Chat with Joe Ross
Chat log from: Wednesday, February 18, 2009
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
| kardel | hii all! |
| aussiebrett | good evening Ross evening all |
| JoeRoss | g'day mate |
| JoeRoss | What's new at the other end of the earth? |
| JoeRoss | Does the earth have an end??? |
| aussiebrett | plenty of rain and fire |
| JoeRoss | both? sounds exciting. Does the rain put out the fire? |
| aussiebrett | unfortunately on either side of the island |
| JoeRoss | It seems like it never rains where you need it. |
| JoeRoss | We finally got some around here. |
| JoeRoss | We were dry as a bone. |
| aussiebrett | we have firefighters flown in from the USA to help |
| kardel | hi ross! |
| JoeRoss | hi kardel |
| JoeRoss | There's a new major concern that has me doing a lot of thinking. European banks are leveraged 60 to 1 and there is a lot of talk about the end of the euro. |
| JoeRoss | BY THE WAY, THERE WILL BE NO CHAT NEXT WEEK, I WILL BE ON A CRUISE SHIP-NEXT CHAT IS MARCH 4 |
| kardel | :-D |
| JoeRoss | One guy I know says if you have euros put them in Netherlands and when the euro comes apart at the seams, you will have Dutch Guilders. |
| JoeRoss | The Dutch are in real good financial condition. |
| aussiebrett | Dx/Ec still heading for the moon |
| kardel | so it means that euro going down.. .? how about the bankruptcy of few euro member ? |
| JoeRoss | Yes, it could mean the end of the euro. I've been writing about it in Traders Money Club. |
| marsh | Hi Joy |
| Joy | Hi marsh, how are you? |
| Joy | Joe: Good evening! I hope you have had a lovely night. |
| JoeRoss | It seems that the western european banks have loaned out over $1trillion to Russia and other eastern european countries--with no hope of ever getting repaid. |
| JoeRoss | Joy: now that you're here it will be a lovely night. |
| Joy | Thank you Joe! We will miss you next Wed. night though! |
| Larry | Hi Joe, I think I'll order your Day Trading book |
| JoeRoss | Larry: Don't think, ACT! :-) |
| JoeRoss | Larry: Order it and we'll wait for you to come back ;-) |
| Larry | I'm just really starting to trade fx |
| Larry | but I've been studying for awhile |
| Larry | I like to trade the news and london open |
| JoeRoss | Larry: Would you like to receive a rebate of $4.11 every time you trade fx? If so, drop me a line and I'll tell you how to get it. But you have to hurry coz I'm leaving at the end of the week and won't be back until March 1. support@tradingeducators.com |
| t.kaderavek joined. | |
| Larry | can I do it through fxcm? |
| t.kaderavek | Good evening all |
| JoeRoss | Yep, but they won't give you the rebate. You have to go where I tell you to go, and then you can trade with fxcm |
| JoeRoss | Hi T. |
| Larry | sounds good |
| Joy | Joe: The USD seems to have a nice run this week - it's even gaining strength on JPY. |
| JoeRoss | Joy: It looks very strong. |
| Larry | I heard it may be at a bottom |
| Joy | Joe: Do you think we may see continued strength in USD till foreign investors say no to the mounting government debt? |
| Larry | the Cad is down again makes it hard to order from US |
| JoeRoss | Joy: That sounds about right. One of the officials in China said that even though the dollar stinks, where else can he invest? |
| JoeRoss | So they are buying our debt. |
| Joy | Joe: Wow! But isn't that the truth for investors in general?! |
| aussiebrett | Larry don't worry about CAD the Aussie is about to tank |
| Larry | I think the USD will fall eventually |
| JoeRoss | Joy: Yes also for investors. They are so scared they are gobbling up T-Bills and getting 0 interest. In fact. losing money every day due to inflation. |
| Larry | I'm glad I bought gold awhile back |
| JoeRoss | You are right Larry. Interesting--we have a deflation of 13% in the price of goods, but services are seeing rising prices. |
| Larry | what services? |
| JoeRoss | services: legal, medical, accounting, financial, etc. |
| Larry | none wants to work cheap |
| kardel | Mr. Ross.,g. this fellow, talk about forecast for 8- years. Have you ever heard of it? What do you think about it? |
| Larry | Gas is 95 a liter in Canada |
TonyI
|
Joe, your new e-mini s&p book is excellent. i really look forward to watching what i'm learning play out real time everyday. What would be a good next step. Do you have a video that follows market action using this technique
|
| JoeRoss | kardel: I don't know him--haven't heard anything about him |
| aussiebrett | The Govt here has put a package together that will take effect by the end of the year, hope we are all around to see its effect |
| JoeRoss | No video yet Tony. I'm buried alive in other projects. |
| JoeRoss | brett: I hope the land of oz is still floating on the earth's surface :-D |
| Joy | Joe: That is strange services' price can continue to rise considering there is so much layoff everyday! |
| aussiebrett | unfortunately the govt must be seen to be doing something to please the masses |
| Larry | seems the trick is to get in the trend early |
| JoeRoss | Joy: I guess many people need a lawyer to handle their bankruptcy, and the rest are sick from worry and stress and need a doctor. and the accountants are busy filing for tax losses, etc. |
| t.kaderavek |
OK Joe, I have a question. Currently I am studying your book Trading the Ross Hook. My questions concerns a situation when I trade a stock from a weekly chart. When trading a weekly chart I expect bigger objective stops and also bigger protective stops. When I want to follow your trade and money management, I should liquidate a part of the position once I have covered costs. But in reality when I trade via Interactive brokers the commissions are very low ($ 2 RT). So when I buy a position of 100 stocks a very small price movement (2 ticks) will cover my costs. At that time I should move my protective stop to BE. But this will bring it very close to the price action and put me in a situation in which I will be more probably stopped out of the trade. You wrote about the mind set that it is OK to be stopped out at BE on 8 out of 10 trades and have the 2 trades really run and bring the big profits. Do you have this mind set also when trading from a weekly chart. Or do you have your cost covering objective little bit bigger, to give the trade more space? |
| JoeRoss | t: weekly chart--bigger moves, bigger objectives, bigger stops |
| Larry | and need bigger account |
| JoeRoss | Larry: not necessarily. I know a guy who trades weekly charts with a $200 stop. |
| Larry | Joe, do you think your day trading book is the best for fx |
| Joy | Wow, $200 stop for the entire trade, Joe? |
| JoeRoss | Larry: I can give you only a prejudiced YES |
| Larry | need accuracy |
| Larry | sounds good |
| JoeRoss | Joy: True and a lot of his trades are from the weekly Bond chart |
| t.kaderavek | Joe - do you have any guide on the cost covering objective on the weekly charts then. Some study, or average volatility, something else? Please advise. |
| Joy | Wow, that is so amazing, Joe! What a great lesson. |
| marsh | Joe, as you've said in your books, you want the traded thing to be like a horse blasting out of the starting gate. If it's sluggish, get out. |
| JoeRoss | t. Try using Average True Range. That might do the job for you. |
| t.kaderavek | A weekly bond chart with $200??? |
| t.kaderavek | Thank you very much for the answer Joe :-) |
| JoeRoss | marsh: That's right, like a horse blasting..... |
| Joy | Joe: I do notice the 30 Year Bond futures weekly charts are much better formed than the daily chart. Is that why your friend trade off the weekly chart - better momentum and entry? |
| Joy | Hi acman, my friend, welcome back! |
| JoeRoss | Joy: Correct. and he is patient to wait for his trade. |
| Joy | Joe: Thank you! That is a great lesson! |
| JoeRoss | It took him only 22 years to figure out how to do it :-) but he got the job done |
| Joy | WOW! How amazing we just learned it from you in one night, Joe! |
| marsh | Most things look better on a weekly chart. |
| acman | Hi Joy. Got a sun tan going already. Ya Man! |
| t.kaderavek | Another question Joe. Do you strictly use a stop limit order for entry? I do observe, that you rarely get filled on the first breakout (TTE or Rh), since there is many orders "parked" below above these points. |
| marsh | Joe gave a webinar once on trading CBOT Gold on the weekly charts using TLOC, and it's still working well. Last TTE on a Rh made about $500 in 2 days. |
| Joy | Thank you Joe and marsh! I love studying weekly charts these days - great lesson to be patient and wait for the good set up. |
| JoeRoss | t. I usually use limit or market orders |
| t.kaderavek | Thank you Joe :-) |
| JoeRoss | t: If I'm waiting for the market to come to me, I use limit. If I want it right now I use market. |
| Joy | Joe and marsh: Is the webinar for CBOT gold archived somewhere? Can we still access it or was it material for a paid seminar? |
| JoeRoss | Joy: It was a few years ago done for the CBOT. If it's still available they would have it |
| Joy | Joe: Thank you! I will check - a great lesson if we can watch it! |
| aussiebrett joined. | |
| marsh | Sorry, that was $500 in two bars (2 weeks) |
| acman | I remember that one Joe. the CBOT promoted your webinar to educate people. |
| acman | Very instructional |
| JoeRoss | We're gonna do one with Adrienne Tograhie on March 31. You should join in: http://tradingeducators.com/adrienne/meetthemasters.html |
| marsh | It was refreshing to see a discussion of trading weekly charts with so many people day trading 5 tick charts. |
| JoeRoss | She calls it "An evening with Joe Ross" |
| t.kaderavek | Joy - you can find Joe's CBOT presentation here, follow this link... |
| Joy | Joe: That sounds like an intimate, fire-place conversation with you! |
| JoeRoss | Yeah, but it's only a pdf file, no sound. |
| JoeRoss | marsh: I still use weekly spread charts.--I may be the only one in the world doing that :-) |
| Joy | t: YOU are amazing! THANK YOU!! |
| kardel | thanks ross |
| Joy | Joe: Do you mean you trade spreads off a weekly chart? I often wondered if weekly spread charts were used. |
| JoeRoss | I think it's only for 90 minutes with Adrienne |
| t.kaderavek | U R welcome Joy :-) |
| JoeRoss | welcome kardel |
| JoeRoss | Joy: Spreads off a weekly chart was how I learned to do them |
| JoeRoss | That was back in the olden days |
| Joy | Joe: THANK YOU! You are full of golden nuggets for me tonight :-) |
| JoeRoss | one of these days I'm gonna learn how to trade point and figure charts. I never did learn that. |
| JoeRoss | You can do the law of charts with them |
| marsh | I studied P&F charts once. The length of the congestion is the same as the length of the breakout from it. |
| JoeRoss | marsh: I guess you have to know how to set up the boxes. |
| JoeRoss | My friend Braam is the best in the world at point and figure |
| marsh | The charting software does that. You select the size of the boxes, and 3 is the usual setting, if I remember correctly. |
| Joy | Joe: What are the distinct advantages of P&F charts? Seeing trend that a bar chart does not show? |
| t.kaderavek | Joe - it is always the best to learn from the best. That is why I personally appreciate that you are here with us, sharing your "best" knowledge. |
| JoeRoss | marsh: yeah, but knowing the right size for each box is critical |
| JoeRoss | Joy: It removes time from the chart. |
| JoeRoss | Thanks t. |
| Joy | Joe: Thank you! I really need to read it to even understand - it's like a foreign language right now :-) |
| acman | so it would be like a tick chart. |
| JoeRoss | acman: Same general idea, but it shows direction and trend, which is its purpose |
| Joy | t: Well said, we are very fortunate to have Joe sharing his time and wisdom so generously with us! Thank you again Joe! |
| JoeRoss | Well now it's time for me to share my wisdom with my pillow :-) |
| t.kaderavek | :-) Alright. Good night Joe and everybody. |
| JoeRoss | I'm really sleepy. Been teaching all week with a raw amateur. |
| JoeRoss | Good night all. See you in March! Next chat is March 4! |
| Joy | Joe: Thank you for the night! Hope you have a wonderful cruise trip! |
| acman | I keep multiple time frames up as well as multiple tick charts. i.e. 3,5,10,15,30, 90 daily, weekly, 150 tick, 400 tick 750 tick. Nice to see them all at once on the various screens. |
Next Chat with
Joe Ross:
Wednesday, March 4, 2009
Time: 8:00 - 9:00 P.M., U.S. Central Time.
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
