Chat with Joe Ross
Chat log from: Wednesday, January 30, 2008
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
| elias joined. | |
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| joel_regen | Howdy |
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| JoeRoss joined. | |
| amathevs21 | Hi everybody |
| joel_regen | Yo. |
| amathevs21 | Hi Joe |
| JoeRoss | Hi to everyone |
| amathevs21 | Hi |
| JoeRoss | Did y'all make money today? |
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| joel_regen | I got paid...but not for trading. |
| amathevs21 | Yes! |
| JoeRoss | Big day and big week! |
| BigBlueSky | Good evening everybody. |
| amathevs21 | Yes, i agree with that. |
| JoeRoss | I expected nothing less than a 50 basis point cut in interest rates, and that's what we got. |
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| amathevs21 | Hi bigbluesky |
| JoeRoss | Once the GDP report was in, it was a must for the FED to lower by that much. |
| JoeRoss | I expect another cut next month. |
| JoeRoss | I believe they will cut until they reach at least 2%. |
| JoeRoss | Hi Blue. |
| amathevs21 | Seems FED will more cut rates again. |
| joel_regen | Ef we nuked the Fed...they wouldn't have interest. |
| joel_regen | But, I digress. |
| joel_regen | So is Ron Paul! |
| JoeRoss | It's time to talk trading. |
| elias | Ok. |
| elias | Good evening everybody. |
| JoeRoss | Anyone see any good trades out there? |
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| JoeRoss | Hi elias |
| elias | Hi Joe its a pleasure. |
| JoeRoss | Hi doug. |
| JoeRoss | Hi Susan. |
| SusanL | Hey Joe |
| amathevs21 | Hi SusanL. |
| SusanL | Hi Amathevs21. |
| JoeRoss | Where is everyone tonight? |
| SusanL | ?? Not yet awake -- what is the big news for today? |
| JoeRoss | News: GDP came in at 1/2 of what was expected. |
| JoeRoss | FED cut interest rates by 1/2 percent. |
| JoeRoss | Bond market fooled everyone by dropping like a rock first on profit taking but right now it has regained about 1/2 of the drop. |
| SusanL | Does that effect the Easy Bond Method or the Bond Blaster Method? |
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| JoeRoss | Hi eye. |
| SusanL | Hi eyedvm, if you want to see what was communicated before you popped in, please go to the Menu and click Action and then Recent Room History... |
| JoeRoss | Susan: Yes it did. Easy Bonds had a winner today. Short the bonds. |
| amathevs21 | Hello eyedvm. |
| eyedvm | Hello. |
| SusanL | Good for all Easy Bond Traders :-) |
| joel_regen | How 'bout bond blaster? |
| elias | Not for me. |
| JoeRoss | joel: No trade for Bond Blaster. It was neutral. |
| JoeRoss | elias: What happened? |
| amathevs21 | I'm a currencies trader. |
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| elias | Sorry I don´t know so much about Bond Blaster. |
| amathevs21 | hello bert |
| SusanL | Which currencies are you trading amathevs21??? |
| amathevs21 | EUR/JPY |
| bert | Hello everyone...sorry about being late. |
| JoeRoss | amathevs: Me too. I was short 25 euro Puts, and now they are practically guaranteed to finish worthless :-) |
| amathevs21 | No problem bert, my buddy. |
| SusanL | Elias, do you own any of those methods at all? Either Easy Bond Method or Bond Blaster Method?? |
| JoeRoss | Hi bert. |
| bert | Hi Joe. |
| amathevs21 | Thanks a lot Joe. |
| SusanL | Thanks amathevs21. |
| SusanL | Are you a profitable Currency Trader?? |
| amathevs21 | Thanks susanL |
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| elias | No Susan. |
| amathevs21 | Yes. |
| JoeRoss | Hi acman. |
| amathevs21 | Hi acman. |
| SusanL | Then congratulations amathevs2. |
| elias | I work with the wheat spread. |
| amathevs21 | Thanks susanL. |
| SusanL | Joe also has a currency method with 4 different currencies that are trades, Curry Blend right Joe? Which currencies are included Joe?? |
| joel_regen | Quite a mix of markets. |
| acman | Hi y'all. |
| amathevs21 | Hi Acman. |
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| JoeRoss | Susan: Yen, euro, pound, franc |
| SusanL | Hi Martin, good to have you. |
| joel_regen | Anyone daytrading the ES (s&p emini)? |
| SusanL | Right Joe, thanks! |
| acman | I am doing the ER-YM spread as usual. doing well again. |
| JoeRoss | amathevs: EUR/JPY should have been a winner today, right? |
| amathevs21 | Yes Joe, Thanks a lot. |
| amathevs21 | But sometimes i have a losing trade, too. |
| amathevs21 | But yesterday i had a win. |
| JoeRoss | Wins are good :-) |
| amathevs21 | I agree with that Joe. |
| amathevs21 | Thank a lot Joe. |
| JoeRoss | I just put up that EUR/JPY SPREAD, not so good. |
| amathevs21 | IC |
| acman | amat: are you doing 2 contracts or one. |
| amathevs21 | I just trade 1 contract each time i enter a trade. |
| JoeRoss | EUR/JPY: Down for the day, up at 1AM until 10AM, then not much until 2PM. |
| amathevs21 | IC Joe |
| amathevs21 | Joe, do you have advice for me which spread for the currencies will be good for me to trade? |
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| amathevs21 | Hello tradecraze. |
| acman |
Hard to trade with one, no control if it moves in your direction. I found it best to take profits quickly on one, then let second ride for real profit. Otherwise you are out and miss main move. |
| TradeCraze | Hello. |
| amathevs21 | Thanks a lot acman. |
| JoeRoss | amat: Sometimes one is good and another time it is better to change. Today EUR/USD would have been great. |
| amathevs21 | IC Joe. |
| JoeRoss | Or even just euro in the futures. |
| amathevs21 | IC |
| JoeRoss | You can't get married to any one market, because they all change. |
| JoeRoss | Hi Craze |
| amathevs21 | IC Joe |
| TradeCraze | Today after the market settled down it was perfect trading on the short side in the emini S&P. |
| TradeCraze | After the FOMC announcement. |
| joel_regen | TradeCraze: what time frame did you trade in? |
| TradeCraze | btw, I finally am understanding the law of charts! I am very excited about that fact. |
| TradeCraze | I had a 300 tic bar chart and a 3 min chart up. |
| joel_regen | Me too. |
| joel_regen | TLOC rules. |
| joel_regen | Interesting. |
| joel_regen | Major signals from 3 minute? |
| TradeCraze | Still learning but it was simply beautiful today going short watching the market hit Rh after Rh and continuing to move down. |
| joel_regen | Sweet. wish I could have seen it...(day job). |
| joel_regen | I'll borrow the data from a friend and look at it later. |
| joel_regen | NT 6 |
| joel_regen | Did you trade off the 300 tick and use the 3 minute to filter for trend? |
| joel_regen | Oh well...congrats. |
| joel_regen | :-) |
| joel_regen | Got the flu today. |
| TradeCraze | I traded the BO off the #3 point I was using the 300 tic chart for confirmation ... but like I said I am still learning and trying to apply what JR teaches. I am simply a student of the market. |
| TradeCraze | Still a very long way to go. |
| SusanL | :-) |
| joel_regen | Excellent. |
| joel_regen | I'm reading the "Day Trading" book along with 'Trading the Ross Hook'. |
| joel_regen | It's like a breath of fresh air after all the other BS I've seen. |
| joel_regen | I can't wait to trade it when I can quit my day job. |
| TradeCraze | I really like the what JR says about "Trade what you see." But it is also the toughest thing to do ... not to trade what you think but trade what you are seeing. |
| joel_regen | There's a lot of meat there for sure...it will take time to learn...paper trade it or do small contract set. |
| joel_regen | I love the TTE...if you can leverage the momentum (thrust) before the hook, you can get paid to trade. Sweet. |
| bert | Trying to give up making predictions is one of the toughest things to do. |
| JoeRoss | It takes discipline. |
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| JoeRoss | Hi netwonc |
| TradeCraze | A lot of the things that I have placed into my trading previous to JR ... it's nice to know there is a Law as he talks about it. For example I never thought about Ledges the way JR talks about it ... but I understand what he is saying it's like a light came on ... simply amazing. |
| netwonc | Hi Joe., sorry I am late...have I missed much? |
| bert | Joe, you had a piece on the forum the other day about how you worked on not making predictions. I should have printed it out then, so now I've got to find it again. |
| joel_regen | Finding where to trade a breakout of consolidation is pretty tricky. |
| JoeRoss | netwonc: You can read what has happened under Action----> Recent History, or read the chat log on Friday. |
| joel_regen | I notice that Joe uses previous days' price action to help with this. |
| netwonc | k...thanks |
| JoeRoss | netwonc: We yakked a bit about the FED move today, and a bit about some of the markets. |
| TradeCraze | Personally, I have found that Genesis Trade Navigator and using Joe Ross library has helped me along with really studying the TLOC. |
| joel_regen | Anyone have any thoughts about Ninja Trader versus other platforms? |
| joel_regen | I haven't used any others for futures. |
| JoeRoss | bert: Good luck in finding it :D |
| JoeRoss | I make all kinds of posts there, but don't remember what I posted where :-D |
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| bert | I hope the forum has a good search engine :-) |
| JoeRoss | Hi maple. |
| joel_regen | Is it possible to trade only calendar spreads (to benefit from reduced margin) until your account is larger? |
| acman | After the announcement gold moved but didn't take out yesterdays high. Is this a top on gold? |
| joel_regen | Or does that slim down your choices too much? |
| joel_regen | What is gold at now? |
| joel_regen | I haven't checked since it was at 862. |
| JoeRoss | acman: My charts all show gold making a new high, but it finished rather weakly. and tonight it is not doing much. |
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| JoeRoss | It hit 936.80 today. |
| Martin |
Joe have you ever seen anything like the March KC - Mini wheat spread, it has been vertical for the past 7 weeks, almost unbelievable. Or how about the July meal - bean spread. Are any of these worth looking at for a possible turn the other way? Extreme Volatility! |
| joel_regen | Yikes. |
| acman | Feb is around 923 now. Gold. |
| JoeRoss | Right now it is at 923.30. Sooner or later we are going to get a big correction and when we do I'm buying more. |
| joel_regen | I had a bunch at 670...sold it at 820 or so...but it was digital gold. |
| acman | What is a good buying price? |
| joel_regen | Too much commission. |
| TradeCraze |
When I was soul searching, I was reading a biography on Robert E. Lee, he said this to his son Custis, "Shake off those gloomy feelings. Drive them away. Fix your mind and pleasures upon what is before you... All is bright if you will think it so. All is happy if you will make it so. Do not dream. It is too ideal, too imaginary. Dreaming by day, I mean. Live in the world you inhabit. Look upon things as they are. Take them as you find them. Make the best of them. Turn them to your advantage. (In other words, "TRADE WHAT YOU SEE NOT WHAT YOU THINK WILL HAPPEN." |
| JoeRoss | Martin: Eventually, they have to turn and go the other way. They may be historically way out of line with normal. |
| joel_regen | Brings up a good question.. |
| joel_regen | How easily is the gold market manipulated? |
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| joel_regen | As in dumping. |
| JoeRoss | acman: Good question. We have to see how far back it moves. Maybe to 750 ::wacko |
| Mapletrader | Hi Joe. |
| JoeRoss | Hi maple |
| Mapletrader | Trouble logging in--borrowed lap top. |
| JoeRoss | joel: The gold market is heavily manipulated by the banks, especially the Central Banks. |
| JoeRoss | They are deathly afraid of rising gold prices. |
| Mapletrader | That would be a nice place to jump in. |
| joel_regen | As I would suspect...the Fed was originally instigated to battle capital formation (saving by businesses). that cut in on their business (lending at interest). |
| sb123 |
joe in your seasonal spread book you mention using Bollinger bands and RSI as filters for spreads...where can one find charting software that can do all this...most online do one or the other...any for free online?? |
| Mapletrader | 750. |
| joel_regen | stockcharts.com |
| bert | joel, do they do futures? |
| sb123 | joel..they do commodity charts?? |
| JoeRoss |
sb123: All of the software I've seen will do both BBs and RSI. BB is an overlay and RSI charts below prices. I don't know where you can get one for free that does both. |
| sb123 | Yeah...but for spreads some will not do RSI. |
| joel_regen | http://futures.tradingcharts.com/ |
| sb123 | I've been to futuresource as recommended by some people here. |
| joel_regen | http://futures.tradingcharts.com/javachart/XC/38 |
| JoeRoss | Try Man Financial. They have pretty decent free charts. |
| Mapletrader | Is there a place to get free spread charts? |
| JoeRoss | FutureSource is the other one I would say to try. |
| joel_regen | Wow, corn is taking off. |
| JoeRoss | maple: Both Man Financial and FutureSource have free spread charts. |
| Mapletrader | Thanks--does one need an open funded account? |
| sb123 | I must be missing it at futuresource...enrolled and still can only get daily single future charts...no spreads. |
| BigBlueSky | http://britefutures.com/quotes/spreads.aspx |
| sb123 | Yeah brite offers only RSI and Stoch for spreads... |
| sb123 | Brite is pretty simple to get around in i must admit. |
| JoeRoss | I've not seen FutureSource, but Andy sends everyone there for free spread charts. I do know you can get great ones at Man Financial. |
| sb123 | You...start your own spread chart service... |
| JoeRoss | http://www.manfutures.com/resources/getquotes.cfm?page=cspread ==>Trader Support==>Quotes and Charts==>Spread Charts |
| Mapletrader | It would be great if these links can survive the archival process. |
| sb123 | AD/Cd spread goes from 800-$1000 per day...from high to low...does this often...wish could find way to take some of that action... |
| sb123 | Chk it out... |
| sb123 | Well, almost thru for the night... |
| joel_regen | Yup. |
| JoeRoss | Bert: I did a search for "predictions" but didn't find anything on the forum. |
| JoeRoss | Any other words you can remember? |
| bert | Joe, I was gonna try the very same word... ya beat me to it. |
| JoeRoss | Nothing for prediction either. |
| bert | I can't remember which group it would be in. I won't make that mistake again. |
| JoeRoss | It's that time again. |
| JoeRoss | I have to leave. Lots to do . I have to write Chart Scan. |
| JoeRoss | Bye until next week. |
| joel_regen | Bye joe. |
| JoeRoss | Thanks for coming. |
| BigBlueSky | Bye Joe. |
| amathevs21 | OK Joe, nice to meet you & thank for your advice to me. |
| JoeRoss | I enjoyed all the work done by joel and craze. Saved me from typing |
| amathevs21 | Thanks Acman. |
| joel_regen | np. |
| bert | G'night Joe and thank you. |
| amathevs21 | Thanks everbody. |
| amathevs21 | Nice to meet you all. |
| joel_regen | Wish you well .... blessings to all. |
| amathevs21 | Good night Joe. |
| amathevs21 | See you next week. |
| JoeRoss | Ciao. |
| JoeRoss | Adios. |
| amathevs21 | CIAO. |
| JoeRoss | Servus. |
| amathevs21 | Bye ::smile |
| TradeCraze | Bye. |
| JoeRoss | Adieu |
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| netwonc | Thanks guys, see you all next time,,,,,, |
| JoeRoss | gm you are late. |
| JoeRoss | Chat began 1 hour ago |
| JoeRoss | Try us next week. |
| gm | Oh, |
| amathevs21 | GOD Bless you Joe |
| gm | Sorry, try to catch it next time. |
| amathevs21 | & GOD Bless you all My friends |
| JoeRoss | Thanks amat. |
| acman | Bye everyone. |
| amathevs21 | You're welcome |
| JoeRoss | gm: one hour earlier. |
| amathevs21 | Bye Acman |
| amathevs21 | See you all next week. |
| acman | Good luck trading amathes. |
| amathevs21 | Thanks acman |
| acman | Will be on cruise next week. |
| amathevs21 | OK |
| amathevs21 | See you acman. |
| amathevs21 | Bye. |
| gm | By the way, what Joe Ross talk here? |
| amathevs21 | GOD Bless you all. |
| gm | Any one can tell a little? |
| amathevs21 | About cutting rates by the FED. |
| amathevs21 | sri FED Fund cut rates. |
| gm | Oh, not about trading? |
| gm | Spreads? |
| amathevs21 | Trading of course |
| TradeCraze | You can always catch it in the archive off the website. |
| Mapletrader | good night Joe. Thanks for all your writing. |
| amathevs21 | OK Bye |
| gm | Oh, thanks, |
| amathevs21 | By gm |
| gm | Bye, |
| joel_regen | Ciao |
| joel_regen | Shalom |
| TradeCraze | Good night |
Next Chat with
Joe Ross:
Wednesday, February 6, 2008
Time: 8:00 - 9:00 P.M., U.S. Central Time.
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
