[06:05 am] Ed : good morning
[06:21 am] Mitch K: my first impression this
morning is going to be giving us good initial
shorts as well as good long bounces too. The
futures are up on some news that G7 will help
support Europe and the ECB is holding rates
steady. SO that is a short term pop, sort of
controlling the profuse bleeding at this
point but there is a serious long term
condition like liver cancer or something
[06:23 am] Mitch K: It isnt extremely
positive news because the futures market isnt
believing it will help, lot of selling in
commodities like crude oil and a tentative
rebound. GOld is up, which means investors
don’t trust the news is going to be that
effective. That is how i use the news to get
a feel for what the initial trades will be
like. This sort of thinking might actually
mess some of you guys up but it helps me
tremendously
[06:25 am] Mitch K: im most tentative myself
when the market is extremely negative and
opens way down. thats when it is most
difficult to tell if there is going to be any
rebound or if the selling has washed out the
opportunity to do any more shorting
[06:32 am] Mitch K: to buy
[06:32 am] Mitch K: watching FB for
bottom
[06:33 am] Mitch K: watching SHAW, LRCX, TRN
for top to short
[06:33 am] Mitch K: watching CLR for top
[06:33 am] Mitch K: watching ABX for top to
short
[06:34 am] Mitch K: watching GRPN, DKS, ASH
for top to short
[06:35 am] Mitch K: watching SBS for bottom
to buy
[06:35 am] Mitch K: watching WPRT for bottom
to buy
[06:35 am] Mitch K: watching DGX for bottom
to buy
[06:36 am] Mitch K: watching RCII, also late
to see, prefer rebound first
[06:36 am] Mitch K: watching MTN for top to
short, late to see
[06:36 am] Mitch K: watching FB closer
[06:37 am] Mitch K: ok yes, watch WLT for a
bottom; make take a little while
[06:37 am] Mitch K: sorry
[06:37 am] Mitch K: wlt
[06:38 am] Mitch K: watching for short in
SCSS
[06:38 am] Mitch K: watching ETN for top to
short
[06:38 am] Mitch K: for possible shorts
[06:38 am] Mitch K: watching for top in RHT,
ULTA, GMCR
[06:39 am] Mitch K: at least not on this
initial spike, should pullback before moving
up higher
[06:39 am] Mitch K: i dont expect FB to
hold
[06:39 am] Mitch K: consider reducing long
position in FB
[06:40 am] Mitch K: watching QCOR for top to
short
[06:41 am] Mitch K: watching RHT closer for
top soon
[06:41 am] Mitch K: watching SHAW for top to
short
[06:42 am] Mitch K: looking for 42.75 area on
ABX to cover short, be flexible
[06:43 am] Mitch K: still watching WPRT for
bottom
[06:43 am] Mitch K: PCYC needs to dorp quite
a bit for me to be itnerested in buying, well
below 34. and if it doesnt do that, i just
look for something else; get that
mindset
[06:43 am] Mitch K: watching PCYC for bottom
to buy
[06:44 am] Mitch K: more downside on CSTR but
prefer rebound first
[06:45 am] Mitch K: RHT turning over
[06:45 am] Mitch K: SCSS should get under 21
to cover short
[06:46 am] Mitch K: watching MTN closer to
short
[06:46 am] Ed : SPY new hod
[06:47 am] Mitch K: i dont see repeated
trades with FB
[06:47 am] Mitch K: consider selling most o f
DGX long or at least half
[06:47 am] Mitch K: watching MCP for quick
short
[06:48 am] Mitch K: watching SAP for top to
short
[06:48 am] Mitch K: consider selling half of
WLT soon
[06:48 am] Mitch K: consider selling SBS
long
[06:49 am] Mitch K: not liking MTN, losing
patience, taking off screen
[06:49 am] Mitch K: looking for 34.15 area on
RCII to cover short
[06:49 am] Mitch K: consider covering SHAW
short
[06:50 am] Mitch K: watching AAWW for short
soon
[06:51 am] Mitch K: dont wait for me or Ed to
give you exit points, we focus on new
ideas
[06:51 am] Mitch K: thats Select Comfort
[06:51 am] Mitch K: consider covering SCSS
here 20.65 area or lower
[06:52 am] Mitch K: monitor ROSG how much
drop, bigger the drop the bigger the pop; use
limit orders on this, big spread
[06:52 am] Mitch K: watching GOLD for top;
this usually takes a while
[06:53 am] Mitch K: consider covering ABX
short
[06:53 am] Mitch K: im trying to say FB tends
to take longer to bottom than many
stocks
[06:53 am] Mitch K: watching FB again for
bottom, more selling than i thought on this
2nd possible long, take your time
[06:54 am] Mitch K: little more downside on
CLR on first helping short
[06:55 am] Mitch K: soon
[06:55 am] Mitch K: 2nd helping short on
GRPN
[06:55 am] Mitch K: taking TRN off screen,
need room
[06:55 am] Mitch K: watching NUVA for short
but want rebound to 20.50 first
[06:55 am] Mitch K: monitoring FTNT
[06:56 am] Mitch K: monitoring UFS
[06:56 am] Mitch K: great action today
[06:56 am] Mitch K: more downside on IRM,
waiting for rebound first
[06:57 am] Mitch K: watching LSTR for top to
short
[06:57 am] Mitch K: indexes at high of
day
[06:58 am] Mitch K: CLR should give 2nd
helping short
[06:59 am] Mitch K: watching WPRT closer
[06:59 am] Mitch K: watching ABV for top,
lower vol, bigger spread, use limit
[07:00 am] Mitch K: watching IOC for
bottom
[07:00 am] Mitch K: RHT stuck; taking off
screen, need room
[07:00 am] Mitch K: watching WNR for top
[07:02 am] Mitch K: new low on FB 25.58
[07:03 am] Mitch K: sorry
[07:03 am] Mitch K: unfi
[07:03 am] Mitch K: watching WPRT, should
give us 2-3% bounce from bottom
[07:04 am] Mitch K: monitoring TRW
[07:04 am] Mitch K: that is not a good idea,
had wrong keyboard
[07:05 am] Mitch K: little more downside on
RCII but ok to cover anytime too; taking off
screen, need room
[07:07 am] Mitch K: watching LVS for bottom,
make take a while but dont forget to watch
this
[07:07 am] Mitch K: MLNX short here, late to
see, prefer 30 cent rebound
[07:07 am] Mitch K: i like this chart but not
the volume, worth watching though, CONN
[07:08 am] Mitch K: not liking AAWW, not
patient enough for this
[07:08 am] Mitch K: looking for 47.50 to
cover WLT short or lower; be flexible
[07:10 am] Mitch K: good idea joey
[07:10 am] Mitch K: my experience in stocks
like TPX is it is hard to trade, unless you
had a trading system. this is perfect stock
for that because you dont have to watch it,
just listen for audio. when you trade
something like TPX, what i call an earnings
disaster or guidance cut by company, it takes
a lot of time to stare at it. and you lose a
lot of other ideas inthe meantime
[07:11 am] Mitch K: missed DECK short but now
watching for bottom; may take awhile
[07:12 am] Mitch K: Gold prices want to
rebound to short this GOLD stock,
Randgold
[07:12 am] Mitch K: forget GMCR short, just
stuck; taking off screen
[07:13 am] Mitch K: watching AKRX for bottom,
maybe close to 14 area
[07:14 am] Mitch K: watching RAX for bottom;
should be good
[07:19 am] Mitch K: consider reducing LVS
long
[07:19 am] Mitch K: watching RAX closer
[07:19 am] Mitch K: sometime look at the SCSS
and TPX chart. same pattern where they have
some earnings related news. gaps down pops up
and often, very often goes back to bottom
again
[07:21 am] Mitch K: consider selling most of
IOC, try 64+ area;
[07:24 am] Mitch K: but still weak
[07:24 am] Mitch K: RAX trying to bounce
[07:30 am] Mitch K: but getting interesting,
its dropping faster
[07:30 am] Mitch K: still no bottom in RAX
yet
[07:31 am] Mitch K: should get a bottom soon,
probably 45 holds
[07:32 am] Mitch K: still no buy signal, that
$45 omment was a projection, sort of forecast
but it shouldnt be weighted heavily,
[07:33 am] Mitch K: there is buy signal on
RAX
[07:34 am] Mitch K: or ½
[07:34 am] Mitch K: consider selling 1/3rd of
DECK long
[07:35 am] Ed : 5 min chart on right of
RAX
[07:35 am] Ed : monitoring APOL for potential
short let it run more
[07:37 am] Mitch K: as it moves up
[07:37 am] Mitch K: on the rest of your DECK
long, use limit orders to sell at ASK price
or higher
[07:37 am] Ed : passsed on APOl short at this
level not enough $
[07:38 am] Mitch K: and many of these like
DECK pullback a little, on this maybe to
52.50 and then stage another run up, we saw
that with many stocks yesterday, even JCP
after that first sell signal
[07:38 am] Mitch K: you can do this in
stages, i mean the selling in stages
[07:39 am] Mitch K: there is no sell signal
yet on DECK, not even close
[07:41 am] Mitch K: i am anticipating a
pullback in DECK soon;
[07:42 am] Mitch K: RAX sell signal, early
sell signal
[07:42 am] Ed : APOLO has some minor
resistance around 34.31 buy would like move
into 34.65 to consider short and pull back
SPY to take
[07:43 am] Mitch K: its an early weak one so
far but i sell on those and watch for
re-entry
[07:43 am] Ed : APOLO=APOL
[07:47 am] Mitch K: most stocks dont act like
RAX just did where it pulled back a little,
just enough to give weak sell signal. then
resurges up
[08:09 am] Mitch K: starting to monitor
KORS
[08:10 am] Mitch K: what i like the most this
time of day are stocks that were up early and
sell off. i like the bounce off those
bottoms
[08:14 am] Ed : SPY new hod
[08:15 am] Mitch K: im sorry qwert, im not
following your question, i sort of lose
memory when i scan a whole bunch of
stocks
[08:20 am] Mitch K: yes qwert, MNST also fits
that. anything that was bullish and then
sells off is worth a look at a long on the
bottom because there is still some reason why
people liked it to bid it up early
[08:32 am] Mitch K: now the VRA chart, where
it was up today and is selling off, i dont
like that chart because it is more of a
sustainable downtrend. i like those RAX
chart pattern
[08:33 am] Ed : getting pullback in SPY
[08:47 am] Mitch K: there is that resurging i
was talkign about earlier in DECK,
[09:26 am] Mitch K: can i show you guys
something, it is a continuation of what i was
saying yesterday about a new technique we
will have
[09:28 am] Mitch K: this is DECK and I
posted to you at 711am pacific time this
morning to watch for a bottom. said
something like i missed the top and now
watching for a bottom
[09:29 am] Mitch K: so what i was saying
yesterday is this system will give us a new
technique that is easily tradable
[09:29 am] Mitch K: i had waited to post DECK
for awhile too.
[09:30 am] Mitch K: this particular trade
gives a profit of 70 cents potential on teh
short side, easily to borrow, tight spread,
high liquidity stock
[09:30 am] Mitch K: in the future, when we
start using this i will post the dropping
stocks that i find and short them
immediately, especially the first drops on
most days
[09:31 am] Mitch K: see that lower blue
circle? that is a buy signal hidden in
there. we will make it more obvious to see
but you will hear an audio sound
[09:31 am] Mitch K: jsn, dont make this hard,
it is really much easier. part of the
problem is adjusting to this compared to the
way you have been seeing things before
[09:32 am] Mitch K: and this is a very
typical stock we see, not a hot one, just
another average trade but you get two
trades
[09:32 am] Mitch K: so you could have made
the short profit and also the long
profit
[09:33 am] Mitch K: same thing with RAX this
morning, gave a post to watch for bottom. and
the actual sell signal was well above 46.85
when i saw it, went to 45.00 and then
bounced. so you will be able to get a short
profit and then a long profit
[09:33 am] Mitch K: and as i explained to Ed
last night you can manage a lot more trades
at the same time, keep scanning, listen for
alerts, and watch one single Alert window to
see what stock it was instead of searching
among maybe 12 chart windows you might have
open
[09:34 am] Mitch K: it also reduces your
emotions, you wont have to spend a lot of
time analyzing, it is just a quick glance and
then you take action
[09:34 am] Mitch K: on same stock. but as
you get more proficient you can manage more
ideas at the same time
[09:35 am] Mitch K: im watching for a long in
CL right now, sort of busy for 5 minutes
[09:36 am] Mitch K: did that make sense
[09:37 am] Mitch K: the price printed is not
useful and we are deleting that,
[09:37 am] Mitch K: yes eddy, real time, but
that was a close up zoom
[09:38 am] Mitch K: distraction
[09:38 am] Mitch K: its a distration
[09:42 am] Ed : SPY new hod
[09:45 am] Mitch K: watching RAX for top to
short,
[09:51 am] Mitch K: RAX sell signal a min ago
but im a little busy now in a different
trade
[09:58 am] Ed : getting pullback in SPY
[10:09 am] Mitch K: maybe get 80-90 cents
profit per share
[10:09 am] Mitch K: watching GOLD, Rangold
Resources for long entry
[10:11 am] Ed : HAL halted news pending
[10:21 am] Ed : HAL is lowering its view on
forecast worse than expected
[10:30 am] Mitch K: nice bounce in SPY, not a
trade idea
[10:30 am] Ed : I missed bottom action in SLB
if u took long would reduce here
[10:31 am] Ed : HAL reopened
[10:33 am] Ed : ADVANCED trade watching HAL
for potential long, be patient and
nimble
[10:35 am] Ed : would reduce more HAL
long
[10:35 am] Ed : if u took HAL olong would
reduce here
[10:36 am] Mitch K: nice one eddy
[11:11 am] Mitch K: we call that HAL a
version of a dead cat bounce. now its just
dead
[11:12 am] Mitch K: watching for bounce in
RAX again
[11:17 am] Mitch K: watching ABX for bottom
to buy
[11:17 am] Mitch K: watching RGLD for bottom
to buy
[11:35 am] Mitch K: looking for 45.50 on
RAX
[11:36 am] Mitch K: ABX isnt as strong as
RAX, could get back to 40.80 again
[11:47 am] Ed : advanced trade watch HAL for
break of lod with vol. will be quick if it
breaks lod. use smaller position
[11:48 am] Ed : covern 3/4 HAL short
[11:49 am] Ed : placing last 1/4 stop at
breakeven HAL short
[12:06 pm] Ed : ABX ousts the ceo citing poor
stock performance
[12:16 pm] Ed : gewtting pullback in SPY
[12:42 pm] Ed : nice bounce in SPY
[12:46 pm] Ed : SPY new hod
[01:02 pm] Mitch K: later guys
[01:04 pm] Mitch K: big drop in Mens
Warehouse, MW
[01:30 pm] Ed : have a great night
traders
| [05:52 am] ogking : E, excellent
coaching session yesterday. Will concentrate
on price action analysis. Thanks again
[05:54 am] mikewd2 -: good morning
traders
[05:54 am] mikewd2 -: TPX big gap down,
43%
[05:55 am] Ed : sounds great, take it slow as
u may get tad frustrated in beginning but it
is well worth the effort will pay dividends,
as you will be asessing the now which will be
must faster than asessing the later
[05:56 am] ogking : Amen!
[05:57 am] Ed : also as ur transistioning, u
can glance at indicators as a back up to see
if ur asessing correctly
[05:59 am] ogking : Your so right
behavioural interpretation of action of both
the equity and mysely.
[06:00 am] ogking : Mysely=Myself
[06:01 am] Ed : exactly
[06:04 am] khall : good morning all
[06:04 am] joeytsa : Good morning Mitch, Ed,
traders
*** austria -, Welcome to the
TradeStocksAmerica Live Trading Room
[06:04 am] joeytsa : gap up:
IRM,NVO,ACOM,VRA,INCY
[06:05 am] joeytsa : gap down:
TPX,SCSS,MFRM,KMI
[06:05 am] qwert : thx joey
[06:05 am] joeytsa : looks like the ES range
is 1290-1300 so far
[06:05 am] qwert : Good morning to everybody
🙂
[06:06 am] joeytsa : crude trading right
around $85
[06:06 am] mikewd2 -: go oil go
[06:06 am] Ed : so when will we see it at the
pumps
[06:07 am] joeytsa : crude inv @ 7:30pst,
beige book @ 11pst..fomc guys talking
also
[06:07 am] mikewd2 -: gasoline is down a
bunch around here.
[06:07 am] joeytsa : 3 months b4 the
election 🙂
[06:07 am] joeytsa : how about scott walker
winning
[06:07 am] Ed : oh yea this is time that
station owners make there money
[06:07 am] qwert : haha joey but probably
true
[06:07 am] mikewd2 -: yep, good news for
republicans
[06:07 am] joeytsa : watching pmsnbc was
hilarious last night
[06:13 am] skydiver : Good morning Mtich, Ed
and, and all the rest of you (the fantastic
traders) 🙂
[06:13 am] eddy : good morning all
[06:13 am] skydiver : gm eddy
[06:13 am] gub : joeytsa – your earlier
comments on stocks gap u/gap down – do you
mean that the stock will gap up or down at
the opening?
[06:14 am] joeytsa : possibly, but they are
gapping at the time i type them
[06:14 am] parachute : Good Morning all
[06:15 am] joeytsa : they might close the
gap b4 the opening sometimes
[06:15 am] mikewd2 -: gub: those stocks
listed have moved several percent since the
close.
[06:15 am] lisas : gm all
[06:15 am] joeytsa : right mike, gub: i only
look at $ for gaps, while others look at
%
[06:16 am] joeytsa : anyone think that
“operation twist” gets extended?
[06:17 am] garyb : Good morning
everyone!
[06:17 am] joeytsa : whats up gary….good
to see you
[06:17 am] mikewd2 -: garyb, wow –
[06:17 am] skydiver : TPX is climbing back
up at moment
[06:17 am] khall : hey gary b
[06:17 am] gub : TY all guys!
[06:17 am] skydiver : hey gary
[06:18 am] joeytsa : yeah sky
[06:18 am] skydiver : 🙂
[06:18 am] garyb : Hey!
[06:18 am] garyb : Good to see you
Joey!
[06:19 am] cdougan : Morning all
[06:19 am] joeytsa : i’ll shoot you a
message later gary
[06:19 am] mikewd2 -: nice two $ bounce back
on TPX
[06:19 am] garyb : Hey Mike &
Katrina!
[06:19 am] garyb : ok Joey..sounds
AWESOME!
[06:19 am] mikewd2 -: you been getting rich
on the VIX trades garyb?
[06:20 am] scalpman : Hi guys, gm
[06:20 am] skydiver : yes Mike – read about
TPX and SCSS early this morning — nice
pre-market jump on stock
[06:20 am] garyb : Yeh made some on UVXY
Mike..you?
[06:20 am] scalpman : Hey joey are you
listed Gap up and gap down this morning?
[06:21 am] mikewd2 -: yeah i did on UVXY
also, but got out way too early
[06:21 am] joeytsa : MFRM had decent
profit/sales..but missed estimates and
lowered guidance
[06:21 am] joeytsa : should be above
scalp
[06:21 am] joeytsa : @ 6:04
[06:22 am] skydiver : thnx Mitch –
[06:22 am] mikewd2 -: jason, be careful with
TPX, its already moved up a bunch
[06:24 am] skydiver : Like your thinking
Mitch –
[06:24 am] khall : thanks for the insight
Mitch
[06:24 am] joeytsa : agreed Mitch…maybe a
small bounce before the next fall
[06:25 am] parachute : thx Mitch
[06:25 am] shark : watching SCSS
[06:25 am] joeytsa : resistance in the
1304-1306 area…maybe a run there to knock
out the shorts, then move down
[06:26 am] shark : watching ACOM
[06:26 am] shark : TPX too
[06:28 am] skydiver : yeah – ACOM – looking
to sell itseslf is the word I’m hearing
[06:28 am] joeytsa : yeah sky
[06:29 am] garyb : I agree Joey…this
bounce is only temporary before the next
fall
[06:29 am] skydiver : out 3/4 on TPX L
[06:29 am] joeytsa : unless twist or qe3
kicks in, then all bets off
[06:29 am] joeytsa : but even still, i think
it will be weaker than qe1 and 2
[06:30 am] garyb : yeh…and I don’t think
there will be a ruch to start a QE3
[06:30 am] joeytsa : dpends on how your
polls are looking haha
[06:30 am] joeytsa : BBBY nice spike
[06:31 am] joeytsa : CSTR
[06:31 am] mikewd2 -: something going on with
FST
[06:31 am] skydiver : all out of TPX L
[06:32 am] joeytsa : FST upgraded by some
small firm
[06:32 am] skydiver : NFLX jumped a bit
[06:32 am] mikewd2 -: anything helps joey –
haha
[06:32 am] joeytsa : canaccord genuity is
them
[06:32 am] joeytsa : maybe not small..never
heard of them though
[06:33 am] mikewd2 -: SINA flying
[06:33 am] joeytsa : MAKO up and down
quick
[06:34 am] joeytsa : tighten stop if short
IRM
[06:35 am] shark : LEN moving today
[06:36 am] joeytsa : trail SCSS is long
[06:37 am] doji : What do you mean
Mike?
[06:38 am] mikewd2 -: on sina nice big
bounce,
[06:38 am] shark : FB new hod
[06:39 am] doji : The ES was dropping in the
pre-market…
[06:39 am] doji : Test
[06:39 am] shark : hi doji, see you
[06:39 am] joeytsa : i see you doji
[06:40 am] garyb : Hey dojjjiiiiiiii!!!
[06:40 am] joeytsa : AMZN going for hod
[06:41 am] mikewd2 -: CHK another nice
day
[06:41 am] joeytsa : CHK upgraded by
argus
[06:41 am] shark : AAPL new hod
[06:41 am] skydiver : late to see — LNKD
bounced back
[06:41 am] joeytsa : lower high on GS so
far..just watching
[06:42 am] shark : watching LEN for top
[06:42 am] doji : Garyyyy!!!
[06:42 am] doji : Have a full busy
morning…. see ya later fellas
[06:43 am] skydiver : take care doji
[06:43 am] shark : bye doji 🙁
[06:43 am] qwert : bye doji
[06:43 am] skydiver : LNKD double top
[06:47 am] shark : DIA new hod
[06:51 am] joeytsa : watching ULTA
[06:53 am] joeytsa : FB trying to hold prev
lo
[06:54 am] joeytsa : GS making dbl top, had
hled prev hi as support also
[06:54 am] joeytsa : ES testing 1300
[06:55 am] joeytsa : crude might test $86
res
[06:55 am] joeytsa : FFIV hod
[06:56 am] joeytsa : sure is Mitch
[06:57 am] joeytsa : LNKD has big res @ $94
today, setting an alert just above for a
break
[06:58 am] skydiver : thnx joey – on
LNKD
[06:58 am] joeytsa : LNKD $93 decent support
so far
[06:58 am] joeytsa : will put bracket alerts
around those #’s, but still might make nice
inside trading
[06:59 am] joeytsa : couldnt get WPRT
short
[07:03 am] joeytsa : AMZN,BIDU in a 1pt
range..setting alerts
[07:05 am] khall : ULTA and MNST still
running up
[07:05 am] joeytsa : ULTA just have had nice
earnings
[07:05 am] khall : yep
[07:07 am] skydiver : LNKD – dropped
[07:07 am] khall : LNKD dropping
[07:08 am] joeytsa : 🙂
[07:08 am] joeytsa : trail it down
kahll
[07:08 am] joeytsa : khall i mean
[07:08 am] khall : doing it 🙂
[07:09 am] joeytsa : nice and quick
[07:10 am] khall : yep
[07:10 am] khall : great trade
[07:10 am] khall : glad I was watching
it
[07:10 am] joeytsa : thats why i set
alerts
[07:11 am] joeytsa : that system of yours
will make things much easier
[07:11 am] skydiver : yes – looking forward
to your new system Mitch 🙂
[07:11 am] joeytsa : never sure if i am
hearing my alerts or just teh voices in my
head are messing with me again 🙂
[07:11 am] skydiver : lol joey
[07:12 am] scalpman : SBS may turn over
[07:12 am] joeytsa : SBS has low volume be
careful
[07:13 am] joeytsa : watching AMZN 216/217
and BIDU 119/120
[07:14 am] mikewd2 -: watching TPX for
bottom
[07:19 am] mikewd2 -: CHK nearing $18
[07:20 am] joeytsa : its been over a month
since a 2day win streak for teh dow
[07:20 am] mikewd2 -: looking to enter TPX
long if it holds this bottom
[07:20 am] joeytsa : ES pulling back to
1300
[07:21 am] scalpman : OUt 1/2 RHT 1%
[07:21 am] mikewd2 -: TPX is a sick
puppy
[07:21 am] joeytsa : TPX was $80 6 weeks
ago
[07:23 am] joeytsa : CRM into prev hi
support
[07:23 am] joeytsa : crude # in 5
minutes
[07:23 am] scalpman : Out 2/3 BBBY S
[07:28 am] scalpman : Out another 1/4 RHT
S
[07:35 am] joeytsa : crude -0.1M, -1.1M
forecast, 2.2M last
[07:37 am] go4it : RAX target lowered
15%rax
[07:37 am] Ed : thx Bruce Bruce
[07:38 am] skydiver : I am L RAX 45.19 –
Thnx Mitch
[07:38 am] scalpman : Out 1/2 RAX L
[07:38 am] scalpman : 1%
[07:38 am] go4it : Does that mean we can
expect 15% drop in current price
[07:39 am] scalpman : Mitch, RAX moving
nicely, thanks….
[07:40 am] skydiver : out 3/4 of RAX L –
moved stop up
[07:40 am] scalpman : out another 1/4 RAX
L
[07:40 am] qwert : nice sky
[07:40 am] eddy : alll out RAX
[07:41 am] parachute : thx for RAX
Mitch!
[07:41 am] skydiver : nice guys on RAX –
thnx again Mitch for RAX
[07:41 am] Mitch K: hey parachute, you a
skydiver?
[07:41 am] Mitch K: i mean not skydiver, but
a jumper
[07:42 am] scalpman : TRailing up stop on
RAX …
[07:42 am] joeytsa : RAX just a beauty
[07:42 am] parachute : I wish I were! Once
we had kids I was forbidden. 🙁
[07:42 am] scalpman : All out RAX
[07:42 am] skydiver : parachute – you sound
like my son – when he got married he had to
give up skydiving as well
[07:43 am] parachute : all out RAX
[07:43 am] joeytsa : same here…break time
🙂
[07:43 am] skydiver : enjoy joey – 🙂
[07:43 am] joeytsa : i will, good morning so
far
[07:43 am] Mitch K: whoever skydives should
see the 80 year old lady who almost fell out
of her harness jumpint tandem. do a search
on Youtube for 80 year old woman
parachuting.
[07:44 am] joeytsa : thanks
[07:44 am] joeytsa : yeah i saw that
Mitch
[07:44 am] joeytsa : thought she was going
to come out of her clothes
[07:44 am] skydiver : yes I saw that too —
my wife is wanting to jump sometime, but now
after that video – hummm
[07:44 am] joeytsa : sky: i have a parachute
for sale..
[07:44 am] joeytsa : never opened, small
stain 🙂
[07:44 am] skydiver : too funny joey 🙂
[07:44 am] qwert : hahaha
[07:45 am] Mitch K: hey skydiver, you want to
take paragliding lessons with me? im sort of
interested. i used to do a lot of
hanggliding in 70s and 80’s
[07:46 am] skydiver : hey – that sounds like
fun Mitch
[07:47 am] parachute : I might not be
forbidden to paraglide 🙂
[07:50 am] skydiver : JOY has been a very
slow climber today
[07:51 am] scalpman : Mitch, if time you
gave specific posted “buy signal” and “sell
signal”…on RAX which you don’t typically
do. If time, could you state specifically
how you determined that so that we can mirror
add that information to our own
trading…
[07:51 am] eddy : Ed did u short APOL?
[07:51 am] Ed : no,
[07:51 am] eddy : k
[07:51 am] scalpman : Was it just stochs,
volume, candles, or a combination
thereof.
[07:52 am] Ed : it did not move into .60ish
area and SPY is still strong
[07:53 am] skydiver : my alert did not go
off on CRM – missed the upward move
[07:53 am] skydiver : note to self – work on
setting alerts properly
[07:53 am] Ed : FYI scalp for aggressive
traders u can the next candle right after the
inverted hammer with stop below that
[07:54 am] Ed : on 1min inverted hammer is at
10:31 est
[07:54 am] scalpman : Double Bottom
(approx) on TPX….slight higher low…see if
it holds
[07:54 am] Ed : u get that scalpman, I know u
asked Mitch but was giving my .02
[07:55 am] skydiver : thnx Ed for the
teaching – I caught RAX right about there –
so – I am slowly catching on 🙂
[07:56 am] Ed : even though its agressive
trade for entry ur risk on stop is very
small
[07:56 am] qwert : nice entry sky i got 1/2
there as well :))
[07:56 am] skydiver : nice qwert 🙂
[07:57 am] scalpman : Thanks ed….I will
study…
[07:58 am] Ed : I think my entry was 45.12
and stop was 45.09 so only risked .03
[07:58 am] skydiver : Very good Ed
[07:59 am] scalpman : I see.. my entry was
higher…I see that mitch posted it, and then
I entered…are .33
[07:59 am] scalpman : still made a nice
profit.
[07:59 am] Ed : but great point scalpman,
study it that way u can test and see how well
it works to get comfy
[07:59 am] scalpman : wow…that is s a
tight stop…
[07:59 am] Ed : oh yeah, even at that price,
as I said b4 I know guys that enter well
after I do and make 3x as much. Its how u
manage position
[07:59 am] scalpman : Oh, LONG TPX @
23.18
[08:01 am] scalpman : Out 1/2 TPX L
[08:01 am] scalpman : 1%
[08:03 am] skydiver : nice scalp – 🙂 Well
have to take off for the day. See you all
tomorrow. Had a decent day and learned
lots.
[08:03 am] Ed : nice trading sky
[08:03 am] skydiver : 🙂
[08:03 am] eddy : Bye sky
[08:04 am] scalpman : TPX could move to
24
[08:05 am] eddy : s SCSS at 20.94
[08:06 am] scalpman : Thanks skydiver
[08:06 am] Ed : nice trading scalpman, way to
bounce back
[08:07 am] scalpman : Nope…was stopped on
last half…
[08:09 am] scalpman : 3rd bottom on TPX
still a higher low…if it holds…these
sellers are voracious!
[08:09 am] scalpman : TPX will probably go
sideways now for a while.
[08:09 am] qwert : scalp at some point there
will be no sellers left :))
[08:09 am] pirate : watching PXD
[08:12 am] Mitch K: hey pirate, how have you
been?
[08:13 am] qwert : Mitch would MNST fit that
if it breaks above 74.40ish
[08:13 am] pirate : thx for asking….in n
out of hospital with dad so not trading
much…just the good ones
[08:16 am] scalpman : qwert
yes…..watching…
[08:17 am] scalpman : qwert, I have alerts
set…at 23 and 23.60
[08:17 am] lisas : sorry to hear pirate,
hope he’s better
[08:17 am] qwert : i was talking about your
post at 8:10 what i like the most this time
of day are stocks that were up early and sell
off. i like the bounce off those bottoms
[08:21 am] qwert : thx mitch
[08:23 am] eddy : more buying in SPY and
non in KORS….Bd sign for long right?
[08:24 am] joeytsa : agreed Mitch, also the
johnny-come-latelys might jump on the
bandwagon
[08:29 am] Ed : what day did I mention watch
gold, abx, gld, for breakout? missed them
all
[08:30 am] Ed : yea eddy, trading in small
range so no trade
[08:30 am] joeytsa : GDX another one for
your gold list Ed
[08:31 am] joeytsa : the miners etf
[08:31 am] Ed : were not we all suppose to be
watching?? and aler each other hmmm.
[08:32 am] joeytsa : EQIX testing hod
[08:32 am] joeytsa : yeah..hey Ed..gold is
moving 🙂
[08:32 am] Ed : lol
[08:32 am] Ed : thx
[08:32 am] eddy : abx broke support
[08:33 am] joeytsa : missed that dbl bottom
pos div on SCSS earlier…but very nice
signal
[08:34 am] Ed : good eye pirate on PXD
[08:35 am] doji : Hi fellas, back to the
room for 1 hour… starting now so I need
ideas or I’ll end up with $0 today again…
haha
[08:35 am] pirate : ylike watching paint
dry….loltime to exit and look for more
paint
[08:36 am] scalpman : New low TPX
[08:39 am] scalpman : TPX resistance now
23.00
[08:40 am] joeytsa : ULTA making a move
[08:41 am] doji : Wow the SPY up 1.75%
alreday
[08:44 am] eddy : ABX new LOD
[08:49 am] doji : 10:49 EDT – While KeyBanc
says it feared consensus 2Q forecasts were
too high for Tempur-Pedic (TPX), “we were
not expecting anything as dramatic as today’s
announcement.” Neither were investors; the
stock has tumbled 46% to $23.59 , hitting a
2 1/2-year low, after having already been
halved since mid-April’s 1Q report. KeyBanc,
which had TPX at buy since April 2009 (it
was around $10 then and got as high as
$87.43 two months ago), pulls its $85
price target. “We had been optimistic than
the rapidly growing specialty-mattress
category offered enough room for TPX and
competitors to increase revenue,” but TPX’s
update shows “that is clearly not the
case.”
[08:50 am] doji : After this 45% pullback,
now Keybanc is downgrading TPX… hahaha
[08:50 am] Ed : suntrust did also about 10
minutes ago, guess they saw it coming
[08:51 am] doji : Yes, after it dropped
45%… even a blind man can see that
[08:51 am] Ed : true
[08:53 am] doji : The SPY has been riding a
perfect trendline from the open… I wonder
if this a sort of computer program that
trigger the buy signal everythime it hits
that trenline
[08:54 am] Ed : anything is possible
[08:54 am] Ed : getting seom – divergence,
will see how it plays out, if can
resurgence
[08:55 am] Ed : some neg. divergence
[08:56 am] doji : It just broke that
trendline ont the 1min chart
[08:56 am] Ed : did not get alot of selling
coming into markets
[08:56 am] Ed : got that resurgence
[08:57 am] doji : LNKD double bottom… it’s
a laggard today
[08:57 am] eddy : L ABX AT 42
[08:57 am] doji : Ed, the $TICK chart has
been above 0 most of the day
[08:58 am] Ed : yep most,
[08:59 am] doji : 42.35 is resistance on ABX
Eddy
[08:59 am] eddy : THX DOJI
[09:03 am] eddy : all out ABX 1/2 42 .18 1/2
stopped at 42.10
[09:07 am] scalpman : Well, time to
go….today, I had a good sense of the market
and very green.
[09:08 am] Ed : nice going scalp
[09:08 am] scalpman : Thanks to all for
excellent ideas.
[09:08 am] scalpman : See tomorrow.
[09:08 am] eddy : bye scalp
[09:08 am] cdougan : c ya scalp
[09:08 am] khall : see ya tomorrow
scalp
[09:08 am] scalpman : by dougan, khall, et
al.
[09:08 am] scalpman : Scalpman has left the
building!
[09:09 am] qwert : cya scalp
[09:09 am] cdougan : Ed Thoughts on APOL
short? Or spy too strong?
[09:11 am] Ed : spy too strong and APOL being
bid up by market makers right now
[09:11 am] Ed : so will pass
[09:12 am] cdougan : Thx. How do you know
it’s gettijng bid up by market makers?
[09:12 am] Ed : notice the move on almost no
vol
[09:12 am] cdougan : yep
[09:13 am] cdougan : Interesting
[09:14 am] Ed : its definitely bigger force
than us, beit inst. or makets. U see it at
times end of month and beginning
[09:14 am] cdougan : Had no idea that that
occured.
[09:15 am] Ed : so what u like is if vol
really shows up, its like the card player
showing u his hands,
[09:15 am] doji : That is our ED!… Great
Lessons!
[09:16 am] cdougan : Yep thanks ED.
[09:16 am] Ed : those can wear you out tryn
to short, I learned the hard way
[09:16 am] Ed : I meant I read about it
happening to others. LOL
[09:16 am] doji : Me too Ed, me too…
[09:16 am] doji : lol
[09:18 am] cdougan : Alright that’s all for
me. Thanks everyone. Have to go to work!
Thanks for the calls and have a great day
all.
[09:19 am] Ed : cya cdougan
[09:19 am] eddy : bye cdoug
[09:19 am] qwert : bye cdoug
[09:22 am] eddy : hmmm BAC made an 8% jump
today…should have monitored it
[09:22 am] parachute : Going to head out.
Thx for passing on some great stuff
today
[09:23 am] Ed : c ya parachute
[09:23 am] eddy : bye parachute
[09:26 am] eddy : sure Mitch
[09:27 am] eddy : victor which sim are you
using?
[09:27 am] jsn13 : SURE mitch
[09:28 am] lisas : please do Mitch, I wasn’t
here yesterday
[09:28 am] jsn13 : what stock is this?
[09:28 am] qwert : cooooolll
[09:29 am] lisas : so would you enter on
break above the band I’m guessing
[09:29 am] lisas : easy is GOOD!
[09:30 am] jsn13 : Does it take into
consideration the support resistance?
[09:31 am] lisas : are these going to be
stocks that start dropping well after the
open, or are you talking about AT the
open?
[09:31 am] lisas : oh, I see the open
line
[09:31 am] lisas : now I dont, lol
[09:32 am] lisas : looks like it keeps us on
track during the consolidation areas that
might trick us into entering too early
[09:32 am] eddy : this is great
[09:32 am] jsn13 : U plan to have webinars
to teach us how to us it right?
[09:34 am] jsn13 : can u show us RAX?
[09:34 am] qwert : canwe see it in realtime
looks cool
[09:36 am] lisas : yes, sound really
promising!
[09:36 am] qwert : yep were ready
[09:36 am] eddy : yes can you have it real
time on this screen Mitch?
[09:37 am] jsn13 : Yup made sense…does the
system shows ur ahievable good entries? What
is the purpose of the price printed?
[09:37 am] victor51 : It will be great
addition for traders like me with slow
fingers. Thank Mitch
[09:38 am] jsn13 : does the system show us
achievable good entries?
[09:39 am] jsn13 : maybe show any stock that
is setting up and let us watch the signals?
Juz a suggestion…
[09:43 am] eddy : RAX
[09:45 am] go4it : Is HD setting up for
short
[09:45 am] jsn13 : Mitch can u show us RAX
using ur system in real time?
[09:46 am] jsn13 : Let us see ur sell
signal….
[09:47 am] Ed : not enough money in Hd short
at this level has consolidation right under
50.15 and riding the 20 and 50
[09:51 am] Ed : hey Jsn he mentioned he would
be busy for about 5min
[09:51 am] Ed : he is in a trade
[09:51 am] jsn13 : No prob….did u take RAX
short?
[09:52 am] Ed : no, not my type of trade
[09:53 am] jsn13 : ok I did not take it
either, not enough money for me…how but u?
why did u pass?
[09:53 am] jsn13 : *bout
[09:53 am] Ed : just not my style of
trade
[09:54 am] jsn13 : ok….thanks….
[09:54 am] Ed : tryn to think of different
response but blank right now
[09:55 am] jsn13 : haha i usually dont short
the top for bounces…
[09:56 am] Ed : no has more to do with how
stock is positioned on daily
[09:56 am] Ed : does not mean its not good
short, I just pass on those
[09:57 am] jsn13 : ok
gotcha…thanks…
[09:58 am] doji : Jason, RAX is not the type
of “girl” Ed likes, got it?
[09:58 am] Ed : i cant stop laughing
[09:58 am] qwert : hahaha
[09:58 am] jsn13 : Hahahahahah
[09:58 am] doji : He needs to see the
“stuff” first before committing his hard
earned money
[09:59 am] doji : That, is by the way, an
analogy
[09:59 am] qwert : hahahaha
[09:59 am] jsn13 : was RAX ur type of girl,
dojiÉ
[09:59 am] Ed : lol
[10:00 am] eddy : all out RAX long then
short
[10:00 am] eddy : finally reached BE for the
day
[10:00 am] jsn13 : ABX
[10:01 am] ogking : look like the market
makers are back from lunch
[10:03 am] doji : No Jason…. but better
you don’t ask me that here…. or I’ll be in
trouble
[10:04 am] lisas : something caused gold to
drop
[10:04 am] lisas : something caused gold to
drop
[10:04 am] Ed : i sold my 1 bar
[10:04 am] doji : Yes, 7 dollar
[10:04 am] doji : Ed sold is golend
teeth
[10:04 am] doji : dolden
[10:05 am] Ed : lol
[10:05 am] Ed : the one I kept in my
pocket
[10:06 am] lisas : anyone else having room
freeze up?
[10:06 am] victor51 : No LIsa
[10:06 am] Ed : only people on beaches
[10:06 am] shark : lol
[10:06 am] lisas : 🙂
[10:06 am] Ed : i made sure I took my time
spelling that one
[10:07 am] lisas : oooh Eddddd
[10:07 am] doji : Better you did Ed…..
lol
[10:07 am] Ed : lol
[10:07 am] doji : Sorry Lisas… you know
Ed….
[10:07 am] Ed : I know how sometimes one can
type to fast
[10:07 am] lisas : yes I DO
[10:07 am] khall : no, but I have friends
that do
[10:07 am] Ed : like yesterday wi
[10:08 am] Ed : i read about it
happening
[10:09 am] doji : Mark Hulbert: Market
significantly undervalued
[10:09 am] doji : Anyone knows this
guy?
[10:10 am] doji : CHK at VWAP
[10:10 am] parachute : Back from lunch
[10:10 am] Ed : not really
[10:11 am] Ed : u did not miss too much
parachute
[10:11 am] Ed : maybe 2 ideas
[10:12 am] parachute : Usually not at this
time. Primetime is before noon EST
[10:12 am] Ed : depends sometimes u get some
movers, each day is different
[10:12 am] Ed : some news movers
[10:12 am] shark : and rumors
[10:13 am] Ed : exactly
[10:13 am] parachute : Not that I know
anything but signals seem much surer in the
AM
[10:14 am] Ed : right, but later in day we
are more selective and look for high
probabiltiy trades which are typically news
movers/rumors
[10:14 am] mikewd2 -: HAL halted
[10:14 am] Ed : but some make great living
just trading those 1st 90 minutes
[10:14 am] parachute : I will stay tuned. I
haven’t really tried to trade news
[10:15 am] qwert : you might get your chance
with HAL
[10:15 am] parachute : 🙂
[10:15 am] Ed : I would trade in sim, news
movers tend to be pretty fast, and most of
time looking to reverse the prevailing
trend
[10:15 am] Ed : for advanced traders news
movers can offer buy/sell but have to be
nimble
[10:16 am] parachute : Definately in SIM as
i learn how things go in the trading
room
[10:16 am] doji : SLB dropping… following
HAL being halt
[10:16 am] doji : halted
[10:17 am] doji : Oil also dropping
[10:20 am] doji : News in the market? SLB is
dropping hard
[10:21 am] Ed : TRADING NEWS, NEVER ASSUME
POS. NEWS= BULLISH AND NEVER ASSUME NEG.
NEWS=BEARISH
[10:22 am] doji : Mike, that is what I was
talking about before
[10:22 am] joeytsa : good advice Ed
[10:22 am] Ed : unless you hear the F
word=Fraud and SEC never good
[10:22 am] joeytsa : accounting
irregularities 🙂
[10:22 am] Ed : also
[10:22 am] Ed : thx joey
[10:23 am] joeytsa : some news leads to a
trend,other news is an overreaction
[10:24 am] joeytsa : VRTX last week was a
fadeable overreaction
[10:25 am] victor51 : RAX slow and steady
drop. Might reverse?
[10:31 am] eddy : all out slb long
[10:31 am] doji : 13:27 EDT – Halliburton
(HAL) becomes the latest to issue dour news
about the US oilfield-services sector, saying
the decline in 2Q North American margins from
last quarter will be twice what the company
had projected. It blames increased fracking
costs related to guar gum, an agricultural
commodity used in the fluids that are part of
the shale-cracking process. HAL says prices
have surged more than anticipated amid
investor fears of a shortage later this year.
India produces some 80% of the annual
global production of guar bean, and guar gum
is also used as a thickener in products such
as cosmetics and ice cream. HAL, halted ahead
of the news, is down 14% this year.
(kevin.kingsbury@ dowjones.com)
[10:32 am] doji : 13:27 EDT – Halliburton
(HAL) becomes the latest to issue dour news
about the US oilfield-services sector, saying
the decline in 2Q North American margins from
last quarter will be twice what the company
had projected. It blames increased fracking
costs related to guar gum, an agricultural
commodity used in the fluids that are part of
the shale-cracking process. HAL says prices
have surged more than anticipated amid
investor fears of a shortage later this year.
India produces some 80% of the annual
global production of guar bean, and guar gum
is also used as a thickener in products such
as cosmetics and ice cream. HAL, halted ahead
of the news, is down 14% this year.
(kevin.kingsbury@ dowjones.com)
[10:32 am] Ed : thx doji
[10:32 am] jsn13 : Mitch, has ur system show
a buy signal to cover the RAX short juz
now?
[10:32 am] joeytsa : thx doji
[10:33 am] Ed : nimble means quick
[10:36 am] jsn13 : Ed, ur entry and exit for
HAL?
[10:36 am] gub : Mitch – I shorted HAL on
your call and made some good $. TY!
[10:36 am] doji : HAL price almost back to
where it dropped from….
[10:37 am] Ed : 28.96 entry out 29.37 and
29.51
[10:37 am] doji : Did Mitch call to short
HAL?
[10:37 am] gub : would reduce more HAL
long
[10:37 am] gub : your words!
[10:38 am] Ed : did u short or go long
gub?
[10:38 am] jsn13 : Ok thanks Ed…so the
entry time is?
[10:38 am] gub : shorted 1000shares when
Mitch said would reduce more HAL long at
10.35.
[10:39 am] gub : 29.55 out – 29.39.
[10:39 am] Ed : thx for the sympathy trade in
SLB doji missed it though
[10:39 am] joeytsa : both stocks worked
perfect
[10:39 am] joeytsa : SLB classic
overreaction
[10:41 am] Ed : 1:33 est my stop 28.76. would
have reasses action
[10:41 am] doji : SLB Short here
[10:42 am] Ed : if i got stopped
[10:42 am] doji : Rality should catch up
with the stock sooner rather than later
[10:42 am] gub : Just shorted Hal again b
-29.12; out 29.01.
[10:42 am] eddy : all out hal short
[10:42 am] jsn13 : thanks ed…
[10:43 am] gub : It seems the higher shares
you buy the more you make – daaaah. But more
risk.
[10:44 am] eddy : i need Valium after
trading HAL
[10:44 am] Ed : lol
[10:44 am] gub : yes eddy
[10:44 am] gub : read the bible instead of
valium.
[10:44 am] eddy : ya might be helful
gub
[10:45 am] gub : Mitch would agree
also.
[10:45 am] doji : Hal to lose 29 soon
[10:46 am] eddy : not touchin Hal
anymore
[10:46 am] gub : should we short the hell
out of it doji???
[10:46 am] gub : HAL
[10:46 am] eddy : hehehe funy gub
[10:47 am] eddy : i wud hire u as a
copywriter:)
[10:47 am] gub : TY but I wouldn’t hire me
as one.
[10:47 am] gub : tongue too loose.
[10:48 am] eddy : Ed wud u take hal long
again?
[10:48 am] gub : HAL – like the demon
drop.
[10:49 am] joeytsa : nice midday flurry
there
[10:49 am] Ed : not at this level
[10:49 am] doji : Die HAL die
[10:49 am] eddy : hit us with a signal if u
can nd wen u feel it is gd entry …only if u
can
[10:49 am] gub : 28.93 in HAL 28.77 out
HAL
[10:50 am] gub : 3 for 3
[10:50 am] doji : I am short from 29.38…
will keep it as swing trade…
[10:50 am] gub : I have no idea what HAL
does but I can tell you I like the
company.
[10:50 am] doji : as small position
although
[10:51 am] gub : joji I’m a rookie and you
are the pro – this is why I’m in the same
room as you all.
[10:52 am] doji : The drop in HAL is in a
more steady pace compared with the initail
drop
[10:52 am] gub : good job doji!
[10:52 am] joeytsa : all out HAL
[10:52 am] doji : First is overeaction, now
a reality check….
[10:54 am] jsn13 : doji, what was ut signal
to short at 29.38 for HAL?
[10:54 am] jsn13 : *ur
[10:55 am] doji : The inverted hammer at
1:37PM after it didn’t make a new high
[10:56 am] Ed : and change of polarity, will
draw the line
[10:56 am] doji : from previous pivot
[10:56 am] joeytsa : nice doji, i took it on
the next bar
[10:57 am] Ed : blue line became resistance
along with ma’s, picots, etc
[10:57 am] gub : go long HAL?
[10:57 am] joeytsa : lunchtime..see you in
30
[10:58 am] Ed : people who had stock, crapped
in there pants and were happy when stock went
back up, creating selling pressure
[10:58 am] doji : It also hit the VWAP
[10:58 am] doji : so several signals at
once
[10:58 am] Ed : him to
[10:58 am] doji : hahaha
[10:58 am] jsn13 : Ok R1 at 29.60..and all
the other signals….got it…
[10:58 am] doji : No Gub
[10:59 am] Ed : and sellers who were
frightened by news
[10:59 am] eddy : stopped out on hal
long
[10:59 am] jsn13 : how bout the decreasing
volume when it was going up? less
demand?
[10:59 am] doji : Nice it looks like an
orderly unload…
[10:59 am] doji : so market is not
disturbed
[11:00 am] Ed : as well, thats what u call
putting all the pieces together, but quickly
like warp speed
[11:00 am] jsn13 : doji, no more zero profit
for the day?
[11:00 am] doji : Nope
[11:00 am] Ed : doji
made1000000000000000000000 today
[11:01 am] khall : he’s flying us all to his
house
[11:01 am] jsn13 : thanks ed, good
lesson….hahahaha……Ed, may i know what
have u tarded so far?
[11:01 am] jsn13 : *traded
[11:01 am] Ed : uhhhhhhhhhhhhhhhhhhh
[11:01 am] doji : That is in $Rupias,
Ed
[11:01 am] shark : 🙂
[11:01 am] doji : 10,000 Rupias = 1USD
[11:02 am] Ed : u can still spend it
[11:02 am] shark : LEN breaking down thru
R1
[11:02 am] doji : A 5 start hotel in
Jakarta, Indonesia, including the 1-hr trip
from/to the aiport and breakfast cost only 50
bucks….
[11:03 am] doji : or $500,000
rupias….
[11:03 am] doji : and I was complaining
hahahah
[11:03 am] doji : Got scared to see some
many zerossss
[11:03 am] doji : See ya in 1/2 hour, have
to get back to work
[11:04 am] Ed : just always think to urself,
“Im dojiman, I pay no taxes”
[11:04 am] khall : ha ha ha. If we think
that, we may end up in jail…
[11:04 am] Ed : and better yet its legal
[11:04 am] Ed : thats why its only for
dojiman
[11:04 am] khall : LOL
[11:05 am] Ed : and his 20million
neighbors
[11:06 am] eddy : thx Mitch for “nice one
Eddy” Hal had kept me busy earlier
[11:07 am] gub : abx slow and easy
down!
[11:08 am] gub : abx=$
[11:08 am] gub : been riding it down since
13:40
[11:10 am] gub : abx – stopped out for .34
gain short.
[11:11 am] qwert : lol
[11:11 am] Ed : tpx cant find a buyer
[11:11 am] Ed : being tortued by sellers
[11:13 am] gub : RAX of Lamb!
[11:13 am] shark : now I’m getting
hungry
[11:14 am] shark : ULTA testing VWAP
[11:14 am] gub : 14.14 a good entry signal
for RAX long?
[11:14 am] shark : SPY pulling back
[11:17 am] gub : doji did you make $ on
LEN?
[11:18 am] Ed : no buy signal yet on RAX,
gub
[11:18 am] gub : TY – ED
[11:21 am] eddy : LONG ABX 40.55
[11:25 am] gub : come to pappa ABX.
[11:26 am] gub : we won’t hurt you ABX.
[11:27 am] gub : we just want some $ that’s
all
[11:32 am] gub : Mitch – TY for the heads up
on ABX and RGLD!
[11:33 am] gub : 14:32 hammer is this a sell
signal if going long?
[11:33 am] eddy : All out ABX 40.74
[11:33 am] Ed : nice trade eddy
[11:33 am] gub : nice eddy – I hammered it
too!
[11:34 am] eddy : thx Ed
[11:34 am] eddy : way to go gub
[11:34 am] gub : TY ed.
[11:34 am] Ed : way to go gub
[11:34 am] gub : TY Ed.
[11:34 am] eddy : which ed gub?
[11:35 am] Ed : Ed, Eddy and Eddie
[11:35 am] gub : 14:32 hammer was this a
sell signal if going long?
[11:35 am] eddy : yup those lol
[11:35 am] qwert : haha
[11:36 am] Ed : dont understand question gub
and which stock
[11:36 am] gub : ABX
[11:36 am] parachute : What was your signal
on RAX long
[11:38 am] gub : I got out there – Ed
[11:38 am] gub : 14.32
[11:38 am] Ed : yes good spot
[11:38 am] gub : TY – Ed.
[11:41 am] Ed : if u use stochastics had sell
signal from peak and turn over on indicators,
price action u had selling into potential
area of resistance and confirmation by
bearish engulfing pattern speakn of ABX 14:31
and 14:32 est
[11:41 am] gub : Mitch – how do you know
45:50 is the spot for action?
[11:41 am] gub : RAX?
[11:42 am] parachute : and buy signal on
RAX?
[11:43 am] khall : Time is up for me – see
you guys tomorrow – thanks 🙂
[11:43 am] Ed : gub that comes from Mitch’s
experience as trader
[11:43 am] Ed : c ya khall
[11:43 am] shark : bye khall
[11:43 am] eddy : bye Khal
[11:43 am] gub : Ed – TY.
[11:43 am] qwert : bye khall
[11:44 am] Ed : thats also last area where u
had breakdown in selling and area of
consolidation much earlier in the day
[11:44 am] joeytsa : nasdaq with FB
payouts
[11:45 am] Ed : ws speakn of RAX
[11:45 am] shark : I’ll take some,
joey!
[11:45 am] joeytsa : had to do with orders
at $42
[11:45 am] shark : I think my order was over
$44
[11:46 am] shark : 2nd minute after
open
[11:50 am] joeytsa : its been a fun D-day so
far
[11:50 am] eddy : too fast for me was hal
went in nd out nd contributed commission to
scwab…nothing for me 🙂
[11:50 am] Ed : this is where platform makes
a difference
[11:51 am] shark : you got that right,
Ed!
[11:53 am] joeytsa : so far the white house
is saying no more bush/obama tax cuts
[11:54 am] eddy : will switch to ninja
soon…just need to find the energy and time
to learn to use…way to much info and stress
for my first 3 months of trading
[11:56 am] gub : eddy it is stressful.
[11:57 am] eddy : how long have u been
trading gub?
[12:02 pm] gub : eddy sorry was distrated
with trading.
[12:03 pm] eddy : np
[12:03 pm] gub : Got the TS platform in Jan,
this year and learning it and I know it
pretty good.
[12:03 pm] gub : I’m devoting more time to
it because I feel I’m getting the hang of
it.
[12:04 pm] gub : For last 14 days been doing
it 70% of time between my at home work and
trading.
[12:04 pm] gub : If I trade daily I seem to
do better.
[12:05 pm] shark : 🙂
[12:05 pm] gub : Mondays are horrible days
for me if I trade because I seem to forget a
lot over the weekend.
[12:06 pm] eddy : cool
[12:06 pm] gub : Since Mitch is going to
present his new trading platform and will
make us all millionaires – I figure I am
going to start boning up so I’m ready.
[12:07 pm] joeytsa : probably give him a
$50M “bonus” also
[12:07 pm] gub : to make $ that is.
[12:09 pm] gub : Since Mitch makes so much
money trasding daily I figure I’ll be able to
afford his extra $10.00$a month platform fee
he’s so kindly considering.
[12:09 pm] gub : Right Mitch?
[12:10 pm] doji : Back for last hour
[12:10 pm] doji : What is going on with
FB?
[12:10 pm] gub : I can tell you this isn’t
easy stuff to do – at least for me.
[12:11 pm] lisas : Takes time gub, but it
will eventually make sense
[12:11 pm] gub : But if you follow Mitch’s
recommendations – there pretty accurate.
[12:12 pm] Ed : its like that for 90%, but ur
in the right place to learn to be conistent
and successful, what makes % so high has to
do more with the emotionall component
especially once one has the basic
knowledge
[12:12 pm] gub : Some take time but they
seem to go in the direction he says.
[12:13 pm] gub : Yes this is 100% true
Ed.
[12:14 pm] parachute : I have only been
watching since monday and the percentage of
wins is super
[12:14 pm] gub : The basic knowledge will
come by obseving this trading room; and to
study the charts the next day after you gett
all the recommendations – you will start to
get the hang of it.
[12:15 pm] gub : My problem has been setting
stoips to tight and knocking me out of
trades.
[12:15 pm] parachute : I have been going
back through the archive and seeing all that
i missed because there were so many
ideas
[12:16 pm] gub : Study them the next day and
you will see most do what Mitch and the rest
of the guys mention.
[12:16 pm] parachute : I have trouble with
the stops too but I think that is about
fear
[12:16 pm] parachute : and not trusting the
calls
[12:17 pm] shark : parachute -stops has to
do with position size and risk managment
[12:17 pm] gub : I can tell you if you just
work with 1 – 4 ideas to begin with you will
be able to make better decisions then try to
grab all of them
[12:17 pm] shark : how much upside potential
vs. continued downside loss
[12:18 pm] joeytsa : good point shark
[12:18 pm] doji : Drop in SPY
[12:18 pm] parachute : thx for the help
guys
[12:18 pm] victor51 : Ed, MacD and Stoch
signals at the same time, I don’t have
problem place an order. But when one lags the
other in signal, how do we select which
indicator and is it different for short Vs
Long.
[12:18 pm] gub : You need the charts in
front of your face and you will have a bead
on what it’s going to do so you can make a
good decision on.
[12:19 pm] Ed : best way to approach attitude
toward stops, is realize that stops are ur
cost to find out if trade will work in ur
favor. Also great remarks by shark also
[12:20 pm] gub : If you try to input all
Mitch’s idea’s you will spend your time doing
that instead of analying what to do.
[12:20 pm] gub : That was my problem.
[12:20 pm] gub : Now that I’m focusing on a
few I seem to be doing better.
[12:20 pm] parachute : i learned that the
first day- i was overwhelmed. Have tried to
to focus on a few the last two days
[12:21 pm] eddy : the only way to manage
stops prpoerly is to overcome fear.the only
way to overcome feel is confidence in ones
knowledge…and that require a lot more than
basic learnings. it needs time to aquire the
knowledge
[12:21 pm] eddy : feel=fear
[12:21 pm] Ed : victor do u still use setup
from videos
[12:22 pm] gub : practice on a sim account
is a must in my opion – I’d be wiped out if I
didn’t do sim tradeing at first.
[12:23 pm] gub : It’s much easier trading
when the market is going in a forcful
direction either up or down I’ve found
out.
[12:23 pm] eddy : which sim did u use
gub?
[12:23 pm] gub : more prodictable.
[12:23 pm] gub : Tradestation
[12:24 pm] eddy : im done for the day
[12:24 pm] eddy : see ya tom nd thx for
everything
[12:24 pm] joeytsa : bye eddy
[12:24 pm] Ed : c ya eddy
[12:24 pm] gub : by eddy
[12:24 pm] lisas : bye eddy
[12:25 pm] Ed : hey victor, you use setup
from videos
[12:25 pm] gub : Ed – set ups? – chart set
ups?
[12:26 pm] Ed : he was speakn of macd,and
stochastics so was curious of his setup
[12:26 pm] gub : oh yea.
[12:26 pm] Ed : did Victor leave?
[12:26 pm] joeytsa : he’s here
[12:27 pm] Ed : want to respond to his
question but need more info
[12:27 pm] joeytsa : looks like he’s
writing
[12:27 pm] gub : Today was first time I
palced so many trades in the first 10 minutes
and I’ve done better then I ever have. Is
this haow to do it?
[12:27 pm] gub : Right away in first few
minutes?
[12:28 pm] joeytsa : its not quantity, it
quality you want
[12:28 pm] lisas : Depends, today they
worked well, doesn’t happen that way every
day
[12:29 pm] lisas : Sometimes it’s hard to
guage initial overall market action, and that
can overwhelm specific stock behavior, ie a
stock gapping on news, etc
[12:29 pm] victor51 : Ed, yes. MacD
12,26,9, Stoch. 10,8,81,20,80, Mov. ave
5/20/50 ave. volume. i am really analyzing in
Sim for next two weeks
[12:29 pm] gub : this appeared to be case. I
picked a few and went with them and watched
them and made good $ decisions based on what
I learned from Mitch’s scalping videos and it
worked just like he explained.
[12:29 pm] Ed : how long u been traing with
those setups?
[12:29 pm] victor51 : Ed, I also like
upper/lower bollinger band
[12:30 pm] Ed : ok
[12:30 pm] victor51 : three months
[12:30 pm] gub : I hope this just wasn’t a
fluck day and I’m starting to get this.
[12:30 pm] gub : It seemed so easy
today.
[12:30 pm] lisas : gub, it usually
works
[12:31 pm] Ed : how is it going overall?
[12:31 pm] lisas : some days it doesn’t, and
it’s not that you did anything wrong
[12:31 pm] gub : It seemed to be better
cause I stared right from the opening bell
placing trades.
[12:31 pm] Ed : are u felling comfortable
with the indicators?
[12:32 pm] gub : started
[12:32 pm] gub : Yes – but you must follow
all of them to increase your odds don’t
you.
[12:32 pm] victor51 : Ed, B/E or little loss
but no green yet
[12:32 pm] Ed : or are u fellin
overwhelmed?
[12:33 pm] lisas : gub, true. Somedays
though the reversal, or countrend pullbacks
will take a second attempt to work
[12:33 pm] Ed : Actually, that is great, so
just some minor tweeking and will get to next
level
[12:33 pm] gub : going from say long to
short or vice versa?
[12:33 pm] gub : lisas
[12:34 pm] parachute : anyone just use price
action?
[12:34 pm] Ed : I say that bcuz many people
lose quite a bit when trading
[12:34 pm] Ed : yes I do parachute
[12:34 pm] joeytsa : i do too, esp in
conjuction with s/r
[12:34 pm] gub : s/r?
[12:34 pm] lisas : example, a stock moves up
off the open, waiting to take it short, think
I see short entry and take it. Overall market
action is really strong however, so stop hit.
Second leg up to short will usually
work.
[12:34 pm] Ed : so little loss to breakeven
is plus
[12:34 pm] joeytsa : price action IS
trading
[12:35 pm] joeytsa : s/r =
support/resistance
[12:35 pm] gub : TY
[12:36 pm] doji : See ya guys tomorrow
[12:36 pm] lisas : Gotta run, thank
all!
[12:36 pm] Ed : c ya doji
[12:36 pm] joeytsa : bye doji
[12:36 pm] joeytsa : bye lisa
[12:36 pm] Ed : c ya lisa
[12:36 pm] doji : Taking home my swing short
in HAL
[12:36 pm] gub : s/r is my problem – do you
look at daily chart for this?
[12:36 pm] lisas : oh, wait, it only SEEMS
like it’s past 4:00
[12:36 pm] doji : Bye Lisas
[12:37 pm] parachute : After some
experimentation with indicators I found price
action and some Bollinger Bands worked
best
[12:37 pm] joeytsa : this whole game is
price action and s/r
[12:37 pm] gub : joji – thanks for LEN rec –
made some $ in it today.
[12:38 pm] joeytsa : s/r can be whatever yuo
make it to be, all depends on the individual
stock to me
[12:38 pm] parachute : looking forward to
learning some great things from you guys
[12:38 pm] gub : HAL go long?
[12:38 pm] joeytsa : you tell me 🙂
[12:41 pm] gub : I did already.
[12:42 pm] shark : UVXY drop
[12:42 pm] gub : on 3rd green candle.
[12:44 pm] gub : going up.
[12:46 pm] gub : joesystsa – bought 27.98
and sold for 28.11 1k shares – good?
[12:46 pm] qwert : Bye everybody cya all in
the am great calls today
[12:46 pm] gub : could of done better but
hinsight is always easy.
[12:47 pm] shark : bye qwert
[12:47 pm] gub : by shark
[12:47 pm] Ed : c ya qwert
[12:48 pm] gub : Ed did you take HAL long
here last 10 minutes?
[12:50 pm] gub : How do you know like on
this cahrt you have set up on HAL that it
will produce a red candle and go down?
[12:50 pm] gub : 15:48 or 15.49 candle?
[12:51 pm] gub : on HAL?
[12:51 pm] Ed : no actually helping someone,
missed it
[12:52 pm] gub : Do you lok at daily chart
to determine this?
[12:53 pm] Ed : 1 sec gub
[12:53 pm] gub : ok
[12:56 pm] joeytsa : tons of orders between
28.08-28.10 on HAL
[12:56 pm] Ed : 3 more minutes actually gub,
helping another trader from the room
[12:58 pm] joeytsa : DGIT big spike
[12:58 pm] joeytsa : late in the day
though
[01:00 pm] gub : joeysta – what does this
mean?
[01:00 pm] gub : tons of orders between
28.08-28.10 on HAL
[01:00 pm] Ed : stick around for few min gub,
did not forget u
[01:00 pm] gub : ok
[01:00 pm] joeytsa : it means there are a
lot of orders between those 2 prices
[01:01 pm] gub : yes but what is the meaning
of this – will stock go up or down or
nowhere.
[01:01 pm] joeytsa : if i knew that, i
wouldnt be typing right now 🙂
[01:01 pm] joeytsa : just means there are a
lot of orders
[01:02 pm] joeytsa : ES testing 1315..very
nice day for bulls
[01:02 pm] gub : joeysta – you are funny
man!
[01:02 pm] joeytsa : Thanks Mitch
[01:03 pm] gub : lol!
[01:03 pm] shark : thx Mitch!
[01:03 pm] gub : you the man Mitch!
[01:03 pm] gub : made good $ on a lot of
your rec’s today – spot on!
[01:04 pm] joeytsa : must have been terrible
earnings
[01:05 pm] gub : what the h___’s going on
with MW?
[01:05 pm] joeytsa : terrible earnings most
likely
[01:05 pm] gub : never seen a drop so
drastic.
[01:06 pm] joeytsa : or poor outlook
[01:06 pm] joeytsa : thats because you’re
new
[01:06 pm] gub : this would have ben a nice
short.
[01:06 pm] joeytsa : wait until you see
stocks drop 40-50 pts
[01:06 pm] gub : shut up girl!
[01:06 pm] gub : no way.
[01:06 pm] gub : have you?
[01:07 pm] joeytsa : yeah, and im not a
girl
[01:07 pm] shark : 1.12 vs 1.22 est MW
[01:07 pm] shark : reaffirms outlook –
MW
[01:07 pm] joeytsa : thx shark
[01:08 pm] shark : .53 vs .54 earnings
[01:08 pm] shark : 1.12 vs 1.22 for Q2
[01:08 pm] joeytsa : there ya go
[01:08 pm] Ed : therre she went
[01:08 pm] shark : reaffirms FY13 EPS
[01:08 pm] gub : funny expression –
sorry.
[01:09 pm] joeytsa : no prob haha
[01:09 pm] joeytsa : just didnt want you to
be confused
[01:09 pm] gub : I appreciate all your help
joeytsa.
[01:09 pm] gub : You been very helpful to
me.
[01:10 pm] joeytsa : no prob, always try
to
[01:10 pm] gub : Your comments are all very
good and informative too.
[01:10 pm] joeytsa : but learn from Ed
🙂
[01:10 pm] joeytsa : that way you can blame
him for any losses haha
[01:10 pm] gub : LOL!
[01:10 pm] gub : good one!
[01:11 pm] gub : It’s like golf – when you
shoot a very good game and you think you got
it- the next time you play it all goes
away.
[01:12 pm] gub : You must be vigilant 24/7
in trading I can see that.
[01:13 pm] gub : cover all basis.
[01:13 pm] gub : leave nothing to chance –
right?
[01:13 pm] joeytsa : just make sure you have
stops set and you cant get hurt too bad
[01:13 pm] shark : make a plan, and work
that plan
[01:14 pm] joeytsa : plan your work then
work your plan
[01:14 pm] joeytsa : i like that shark
[01:14 pm] gub : Yes every trade ther is a
target and stop auto set on my TS
platform
[01:14 pm] shark : 🙂
[01:14 pm] shark : awesome, gub! 😉
[01:14 pm] joeytsa : gub: just make sure you
give yourself room to profit
[01:15 pm] gub : I find trailing stops seem
to knock me out of good trades too soon –
you?
[01:15 pm] joeytsa : if you are shooting for
10cent gains, your stop has to be set too
tight
[01:15 pm] gub : reg stops seem to work best
for me – you?
[01:16 pm] joeytsa : its what you are most
comfortable
[01:16 pm] gub : Today my share size was
larger then normal and my profit target set
smaller and I seemed to do much better.
[01:16 pm] gub : in AM especially.
[01:17 pm] joeytsa : dont overleverage…set
realistic profit levels also
[01:17 pm] gub : TY
[01:17 pm] joeytsa : you took 13cents on
that HAL trade…i took 55cents
[01:17 pm] gub : because you the man!!!
[01:17 pm] joeytsa : but i probably had a
larger stop
[01:17 pm] gub : ahhhhh….
[01:18 pm] joeytsa : no, i just set bigger
targets
[01:18 pm] joeytsa : i can give a 25cent
stop loss if i am looking for 50cents…
[01:18 pm] gub : how many shares – I went
with 1k
[01:18 pm] gub : I see
[01:18 pm] joeytsa : if you take 15cent
profits, stoploss has to be set around
7cents..way too close
[01:19 pm] joeytsa : 1000
[01:19 pm] gub : si
[01:19 pm] joeytsa : didnt have time to
change it
[01:19 pm] joeytsa : normally i trade less
near the end of the day
[01:20 pm] Ed : less=more and more=less
[01:20 pm] joeytsa : but 2000 made sense
also…lower priced and plenty of orders
[01:20 pm] joeytsa : all depends on your
risk/size of account etc
[01:20 pm] gub : Ed – Ed : less=more and
more=less
[01:21 pm] gub : ???
[01:21 pm] joeytsa : ok guys, i have to
run….
[01:21 pm] gub : bigger lose’s?
[01:21 pm] gub : by jo
[01:21 pm] joeytsa : Thanks Mitch, Ed,
everyone
[01:21 pm] joeytsa : see you all in the
morning
[01:22 pm] Ed : c ya joey
[01:22 pm] shark : bye joey!
[01:22 pm] shark : thx for guidance
[01:22 pm] joeytsa : shark: Kings go for
the sweep tonight
[01:22 pm] joeytsa : you should go and try
to get tix
[01:24 pm] gub : Thanks all!
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