[06:06 am] Mitch K: Mitch King: we are still
having this problem of one post from a
previous day still on our announcement
box.
[06:09 am] Mitch K: Mitch King: the
unemployment rate held the same as last
month’s report of 9.1% unemployment although
an article last night quoting Zuckerman that
real rate of unemployment is 19%. The
reading of 9.1% is based on those who are
applying for unemployment claim within a 6
month period and not counting those whose
benefits have expired
[06:10 am] Mitch K: Mitch King: also no
increase in non-farm payrolls, worst reading
since 12 months ago so the idea of a double
dip recession is still possible
[06:11 am] Mitch K: Mitch King: so we are
right back into the fear mode we were in
[06:13 am] Brent : Brent : Good morning
[06:15 am] Brent : Brent : and AUY, AEP, AWK,
and PGN for possible longs
[06:15 am] Brent : Brent : watching IVR,
WCRX, SAI, and DB for possible shorts
[06:25 am] Brent : Brent : I might look for a
short below $19.95 on FNSR doji[06:31 am]
Brent : Brent : AUY long half
[06:33 am] Brent : Brent : out half AUY
[06:35 am] Brent : Brent : out another 1/4
AUY
[06:36 am] Brent : Brent : short CAT half
[06:41 am] Brent : Brent : watching ATPG for
a bounce
[06:42 am] Brent : Brent : look to reduce
more AUY if long
[06:45 am] Brent : Brent : watching WM for a
bounce
[06:47 am] Brent : Brent : when I post
watching for a bounce, I’m looking on the
long side
[06:48 am] Mitch K: Mitch King: many stocks
bouncing
[06:49 am] Mitch K: Mitch King: not expecting
big bounces; also looking for shorts on top
of those bounces
[06:50 am] Brent : Brent : SPY approaching
hod[06:52 am] Mitch K: Mitch King: watching
for short in MOS soon
[06:53 am] Mitch K: Mitch King: consider
short in TD
[06:55 am] Mitch K: Mitch King: watching CB
for short
[06:57 am] Mitch K: Mitch King: consider
short in V
[06:57 am] Mitch K: Mitch King: watching for
short in NLY around 17.45
[07:01 am] Mitch K: Mitch King: CB and MOS no
sell signals yet,
[07:01 am] Mitch K: Mitch King: consider long
in COH, late but more to run
[07:02 am] Mitch K: Mitch King: let them top
first, CB and MOS
[07:06 am] Mitch K: Mitch King: consider
closing V short
[07:06 am] Mitch K: Mitch King: consider
small short in AGO
[07:08 am] Mitch K: Mitch King: MOS, CB too
strong to short
[07:11 am] Brent : Brent : watching REGN for
a short
[07:14 am] Mitch K: Mitch King: watching LVS
for short
[07:15 am] Brent : Brent : consider reducing
REGN
[07:26 am] Mitch K: Mitch King: consider
covering COH
[07:50 am] Mitch K: Mitch King: looking for a
long entry in TNA soon
[07:50 am] Mitch K: Mitch King: LVS is about
finished on this short
[07:50 am] Mitch K: Mitch King: most stocks
were decent shorts on top of bounces, even
the strong ones like CB, MOS
[07:50 am] Mitch K: Mitch King: not as a
swing but a scalp in TNA long
[07:53 am] Brent : Brent : SPY at
resistance
[08:13 am] Brent : Brent : SPY looking to
test hod[08:15 am] Mitch K: Mitch King: I
posted the TNA idea at 750am Pacific time,
our time zone. You see my cross hairs
there at 750am on the chart?
[08:16 am] Mitch K: Mitch King: It’s a 2 min
chart and the stochastics have already turned
up, even past the crossing
[08:17 am] Mitch K: Mitch King: ok, so now
what are the stochastics doing on the chart
now? you guys answer
[08:20 am] Mitch K: Mitch King: right shark.
the stochastics are turning down, now
crossed. When the stochastics is at the top
of the range, it doesn’t necessarily mean it
is ready to sell the first moment it gets
there but it should tell you or alert you to
be watching for a reversal and even with a
cross on a stochastic using 10-8-7 like i
have here doesn’t mean it is a sell. only
means to be alerted that it will likely turn
down fairly soon but it could stay up there
for maybe 5-10 minutes (guessing on the
time)
[08:21 am] Mitch K: Mitch King: lisas answer:
I haven’t been using that kind of chart,
OHLC chart to determine support and
resistance. i have a little different
approach to it. As Dr. Emerson would say
“Not wrong, just different”
[08:22 am] Mitch K: Mitch King: see we got a
higher high there on that last 2 min candle,
stochastics are still at or toward top of
range, that can continue for a while, but not
like hours or anything, just anywhere from 5
to even 20 minutes on this setting
[08:23 am] Mitch K: Mitch King: let me show
you something else, another chart
[08:23 am] Mitch K: Mitch King: lisa, I don’t
even use that kind of chart, not using vwap
myself but its whatever you get used to
[08:24 am] Mitch K: Mitch King: lightning, i
use moving averages, not the macd lately,
just trying to simplify my routine so i can
see in a quick glance what to do, what is
happening
[08:26 am] Mitch K: Mitch King: you guys are
hungry animals, like hyenas (without the
laugh) or lions
[08:27 am] Mitch K: Mitch King: still same
with stochastics, can stay up there for quite
a while on big bull runs, it’s what, just a
sec
[08:29 am] Mitch K: Mitch King: let me put up
a different chart, i have to make this go
blank first, just a sec
[08:32 am] Mitch K: Mitch King: scroll down
and see the macd at bottom window with
indicator? blue and red? the MACD means
moving average convergence divergence so it
is a moving average. I think lightning asked
if I use macd anymore.
[08:34 am] Mitch K: Mitch King: at least not
yet but getting close, needs to go down
more
[08:34 am] Mitch K: Mitch King: ok, so the
TNA still isn’t giving a sell signal yet….
stochastics hardly turned down, but another
tick down to maybe 43.25 area would probably
give sell signal
[08:35 am] Mitch K: Mitch King: I think you
are early on TZA, you are anticipating the
trade. you will have less false signals if
you don’t do that, I mean don’t
anticipate.
[08:35 am] Mitch K: Mitch King: I’m going to
go through this in great detail on the first
webinar
[08:36 am] Mitch K: Mitch King: yes you give
up some profit potential by not getting as
good of a price sometimes but what makes up
for that is the percentage of winning trades
goes way up and that far outweighs the
slightly better prices you get sometimes by
anticipating a trade
[08:39 am] Mitch K: Mitch King: ok, so now
anyone who jumped in TZA on that last sell
signal with TNA is getting whiplashed and the
uncomfortable emotions start creeping in
here. then you start second guessing
yourself. Then you have lower confidence,
etc. This is exactly what EYES is going
through. Not trying to use you EYES as a
whipping boy, but it is the classic thing i
see all the time. If you don’t work out a
strategy really well and learn it on a
practice platform, over a period of 2-3
months, you won’t have built up the
confidence to trust anything.
[08:40 am] Mitch K: Mitch King: something to
remember about TZA and TNA is they are 3 to 1
leverage ETFs
[08:40 am] Mitch K: Mitch King: you have to
remember that 2-3 months isn’t a long time.
How long did it take some of you to finish
college, graduate school, medical school,
internship, residency? There are a bunch of
doctors in here, Rusty, Harvey, MD., Mark,
more
[08:41 am] Mitch K: Mitch King: I’m just
saying you can afford to study for several
months in practice without real money. And
what do you get in return?
[08:42 am] Mitch K: Mitch King: ok doji,
that’s 6 years of hard study, 4 undergrad
plus at least 2 or 3 years for masters
[08:53 am] Mitch K: Mitch King: ok so now we
are getting a sell signal on TNA so what you
do is try to get a better price than the
current price of 43.45
[08:54 am] Mitch K: Mitch King: maybe 43.55
on TNA would be good
[08:55 am] Mitch K: Mitch King: ok, so you
would have gotten 43.55 just now you guys see
that?
[08:57 am] Mitch K: Mitch King: not sure what
you are asking lisa[09:29 am] Mitch K: Mitch
King: ok so who is long TZA? you don’t want
to be shorting TNA when you saw a sell
signal, this isn’t a stock, you want to buy
long the inverse etf, which is TZA
[09:30 am] Mitch K: Mitch King: the blue
circle was your buy signal same time we had a
sell signal in TNA,
[09:31 am] Mitch K: Mitch King: DOJI, what
was your sell signal in TZA look at that
macd, pointing up since the time i said sell
signal in TNA
[09:33 am] Mitch K: Mitch King: it was the
854am pacific time when I said maybe 43.55 on
TNA would be good and TNA was at 43.45 and I
was suggesting to try to get a better price
that .45, maybe 43.55 and it moved up to that
and around 43.57 so some of you filled
[09:33 am] Mitch K: Mitch King: no sell
signal yet in TZA. this announcement box is
screwed up today, flash apps are like this
[09:34 am] Mitch K: Mitch King: ok doji,
that’s good price, then when did you sell
[09:34 am] Mitch K: Mitch King: time and
price
[09:36 am] Mitch K: Mitch King: yes garyb, we
should get a good long entry in TNA fairly
soon I’m watching both, but mostly TZA
[09:39 am] Mitch K: Mitch King: when you see
higher highs like this in TZA, no reason to
sell
[09:46 am] Mitch K: Mitch King: ok, here is
your exit in TZA and entry into TZA but try
to get better prices you don’t have a lot of
time to get better prices, maybe 30 sec to 1
min max ok, on this pullback here in TNA,
that’s where you fill your long, 42.70
something like that
[09:47 am] Mitch K: Mitch King: and you are
getting better prices to sell the TZa, you
guys see what I’m talking about
[09:49 am] Mitch K: Mitch King: on a stock,
you aren’t entering the opposite trade and
you can hold off on buying TNA as well, just
for more assurance you are reading it right
but my whole point was about getting more
profit out of a trade
[11:15 am] Mitch K: Mitch King: looks like
most of the gains are given back yesterday
and today another down day on Tuesday should
give us another good long opportunity on
swing trades
[11:16 am] Mitch K: Mitch King: looks like
most of the gains are given back yesterday
and today another down day on Tuesday should
give us another good long opportunity on
swing trades that is daily chart here on
TNA
[11:16 am] Mitch K: Mitch King: this is UPRO
etf, 2 to 1 leveraged etf, more downside to
this one, maybe 50 next week would be better
for long
[11:20 am] Mitch K: Mitch King: should get a
bounce here
[12:59 pm] Brent : Brent : you too guys.
Have a great weekend, see you Tuesday. Hold
onto your mouse…..Kert’s back
[01:04 pm] Mitch K: Mitch King: later guys,
see you tuesday
|
[06:07 am] doji : Candelas, what do you
think S FNSR from the open?
[06:08 am] candelas : i have it short at
20.68
[06:09 am] doji : Did you short it yesterday
in the post market?
[06:10 am] candelas : yes that was a post
market
[06:11 am] garyb : So Mitch, with all this
info what kind of day do you project?
Probably heading down considering we are in
front of a long weekend as well?
[06:18 am] doji : Brent any idea on how to
trade FNSR? I was thinking of S at the
opening since the market is in negative mode
this morning
[06:20 am] garyb : I would think that TZA
would be a good play today
[06:30 am] sonorant : LQDT short? yes?
[06:37 am] doji : FNSR S 20.2 closed 19.7
[06:37 am] garyb : in TZA
[06:41 am] cowboyh : sprd turning up
[06:44 am] rusty : JVA hod radar
[06:45 am] mikewd2 -: JVA
[06:46 am] lisas : Brent, do you go long on
the bounces, or do you watch the bounce to
short it?
[06:51 am] anthonyb : I’m long WM @ 31.20
[06:51 am] anthonyb : out FNSR long + .46
[06:52 am] ltacher : scam alert on svm
accounting
[06:54 am] anthonyb : out WM only +.05
[06:54 am] mikewd2 -: TD just mentioned on
CNBC, but didn’t pay attention to topic
[06:55 am] anthonyb : missed TD
[06:55 am] ltacher : Mitch is TIN a good
short here ?
[07:02 am] anthonyb : I was a bit too soon
on MOS. Took a small loss. I’ll be more
patient on CB
[07:04 am] lightning: Seemed to me that MOS
had a sell signal at 9:57 candle. Not clear
why this wasn’t one.
[07:04 am] sonorant: Mitch, what are you
looking at to determine the top in CB and
MOS? I tried to go in a while back, and it
(obviously) didn’t work.
[07:05 am] anthonyb : I took it lightning
[07:05 am] anthonyb : water under the bridge
no biggie
[07:06 am] lightning : anthonyb, me too.
and I agree no biggie, but trying to make
sure I see things how Mitch sees them.
[07:07 am] anthonyb : It seems I’m always a
little late or a little early lol[07:08 am]
anthonyb : UPS
[07:08 am] ltacher : I like AGO short small
position here
[07:09 am] ltacher : and long Coach my wife
love that store
[07:11 am] ltacher : come to me AGO drop
like is no tomorrow
[07:11 am] mikewd2 -: playing TZA, TNA along
the trend lines
[07:12 am] ltacher : 50c profit
[07:12 am] ltacher : Mitch I placed a stop
13.51 on ago and limit to sell at 12.52
[07:14 am] doji : That is a big spread
Itacher[07:15 am] doji : SPY has been moving
from 118 to 119 in 45min with a slight upside
trend
[07:18 am] ltacher : Mitch still money in
LVS as short
[07:20 am] qwert : ago slooooooow[07:21 am]
ltacher : i like these qwert no worries it
give time to think..
[07:21 am] qwert : no worries here either
[07:21 am] qwert : stop set
[07:22 am] ltacher : i think stock don’t
give you time to think is problem remember on
the other side you are dealing with another
human
[07:22 am] mikewd2 -: or a computer
[07:23 am] candelas : exactly, thinking only
slows u down
[07:23 am] candelas : u got it
[07:23 am] garyb : mike how is it going for
you for TZA & TNA?
[07:23 am] qwert : need to use right side of
brain
[07:24 am] ltacher : AGO drop like a bomb
..
[07:24 am] ltacher : here she comes
[07:24 am] mikewd2 -: good in/out twice each
along trend lines
[07:25 am] ltacher : Brent let me ask you,
you like to think when you are trading ?
[07:26 am] Brent : no, I try not to think
[07:26 am] Brent : same as in high school
[07:26 am] lightning : COH was a long
call.
[07:27 am] doji : Yeah lightning, I’ll cover
here for a small loss
[07:27 am] ltacher : oh wow candelas said
the same thing.. I wonder you guys went to
the same high school …
[07:28 am] doji : FNSR looking strong
[07:28 am] ronfrac : This mkt is getting
into a RUT!
[07:29 am] doji : What is Rut Ron?
[07:30 am] anthonyb : orcl looking weak?
[07:31 am] candelas : regn the stock that
keeps on giving both ways
[07:31 am] candelas : thx for REgn Brent
[07:31 am] mikewd2 -: TNA, TZA broke the
trend line
[07:34 am] mikewd2 -: TNA bounce around
42.65?
[07:36 am] anthonyb : AGO looking good
[07:37 am] qwert : took 1/2 at vwap AGO
[07:40 am] mikewd2 -: TNA touched 42.65
[07:41 am] doji : FNSR in a trend line
[07:41 am] mikewd2 -: we touch it again i may
go long
[07:43 am] mikewd2 -: bummed, should have
picked up TNA 42.65
[07:44 am] doji : FNSR broke trend line
[07:44 am] mikewd2 -: there it is again
[07:45 am] mikewd2 -: 42.15 next?
[07:45 am] shark : market looking to retest
lows
[07:46 am] ltacher : treasury rally big
time
[07:47 am] anthonyb : Mitch, will it be
possible to ask questions during the
webinar?
[07:47 am] candelas : tlt had nice gap up,
missed it
[07:48 am] anthonyb : did anyone short
UPS?
[07:48 am] Brent : we will have a Q&A
session after each topic anthonyb[07:48 am]
ltacher : Gold going up .. wow where are we
heading .. for us does not matter because we
just trader for those people in the 401 k
getting kill
[07:48 am] mikewd2 -: i hope not or we will
never get thru the sessions, haha[07:50 am]
mikewd2 -: Mitch you looking for 42.15?
[07:51 am] mikewd2 -: if volume picks up?
[07:58 am] anthonyb : Mitch, Brent, Thanks
for all the help. I’m calling it a day.
Heading to the bahamas in a few hours. I hope
everyone enjoys their weekend
[07:58 am] lightning : anthony, have a great
time!
[07:59 am] anthonyb : I wish lightning, I’m
working
[07:59 am] mikewd2 -: wow, enjoy
anthonyb[08:00 am] mikewd2 -: this market is
hard to trade today
[08:01 am] ferrazzi : CVS
[08:01 am] mikewd2 -: although 6/6 and in
nothing currently
[08:02 am] reacher : Mitch, how’d you know
TNA would take off? Time of day ?????[08:10
am] qwert : c’mon die ago
[08:14 am] doji : An I agree with Mike that
today has been a tough day for day trading
[08:14 am] doji : Yes Gecko love that…. by
the way, is Gecko here?
[08:14 am] Mitch K: no reacher, i don’t go by
the time of day, that’s Geckos thing. let me
go through this
[08:14 am] shark : good job on TNA, Mitch
[08:15 am] ltacher : qwert how are you doing
with your AGO
[08:16 am] qwert : still have 1/2
itacher[08:16 am] shark : I see it, M
[08:17 am] doji : Sell
[08:17 am] doji : Turning dows[08:17 am]
ltacher : turning a bit down
[08:17 am] shark : black one is crossing
back down below the blue
[08:18 am] mikewd2 -: so buy TZA
[08:18 am] pirate : saying its more
overbought than previous high but price is
still lower
[08:18 am] ronfrac : sl signal developing
[08:18 am] scalpman : turning over
[08:19 am] lisas : Mitch, would you consider
that 43.00 is a support area and watch for
that?
[08:19 am] scalpman : …well stochs
flat
[08:19 am] scalpman : ..at the top
[08:19 am] shark : fast stochastic breaking
thru slow stochastic
[08:19 am] sonorant : still not a downward
turn on slow stochastic
[08:22 am] lisas : On my chart, vwap is at
43.02, and it’s even number, but noticed the
OHLC. Do you find those are respected
more?
[08:22 am] scalpman : Lisas, I agree with
43.00 as the bottom of the channel
[08:22 am] sonorant : So, Mitch, then what
is the definitive sell signal (buy)
[08:23 am] lightning : in Vegas, the MACD
was important to you, I thought. Are you no
longer using it?
[08:23 am] lisas : are your watching the 2
min more now. I have 1 min and 3 min, but 3
min always seems to lag
[08:23 am] scalpman : ..a drop might touch
43.10, so I would watch from there for the
breakdown.
[08:23 am] sonorant : Two minute chart
rather than one minute?
[08:24 am] lightning : got it. thanks.
[08:24 am] scalpman : ..it touched the
channel on that drop..
[08:24 am] scalpman : but nearing the top on
this run…I think…going sideways
[08:24 am] scalpman : but rebounded..
[08:24 am] shark : Mitch, you have a 10, 7
stochastic with an (8) in parenthesis. ??
[08:25 am] scalpman : If rebound make new
high…still up…
[08:25 am] shark : TNA breaking above the
100 min moving average resistance level
[08:26 am] lisas : I would like to see a
higher high, guess it heard me, lol[08:26 am]
mikewd2 -: anyone on etrade, what Stochastic
chart is nearest the one Mitch has up.
[08:26 am] mikewd2 -: etrade shows full, fast
and slow, then you can set up %k, %d
[08:26 am] scalpman : I think Mitch uses
full, right?
[08:26 am] scalpman : Mike it has full and
fast
[08:27 am] lisas : have a quarter position
still on, but need to make up a slightly down
day so far
[08:28 am] doji : Use FNSR
[08:30 am] scalpman : Watch MOS for drop
[08:31 am] candelas : REGN
[08:34 am] scalpman : 45.11
[08:34 am] scalpman : I am Long TZA
[08:35 am] ronfrac : scalp: I’m long tza
also.
[08:35 am] scalpman : So mitch, I am early
on TZA?
[08:35 am] stevemld : REGN must have
announced the cure for cancer lol[08:36 am]
doji : Can you show in real-time in TZA when
is a sell signal Mitch?
[08:36 am] doji : sorry buy signal
[08:36 am] lightning : so the sell signal
isn’t the turn on stochastics, the cross on
stochastics or the turn on MACD?
[08:37 am] doji : FNSR resistance at 22
[08:37 am] scalpman : I think that is often
my problem in jumping in on the potential
rather than wait for the signal.
[08:37 am] scalpman : Thanks Mitch I see.
[08:38 am] mikewd2 -: and I’m in TZA also
[08:38 am] mikewd2 -: i do that also
scalpman[08:39 am] ltacher : Mitch any idea
how can i deal with the inverse on the 20 ma
and the inverse of the stochastic
[08:40 am] candelas : REGN the stock that
keeps giving
[08:40 am] mando : 3years for law school
Mitch
[08:40 am] scalpman : Yes…I’m stopped out
with tight stop..
[08:41 am] doji : I have a Master
[08:41 am] doji : in Engineering by the
way
[08:41 am] ltacher : when they both give you
two totally different signals
[08:41 am] mikewd2 -: no wonder it takes so
long to see a doctor, they trade between
patients.
[08:41 am] shark : that’s it MikeWd2. LOL
[08:42 am] ltacher : very true Shark
[08:42 am] shark : I’m a pilot that likes to
dive, but not on the same day
[08:43 am] candelas : all out REGN
[08:43 am] doji : And not even that, that is
only theory, the real challenge start when
you start to work
[08:44 am] candelas : quick lunch break be
back
[08:44 am] doji : no experience and it’s
like to a new starting
[08:45 am] truck : out TGT, 50.35,,,plus
.30
[08:49 am] ltacher : I see my Dr all the
time and see him with his Ipod trading every
time i see him he ask me for a tip no wonder
… i toll him take of me first and then give
you the tip ..lol[08:50 am] ltacher : AGO is
wonderful Mitch
[08:51 am] stevemld : nice reversal REGN
[08:53 am] scalpman : Mitch, Sell signal on
TNA?
[08:53 am] truck : did you get the short
Steve,,,REGN ?
[08:54 am] derns : Stevemld/others who
mentioned REGN…Thx..I wasn’t watching, but
saw your notes ‘n closed a small long I had
in my daughter’s account for several weeks,
then went short…from 67.67. thx
[08:54 am] stevemld : got it on the second
try truck whipsawed me on the first
[08:54 am] truck : I missed it…Watching
something else..
[08:55 am] lisas : Got filled at 43.55
[08:55 am] scalpman : TNA S 43.55
[08:56 am] anthonyb : my flight is not until
5
[08:56 am] lisas : Now, do you watch
indicators for target, or price levels?
[08:56 am] ltacher : lisas are you short or
long
[08:56 am] storage : ut limit sell half way
up last can
[08:57 am] lightning : yes, Mitch. I don’t
quite understand what specifically gave you
the sell sign at 8:53 (pacific). The Stoch
and MACD had been moving down for a few
minutes by then
[08:57 am] lisas : short
[08:57 am] lisas : Target to exit short on
TNA, or targets, how do you manage once in? I
tend to exit too soon
[08:58 am] scalpman : I believe all three
indicators were then aligned for the sell.
[08:58 am] scalpman : The blue moving
average crossed the red in the main chart
[08:59 am] scalpman : 1% is 43ish for first
profit
[08:59 am] scalpman : Covering 1/2 at 43.09
at vWAP[09:00 am] lisas : ty scalpman[09:00
am] stevemld : looking for 64.80 on last
third REGN probably wont get there
[09:01 am] gecko : nice little up candle
[09:01 am] gecko : noon baby
[09:02 am] scalpman : Mitch, TNA
rebounding,,,but appears a retrace
only…maybe 50% and further drop…
[09:04 am] monster : rimm[09:04 am] scalpman
: Mitch thoughts on profit taking TNA
[09:07 am] shark : SPY testing hod[09:08 am]
garyb : One thing I need to learn
is…..sometimes the Stochastics and MACD
look good on the 1 minute to BUY….but look
bad on the 5 minute.
[09:08 am] shark : garyb -mitch has his
chart set up on a 2 min.
[09:09 am] garyb : So I try to wait till
Stochastics and MACD are turning on both….I
will look at 2 min…thanks shark
[09:09 am] lisas : They use the 1 min as an
alert
[09:09 am] scalpman : Out 1/2 TNA…
[09:09 am] shark : 5 min is a long time for
scalping
[09:10 am] garyb : I keep switching to all
these timeframes like a madman lol[09:10 am]
ltacher : Alert Idea ESL dropping big
time
[09:10 am] scalpman : A little
early….Mitch ….insight here?
[09:11 am] lisas : GaryB, can you set them
up all together on one chart, that is the
best way
[09:12 am] lisas : I have 3 vertical, 1 min,
2 min, and daily.
[09:12 am] ltacher : shares dropped 12%
after the aerospace-and-defense-parts maker
projected 2011 per-share earnings below
analysts’ estimates
[09:12 am] monster : BK hod break
[09:13 am] garyb : Thanks lisas…I should
probably do that but I have 2 screens and the
real-estate on both is pretty packed as it
is…maybe I need 2 more screens
[09:14 am] doji : Buy singal TNA?
[09:14 am] garyb : Look at Mitch’s chart on
right……shows exactly the crossover in
stochastics…love it!
[09:15 am] garyb : But on 5 min everything
points down
[09:17 am] scalpman : Out another 1/4 TNA
S
[09:18 am] lisas : Out last of TNA. Don’t
think we should buy until ma’s flatten, or
macd flattens or turns up. Does that sound
correct?
[09:18 am] ltacher : nice scalpman[09:18 am]
scalpman : Last piece stop at 43.51 TNA S
[09:19 am] garyb : I have a stop on TNA for
42.95
[09:20 am] ronfrac : 15min chart on TZA STOC
crossed up while TNA 15 min tstoc turned
down. TNA stayed overbid for about 50
minutes.
[09:21 am] Brent : have a great weekend
salpman[09:21 am] scalpman : Got to go.
Thanks Mitch for that excellent insight TNA
entry. Very useful. See you all Tuesday!
[09:25 am] ltacher : trading SVM
[09:26 am] mikewd2 -: as a short?
[09:27 am] mikewd2 -: i must be missing
something on SVM, i don’t see much of a
trade
[09:28 am] ltacher : next support 7.65…
[09:28 am] ltacher : taking profit
[09:28 am] ltacher : yeah i took it at
8.01
[09:30 am] doji : I was but closed it too
early for an small profit
[09:30 am] ltacher : fear ..
[09:30 am] ltacher :
http://silvercorpmetals.com/news/2011/index.p
hp?&content_id=304 mike
[09:30 am] mikewd2 -: out at 45.55
[09:31 am] garyb : glad I got stopped out on
TNA
[09:31 am] mikewd2 -: interesting letter,
surprise it didn’t tank more than that
[09:31 am] sonorant : same here — closed
too early
[09:32 am] doji : No sell signal Mitch, I
had a limit sell order at 45.6 and was
filled
[09:33 am] doji : I did go long at the buy
signal at around 45.13
[09:33 am] garyb : now that TNA is dropping
we will probably see a buy signal at some
point Mitch?
[09:34 am] doji : 12:24 ET, 45.6
[09:34 am] doji : TZA
[09:34 am] sonorant : Yes, went long TZA
[09:35 am] ltacher : I am out the trade
already ..
[09:35 am] ltacher : yeah I guess it will
with time
[09:36 am] garyb : Thanks you Mitch..I have
my eye glued to the 1,2,3,5 minute charts!
[09:36 am] mikewd2 -: i got out of TZA early,
got confused by your comment at 9;29
[09:36 am] Mitch K: are you still long TZA
sonorant
[09:37 am] Mitch K: ok doji, i don’t see any
sell signal in TZA there, not even a hint,
[09:37 am] sonorant : No, stopped out
[09:38 am] doji : Usually I move my sell
orders as the price move but the spike was
too quick that didn’t allow me to change
it
[09:38 am] doji : Yes Mitch, I said I place
a limit order and it was filled…
[09:38 am] mikewd2 -: you don’t want to be
shorting TNA when you saw a sell signal. did
you mean TZA at 9:29
[09:38 am] storage : watching and learning
Mitch
[09:39 am] doji : It spiked from 44.4 to
44.67
[09:39 am] storage : watching and learning
Mitch
[09:40 am] doji : I fully agree with that
[09:40 am] sonorant : What about the
downturn at 9:06/9:08?
[09:41 am] candelas : back
[09:41 am] ltacher : doji is an art ..what
Mitch is saying it needs practice ..I have
two three windows in my computer one is
Simulatior trades and one for real trades if
I’m not sure on a trade i take it on the
simulator and if I’m 300 percent on a trade i
will take it with real money just my point of
view
[09:42 am] doji : That’s good Itacher[09:44
am] ltacher : is grate to do that I have
lost money in the past that would minimized
the losing trades Vs wining trades I rather
have my losing trades in my simulator and
wining trade in my real money trades lol it
does not always work that way but
[09:46 am] doji : Entry TNA
[09:50 am] garyb : Mitch….would you put a
stop now on TNA around 42.51?
[09:50 am] tennisball : tna long @ 42.71
[09:51 am] Mitch K: i got to help some people
here for about half an hour
[09:51 am] neuronx : Mitch what u think
about TD long>?
[09:52 am] Brent : there’s not enough
potential in TD for me neuronx[09:52 am] doji
: Gary, I have my stop at 42.49
[09:52 am] doji : I am TNA long at 42.73
[09:53 am] doji : Trying not to look at the
money but the Stochastics[09:53 am] garyb :
TNA 42.68
[09:53 am] garyb : TNA needs a little blue
pill! lol[09:54 am] mikewd2 -: TNA looks weak
to me, but i’m in at 42.70
[09:55 am] doji : The 5 SMA need to cross
the 20SMA move upward
[09:55 am] garyb : it does look weak
Mike…….I think being a friday of a long
weekend might have something to do with
it…plus the job #s sucked
[09:56 am] Brent : yeah, tough to find volume
on a Friday before the 3 day weekend
mikewd2
[09:56 am] mikewd2 -: we are seeing no real
volume spikes
[09:56 am] sonorant : long TNA $42.69
[09:57 am] sonorant : So it looks flat
here….. Do we just wait? Is this the
hunter part?
[09:58 am] garyb : no wind for the sails!
[09:58 am] mikewd2 -: time to reflect
[09:58 am] sonorant : And what would an exit
strategy look like?
[09:58 am] sonorant : There is actually way
more to learn when things don’t go
perfectly.
[09:59 am] garyb : good way to look at it
sonorant
[10:01 am] doji : Stopped….
agggghhhh[10:01 am] garyb : My stop just got
hit
[10:01 am] sonorant : Stopped out too
[10:02 am] garyb : In this case I am happy
about the stop……whew!
[10:02 am] ltacher : the typing is a lot may
use it
[10:02 am] mikewd2 -: I’m out too, maybe
mitch gave us that one to test our stop
strategy.
[10:02 am] sonorant : And I moved it down a
little…
[10:03 am] doji : Now I am in the red for
the day…. well you cannot win all
[10:03 am] garyb : Let’s face it….TNA is
weak today……I think we will see more
stregnth next week
[10:03 am] michael : the process was
good< we just got stuck in a
consolidation that went south instead of
north
[10:03 am] sonorant : If I hadn’t been
worried about getting yelled at by Mitch, I
would have set that stop tighter…..
[10:03 am] vans : still trying to see what
the long signal was. Have 2min and 1 min
chart set at SMA 20 and WMA 5, 10-8-7 on sto.
No cross over on 2 min chart. 5 still below
20. Something set wrong?
[10:04 am] doji : me too Sonorant
[10:04 am] garyb : probably sonorant…..I’m
thinking I should do opposite what I think I
should do! lol[10:04 am] sonorant : And
should we be grabbing TZA?
[10:04 am] sonorant : Or should we all have
grabbed a little TZA as it meandered around
in that channel?
[10:04 am] sonorant : Vans question is
really important. What were the signals.
Brent?
[10:07 am] doji : long FNSR @ 21.02
[10:08 am] Brent : I trade different
strategies Sonarant/Vans, so I can’t answer
that
[10:08 am] sonorant : Thanks Brent. Are you
at the same location as Mitch?
[10:10 am] doji : 20.8 Mike
[10:10 am] mikewd2 -: where’s your stop on
FNSR, doji?
[10:11 am] ltacher : mike still watching SVM
if it breaks 7.50 is going to get ugly
[10:11 am] mikewd2 -: yeah that letter wasn’t
too good.
[10:13 am] Brent : I live about 30min from
Mitch
[10:14 am] Brent : no, I trade from my house,
then go over there in the afternoon
[10:14 am] ltacher : qwert how did you do
with AGO
[10:14 am] mikewd2 -: are you still short?
[10:14 am] mikewd2 -: SVM getting larger
volume , it’s gonna go
[10:14 am] qwert : still in
[10:14 am] sonorant : So are you at his
office then with all those monitors,
(Brent)?
[10:15 am] Brent : I started to get too tan
sitting in front of all his monitors
[10:15 am] ltacher : I got out at 7.74
[10:15 am] qwert : itacher i have tgt of
12.60 ago
[10:16 am] Brent : I call his office “the
tanning bed”
[10:16 am] ltacher : yeah
[10:16 am] qwert : are you still in ago
itacher[10:16 am] qwert : what is your
tgt?
[10:17 am] doji : AGO is a short right
Itacher?
[10:17 am] ltacher : I places a bracket
order12:50
[10:17 am] ltacher : yeah very turtle one
but i like those
[10:18 am] doji : If the market finish lower
(as it’s supposed to be), then you would be
fine with AGO Itacher[10:18 am] ltacher :
are you using trailing stops?
[10:18 am] qwert : i just keep bumping down
my stop to protect profit
[10:18 am] qwert : no manual
[10:19 am] derns : Garyb…I agree…it is
ugly out there!
[10:19 am] garyb : Today reminds me of
mid-august when everything was dropping and
no real rebounds
[10:19 am] qwert : i won’t take it home for
weekend
[10:20 am] doji : TNA dropped 1 point from
where I got for a long… good to have a
tight stop for 20c loss
[10:20 am] garyb : and I had a swing in
TNA….I should have sold it at 50……live
& learn!
[10:20 am] ltacher : I am thinking the
market is moving lower but I am looking at
the chart looks like broke every single trend
line in 1m 2 m 3m 4 m 5m etc[10:20 am] qwert
: itacher where do you have your stop on
ago
[10:21 am] doji : Are you still in FNSR
Mike? I could go either direction from
here
[10:21 am] ltacher : my stop now is at
13.05
[10:21 am] ltacher : ups no sorry ..12.89
[10:21 am] mikewd2 -: yeah,
[10:22 am] doji : SPX is at 2.14% drop
today
[10:22 am] ltacher : is trailing move down
with the stop sorry about that
[10:22 am] qwert : i have mine at 12.91 just
above vwap and 50sma 3 min
[10:22 am] sonorant : Indicators on TZA/TNA
almost crossing — Mitch’s 10-8-7
stochastics[10:23 am] doji : for
confirmation
[10:23 am] doji : Look at the SMA… they
are far away from each other… Mitch said he
uses Stochastics and the MA
[10:23 am] ltacher : very good
[10:23 am] sonorant : moving avg lines still
far apart
[10:24 am] doji : You are right Sonorant
[10:24 am] sonorant : But I am holding my
TZA — which I bought later than I should
have.
[10:24 am] sonorant : The catch is that the
placement of those lines changes after the
fact due to more data — always looks perfect
30 bars later.
[10:25 am] doji : an now the one million $$
question
[10:25 am] doji : That was a good short
Mike, right at the second help short
[10:25 am] doji : Unfortunately I sold my
TZA too early.. I am still in red
[10:25 am] mikewd2 -: shorted SVM at 7.6
[10:26 am] doji : BAC?
[10:26 am] doji : Mike
[10:26 am] doji : No. I missed my chance at
$7.55…
[10:26 am] doji : What was your sell
signal?
[10:26 am] ltacher : din’t you shorted this
morning ?
[10:26 am] ltacher : Doji I am looking at
BAC looks like is dropping hard
[10:26 am] ltacher : yeah
[10:26 am] mikewd2 -: macd, stoch crossed
[10:27 am] doji : I have it the other way
around… that’s OK
[10:27 am] doji : in the pre-market
[10:27 am] ltacher : BAC
[10:27 am] ltacher : Doji do you know the
pre market low ?
[10:28 am] doji : right before the open,
7.29
[10:28 am] mikewd2 -: it’s at all-time
lows
[10:28 am] mikewd2 -: problem is don’t know
what my target is on SVM
[10:28 am] rusty : BAC was 7.30’s
premarket
[10:29 am] doji : Brent should be able to
help on that
[10:29 am] doji : for 1 cent
[10:29 am] doji : I’d keep it long, it’s
weak in a weak market
[10:29 am] doji : You were totally wrong
Rusty… lol[10:29 am] mikewd2 -: fall SVM
[10:29 am] mikewd2 -: sorry wrong stock
[10:30 am] Brent : are you still a full
position mikewd?
[10:30 am] doji : sorry short
[10:30 am] doji : TNA and TZA frozen
[10:30 am] doji : TZA
[10:30 am] doji : Who bet which will move
up?
[10:31 am] garyb : TNA
[10:31 am] garyb : yeh…people don’t want
to hold over weekend…selling off
[10:31 am] ltacher : that was a good call
mike
[10:31 am] sonorant : I am also long TNA now
41.84
[10:31 am] sonorant : I am still long TZA
from 46.26 — just 100 shr[10:31 am] vans :
bet spy goes to open , so tza up
[10:32 am] Brent : $7.00 will have some
support
[10:32 am] Brent : I think 7.05 area is a
good target on SVM
[10:32 am] derns : Vans…what was the SPY
open?
[10:32 am] mikewd2 -: got lucky on that
bounce, if it went straight down i was going
in on it.
[10:32 am] mikewd2 -: thanks Brent
[10:32 am] vans : 118.10
[10:33 am] doji : An the winner
is…….Gary!
[10:33 am] ronfrac : I’m ahead on the day
and flat. Think I’ll call it a day. All you
can do now is get whipsaw all. wed. Have a
great weekend
[10:34 am] jbauschka : SVM tanking due to
fraud allegations. Support kind of goes out
the window when you have fraud charges.
Anonymous letter by the way.
[10:34 am] mikewd2 -: out SVM, 7.1
[10:35 am] mikewd2 -: should have shorted
much earlier when you did, but like jbauschka
you never know on fraud.
[10:36 am] garyb : doji .. man what a false
breakout there in TNA huh? wow
[10:36 am] ltacher : yeah it can’t stop
trading
[10:37 am] ltacher : mike only when it
closes I guess ..
[10:38 am] ltacher : 12.69
[10:38 am] ltacher : here it comes AGO
[10:38 am] qwert : die ago die
[10:38 am] rusty : covered 1/2 LQDT out of
boredom
[10:39 am] ltacher : qwert nice ..big red
ugly candle stick look it that
[10:40 am] qwert : been slow today playing
angry birds on my phone lol[10:40 am] qwert
: love it
[10:41 am] Brent : you still in SVM
mikewd?
[10:43 am] mikewd2 -: no, i got stopped out
at 7.1
[10:44 am] Brent : nice work mikewd2, great
trade
[10:44 am] doji : New hod in TZA
[10:44 am] mikewd2 -: thanks, owe it to
Itacher and the little bounce up at the
lod[10:44 am] vans : sly should hit this
time
[10:45 am] garyb : I hear you mike…
[10:45 am] mikewd2 -: although don’t really
like the ones that end in lost.
[10:45 am] mikewd2 -: got stopped on FNSR,
doji.
[10:45 am] mikewd2 -: starting to really like
stops
[10:45 am] sonorant : I missed my 10:15
scanner class!!!
[10:46 am] Brent : are you undercover
swingtrader?
[10:46 am] swingtrader : okay change my name
to my real Identity
[10:47 am] swingtrader : no ltacher[10:47
am] swingtrader : they call me 007 but i
only use a water gun in the summer time
[10:47 am] Brent : lol, nice. You new to the
room?
[10:48 am] Brent : lol[10:48 am] doji : Is
that you Itcaher?
[10:48 am] swingtrader : thank you tough
[10:48 am] swingtrader : yeah I just got my
name change
[10:48 am] vans : spy showing a lot of
hesitation to hit open, may mean nice play is
hits.
[10:50 am] doji : Put it back to Itacher or
I remove your name from mt list… lol[10:52
am] mikewd2 -: TNA a buy?
[10:53 am] Brent : Itacher Ochocinco[10:53
am] doji : Good Rusty
[10:53 am] mikewd2 -: TNA giving little head
fakes
[10:53 am] swingtrader : canbio y fuera
Brent
[10:54 am] doji :
Doji_Itacher_SwingTrader_Candelas_Apple_Rusty
_….
[10:54 am] doji : Ok guys, I’ll change my
name also
[10:54 am] garyb : Mike….TNA is not strong
today in my experience…keep getting stopped
out……trying to wait
[10:54 am] rusty : de los reyes[10:54 am]
sonorant : Doesn’t the spy have a bounce
point a little further down?
[10:55 am] doji : SVM could have a good
long
[10:55 am] mikewd2 -: i was looking for a
short at 7.65’ish
[10:55 am] swingtrader : i think the call on
TZA was in the morning at 45
[10:56 am] doji : Itacher, you are right
[10:56 am] mikewd2 -: one of us might be
right?
[10:56 am] swingtrader : at 7.05 when brent
mention the support you could it take it at
7.09 long was a good trade
[10:57 am] doji : Sorry Mr.
Swingtrader[10:57 am] mikewd2 -: guess the
short was at 7.56 not 7.65
[10:57 am] sonorant : But we’ll end up
typing in Swing, because it is shorter!
[10:58 am] rusty : BAC CFO BofA has made a
lot of progress to strengthen itself
[10:58 am] swingtrader : turning
[10:58 am] swingtrader : well of course macd
schot[10:59 am] swingtrader : ago keeps
dropping q
[11:00 am] qwert : still in
[11:00 am] swingtrader : is your target
12.60
[11:01 am] mikewd2 -: u guys are having to
work hard on AGO
[11:01 am] qwert : harder to do nothing
[11:01 am] qwert : moved tgt to .55 just in
case of big drop but will adjust according to
end of day
[11:02 am] sonorant : anyone else still
tracking TNA/TZA? We have 2 hours to go.
[11:03 am] garyb : caught TNA at 41.55…
[11:03 am] garyb : getting head faked
constantly
[11:03 am] garyb : me
[11:03 am] mikewd2 -: keep looking at TNA
head fakes to get in
[11:03 am] qwert : same here ago
[11:03 am] swingtrader : AGO was the easiest
trade i made this week
[11:05 am] doji : I agree with Mike
[11:05 am] doji : TNA Gary?
[11:05 am] mikewd2 -: don’t see much reason
for it to bounce higher today.
[11:06 am] doji : Here it comes the selloff
get ready
[11:06 am] mikewd2 -: should have shorted SVM
again
[11:07 am] garyb : stopped out again
[11:07 am] garyb : yes…..fricken
thing….TZA was most definitely the play of
the day
[11:08 am] mikewd2 -: how tight are your
stops garyb[11:08 am] mikewd2 -: much less
than 1% assume
[11:09 am] doji : BAC
[11:09 am] garyb : yeh…..because I know
it’s falling bad today…sometimes it looks
good on the charts…so I take a chance and
buy a position with a tight stop
[11:09 am] mikewd2 -: Mitch and brent are
probably laughing there a– off that we are
trying to make money on a friday before 3day
weekend.
[11:09 am] swingtrader : mike look at CEDC
watch it here
[11:09 am] swingtrader : or COF
[11:10 am] doji : Rusty, that is the best
thing I have heard today
[11:10 am] garyb : for a month
[11:10 am] garyb : You’ve got that right
rusty! I should have gone on holidays on
July 30! lol[11:10 am] rusty : -+
[11:10 am] rusty : sometimes the best trade
is no trade at all
[11:11 am] mikewd2 -: 2 out of last 3 were
losers
[11:11 am] mikewd2 -: yeah, I’m 7/9 today –
thinking about stopping for day
[11:11 am] rusty : sometimes better to wait
for trade to come to you then jump into
water
[11:11 am] rusty : u guys see how Mitch’s
son catches salmon?
[11:12 am] doji : How much can the SPX drop
today?
[11:12 am] mikewd2 -: yeah, that was awesome
rusty
[11:12 am] sonorant : I took both TNA and
TZA back when I asked if anyone else was
still in it. Stopped out on TNA, still in
some of my shares for TZA
[11:13 am] mikewd2 -: Mitch said in the DSR,
that TZA could go into the high 40’s
today.
[11:13 am] mikewd2 -: not sure why we didn’t
buy it at the open and hold
[11:14 am] doji : I cannot find that in the
DRS
[11:14 am] garyb : I mean we just witnessed
it hit 50 a couple of days ago
[11:14 am] garyb : the nice thing is that
TNA is dropping so much that it may set
itself up for a good swing trade in a few
days
[11:14 am] mikewd2 -: yeah, load the boat
again in the 30’s
[11:15 am] garyb : I know Mike…..I mean
there is a chance to make some REAL
coinage
[11:15 am] sonorant : I wish Mitch would
come back and analyze some of the entry and
indicators for us.
[11:16 am] garyb : That would be great
Mitch…the swings are good to make some nice
profit
[11:16 am] mikewd2 -: i c UPRO
[11:17 am] doji : The odds were not in our
favor today with TNA Mitch
[11:17 am] ghaziar : SLW looks interesting
for a long — in at $40.30
[11:17 am] mikewd2 -: i still contend, silver
is way over priced
[11:17 am] mikewd2 -: we will see 28 again
[11:18 am] garyb : So Mitch, it’s probably
not the best idea to get into TNA and hold
over the weekend…Tuesday might be go lower
you are thinking?
[11:18 am] mikewd2 -: bad day on FSLR
[11:19 am] mikewd2 -: and i guess we don’t
want to load up on TZA, because fed or
something good could happen?
[11:19 am] rusty : Spaceship Funded by AMZN
CEO Bezos had catastrophic failure
[11:20 am] garyb : for swings
[11:20 am] garyb : I look at the daily
charts to see where the MAD & Stoch
is
[11:20 am] rusty : more often
[11:20 am] rusty : rather than speculate
[11:20 am] rusty : you guys need to look at
support and resistance
[11:22 am] rusty : just my opinion
[11:23 am] garyb : I agree
[11:23 am] mikewd2 -: your right rusty
[11:25 am] rusty :
http://my.jetscreenshot.com/demo/20110902-cxn
f-121kb.jpg here is my chart
[11:25 am] rusty : were in a big trading
range most likely and getting exuberant
toward the higher end of the range and/or
overly depressed at the low end of the range
= recipe for disaster imo[11:25 am] sonorant
: Rusty, ok, on which charts?
[11:26 am] garyb : nice
chart……everything is pointing down
[11:26 am] rusty : daily chart
[11:26 am] rusty : i try to keep it
simple….buy at lower end of range and sell
at upper end of range
[11:26 am] rusty : until that range is
broken
[11:27 am] lisas : Wow rusty, lots of
squiggles! Thanks for sharing though, nice to
see what others are using.
[11:27 am] mikewd2 -: so rusty, do you have
TZA long?
[11:29 am] garyb : Rusty I like the
horizontal channel you drew in
[11:29 am] rusty : the only thing I’m buying
today is buying to cover
[11:30 am] garyb : have a great weekend
Mike!
[11:30 am] mikewd2 -: going to shut it down,
before i do something stupid. Be careful rest
of day, c u Tuesday.
[11:30 am] rusty : doesn’t mean you can’t
trade today…but don’t lose sight of big
picture
[11:31 am] rusty : take care mike
[11:33 am] sonorant : Rusty, great chart —
thanks! I need to spend some time looking
at it.
[11:34 am] garyb : Rusty are you good at the
bolinger bands?
[11:35 am] rusty : i like to use them as
indicators, not sure how good i am at them
tho[11:35 am] rusty : in a bear market I
don’t buy toward the upper band nor do I
short at lower band unless a big support
level is broken
[11:35 am] rusty : lol[11:36 am] rusty :
when I started trading I used to buy the
highs all the time….almost
routinely…lol[11:37 am] rusty :
absolutely
[11:37 am] rusty : until I figured the game
out 🙂
[11:37 am] rusty : x
[11:37 am] sonorant : I suppose shorting at
the upper band is optimal in a bear mkt?
[11:37 am] sonorant : Okay, not buying at
the upper band in a bear market makes
sense.
[11:38 am] derns : I heard on CNBC that all
the trading this afternoon is by
computers…we’re the only humans in the
market now!
[11:39 am] Brent : you too hawaii, have a
good one
[11:39 am] derns : TNA looks dead!
[11:39 am] garyb : lol!
[11:39 am] hawaii : thanks mitch brent and
team learned a lot today will i be able to
use todays lesson on swing trades have a
great 3 day
[11:39 am] rusty : 70% of the market is
computers
[11:39 am] sonorant : No, I want to figure
this out!
[11:40 am] candelas : see ya Hawaii
[11:41 am] garyb : as the low
[11:41 am] garyb : wow…when you look at
TNA it hit a high of around $51 just
yesterday morning…..and almost $40 today
[11:42 am] lisas : That’s a 3x etf for you.
makes it hard to hold for swings unless you
get a really good entry
[11:43 am] sonorant : Spy is giving a mini
bounce.
[11:49 am] mbear : Seems like there aren’t
enough traders out there to get this market
to bounce today…
[11:50 am] lisas : well, wonder how low the
market will go. I’m down to 25 shares short
on tna.
[11:50 am] mbear : All the bankers must have
left for their homes in the Hamptons before
lunch
[11:53 am] derns : REGN..does anyone know
why it jumped today?
[11:54 am] derns : Thx Doji…it jumped a
full 10 points earlier..now up 4.3
[11:54 am] doji : Regeneron gains on worries
about rival treatment
[11:56 am] candelas : Brent u get PBR, not
enough time to post it?
[11:56 am] rusty : covered other 1/2 of
LQDT
[11:57 am] Brent : lol[11:57 am] Brent :
man
[11:57 am] Brent : nice one
[11:57 am] Brent : no
[11:57 am] Brent : ohhhhhhhhh[11:58 am] Brent
: lol[11:58 am] Brent : nice work
[11:58 am] Brent : yeah, did you nail it?
[11:58 am] candelas : it was like a silent
mover and took off
[11:58 am] candelas : yep and covered at
27.52
[11:58 am] leo : Candelas, did you get
PBR?
[11:59 am] candelas : avg. 28.47
[11:59 am] leo : Wonderful
[11:59 am] lisas : We need a chime for
candelas!
[11:59 am] qwert : awesome
[11:59 am] qwert : nice what was your
entry
[11:59 am] sonorant : I tried to short LQDT
early today and it kept going up, and I kept
losing it….
[12:00 pm] sonorant : great! I was just
about to ask how you had done today….
sounds like you did great!
[12:01 pm] candelas : I’m sure I am ahead I
just don’t know how much I made as I don’t
look at p & L
[12:02 pm] candelas : it can be a
distraction
[12:02 pm] candelas : only when i am
finished trading completely
[12:02 pm] garyb : do you get nice surprises
then?
[12:02 pm] garyb : wow candelas, you don’t
at all?
[12:02 pm] sonorant : looking at the LQDT
chart for the day now. How many times did
you short it?
[12:03 pm] Brent : don’t look at it
[12:03 pm] Brent : I still cover mine
[12:03 pm] candelas : Brent taught me
that
[12:03 pm] sonorant : Probably a good
discipline.
[12:05 pm] candelas : the funny part was
first day i covered p&L i tried to
calculate the money in my head, by that time
the money disappeared
[12:06 pm] candelas : 1 year later by far
[12:06 pm] candelas : it took some getting
used to
[12:06 pm] garyb : so it’s working out
better for you?
[12:06 pm] garyb : Why..I guess you are
completely focused on techniques then
[12:07 pm] candelas : exactly and the
action
[12:08 pm] garyb : but you do look at prices
and percent gain?
[12:09 pm] candelas : no, I just look at
charts
[12:10 pm] sonorant : And the scanner is an
important piece, yes?
[12:11 pm] candelas : I recall Mitch talking
about if u really pay attention to charts and
what they are telling you, you really don’t
need to see price of stock
[12:12 pm] candelas : speaking of the
charts
[12:12 pm] candelas : when I am in the trade
I’m not looking at price
[12:12 pm] rusty : hmmm
[12:12 pm] rusty : then what do u look at?
🙂
[12:12 pm] rusty : trade without quotes?
[12:13 pm] candelas : i pay attention to how
stock is reacting around support/resistance
levels and vol.
[12:14 pm] candelas : I’m not saying i never
look at price
[12:15 pm] candelas : i know sometimes it’s
not easy to convey ur thought process to
writing
[12:15 pm] candelas : just when I am in the
trade it is not my primary focus
[12:16 pm] candelas : at least for me
[12:19 pm] garyb : I look at the price to
see how big of a position I can take
[12:19 pm] lisas : Interesting charts on
upro, tna, indexes. Nice steady downtrend, so
zigs or zags since about noon, when most pro
traders left for long weekend
[12:20 pm] candelas : or said a better way,
prices are important, its just that I know
when I am in a trade I am looking at levels
of supp/resis buyers/sellers etc. signals to
tell me trade is over, if that makes
sense.
[12:20 pm] ferrazzi : DISH
[12:20 pm] lisas : are you using ohlc
candelas. I’ve noticed they seem to be
respected.
[12:20 pm] rusty : VIX
http://my.jetscreenshot.com/demo/20110902-tql
j-124kb.jpg
[12:20 pm] sonorant : I am still interesting
in the TZA chart for today since about 8:30
Pacific time.
[12:20 pm] sonorant : interested. Would
like some back analysis of it
[12:21 pm] candelas : is Gecko here
[12:21 pm] candelas : yes
[12:21 pm] derns : TNA getting action
[12:21 pm] lightning : now is the bounce
[12:21 pm] lisas : volume on that last spike
tna[12:21 pm] sonorant : yes
[12:22 pm] mbear : short covering
starting?
[12:23 pm] candelas : yes
[12:23 pm] derns : I don’t get the idea of
shorting TNA…that would scare me…I would
go to TZA.
[12:23 pm] qwert : is ohlc=
open,high,low,close?
[12:24 pm] candelas : DISH
[12:24 pm] candelas : looks like it may form
hammer on daily
[12:24 pm] candelas : speaking on dish
[12:24 pm] doji : DISH
[12:24 pm] garyb : can you even short
TNA?
[12:24 pm] qwert : news on dish
[12:25 pm] rusty : yes
[12:26 pm] derns : TNA is hard to borrow on
Schwab…still I would look to go with the
opposite etf rather than shorting TNA
[12:26 pm] gecko : I’m here candelas
[12:27 pm] candelas : though u like that
reversal close to 330
[12:27 pm] rusty :
http://finance.yahoo.com/q/bc?t=1d&s=
TNA&l=on&z=l&q=l&
amp;c=tza
[12:28 pm] candelas : cool
[12:28 pm] candelas : have u done a lot of
back testing to nail down all the times
[12:28 pm] gecko : i am studying cl futures
now
[12:28 pm] gecko : i have not done any back
testing
[12:28 pm] gecko : will add that to my
arsenal eventually
[12:29 pm] gecko : 11.30 reversal today in
cl
[12:29 pm] gecko : i think eventually i will
trade cl futures, tna, tza and that’s about
it
[12:30 pm] candelas : easier said than
done
[12:30 pm] gecko : true
[12:31 pm] candelas : dish hit resistance
and gave a little
[12:31 pm] lisas : Gecko, are you using info
from last webinar to study cl?
[12:31 pm] lisas : or other sources?
[12:31 pm] sonorant : Is it hard to trade
just tna tza?
[12:32 pm] candelas : then onto sim[12:32
pm] gecko : cl tna, tza[12:32 pm] gecko :
going to spend few weeks just studying
[12:32 pm] gecko : i am using the seminar
also
[12:32 pm] gecko : right now i am recording
the entire day
[12:33 pm] candelas : ok
[12:33 pm] gecko : i don’t do sim[12:33 pm]
gecko : just small volume first
[12:33 pm] sonorant : who taught the CL info
in Vegas?
[12:34 pm] candelas : i did sim for 120 days
for CL
[12:34 pm] gecko : for cl i will do
sim[12:35 pm] candelas : oh that’s what i
was asking
[12:35 pm] gecko : if adriano did 3 months i
should do at least same
[12:36 pm] gecko : what’s cool about this
recording stuff as you can go back to it a
trade but put the 1m in hyper speed
[12:37 pm] candelas : i like using it for
study, the playback and I speed it up also
[12:39 pm] doji : FNSR
[12:43 pm] candelas : old news, Obama halts
tighter smog standards
[12:45 pm] garyb : well I’ve had it…..bad
day today…I’m going home….opening a nice
cold beer and forget about today. Have a
great weekend everyone!!
[12:51 pm] candelas : DISH gave to chances
to short but I passed
[12:52 pm] derns : REGN..again…thx to
whomever raised the awareness of REGN today.
Trading short and a little long made me net
positive for trades on the week…thx.
[12:53 pm] candelas : Brent mentioned it
first, then i kept bringing it up later
[12:53 pm] candelas : I think I traded it 6
times today
[12:53 pm] derns : Well…I owe you both
more than a cup of coffee or glass of
wine!
[12:53 pm] derns : Yeah..believe me…it was
nice to get a layup opportunity like that.
[12:53 pm] lisas : candelas, are you using
the esignal playback, or have you found a
program to playback any platform. I heard of
one once, but didn’t keep the info.
[12:54 pm] Brent : Esignal and Ninja are the
only two that I’m aware of that do
playback
[12:54 pm] candelas : i use esignal[12:54
pm] lisas : I’ve used the arrow keys to do
review in TS, lol.
[12:54 pm] sonorant : Thanks, Brent
[12:55 pm] Brent : how are you liking Ninja
sonorant?
[12:55 pm] sonorant : I like it a great
deal, but there is so much to learn. I keep
finding things that I want to do that I don’t
know how to do….
[12:56 pm] Brent : yeah there are a lot of
features
[12:56 pm] sonorant : Brent, do you use the
volume trigger feature on the ATM
strategies?
[12:57 pm] Brent : I haven’t used that
sonorant
[12:58 pm] candelas : well trading family,
have a great 3 day weekend
[12:58 pm] rusty : have an enjoyable weekend
everyone
[12:58 pm] sonorant : Okay thanks. It
looks really useful, but I’m not sure about
the possible downside to it…. And I think
you’d have to be pretty saavy about where to
set the volume.
[12:58 pm] swingtrader : Guys good night
thank you was a very good week ..thank you i
brent tell kris we missed him Mitch thanks
you Brent have a fantastic week end all
[12:59 pm] leo : Thanks, Mitch, Brent,
Candelas and comrades. Have a nice long
weekend.
[12:59 pm] lisas : Bye all, thanks to
everyone, have a great long weekend!
[01:00 pm] sonorant : I loved having you and
Mitch in the room to help fill the gap.
Thanks!
[01:01 pm] swingtrader : qwert did you
closed the day swing in DOG
[01:02 pm] derns : Brent..thx for mentioning
REGN
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