48 am] doji
: Dang my alarm in LLY at 50 didn’t
trigger…???
[11:48 am] Ed : thats what u
call bull cup breakout on 1minnute
[11:48
am] joeytsa : yeah
[11:48 am]
jsn13 : entry is for u 33 cents above
the break?
[11:49 am] joeytsa :
doji: audio or pop up?
[11:49 am]
joeytsa : jsn: entry would be more like
5-10cnets for me
[11:49 am] joeytsa
: on a scalp
[11:49 am] doji :
Audio
[11:49 am] Ed : like i said earlier
use what u have back tested
[11:50 am]
elisha : thx Ed
[11:50 am]
elisha : thx Ed
[11:50 am]
jsn13 : ok i see joey and
ed…
[11:50 am] Ed : see .33 may work for
me, but I also take early positio on those so
technically its not .33
[11:50 am]
jsn13 : cos im using 8-10 cents on
scalp but heard ed said 33 cents…
[11:50
am] jsn13 : ok thanks ed….
[11:50
am] joeytsa : everyone is
different
[11:51 am] Ed : that why u must
be careful of listening to others
[11:51
am] joeytsa : for me, it also depends
where my profit target is
[11:51 am]
jsn13 : i just need a rough figure to
know that im not on the extreme
side…
[11:51 am] joeytsa : its its
50cents above the break..waiting for a 33cent
move doesnt work
[11:52 am] Ed :
exactly
[11:52 am] joeytsa : if you
think its going to run for awhile..33cent
might be great though
[11:52 am] Ed : see
i trade alot of high $ stocks too so thats
why i like using .33 and .70
[11:52 am]
joeytsa : good point
[11:52 am]
jsn13 : ok i like agressive
entries….yup…thats where i asked about
using certain percentage
earlier….
[11:53 am] jsn13 : but
it seems no one is using it….
[11:53 am]
mikewd2 -: i use 35 cents for
breakouts
[11:53 am] Ed : and its not
edgeed in stone, joey and i can trade same
stock use different entries and we both make
money
[11:54 am] Ed : alot of time newbies
think its a magical number or
indicator
[11:54 am] joeytsa : yep,
and sometimes both can lose or 1 wins while
the other loses
[11:54 am] jsn13 :
yes…..understand….just like to have
references from experienced traders like u
guys….dont like to spend time inventing new
strategies….tweaking an existing one is
alot easier…
[11:54 am] Ed : markets are
fluid, have to work in/out and
adjust
[11:54 am] mikewd2 -: but adjust
that price based on H, L prior day, last hour
and premarket ranges.
[11:55 am]
doji : In some words, trading is more
an art than science….no close but open
answers
[11:56 am] joeytsa : if it
was a perfect situation there would never be
any losing trades
[11:56 am] mikewd2 -:
right
[11:56 am] jsn13 : having
references is definitely important for
newbies….
[11:56 am] qwert :
watching CSTR
[11:56 am] Ed : learn
basics, downtrend, uptrend spotting those,
not chasing flowing with trend. When u get
basic foundation of understanding right side
to be on, u can always work on getting better
entries/exits
[11:57 am] joeytsa :
agreeed
[11:57 am] mikewd2 -: remember Ken
shoots for 30% winners, that means 70% of
time you were wrong.
[11:57 am] mikewd2 -:
but you have to maximize your winners or you
will overall be a loser.
[11:57 am]
joeytsa : in baseball that gets you
$1M/yr
[11:57 am] Ed : right, and with his
stlye he take real small losses
[11:57 am]
mikewd2 -: yep
[11:57 am] taco : ken
who?
[11:57 am] mikewd2 -: Ken
Calhoun
[11:58 am] mikewd2 -: Its not a
strategy that i’m seeing is a really good fit
for me.
[11:58 am] doji : Ken
“Moody”
[11:58 am] joeytsa : at 4:1
odds, a 20% win% breaks you even, minus
commissions
[11:58 am] joeytsa :
money being equal
[11:59 am] mikewd2 -:
One note, if you don’t minimize your losses
and maximize your winning trades. Don’t think
you can make money doing day
trading.
[12:00 pm] joeytsa :
right
[12:01 pm] joeytsa : speaking
of odds, the presidential odds have kept
lowering since the debates
[12:01 pm]
mikewd2 -: yeah, looking better for
Romney
[12:01 pm] joeytsa : now down
to $300 -$100, from $480
[12:01 pm]
mikewd2 -: wow
[12:01 pm] mikewd2 -: has
come down
[12:02 pm] joeytsa : might
fall more after ryan makes biden really
mad haha
[12:02 pm] mikewd2 -:
lol
[12:02 pm] mikewd2 -: hope
so
[12:02 pm] joeytsa : biden’s face
will start turning red, then he will make one
of his gaffes haha
[12:04 pm]
joeytsa : saw the CSTR drop and missed
the play
[12:16 pm] doji : At this
pace the SPY will end positive for the
day….
[12:17 pm] joeytsa : SRPT
decent move past 10 minutes
[12:17 pm]
doji : Alcoa reports tomorrow after the
close, right?
[12:17 pm] joeytsa :
yes and YUM
[12:17 pm] joeytsa :
bigger names are next week though
[12:18
pm] joeytsa : some banks this week
too
[12:18 pm] joeytsa : JPM,WFC on
friday
[12:18 pm] mikewd2 -: if YUM has
killer numbers especially on taco bell, could
hurt CMG per analysis.
[12:19 pm]
joeytsa : COST is weds, another one to
watch is JBHT on thurs
[12:20 pm]
joeytsa : with FDX giving a
warning, if JBHT warns, might signal
some ugliness
[12:21 pm] taco :
thanks for the lessons today. see you
tomorrow
[12:21 pm] Ed : c ya
taco
[12:21 pm] mikewd2 -: nice bounce in
CLF, WLT
[12:22 pm] qwert : bye
taco
[12:22 pm] joeytsa : CLF
nice, by taco
[12:22 pm]
mikewd2 -: missed SRPT
[12:23 pm] mikewd2
-: guess i got to get that second
monitor.
[12:30 pm] doji : Mike are
you swinging QCOR?
[12:30 pm] mikewd2 -:
don’t swing anymore
[12:30 pm] mikewd2 -:
haven’t traded qcor today yet
[12:31 pm]
doji : Thanks
[12:31 pm] mikewd2 -:
watching WLT
[12:36 pm] eddy : s WLT
33.84
[12:37 pm] mikewd2 -: I’m in also
eddy
[12:41 pm] mikewd2 -: WLT not falling
with the market as i expected.
[12:47 pm]
doji : Shark, is APPL in the IBD’s sell
list?
[12:54 pm] doji : Good nigth
fellas
[12:54 pm] mikewd2 -: cu
doji
[12:54 pm] Ed : c u doji
[12:59
pm] shark : bye doji
[12:59 pm]
elisha : GN Mitch, Ed and
everyone
[12:59 pm] mikewd2 -: didnt’
realize we were closing, closed WLT
[12:59
pm] mikewd2 -: thanks Ed
[01:00 pm]
eddy : bye all
[01:03 pm]
shark : nice one, Mitch
[01:04 pm]
qwert : yes
[01:05 pm] qwert :
is that yellow area gonna be on the
charts?
[01:05 pm] qwert :
yep
[01:06 pm] shark : yes
[01:06
pm] qwert : awesome
[01:06 pm]
shark : haha
[01:06 pm] shark
: like doji candles
[01:07 pm] qwert
: nice
[01:09 pm] victor51 : will be
big help to me ” No Trading Zone”. Thanks
Mitch
[01:10 pm] qwert :
cool
[01:12 pm] victor51 : Mitch,
will also build confidence and stay in a
game
[01:16 pm] victor51 : Mitch, it
will be nice to make yellow bar a notch
darker.
[01:18 pm] victor51 : thanks
Mitch
[01:19 pm] qwert : thats
awesome
[01:21 pm] qwert : we are
ready Mitch
[01:27 pm] jsn13 : yes
what do they mean?
[01:27 pm] jsn13
: ok thanks….
[01:29 pm] jsn13 :
have a great evening guys….
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