Chat with Joe Ross
U.S. Chat log from: Wednesday, September 23, 2009
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
| JoeRoss joined. | |
| sdavis | Hi Joe. I had a personal revelation today about the perfect Love casting out fear and trading. |
| JoeRoss | cool stu |
| sdavis | Thanks for planting the seed. Took a while to get it. |
| JoeRoss | I planted more of those seeds today in Mexico City |
| JoeRoss | I see you |
| sdavis | I cant see what I am typing |
| JoeRoss | strange |
| sdavis | I will log back in |
| JoeRoss | good idea |
| JoeRoss | Hi stinson |
| stinsonv77 | hello all |
| JoeRoss | :D right now all is not too many. But we had a nice group for the European chat |
| Airtime250 | Hi Everyone! |
| JoeRoss | Hi Air |
| JoeRoss | try to type sdavis |
| sdavis | It seems to be working fine now. |
| JoeRoss | great |
| sdavis | So are you in Mexico at the moment? I just got back from DC... Interesting how you gain new insights on trading while you travel. |
| JoeRoss | I'm in Texas, but I tutored a guy in Mexico for the past 3 days. |
| JoeRoss | He was really a good trader--a man who has found out who he is and where he is comfortable (with himself) and his trading. |
| JoeRoss | we did it on the Internet. It's really a nice way to give the training. |
| JoeRoss | hi ashley |
| JoeRoss | and Hi samurai and disciplined |
| sdavis | Joe do you write all of your own articles or do you have some help? |
| ashleya | hi Joe, i have been loving the Traders Money Club |
| JoeRoss | sdavis: I do it all by my lonesome |
| streetsamurai | hi Joe and all |
| JoeRoss | thanks ashley |
| stinsonv77 | your reversal bars would have worked well on the selloff today.unfortunately i took that moment to work on my tractor and missed the move |
| JoeRoss | stinson: which market? |
| stinsonv77 | stock market |
| JoeRoss | gosh, what am i missing, i don't see any sell off. the market closed near its high. |
| Airtime250 | Joe: This past month and a half has been a real learning experience. Everytime the market looks like it is going to stall and reverse, it gets another shot in the same direction. I have a much better understanding of your mantra; "Trade What You See and Not What You Think!" |
| JoeRoss | Good for you Air. |
| stinsonv77 | from about 1130 till close |
| JoeRoss | stinson: which time frame? |
| JoeRoss | and are you talking about the dow, the nq or the sp, or the russell? |
| stinsonv77 | eastern |
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| JoeRoss | My apologies, stinson, I had the wrong chart up. |
| JoeRoss | Very nice reversal, YES |
| stinsonv77 | phew i thought i was in a parallel world for a moment |
| JoeRoss | Lol |
| JoeRoss | Just remember, I'm dyslexic. Sometimes I don't see what you see. |
| JoeRoss | Did you notice the swiss franc when the Swiss National Bank intervened? |
| JoeRoss | The franc futures traded at .992, almost parity with the dollar |
| JoeRoss | Then the bank came in and hammered it. Perfect example of bank intervention |
| sdavis | Joe, do you watch volume and use it in setups or exits? |
| JoeRoss | sdavis: I always keep volume in mind and use it to assess liquidity among other things |
| Airtime250 | Joe: So that begs the question, is the bank going to keep the Franc in check under .98? |
| JoeRoss | Air: I think they would like to. But it is really not up to them. There are traders who can push it up in spite of the bank intervention if they have a mind to do it. Then the next move by the bank would be to charge you interest to keep your money in Switz. That would be a way to discourage buying of the franc. They did that in the early 1990s as i recall. |
| Joy | Joe: Good evening! I am sorry I have had some problems with my Java chat... but am glad to be able to see you now :) Hope you have had a good night! |
| JoeRoss | I'm having a good night right now Joy. I enjoy the chat a lot. I learn as much as anyone else. |
| Joy | Joe: That is wonderful! And the index seems to only have fun while your Euro chat lasted this afternoon --- it was quite a bubble then burst: as you said, bias for the down side :) |
| JoeRoss | During the day I was looking at the right chart :) But because of my student in Mexico I never looked at the market again until stinson told me it had plunged. |
| Joy | Joe: the market heard you! :) |
| Airtime250 | Joe: My data on SF only goes back to 12/31/75 when it was topped out at .65. Similar situation, different price level... |
| JoeRoss | Air: True, much different price level, but nevertheless you had to pay the swiss to keep you money there. |
| JoeRoss | I think it must have been around 1991. I'm not sure of my memory about that, though. |
| JoeRoss | I was busy then buying the New Zealand dollar and making 45% because it paid 10% interest and rose 35% against the dollar by just holding a CD |
| Airtime250 | How do you find all the deals that you do???! |
| JoeRoss | Air: I'm always looking for stuff. I don't read very well, but I am pretty good at scanning |
| Airtime250 | I thought it may be a secret that you would have to kill us for if we found out... |
| JoeRoss | Air: I don't have many secrets. Really! I share just about everything I learn. |
| Airtime250 | Thank you for that! |
| sdavis | Can you tell me if the TNT books that you co-authored are significantly different then the other books on your website? I don't see the TNT books there anymore. |
| Joy | Joe: Yes, thank you! And if the Swiss banking system isn't an option --- the US government is clamping down Swiss bank accounts anyway --- do you still like banks in Canada, Joe, for us to diversify our accounts from USD? |
| JoeRoss | sdavis: TNT 1 is basically the same as Trading by the MInute (now known at Day Trading) |
| JoeRoss | TNT 2 was the same as Trading is a Business. |
| JoeRoss | TNT3 was the same as Trading the Ross Hook |
| JoeRoss | TNT 4 was unique, not like anything before or since. |
| JoeRoss | Joy: I found out last week that the only Canadian bank you can use without having to have a Canadian address is RBC, but you have to go there to open the account. |
| JoeRoss | All the others want you to do there and have an address there |
| Joy | Joe: WOW! Thank you! That is great to know! And I have a feeling TNT4 is going to be sold out by tomorrow :) |
| JoeRoss | Joy: Hong Kong looks pretty good. You don't have to live there and possibly not even go there. I truly don't know for sure |
| JoeRoss | Joy TNT 4 was sold out long ago. |
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| Joy | Joe: Oh bummer, I am too late to the game :-) But I will research the Hong Kong account you recommended: it is supposed to be one of the most liquid financial centers... should be good! :-) |
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| JoeRoss | There's also a bank in Belize that I gave last week. I don't know how good it is, but the Belize govt. has very strict banking requirements for the bank itself. |
| Joy | Joe: Oh great, thank you! Speaking of Hong Kong, do you trade outside of the US exchanges for fun/experiment these days? Just curious ;-) |
| JoeRoss | Joy: Yes, I do. |
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| JoeRoss | hi sagev |
| sagev | hi Joe |
| sagev | joe are you finding ETFs easier to trade? |
| Joy | Joe: Thank you! What do you think of USD this week (DX Z9) --- possible congestion/bottoming out? |
| JoeRoss | Joy: We are overdue for a dollar rally. Maybe the G-20 will say something to cause a whole bunch of short covering in the dollar--which will set off the dollar bulls to buying. |
| Joy | Joe: Oh yes, good point... I definitely 'trust' those G20 dudes to wrack something this week :) |
| JoeRoss | sagev: The ETFs are hard to resist. Yes, I like them very much and they are easier to trade. |
| Airtime250 | Joy: LOL |
| Joy | Airtime: Glad to give you a laugh :-) |
| sagev | what time frame have you found the best .to trade ETFs |
| Joy | Joe: What are your favorite ETFs if you don't mind sharing? |
| JoeRoss | sagev I like to trade them in the morning |
| JoeRoss | Joy: The currency ETFs and the oil |
| sagev | i meant ...trade daily or 60 mins |
| JoeRoss | sagev: Mostly daily |
| sagev | Joe do you see the market going above 10,000 on dow |
| Joy | Joe: Oh, great! We are all going in together tomorrow to trade Rh then. :-) The currency ETF gaps a lot --- I have not quite got a strategy for them though. |
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| Joy | contenttrader: Yeah, so glad you joined us! Joe is just telling us about the oil ETF which you used to post a lot! I enjoyed your writing! |
| JoeRoss | sagev: I haven't seen it yet. If it does, I'll trade what I see. |
| sagev | of course...trade what you see |
| contenttrader | hi everyone, sorry to be late |
| sagev | Contenttrader ..were you busy listening to Ghadifi enlightnening speech at UN...lol |
| contenttrader | no..hahahah |
| contenttrader | been busy getting a daughter ready to go to New Zealand |
| JoeRoss | They want us to think that Ghadafi is a leopard that miraculously changed his spots. |
| contenttrader | just got the other daughter off to China |
| contenttrader | takes a lot of monkey buisness toget them there |
| sagev | are they going for studies or work related |
| contenttrader | ahh...one in China is teaching English to elementary kids |
| contenttrader | the New Zealander is going to be a Nanny |
| sagev | excellent Contenttrader |
| Joy | Joe: The Gold daily chart (GC Z9) is looking interesting: Is that one of those 'flag' formations? It could be a 123H coming up, couldn't it? |
| JoeRoss | Joy: Yes, you are right. |
| contenttrader | I am happy for them both....we talk live video to China for free with Skype. Unbelievavble......she can see the newborn Nephew al all here... |
| sagev | Gold could go for another run if it breaks out of that flag |
| JoeRoss | sagev: It could also go for another crash if it breaks that flag. |
| Airtime250 | Joy/Joe: Andy posted a TTE sell for GC in Notebook... |
| sagev | true |
| Joy | Joe: Oil on the other hand seems to be getting narrower in the long trading range --- possible break out to the upside since it has formed a Rh? |
| Joy | Airtime: Oh, thank you! Yes, I need to get on the Notebook subscription soon :) |
| JoeRoss | Air: A lot of creepy things are happening that make me think we could very well see $300 gold before we ever see $3,000 gold. |
| sagev | wow |
| Joy | Joe: WHAT? WOW WOW! |
| JoeRoss | Joy: Just an intuitive feeling, but I smell a rat. |
| Joy | LOL :-) |
| netwonc | Joe, surely gold will not see $300 again,,,your joking of course:):):) |
| stinsonv77 | creepy 300 dollar gold,i will take some |
| JoeRoss | Nothing adds up from what most are saying. The only way I can make sense out of the global economic and banking mess is to believe that we are being completely deceived. |
| sagev | with this mess...how is the market is going up |
| sagev | it seems like a hollow rally |
| Joy | Joe: Ah, as you said before, deception to trap us into more and more socialism? |
| JoeRoss | I'm going to write it all up in Traders Money Club. It will be a shock to a lot of people and I'll probably lose half of the subscribers. But I said when I started TMC that I would tell it like it is and share whatever is on my mind. |
| JoeRoss | Joy: yes i did say that this afternoon in the european chat :) |
| Joy | Joe: And last week, too... you told us the government would not be afraid of crash - they would welcome it to intervene more (as they did with the banks and auto industry)! |
| sagev | joe what is you thoughts on healthcare |
| JoeRoss | sagev: If it passes it will bankrupt an already bankrupt US. So I guess it can't get any worse for the economic forces, only for the people it can get a lot worse. |
| JoeRoss | People will flock to Mexico, Panama, and other places to get their healthcare. |
| JoeRoss | Time to kiss everyone good night. SMOOOOCH |
| JoeRoss | BYE |
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Next Chat with
Joe Ross:
Wednesday, September 30 , 2009
Time: 8:00 - 9:00 P.M., U.S. Central Time.
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
