##TheStrategyLab Price Action Chat Room Logs

Note: The chat log below represents the free chat room called #FuturesTrades . Also, any trader can use the chat room to post their trades regardless if they use indicators or price action only trading (no indicators). Simply, we do not know what trading methods are being used by some members even though TheStrategyLab.com fee-base resources are price action only trading (no indicators).

Our primary job in the free chat room is to moderate the room (keep the peace) when members using different trading methods are giving their market analysis while posting trades. In addition, our presence in the chat room is to ensure it's a spam free chat room. More information about #FuturesTrades @ http://www.thestrategylab.com/FuturesTradesChatRoom.htm

In contrast, our fee-base clients are discussing market analysis or trade signals via concepts from our strategies in the private chat rooms called #VolatilityTradingTSL or #SwingTradingTSL.

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Session Start: Thu Jun 25 09:27:49 2009
Session Ident: #futurestrades
[09:27] * Now talking in #futurestrades
[09:27] <@X> [NihabaAshi] Announcement: The new trade posting script v3.7 (replaces v3.6) is posted at your forum in the "Announcements" thread.
[09:27] <Nesi> good trading all today
[09:28] <jbuch> same to u
[09:28] <pat255> all
[09:28] <+Nesi> i want to be a better trader than yesterday
[09:28] <+Nesi> my mantra
[09:29] <+jbuch> nice thanks for sharing
[09:30] <drt>
[09:30] <rickf> gn akk
[09:30] <+rickf> all
[09:30] <@NihabaAshi> Good morning all...ding ding ding
[09:31] <@NihabaAshi> FYI - My trade journal for yesterday's trading session is updated with market summaries from bloomberg video, CNNmoney.com and Yahoo! Finance @ http://www.thestrategylab.com/tsl/forum ... f=62&t=231
[09:32] <+pat255> k thks N will check
[09:37] <@NihabaAshi> already missed one trade signal out of the gate
[09:37] <@NihabaAshi> won't chase on this one
[09:37] <Reno> Shorts NQ @ 1435.25 «« paper »»
[09:37] <@NihabaAshi> will just watch it drop
[09:39] <jigglyhippo> all
[09:39] <pdays> Long TF @ 488.90
[09:39] <+Reno> Covered all NQ Short @ 1337.75 --> + 97.5 «« paper »»
[09:39] <+pdays> Exited all TF Long @ 490.4 --> + 1.5
[09:40] <@NihabaAshi> Long ES @ 893.50 -> medium size
[09:40] <@NihabaAshi> 4 only
[09:40] <+Reno> Covered all NQ Short @ 1437.75 --> - 2.5 «« paper »»
[09:40] <+rickf> short es 904.50
[09:41] <+rickf> 894.50
[09:41] <+Nesi> Shorts ES @ 894.75
[09:41] <+Nesi> 2c
[09:47] <@NihabaAshi> Exited 3/4 ES Long @ 896.50 --> + 3
[09:47] <+pat255> vn
[09:47] <+jigglyhippo> Short ES @ 896
[09:47] <+Nesi> good one wrbtrader
[09:47] <+jigglyhippo> stop 898.50
[09:47] <+pat255> looking S ..geez
[09:47] <+jigglyhippo> nice trade
[09:48] <@NihabaAshi> didn't get a fill the first time it hit 896.50
[09:48] <@NihabaAshi> got lucky when it hit it again a few minutes later
[09:48] <+Nesi> happens most of the time but like jbuch said..if it is a stop..u get it i a nanosecond
[09:49] <@NihabaAshi> Gold and Oil losing a little steam and both are at a weak support level.
[09:49] <werner> all
[09:52] <+pat255> strait up from opening tick
[09:53] <@NihabaAshi> won't exit my remainder until Gold and Oil start showing some weakness.
[09:53] <+rickf> short es 897.50 add
[09:55] <+Nesi> Shorts ES @ 897.25 -> Add
[09:55] <+Nesi> 2c
[09:56] <+werner> Shorts NQ @ 1457.00
[09:58] <+werner> Covered all NQ Short @ 1454.00 --> + 3
[09:58] <+Reno> Long NQ @ 1457.25 «« paper »»
[09:59] <@NihabaAshi>
[09:59] <+Reno> Exited all NQ Long @ 1455.25 --> - 2 «« paper »»
[09:59] <@X> #FuturesTrades Info -> Members use this room to document (trade journal) their trades and thoughts from one trade to the next trade. 2009 chat logs stored @ viewforum.php?f=20 and chat logs prior to 2009 are stored @ http://www.thestrategylab.com/ArchivedPastTrades.htm. Also, do not mimic (shadow) trades of others without their permission.
[09:59] <@NihabaAshi> Exited Remainder ES Long @ 900.25 --> + 6.75
[10:00] <+werner> vn
[10:00] <+jigglyhippo> great trade
[10:00] <+jbuch> beauty
[10:01] <+werner> Shorts NQ @ 1458.25
[10:01] <+werner> Covered all NQ Short @ 1457.25 --> + 1
[10:04] <+jigglyhippo> nesi and rickf still in your shorts?
[10:05] <+Nesi> yes
[10:05] <+jigglyhippo> no stop?
[10:05] <+Nesi> disaster stop at 905.00
[10:05] <+Nesi> for me
[10:06] <+jbuch> ur still sim right
[10:07] <+jigglyhippo> this may be a bad trade
[10:07] <+jigglyhippo> forget it
[10:07] <+rickf> nope out at 899.75 .for a loss
[10:08] <+rickf> multitasking here, i set sotp and left for a bit
[10:09] <+werner> Shorts NQ @ 1160.00
[10:09] <+rickf> short es 902.50
[10:10] <+rickf> out 903.50
[10:10] <+jbuch> Long ES @ 903.25
[10:10] <+rickf> done for the day --- 2 total mis-reads
[10:10] <+werner> Covered all NQ Short @ 1162.00 --> - 2
[10:11] <+werner>
[10:11] <+jbuch> Exited all ES Long @ 904.25 --> + 1
[10:12] <+rickf> at least for a while ... second trade should not have happened
[10:13] <+jbuch> feels really overextended reason I bailed for a point but will need a serious trend line break to go short
[10:14] <+werner> indd
[10:16] <+Nesi> the DAX is -66
[10:18] <+rickf> short es 903.50 paper
[10:19] <+rickf> out 904.50 -1 paper
[10:19] <+jigglyhippo> nesi, out?
[10:19] <+Nesi> no
[10:20] <+werner> Shorts NQ @ 1466.00
[10:20] <+rickf> fyi if i am in a trade i most likely will ignore questions -- especially if i am behind
[10:20] <+rickf> no offense, just so you know :|
[10:21] <+werner> Covered all NQ Short @ 1464.00 --> + 2
[10:26] <+rickf> short es 903.75 paper
[10:34] <+Reno> Shorts NQ @ 1461.75 «« paper »»
[10:36] <+Reno> Covered all NQ Short @ 1464.25 --> - 2.5 «« paper »»
[10:41] <OICU812> GM
[10:41] <+jigglyhippo>
[10:44] <+rickf> out 902 +1.75
[10:44] <+rickf> paper
[10:44] <+rickf> sitll gonna roll lower i think
[10:46] <+OICU812> i have two scales and going to let the third to see if its just a retrace
[10:46] <+jigglyhippo> you shorted?
[10:47] <+OICU812> 905.00 after the double top
[10:47] <+jigglyhippo> nice
[10:47] <+OICU812> had one stop before that trying to get short
[10:48] <+Reno> Long NQ @ 1461.50 «« paper »»
[10:54] <+jbuch> Long ES @ 902
[10:54] <+rickf> back in a bit
[10:58] <silo> today is a big manipulation day
[10:58] <+OICU812> 901.75 out of my short
[10:59] <+OICU812> last 1/3
[11:02] <+jbuch> come on baby
[11:03] <+pat255> jb u have the right idea but it moved too high quick
[11:05] <+pat255> vn jb
[11:05] <+jbuch> Exited all ES Long @ 903.5 --> + 1.5
[11:05] <+jigglyhippo> niec
[11:06] <+jbuch> thanks
[11:06] <+jbuch> U still in jh
[11:06] <+jigglyhippo> i bailed at 903.25
[11:06] <+jigglyhippo> didnt like my late entry
[11:06] <+pat255> vn guys
[11:07] <+jbuch> I actually bailed at breakeven and then got back in 900.5 a couple seconds later
[11:08] <+jigglyhippo> haha i had 2c bailed one at b/e then let the other run
[11:08] <+jigglyhippo> "run"
[11:08] <+jbuch> )
[11:13] <+Reno> Exited all NQ Long @ 1461.50 --> 0 «« paper »»
[11:13] <+jbuch> I reread the day traders bible. by wyckoff last night here is a great quote. it will take me a couple of min to type it.
[11:14] <+jbuch> The Tape reader evolves himself into a
[11:14] <+jbuch> oops
[11:14] <+jbuch> trading machine
[11:14] <+jbuch> which takes note of a situation
[11:15] <+jbuch> weighs it ,decides upon a courseand gives an order
[11:16] <+OICU812> what are you talking about jbuch
[11:16] <+jbuch> There is no acceleration of the pulse, no nervousness, no hopes or fears concerning his actions.
[11:16] <+jbuch> the result produces neither elation or depression.
[11:17] <+jigglyhippo> we all need to be trading machines
[11:17] <+jbuch> There is calmness before and after the trade.
[11:17] <+jbuch> thats it
[11:17] <+Nesi> you talking about wrbtrader
[11:18] <+jbuch> OIC that is a quote from Wyckoff
[11:18] <+jbuch> he reminds me of that quote for sure nesi
[11:18] <+Nesi> its a little grey book...right?
[11:19] <+Nesi> from the 1920 or so...
[11:19] <+jbuch> I am not sure got it from TL
[11:19] <+jbuch> yes from 1919
[11:19] <+Nesi> yup.. i got that one
[11:19] <+Nesi> one i recommend is reminiscence of a stock operator
[11:20] <+jbuch> love that book
[11:20] <+Nesi> you have to read it probably 10 times to get the point
[11:20] <+OICU812> ive never read a book by wycoff
[11:20] <+OICU812> any good?
[11:20] <+Nesi> as u see..i still did not get the point
[11:20] <+Nesi> its about tape reading..OICU
[11:21] <+jbuch> have it on cd used to drive about 2or 3 hours a day on average and listened to it about 50 times
[11:21] <+Nesi> old school
[11:21] <+OICU812> he works with volume right?
[11:21] <+Nesi> which one...jbuch?
[11:21] <+Nesi> yes
[11:21] <+Nesi> price action..
[11:21] <+jbuch> confessions
[11:22] <+Nesi> i did not know there was a audio book
[11:22] <+jbuch> I have read the wyckoff one several times
[11:22] <+jbuch> yeah got it from audio books.com
[11:22] <TraderG> good day aye
[11:22] <+Nesi> hey TraderG
[11:22] <+jbuch> its the toronto oracle
[11:23] <+TraderG> greetings
[11:23] <+TraderG> which audio book is that?
[11:23] <+jigglyhippo> nice little bounce
[11:23] <+Nesi> u all may laugh..but i was mention in a book about daytrading... lol
[11:24] <+jbuch> reminnisence of a stock operatortrader g
[11:25] <+jbuch> oh yeah which book
[11:25] <+Nesi> http://www.amazon.com/gp/product/007141 ... 0071414908
[11:25] <+OICU812> thats a good one jbuch
[11:25] <+Nesi> i used to work for both of those guys
[11:26] <+OICU812> where Nesi?
[11:26] <+Nesi> realitytrader.com and mtrader.com
[11:26] <+Nesi> for many years
[11:26] <+Nesi> they do stocks only
[11:26] <+Nesi> no futures
[11:26] <+OICU812> I SEE
[11:26] <+Nesi> hope is ok to post the links..wrbtrader
[11:26] <+OICU812> i havent worked with stocks in ages
[11:27] <+jigglyhippo> we didnt break 905 before right
[11:27] <+Nesi> u told me... once u got into futures..never went back
[11:27] <+Nesi> sim jigg
[11:27] <+jigglyhippo> ahh
[11:29] <+jbuch> looks like a good book nesi
[11:29] <+Nesi> well.. its about price action but with stocks
[11:31] <+jigglyhippo> def. was a nice little bounce there
[11:34] <+jbuch> dang have'nt looked at the charts since I got out of that last trade.
[11:34] <+Nesi> i think we are at yesterdays high
[11:34] <+jbuch> shoulda kept that
[11:34] <+jbuch> above it
[11:35] <+jigglyhippo> thinking of getting in for a long scalp
[11:35] <+jbuch> 906.5 was yesterdays high
[11:35] <+Nesi> i have 908.5
[11:36] <+OICU812> depends if you use after hours data or not
[11:36] <+jbuch> yeah i only have reg session on
[11:36] <+Nesi> after hours..i see it
[11:37] <+Nesi> raining like crazy here
[11:40] <+jigglyhippo> damn didnt get the fill =/
[11:41] <+jigglyhippo> sat there at 908.5
[11:45] <+jigglyhippo> might be a little reversal here
[11:45] <+jigglyhippo> or fakeout.....
[11:51] <ItalianSharp> vix back below 27.50 supporting this rally so far
[11:52] <+jigglyhippo> might get to 918.50s
[11:57] <+rickf> back
[11:58] <+jbuch> Shorts ES @ 912
[12:01] <+jbuch> Covered all ES Short @ 912.75 --> - 0.75
[12:01] <+rickf> sheesh gentle creeper day
[12:02] <+OICU812> short ES 913.75
[12:02] <+jbuch> Shorts ES @ 913.25
[12:04] <+OICU812> Scaled here 913.00
[12:04] <@NihabaAshi> tough creeper uptrend since 1115am est (very little opportunities to get in with the trend).
[12:05] <@X> #FuturesTrades Info -> Members use this room to document (trade journal) their trades and thoughts from one trade to the next trade. 2009 chat logs stored @ viewforum.php?f=20 and chat logs prior to 2009 are stored @ http://www.thestrategylab.com/ArchivedPastTrades.htm. Also, do not mimic (shadow) trades of others without their permission.
[12:06] <+jigglyhippo> really doesnt want to go down
[12:06] <+jigglyhippo> has no problem going up
[12:06] <+jigglyhippo> hope your short works out guys
[12:07] <+jbuch> Covered all ES Short @ 913 --> + 0.25
[12:08] <+jbuch> Shorts ES @ 914
[12:08] <+jbuch> one more time
[12:09] <+OICU812> im still short
[12:09] <+OICU812> hopefully it goes this time
[12:09] <+Nesi> Shorts ES @ 913.00 -> Add
[12:09] <+Nesi> 2c
[12:10] <+jbuch> huge vol spike with lil movement a few minutes ago and the tick is plummeting
[12:15] <+OICU812> 912.5 another scale
[12:15] <+jbuch> Covered 1/2 ES Short @ 912.75 --> + 1.25
[12:15] <+OICU812> does not really want to go
[12:15] <+Nesi> good one..
[12:15] <+jigglyhippo> nice
[12:15] <+Nesi> great managment of the trades
[12:15] <+Nesi> (like me)
[12:15] <+Nesi>
[12:15] <+jbuch> breaeven on the rest
[12:15] <+OICU812> same here jbuch
[12:16] <+jbuch> very weak break
[12:16] <+OICU812> 913.25 +.5 on the last part
[12:16] <+OICU812> dont like it
[12:16] <+OICU812> anymore
[12:18] <+OICU812> looks like it wants to go now
[12:18] <+TraderG> all my ES data is on 1/8 boundaries from IB :p ??
[12:20] <+jbuch> got a poopy diaper to change target is 910 stop is 913.75
[12:21] <+jbuch> false call
[12:22] <+jbuch> Covered all ES Short @ 913.5 --> + 0.5
[12:22] <+jigglyhippo> have no idea what the mkt is about to do =/
[12:23] <+OICU812> same here jigglyhippo
[12:23] <+OICU812> flat now
[12:23] <+OICU812> im thinking it will break to the upside
[12:23] <+jbuch> tick bottomed at 0 and reversed
[12:23] <+jigglyhippo> yeah same here
[12:24] <+jigglyhippo> now thinking if i should gamble on it lol
[12:24] <+jbuch> should go long but not sure
[12:24] <+jbuch> so sitting
[12:25] <+rickf> short es 913.50 paper
[12:25] <+rickf> instinct
[12:25] <+jbuch> looks like a double top
[12:26] <+jbuch> tick didn't make it nearly as high and is failing
[12:27] <+OICU812> it needs a bit more momo to go anywhere
[12:31] <+silo> we are at an intraday extreme right now. high chance of some retracement now
[12:31] <+jbuch> Shorts ES @ 914
[12:35] <+jbuch> Covered 1/2 ES Short @ 912.25 --> + 1.75
[12:35] <+OICU812> might go this time jbuch
[12:36] <+OICU812> i like double tops
[12:36] <+jbuch> can u post u tube stuff in here wrbtrader no commercial content just a funny video
[12:36] <+jigglyhippo> nice trade jb
[12:36] <+jbuch> yup poked above the previou high and plummeted
[12:36] <+jigglyhippo> last time it happened with 905
[12:36] <+jigglyhippo> double top
[12:36] <+jbuch> caught some breakout traders there
[12:36] <+OICU812> i have one scale holding 2/3
[12:36] <+jigglyhippo> iocu you traded that one right
[12:37] <+OICU812> entry 914
[12:37] <+jigglyhippo> nice
[12:37] <+OICU812> sorry if i forget to write it down here guys
[12:37] <+jbuch> nice were on the same page the last couple of days
[12:37] <+OICU812> cant complain jbuch
[12:37] <+OICU812> lol
[12:37] <+OICU812> hate to have you on the other side of my trade
[12:38] <+jbuch> same here with u
[12:38] <+jbuch> I think we look at it the same way so if your opposite one of us is reading what were looking at upside down
[12:38] <+jigglyhippo> lol
[12:39] <+OICU812> that means one is getting a stop. not good
[12:39] <+OICU812> lol
[12:39] <+OICU812> your a good trader jbuch
[12:39] <+jigglyhippo> good instinct trade rick
[12:39] <+rickf> about time
[12:39] <+rickf>
[12:39] <+OICU812> 912.5 scale out.
[12:40] <+OICU812> im hoping for a retrace but not to HOD
[12:40] <+jbuch> thanks but you and Mr. Jiggles do better I think
[12:40] <+jbuch> trying to keepp with u guys
[12:41] <+OICU812> when i came here, as you can remember i came cause i was bored out of my shoes doing this alone. Its fun to do it with other people. Not fun having you guys on the other side of my trade though
[12:41] <+jbuch> exit stop set ES @ 913.25
[12:42] <+OICU812> mine is a bit wider, want to give it room
[12:42] <+jbuch> yeah I was telling my wife it was fun yesterday everybody was reading it the same way and taking the same trades
[12:43] <+jbuch> probably should but getting another divergance here and this is weak support
[12:43] <+rickf> out 912.25 +1.25 paper
[12:43] <+rickf> i'll take it
[12:44] <+jbuch> nice
[12:44] <+rickf> thx
[12:44] <+jbuch> good to put one in the win column after a couple of losers
[12:45] <+rickf> exactly
[12:45] <+rickf> save my sanity
[12:45] <+jbuch> yup I do the same
[12:45] <+jbuch> come on 910
[12:46] <+jigglyhippo> thinking of taking another short here
[12:46] <+jigglyhippo> and hopefully gets to 910
[12:46] <+jigglyhippo> thoughts?
[12:46] <+jbuch> that was another extremely weak break
[12:46] <+jigglyhippo> thats what scares me =/
[12:47] <+jbuch> yeah I would be really stressed if I took that break
[12:47] <+jbuch> tick is still staying above 0 as well
[12:47] <+jigglyhippo> ahh have to let this one go most likely
[12:50] <+OICU812> ok, i think it can give one more move down
[12:50] <+jbuch> yup looking better
[12:51] <+OICU812> ok people, we need help, start selling!!!!
[12:51] <+rickf> ;unch time
[12:51] <+jbuch> )
[12:52] <+jbuch> lokking not so good )
[12:52] <+jigglyhippo> hope you guys get this
[12:52] <+jbuch> don't have a clue
[12:53] <+OICU812> i think it looks good jbuch, coil is loading and its not moving, means it might move nicely down
[12:53] <+jigglyhippo> oh oh
[12:53] <+jigglyhippo> got up to 913
[12:53] <+OICU812> maybe im wrong :S
[12:54] <+OICU812> 914 is my stop at this moment
[12:54] <+jigglyhippo> i think it should come down
[12:54] <+jigglyhippo> at least a bit
[12:54] <+OICU812> same here jigglyhippo
[12:55] <+OICU812> but its sloww
[12:55] <+jigglyhippo> now it just needs to happen, and you guys will have a nice trade
[12:56] <+jigglyhippo> okay comeon
[12:57] <+OICU812> jigglyhippo, jbuch and me are holding shorts. anyone else?
[12:57] <+OICU812> to share the agony?
[12:57] <+OICU812> lol
[12:57] <+Nesi> i am
[12:57] <+Nesi> but dont ask where i am...lol
[12:57] <+OICU812> ok
[12:57] <+OICU812> lol
[12:58] <+Nesi> i ll be honest...i am at 902.00 6c
[12:58] <+jbuch> this is the weakest downmove ever
[12:58] <+jbuch>
[12:58] <+jigglyhippo> seriously
[12:58] <+OICU812> just needs to break that low
[12:59] <+jbuch> thats what I said 10 minutes ago )
[12:59] <+rickf> back
[12:59] <+OICU812> wb
[13:00] <+OICU812> slow but still looks good
[13:00] <+jbuch> tick broke down
[13:02] <+rickf> yawn
[13:02] <+jbuch> ruh roh
[13:02] <+jbuch> might be a good time to reverse
[13:03] <+OICU812> to be honest i dont know what to do
[13:03] <+jbuch> Covered all ES Short @ 913.25 --> + 0.75
[13:03] <+Nesi> when in doubt then there is no doubt
[13:03] <+OICU812> im out too
[13:04] <+Nesi> http://www.bloomberg.com/apps/news?pid= ... cXAGUYZSVw
[13:04] <+Nesi> you all love this guy..hehe
[13:04] <+jigglyhippo> jeez
[13:04] <+Nesi> Gerstner Says Short-Term Gains Should Be Taxed at 80% (Update1)
[13:05] <+rickf> fine - do it for stocks but not futures
[13:05] <+rickf> but yeah .... wtf
[13:06] <+jigglyhippo> Lets try a long here
[13:07] <+jigglyhippo> Long ES @ 914
[13:07] <+jbuch> nobody would buy stocks
[13:07] <+rickf> they would for a LONG term i think
[13:07] <+jigglyhippo> Covered 1/2 ES Long @ 915 --> + 1
[13:07] <+Nesi> vn
[13:07] <+rickf> nice scalp
[13:08] <+jbuch> just another dickhead flapping in the breeze blaming us for a shitty economy
[13:08] <+OICU812> if they tax like that, everything would loose liquidity
[13:08] <+OICU812> thats what we traders provide for the market
[13:09] <+jbuch> exactly not many people would be willing to get locked like that.
[13:09] <+jigglyhippo> Covered all ES Long @ 916.25 --> + 2.25
[13:10] <+jbuch> beauty
[13:10] <+jigglyhippo> wanted a quick trade
[13:10] <+jigglyhippo> worked out
[13:10] <+rickf> short es 916 paper
[13:13] <+OICU812> finally a short thats moving
[13:15] <+jigglyhippo> strictly instinct
[13:15] <+jigglyhippo> Long ES @ 915.50
[13:15] <+jigglyhippo> might regret this one
[13:15] <+OICU812> i spoke too fast, cause it stopped moving
[13:17] <+rickf> out 915.75 +.25
[13:17] <+rickf> oaoer
[13:17] <+rickf> paper
[13:18] <+jigglyhippo> Exited 1/2 ES Long @ 916.50 --> + 1
[13:19] <+OICU812> nice one jigglyhippo. for me it was a -.25
[13:20] <+jigglyhippo> 918.50s would be nice
[13:21] <+jigglyhippo> Exited all ES Long @ 916.75 --> + 1.25
[13:22] <+OICU812> im flat now
[13:22] <+OICU812> till im able to read this
[13:24] <+jigglyhippo> hmmm
[13:27] <+OICU812> ok, trying a short...again
[13:27] <+jigglyhippo> 916?
[13:27] <+OICU812> 16.5
[13:29] <+OICU812> 916.25 all out +.25
[13:29] <+jigglyhippo> confusingg
[13:29] <+OICU812> yeah
[13:30] <+OICU812> im uncertain
[13:30] <+jigglyhippo> this thing loves swinging up
[13:39] <+ItalianSharp> anyone in here that uses volume as supporting tool?
[13:40] <+OICU812> i dont even know how to use volume to be honest
[13:41] <+rickf> nope
[13:41] <+ItalianSharp> neither do i, that's why i am asking
[13:41] <+jbuch> I use it
[13:42] <+ItalianSharp> volume has always intrigued me but i was never able to make anything out of it
[13:42] <+ItalianSharp> jbuch, how do you use it? why is it important?
[13:42] <+jbuch> hmm htat will be a long post
[13:43] <+jbuch> I look at a few different thing
[13:43] <+ItalianSharp> sure...just in one post, why is it important?
[13:43] <+jbuch> I look at historical price at vol price at volume
[13:43] <+ItalianSharp> mmm...something like market delta?
[13:43] <tomosyn57> Shorts SSO @ 26.08
[13:44] <+jbuch> espescially uniquly high area
[13:44] <+ItalianSharp> after several tries at making something out of volume, all i have come up with is this:
[13:45] <+ItalianSharp> volume tells me whether or not there is institutional participation at any given price area
[13:45] <+ItalianSharp> that's all i can use volume for
[13:45] <+ItalianSharp> the old cliche about volume diverging with price doesnt work
[13:46] <+ItalianSharp> new highs on lower volume ---> bearish
[13:46] <+ItalianSharp> you can find arguments that support or deny that
[13:46] <+jbuch> I mainly look at areas were a bunch transactions ocurred I think that those are sreas were institutions have entered or exited the market and will act as S/R
[13:47] <+ItalianSharp> hence, i am only using volume to show me whether or not someone is doing something in the market at any given time/price area
[13:48] <+jbuch> I also look at high vol burst on a smaller time frame to try and see if somebodey is buying or selling in certian areas
[13:48] <+jbuch> thats all that I do
[13:51] <+tomosyn57> exit stop set SSO @ 26.06
[13:52] <+jigglyhippo> obama speaking about energy bill soon
[13:53] <+jbuch> simpilist analogy for me is that if there is a reversal at really high vol, or if there was a long sideways action. then there are a lot of people or institutions holding the bag so it wil turn into S/R.
[13:53] <+rickf> long es 915 paper
[13:53] <+tomosyn57> Covered all SSO Short @ 26.03 --> + 0.05
[13:55] <+jigglyhippo> trying a quick long
[13:55] <+jigglyhippo> Long ES @ 915
[13:55] <+jigglyhippo> 1pt stop
[13:56] <+jbuch> A great example of a sideways area acting as support resistance is the area from 892 to 895 were we went sideways for several hours a few days ago.
[13:58] <+tomosyn57> jb, have you found that hammer candles with high vol tend to call a reversal or at least an S/R
[13:59] <+jbuch> on a smaller time frame yes
[14:00] <+rickf> out 915.25 +.25
[14:00] <@NihabaAshi> Long ES @ 915.25 -> small size
[14:00] <+rickf> obama on
[14:00] <+rickf> that was paper
[14:00] <@NihabaAshi> thanks rickf
[14:00] <@NihabaAshi> 2 only
[14:00] <+rickf> np
[14:00] <+jbuch> I look for 2 reasons to enter and a high vol reversal can be one of them
[14:00] <+rickf> is why i exited - never know what he'll do to us
[14:01] <@NihabaAshi> now I don't want the trade after finding out Obama was on TV
[14:02] <+jbuch> I also look at the POC for the day especially abnormally high vol ones
[14:02] <+jbuch> especially if they are in the same area
[14:02] <+jigglyhippo> cmon dont stop me out
[14:02] <+jbuch> and or after hours
[14:02] <@NihabaAshi> Exited all ES Long @ 914.25 --> - 1
[14:03] <+tomosyn57> Shorts SSO @ 26.02
[14:03] <+jigglyhippo> DAMN
[14:03] <+jigglyhippo> stopped out 914 --> - 1
[14:04] <+tomosyn57> exit stop set SSO @ 26
[14:04] <+rickf> obama done
[14:05] <+Nesi> jbuch, if you have time, at what price do you see the most vol in a two min chart..please
[14:05] <+Nesi> i see it at 903.50 the most vol
[14:05] <+tomosyn57> exit stop lowered SSO @ 25.98
[14:05] <+OICU812> finally some movement
[14:05] <+OICU812> :D
[14:05] <+jbuch> the highest vol price of the (POC) is at 913
[14:06] <+jbuch> price of the day
[14:06] <+Nesi> i see that too
[14:06] <+Nesi> but on 903.50 is the most vol
[14:06] <+jbuch> sorry thats not true
[14:06] <+rickf> long es 913 paper
[14:06] <+jbuch> 903.5 is slightly higher
[14:06] <+Nesi> right
[14:07] <+jbuch> this makes sense since we had so much sideways action in this range
[14:08] <+Nesi> next area with most vol i can see is 902.00 to 904.00
[14:08] <+jbuch> we have a nice tick divergance here as well
[14:08] <+jbuch> but that is fading
[14:08] <@X> #FuturesTrades Info -> Members use this room to document (trade journal) their trades and thoughts from one trade to the next trade. 2009 chat logs stored @ viewforum.php?f=20 and chat logs prior to 2009 are stored @ http://www.thestrategylab.com/ArchivedPastTrades.htm. Also, do not mimic (shadow) trades of others without their permission.
[14:08] <+tomosyn57> exit stop lowered SSO @ 25.96
[14:09] <+tomosyn57> exit stop lowered SSO @ 25.94
[14:10] <+jbuch> yeah THE NEXT SIDEWAYS ACTION
[14:11] <+jbuch> oops on the caps
[14:11] <+jbuch> we closed that gap
[14:11] <+OICU812> i should have kept my short on its original spot but hey shoulda coulda woulda
[14:11] <+jigglyhippo>
[14:11] <+jbuch> )
[14:11] <+OICU812> you guys got in on this move?
[14:12] <+jigglyhippo> nope
[14:12] <+jigglyhippo> tried to get it at 914.75 never filled
[14:12] <+OICU812> me either. but good to see movement
[14:12] <+jigglyhippo> yup
[14:12] <+OICU812> taking a quick lunch break, brb
[14:16] <+tomosyn57> exit stop lowered SSO @ 25.9
[14:19] <+rickf> long es 911 add paper
[14:19] <+rickf> (late)
[14:19] <+tomosyn57> exit stop lowered SSO @ 25.86
[14:20] <+tomosyn57> Trailing Stop Hit SSO @ 25.86 --> + 0.16
[14:21] <+jbuch> nice that is a 3 point run on the ES
[14:23] <+tomosyn57> thx. managed to stay clear of the mini-retraces on the way down.
[14:24] <+jbuch> beauty great managment
[14:26] <+rickf> out 912.25 +.25 paper
[14:26] <+jbuch> and u got out when the getting was good looks like.
[14:27] <+rickf> might get a bounce up but not getting a good feeling here
[14:27] <drt> s es 12
[14:30] <+rickf> lol figures
[14:40] <+drt> cs es 11.50
[14:53] <+jigglyhippo> everyone just watching the mkt?
[14:54] <+jbuch> can't seem to make it back through that high vol area.
[14:54] <@NihabaAshi> Yeah
[14:55] <@NihabaAshi> I notice in the past few weeks more in here have "learn" to watch this type of chop instead of trying to trade it in comparison to the early part of the year
[14:55] <@NihabaAshi> That's adapting.
[14:56] <@NihabaAshi> It's a low volatility chop
[14:57] <@NihabaAshi> since about 2:20pm est
[14:57] <+OICU812> Back, did not miss much from what i see
[14:57] <codehead> 918.50 is regular session daily ES .500 retracement
[15:05] <@NihabaAshi> Trading and other stuff on the side makes for a nightmare for the tax accountant.
[15:06] <+jbuch> Long ES @ 912.25
[15:06] <@NihabaAshi> Tax guys like traders that only trade and nothing else.
[15:07] <tribe> so do brokers
[15:07] <@NihabaAshi> Anybody in here using an "online tax service" for the trading taxes
[15:08] <+jbuch> Exited 1/2 ES Long @ 913.75 --> + 1.5
[15:09] <+OICU812> nice jbuch
[15:10] <+jbuch> Exited all ES Long @ 914.75 --> + 2.5
[15:10] <+Nesi> great one
[15:10] <+jigglyhippo> nicee
[15:10] <@NihabaAshi> Long ES @ 914.75 -> small size
[15:10] <+jbuch> thanks guys )
[15:10] <@NihabaAshi> 2 only
[15:10] <@NihabaAshi> intuition
[15:11] <@NihabaAshi> volatility rising but it will need some help to keep it's steam rising
[15:11] <+jbuch> shoulda just moved my stop up but oh well
[15:11] <+OICU812> money in the pocket is what counts
[15:11] <@NihabaAshi> Oil and Gold trying hard but looks to stall
[15:13] <@NihabaAshi> Exited all ES Long @ 914.50 --> - 0.25
[15:14] <+OICU812> one more swing up and might bet interesting for shorts
[15:14] <+jbuch> true but days like this make you think about runners and what coulda benn
[15:15] <+OICU812> these are 30% of the days
[15:15] <+OICU812> so
[15:15] <+OICU812> as long as im not in a big hone
[15:15] <+OICU812> hole
[15:15] <+jbuch> yup
[15:15] <+OICU812> which i should not be, im ok with them
[15:15] <+OICU812> more than make up for these the 70% of the time
[15:17] <+jbuch> I here ya can't really straddle the fence need to look for the big moves like Nesi or go for the 2 or 3 point moves.
[15:17] <@NihabaAshi> sneaky price action
[15:17] <+jbuch> well in retrospect I was a genious lol
[15:17] <+jigglyhippo> lol
[15:18] <+jigglyhippo> been sneaky for awhile huh
[15:18] <@NihabaAshi> Shorts ES @ 712.75 -> small size
[15:18] <@NihabaAshi> 2 only
[15:18] <+Nesi> this area is where the most vol is
[15:18] <@NihabaAshi> intuition
[15:18] <+Nesi> 913
[15:19] <+jbuch> yup and it's at the up trendline
[15:19] <@NihabaAshi> missed trade signal @ 914
[15:19] <+jbuch> of this lil flag
[15:19] <@NihabaAshi> correction
[15:19] <@NihabaAshi> Shorts ES @ 912.75 -> small size
[15:20] <+jbuch> seems to be holding
[15:21] <@NihabaAshi> retouch of that 914 again
[15:22] <@NihabaAshi> Covered all ES Short @ 913.50 --> - 0.75
[15:24] <@NihabaAshi> Shorts ES @ 913.00 -> small size
[15:24] <@NihabaAshi> 2 only
[15:24] <@NihabaAshi> intuition back into the price action of that same missed trade signal
[15:25] <+jbuch> Long ES @ 913.25
[15:26] <+OICU812> long ES 913.00
[15:26] <+rickf> short es 913.25
[15:26] <+rickf> paper
[15:26] <+jbuch> ruh were all discombobulated
[15:27] <+Nesi> big fight where the most vol of the day ocurred
[15:27] <+OICU812> Scale here 913.5
[15:28] <@NihabaAshi> volatility declining...I'm expecting a price spike here soon...hopefully down and not up
[15:28] <@NihabaAshi>
[15:28] <+OICU812> 914.5 second scale
[15:28] <+Nesi> vn
[15:28] <+OICU812> keeping scales shorter with this short movs
[15:28] <+OICU812> moves
[15:29] <+jbuch> Exited 1/2 ES Long @ 914.75 --> + 1.5
[15:29] <+jigglyhippo> nicee
[15:29] <+OICU812> good job
[15:29] <+OICU812> i want to see if we get to 15.5
[15:29] <+jbuch> gonna try and keep this at breakeven
[15:30] <+jbuch> if we break that maybe HOD
[15:30] <+OICU812> thats what im thinking too
[15:30] <+OICU812> worth the risk
[15:31] <+Nesi> go for it..jbuch
[15:31] <+jbuch> tick plummeting
[15:31] <+OICU812> all out 914.00
[15:31] <+Nesi> aghhh
[15:32] <+jbuch> son of a gun tagged me out and now it will probably rally right on up there
[15:32] <+jigglyhippo> Long ES @ 913.50
[15:32] <+jbuch> Exited all ES Long @ 913.25 --> 0
[15:32] <@NihabaAshi> chop is forming again
[15:33] <+Nesi> back to 913
[15:33] <@NihabaAshi> Yep
[15:33] <+OICU812> maybe we should just take a breakout of the range lol
[15:33] <+jbuch> interesting to watch those high vol areas
[15:33] <+Nesi> yup
[15:33] <+OICU812> <===== havent traded breakouts in ages
[15:33] <+jbuch> I hate breakouts
[15:33] <+Nesi> i am short bias now
[15:33] <+jbuch> I always get stopped out
[15:34] <+OICU812> same here
[15:34] <+OICU812> its cause BO are too late into the move
[15:34] <+Nesi> what a magnet 913 is
[15:34] <@NihabaAshi> Shorts ES @ 913.00 -> Add
[15:34] <+Nesi> push
[15:34] <@NihabaAshi> added one
[15:34] <@NihabaAshi> total 3
[15:35] <+jigglyhippo> Exited all ES Long @ 912.25 --> - 1.25
[15:35] <+jbuch> yeah and the longer we hang out here the more prevelant it will become.
[15:36] <+Nesi> decent stop...jigg
[15:36] <+silo> manipulation day :P
[15:36] <+jigglyhippo> had to
[15:36] <+jigglyhippo> was thinking of reversing
[15:36] <+rickf> out 911.25 +2 paper
[15:37] <+Nesi> imho, if takes 910.50 we may go under
[15:37] <+Nesi> imho
[15:37] <+jigglyhippo> eoe
[15:37] <+jigglyhippo> wow
[15:37] <+jbuch> it would be nice to see it end strong
[15:37] <+jigglyhippo> i cant believe i didnt reverse
[15:37] <+jigglyhippo> ughhh
[15:37] <+Nesi> dont do what i do...jigg.... revange trading
[15:38] <+jbuch> don't have any long term stuff but
[15:38] <@NihabaAshi> Covered 1/3 ES Short @ 910.00 --> + 3
[15:38] <+rickf> early exit but i'll keep it
[15:38] <+rickf> for an instinct trade anyway
[15:38] <+OICU812> nice NihabaAshi
[15:39] <+OICU812> im still flat
[15:39] <+OICU812>
[15:39] <+Nesi> now i need 909.50 to be taken out
[15:39] <+jbuch> nice rick and wrbtrader
[15:39] <@NihabaAshi> should'vu been an easy Short had I not missed the original entry.
[15:39] <+Nesi> for more downside..imho
[15:39] <+rickf> thx jb
[15:39] <+OICU812> what was your original entry?
[15:39] <+jbuch> were is ur avg nesi
[15:40] <+Nesi> 902
[15:40] <+jbuch> were+where
[15:40] <@NihabaAshi> Original signal @ 914.00 and could'uv got an entry @ 914.25 or 914.50
[15:40] <+OICU812> might get interesting later tonight afterhours
[15:41] <+Nesi> if it goes back to 913 i cut my veins with a banana
[15:41] <+jbuch>
[15:42] <+Nesi> 909.25 print and i ll be happy
[15:42] <+OICU812> Short 911.00
[15:44] <+jbuch> nice entry OIC
[15:44] <+OICU812> thanks
[15:44] <+OICU812> need one more tick to scale
[15:44] <+OICU812> crap!!
[15:44] <+OICU812> 11.75 my stop
[15:46] <+OICU812> lol, not going anywhere
[15:47] <+jigglyhippo> stopped out?
[15:47] <+OICU812> out -.75
[15:47] <+jigglyhippo> =/
[15:47] <+OICU812> but now it will go LOl
[15:47] <@NihabaAshi> Covered all ES Short @ 912.75 --> + 0.25
[15:47] <+jbuch> Long ES @ 912.25
[15:47] <+jigglyhippo> nicee
[15:48] <+OICU812> im having trouble trusting both sides
[15:48] <+Nesi> get me a banana
[15:48] <+jbuch> chases it all the way up
[15:48] * +OICU812 hands Nesi a banana
[15:48] <+jbuch> Exited all ES Long @ 914 --> + 1.75
[15:49] <+jbuch> lol
[15:49] <+OICU812> Guys its late and a bit frustrating so calling it a day
[15:49] <+OICU812> have a good evening
[15:49] <+jigglyhippo> you too
[15:49] <+jbuch> see ya tomorrow
[15:49] <+OICU812> and good trading
[15:49] <+jbuch> have a good night
[15:49] <+rickf> cya
[15:50] <kosmipt> Long ES @ 913.75 «« simulator »»
[15:53] <@NihabaAshi> FYI - As soon as we consistently go over the +30 members here in #FuturesTrades...
[15:54] <@NihabaAshi> I will re-instate the password because historically that's when the spammers and problematic members begin to show up
[15:54] <+kosmipt> Long ES @ 913.75 -> Add «« simulator »»
[15:55] <+rickf> fair 'nuff
[15:55] <@NihabaAshi> FYI - To gain access to the password...you need to be a register member of the free FTCHAT Support Forum @ viewforum.php?f=5
[15:56] <+codehead> k
[15:56] <+kosmipt> Exited 1/2 ES Long @ 914.75 --> + 1 «« simulator »»
[15:57] <+kosmipt> 917 final tgt
[15:57] <@NihabaAshi> nice strong move off the 910 price area
[15:59] <+jbuch> thats the one I shoulda hung onto only took 1 contract though
[15:59] <+Nesi> Covered all ES Short @ 916.00 --> - 24.25
[15:59] <+jigglyhippo> oh man nesi
[16:00] <+jigglyhippo> ding ding ding
[16:00] <+rickf> ouch
[16:00] <+rickf> that a typo nesi?
[16:00] <+kosmipt> Exited Remainder ES Long @ 916.50 --> + 2.75 «« simulator »»
[16:00] <+Nesi> good night all
[16:00] <+rickf> gn
[16:00] <+kosmipt> gn
[16:06] <@NihabaAshi> -24.25
[16:06] <@NihabaAshi> Wow...didn't know he held it that short for so long
[16:07] <@NihabaAshi> that's a tough day trade loss
[16:07] <+jigglyhippo> yeah
[16:07] <+jigglyhippo> but good thing it was sim i believe
[16:07] <@NihabaAshi> These trend days are tough for most to counter-trend trade on for this year's price action.
[16:08] <+jigglyhippo> howd you do today wrbtrader?
[16:08] <@NihabaAshi> The frequent changing volatility "tricks" many into thinking it's a trend reversal signal when it's just a pause as the price action continues it's change in supply / demand
[16:09] <+rickf> yeah after this morning i switched to sim -- wanted to trade safely and overcome my angst from this morning
[16:09] <@NihabaAshi> Simply, the counter-trend trading approach had better chance in yester-years trading but not for year 2009 trading.
[16:09] <+rickf> better to trade int he sim and still be trading ... get to know all types of markets
[16:09] <@NihabaAshi> The low volatility that changes often has been a killer for counter-trend traders.
[16:10] <@NihabaAshi> I expect this to continue for the remainder of the year.
[16:10] <+OICU812> why NihabaAshi?
[16:10] <@NihabaAshi> Obama plan
[16:10] <@NihabaAshi>
[16:11] <@NihabaAshi> Their still sorting things out
[16:11] <+OICU812> i see
[16:11] <+OICU812> i dont have a problem with trending even though i dont like it much
[16:11] <+OICU812> but
[16:11] <+OICU812> the slowness does get to me
[16:11] <@NihabaAshi> As soon as folks truly believe things are fixed...
[16:11] <@NihabaAshi> "may take a few years"
[16:12] <@NihabaAshi> That's when overall trading conditions will improve.
[16:12] <+rickf> trending i can handle; it's those creeper trends w/o any decent entries where i get sloppy and force something
[16:12] <+OICU812> well
[16:12] <+OICU812> imho
[16:13] <+OICU812> secret to trading is adapting
[16:13] <@NihabaAshi> rickf...agree...today we saw some of that creeper trend between 1115am - 1205pm est
[16:13] <+OICU812> and thats our job
[16:13] <+OICU812> whatever the market gives us to be able to trade it
[16:13] <@NihabaAshi> volume was rising but volatility was declining and price kepted going up
[16:14] <+rickf> this morning was horrible for me -- couldnt get a good read until after 2 bad trades
[16:14] <@NihabaAshi> = creeper trend
[16:14] <@X> #FuturesTrades Info -> Members use this room to document (trade journal) their trades and thoughts from one trade to the next trade. 2009 chat logs stored @ viewforum.php?f=20 and chat logs prior to 2009 are stored @ http://www.thestrategylab.com/ArchivedPastTrades.htm. Also, do not mimic (shadow) trades of others without their permission.
[16:15] <+OICU812> well guys, i might do some trading tonight, will log on to see if anyone is around
[16:15] <+OICU812> in the mean time have a good PM
[16:15] <+rickf> yeah i'm off to check the mail and run errands myself
[16:15] <+rickf> g'night and good trading all
[16:15] * rickf is now known as rickf_away
[16:16] <+werner> gn all
[16:17] <@NihabaAshi> Daily Chart Analysis - Today's price action confirmed we've found a new support level...lets now watch and see if it can hold.
[16:21] <+jbuch> night all
[16:21] <+jigglyhippo> gn
[16:39] * NihabaAshi is now known as NihabaAshi_away

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