Chat with Joe Ross
U.S. Chat log from: Wednesday, May 6, 2009
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
| da-net | evening everyone |
| t.kaderavek | Hello all |
| streetsamurai | good evening Joe - all |
| BillC | Hello Joe and all |
| BillC | Joe, have a couple of questions tonight. |
| JoeRoss | Good evening everyone |
| JoeRoss | bill: Let's have them |
| aussiebrett | good evening Joe and all |
| BillC | I have been reading your book, trading the ross hook. love it btw |
| BillC | Question: when you hold an overnight position in futures what is the rule you use to place a stop? |
| trippenlatin | good evening |
| JoeRoss | bill: The only rule I have is to have a stop in the market. Where it is placed is a matter of personal, financial, psychological, and emotional comfort. |
| trippenlatin | ok, so does anyone trade the break of the 10 min open range in crude...if the market opens 8am cst, then do you ever trade the break of the first 10 min or do you wait for a ross hook or some other setup? |
| BillC | I understand, my question is more along the lines do you place it at the previous day low or below a support area lower or do you just go b/e if you have profit in it. The reason I am asking is it appears to me that the pro's hide their stops and I am trying to figure out how to stay in a winning trade longer |
| trippenlatin | today was a bad example of it, but what about yesterdays price action? |
| JoeRoss | trip: I've been trading mini crude on a 5 min. chart, but I do it with some setups that work for me. I begin with the 8AM bar. |
| trippenlatin | cool, that's where i begin and the same time frame |
| JoeRoss | bill: I use a computed stop that fits my comfort level. I try to go with the momentum of the pros, and not worry about where their stops are. |
| trippenlatin | what is a setup that you like joe for crude? |
| t.kaderavek | Joe, is there any particular reason why you trade mini crude instead of CL? |
| BillC | Second question is along the lines of trip's. Is there a method or observation you use to see if the market is not moving normally like the ES yesterday only had an intra day movement of 10 points. If I can come up with some way to see small price movement compared to normal movement I would have very few draw downs. Any ideas Joe? |
| JoeRoss | trip: I really can't go into the setups here in the chat. There are 5 of them and I teach them in private training sessions. |
| Philippe | Hi Joe, Hi all, from sunny Shanghai |
| trippenlatin | ok |
| JoeRoss | bill: What exactly is "normally?" |
| Joy | Joe: Good evening to you! I hope you have had a lovely evening! |
| BillC | 20-30 point intra day movement on ES |
| Joy | marsh: Hi, how are you? :-) |
| da-net | billc, how about using bars based upon a set # of contracts? |
| BillC | using averages |
| Joy | t: Hi, good morning to you! |
| marsh | Hi Joy, nice to see you. |
| t.kaderavek | Joy - good thing I was able to get up this week. |
| BillC | da-net can u expand on what you mean because I am not sure what u r saying? |
| JoeRoss | bill: take a look at the ATR (Average True Range) indicator. If it is not showing enough volatility, then leave the market alone. |
| BillC | ok, Joe, that is a good idea, have not thought of that. thanks |
| da-net | instead of time based bars, use bars based on contracts traded or tics |
| t.kaderavek | Joe - once again, is there any reason why you trade mini crude instead of standard CL contract? |
| BillC | da-net, ok thanks, I understand |
| JoeRoss | t. It's because of lower margin and more movement $12.50 vs $10.00 per tick |
| t.kaderavek | OK Joe. Thanks. |
| Philippe |
Joe, I find it very difficult to shift from options, to spreads, and stocks. yet I like them all ;-). so I end up having "times". Times for options, time for spreads... I cannot seem to decide...wd u recommend to focus on 1 kind of trading? or..how should I deal with that, from your experience? |
| sunny12 | Joe, is the liquidity the same between CL and QM? |
| JoeRoss |
philippe: I trade the various ways because I get bored with the same old thing. All my life i have had the wanderslust--lived in 25 different places. My trading is the same way. Right now I'm enchanted with covered calls and naked puts in the stock market. But I may switch to something else once the novelty wears off. I love having 83 open positions and not having to do a darn thing to manage them. |
| JoeRoss | sunny: I don't think it's the same but quite frankly, I haven't looked. |
| sunny12 | Thanks Joe |
| marsh | But with the QM, Joe, you are getting reasonable fills? |
| Philippe | yes, kind of same here... |
| Joy | Joe: 25 places and 83 open positions! You are amazing!! |
| JoeRoss | marsh: So far, so good on QM using IB. |
| Airtime250 | Joe, When trading crude oil, do you target a certain number of ticks for profit or do you stay with momentum and place a trailing stop at the reverse of a 5 minute or 1 minute bar? |
| Philippe | didn't know u speak german Joe.. do u ? |
| JoeRoss | Joy: I made a mistake: It was 35 places not 25 |
| Joy | WOW WOW, Joe! World traveler full of wisdom! |
| JoeRoss | airtime: I have a target for a large part of my position and then a trailing stop for the rest. |
| JoeRoss | philippe; I know only a few words in German. |
| sdavis | Joe which was your favorite place? |
| Susan joined. | |
| Joy | Joe: Back to the question from marsh, do I understand correctly that QM is traded in the NY market (NYMEX) but your experience on fills has been good? |
| JoeRoss | sdavis: South Africa was the most beautiful. Texas is the most friendly. Bahamas was the most relaxed. Missouri Ozarks was the most challenging. The two hardest to leave were my farm in Missouri and my farm in South Africa. I yearned for them for a very long time. |
| JoeRoss | Joy: You said it right re. QM |
| Airtime250 | Joe, How much profit potential do you need to take a trade in QM with a TTE on 5 min bars and how much of your position do you typically liquidate at the first target? |
| t.kaderavek | Joe - do you also use ATR to set your profit objectives in QM? |
| JoeRoss | airtime: I'm looking for 10 ticks initial objective and more for the trailing stop. On a 10 lot, it is 6-2-2 or 6-4. Depends on what happens and how much time I have to trade. |
| JoeRoss | t: Yes ATR for stop and profit objectives |
| t.kaderavek | Nice. Thank you Joe :-) |
| Airtime250 | Thanks. |
| Joy | Joe: Thank you! Maybe we can all move to South Africa and live on a big beautiful farm - I will be your gardner ;-) |
| t.kaderavek | Joe - ATR has been really helpful since you brought my attention to it in your webinar. |
| Airtime250 | I'm still unclear of how to use ATR... |
| streetsamurai | Joe just ordered Day Trading and Trading Is a Business, soon to order Mini-Max Trading Method and Forex Stealth Trading Method. Is there a broker you suggest should use? |
| JoeRoss | airtime: I take the highest ATR from the previous day's 5 min. and use that for the 8AM trade. After that I use the current ATR to trail a stop. |
| t.kaderavek | Joe - do you have any suggestion on which instrument to use to short the USD? |
| JoeRoss | street: please email me support@tradingeducators.com for broker info. |
| JoeRoss | t. what do you mean by instrument? |
| t.kaderavek | Well I meant an ETF, or mini futures? |
| JoeRoss | t: I like to use an ETF: no expiration. |
| t.kaderavek | Do you have a ticker, Joe? |
| t.kaderavek | for the ETF I mean |
| streetsamurai | ty joe will email |
| JoeRoss | t. I can't think of it at the moment. Maybe it will come to me by the end of the chat. I'm having a senior moment |
| t.kaderavek | :-)) |
| t.kaderavek | You have the right to have a senior moment. No problem. |
| Joy | Joe: You taught us about UDN before. |
| JoeRoss | Thanks Joy. |
| t.kaderavek | OK. So it seems we have it. Thank you Joy :-) |
| Joy | t: Thanks to Joe :-) Joe also taught us about those currency funds from Wisdom Tree - follow this link |
| JoeRoss | BTW: does anyone know if they have started trading the mini forex pairs at the CME???? |
| t.kaderavek | Thanks a lot Joy. I will study that web. |
| Joy | t: You are welcome! I learned them from Joe :-) and am glad to share my few notes! |
| Joy | Joe: Is that the Forex E-micro Futures from CME? I heard about the launch by end of Q1 but know nothing more. |
| t.kaderavek | I remember that Joe also noted few currency ETFs in TMC, but I do not remember in which issue... |
| JoeRoss | Joy: I think that's it. I keep hearing about it but don't have time to investigate. But it could be really good because it would be forex on a regulated exchange with 100% transparency. And maybe it would put a pile of crooked forex brokers out of business. |
| sdavis | i have traded the new forex pairs, they are out. |
| JoeRoss | sdavis: Super. Where do we find them and what are the symbols? |
| Joy | Joe: I am enjoying your amazing book “Trading Optures and Futions”, in which you taught us some new rules to identify emerging trends. You used the concept of “turning point.” |
| Joy | I don’t think you specified a rule for turning point (i.e., must be a reversal bar.) Would you mind verifying that for me? |
| JoeRoss | Joy: It doesn't have to be a reversal bar--at least not the way I define reversal bars. But often it will be a reversal bar. Turning points are points at which the market changes direction after a leg up or down. |
| sdavis | Not sure, I asked my broker but the CME has some stuff on the new pairs. |
| JoeRoss | some people call them pivots. |
| JoeRoss | thanks sdavis. |
| Joy | Joe: THANK YOU! If you don't mind, just one additional question: Does the series of 4 bars (or 3 bars in rule #2) need to follow the turning point immediately? |
| Joy | For example, both ES M9 and YM M9 had a turning point in March. However, before the series of 4 bars, there was an inside bar first. Does that break the rule? |
| t.kaderavek | I found a list of currency ETFs |
| t.kaderavek | http://etf.stock-encyclopedia.com/category/currency-etfs.html |
| Joy | t: You rock! :-) |
| t.kaderavek | No Joy, I just had a "junior moment" ;-) |
| Joy | I like "junior moment", t! Keeping us forever young :-) |
| Philippe | Joe, its time for the tip of the day, no? where do we make money today? hehe |
| JoeRoss | philippe: I don't have any hot tip today. Sorry! |
| Philippe | no problem, Joe, i'll still be there next week anyway ;-) |
| marsh | Joe already gave us one. Trade the mini crude on a 5 min chart starting at 8 am. I've looked at a few charts, and it looks great. |
| Joy | Yeah, thank you Joe! And marsh for the reminder! |
| JoeRoss | I'm starting to yawn, so it must be my bed time. |
| JoeRoss | Good night everyone. |
| JoeRoss | See you next week. |
| streetsamurai | thank you joe good night |
| Philippe | thanks Joe, good night to u |
| t.kaderavek | Good night. Thank you Joe. |
| Joy | Joe: THANK YOU for a wonderful night! Sleep well and sweet dream! |
Next Chat with
Joe Ross:
Wednesday, May 13, 2009
Time: 8:00 - 9:00 P.M., U.S. Central Time.
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
