Chat with Joe Ross
U.S. Chat log from: Wednesday, October 21, 2009
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
| joeross | Hi Eugene |
| joeross | Eugene what are you trading these days? |
| EugeneA | Mostly spreads from TN |
| EugeneA | Can I ask you a question about testing one strategy? |
| joeross | sure |
| EugeneA | I’m trying to test a strategy that I learned from you. Looking for 100 ticks in Coffee. What if the price took out the extreme of an inside bar, then moved to my stop and then continued in the direction of the breakout and reached my target? I have only daily data, so cannot know for sure if it was a win or loss. |
| EugeneA | I had my question prepared in advance -:) |
| joeross | So what's the question? |
| EugeneA | The question is whether it is possible to reliably test this without having an intraday data. |
| joeross | Eugene: No, It's not possible. |
| joeross | Hi Air |
| Airtime250 | Hi Joe |
| Airtime250 | How did the conference go? |
| acman | Hello everyone. |
| Airtime250 | Hi AC |
| acman | Hi airtime. Hard practicing trading towards the orders. |
| EugeneA | Joe, so one needs an intraday data to test this? |
| EugeneA | Good evening everyone. |
| joeross | Air: It was the best one ever. |
| Airtime250 | Cool! |
| joeross | Eugene: Yes you need intraday data. Otherwise you will never know what actually would have happened. However, the intraday data doesn't need to be live if you have access to tick data either delayed or at end of day.. |
| philippe | hi all, hi joe |
| netwonc | HI everyone , |
| joeross | Hi wonc |
| joeross | Hi philippe |
| acman | Joe, I have been trading each session, morning, noon, late day, early morning since Monday. Practicing on the TF and EC. Just been scalping for 2 to 3 ticks and winning. Been taking pictures of my trades at end of day and writing notes on what I was thinking about on each trade. |
| EugeneA | Joe, thanks. |
| acman | The seminar was great. I am thinking about the details in my sleep. |
| EugeneA | Joe, do you still trade the Coffee setup you taught me? |
| joeross | Eugene: yes I do when I have the chance. |
| acman | Joe, I see the markets have been getting up earlier this week. Seems like that 8:30 timeframe is getting active again. |
| joeross | acman: Good observation. I actually have not had time to notice. I had Joy here and Peru. Joy left today, but I have Peru until Sunday. |
| acman | wow. That takes your total concentration. |
| joeross | acman: It sure does. And during that time I had to write a chart scan and a Traders Money Club, and edit the chats and publish them.. |
| acman | That is amazing. Joe, I am spending alot of my time researching timeframes, stoplosses, and targets. Seminar is just what I needed. |
| joeross | Next week we will have Joy back with us on the chat. She has been a real delight this week. Always smiling and happy. She learned a lot at the seminar. I received an email from one of the students who made two winning trades on Monday, using two of the setups that were taught. |
| acman | Joe, those setups are what I have been trying. I think I am at around 14 trades now. 2 were breakeven, 9 wins and 3 losses. I even made money on little reverses. I was using previous bars for my targets and adjusting to what was happening. |
| acman | Joe: it was great meeting Joy in person. She is really studying hard. I was talking to marsh and we think she is going to be a great trader. |
| joeross | acman: Agreed. She is really serious about it. |
| joeross | acman: I showed her spreads yesterday and today, and she glommed right onto it. She is really smart. |
| acman | I showed her my US-FV spread I was in during the weekend and it turned out to be a winner. Hope that helped. |
| joeross | I'm sure it helped her, acman. |
| EugeneA | Joe, do you use seasonality these days for selecting spreads or just trade patterns? |
| acman | I have been looking at something called a momentum bar to stay in trades longer. It is easy to see what time a market is most likely to move. Didn't know that was available. |
| joeross | eugene: I still use seasonality among other things. |
| acman | It makes each bar the same size and the law of charts works perfectly on it. |
| joeross | eugene: I only use the chart patterns for filtering seasonality, etc. |
| EugeneA | joe: yes, I understand |
| Airtime250 | Joe: As you know, I have been trading in the daily timeframe, end of day, due to having a day job. Occasionally, I have had the opportunity to watch the crude oil market on the 2 minute timeframe but haven't day traded it yet. Simply watching the five setups form has given me a much better feel for the daily timeframe. It has produced three winning trades now by trading more contracts for fewer ticks. I just wanted tho throw that idea out to anyone else on the chat tonight that doesn't normally day trade. Thanks for the help, Joe! |
| joeross | You are welcome, Air. |
| Airtime250 | AC and Joe: What is a "momentum bar"? |
| joeross | Air: Beats me, I didn't know they existed. |
| acman | The momentum bar is something I just found in tradestation. It is a fixed lenght bar, such as 12 ticks, or whatever you set and creates it using a number of bars such as 3 or what you set.. |
| acman | So each bar has an open and close but is not at a specific time but when the range is lets say 12 tics in size. |
| acman | Since each bar is the same size, when a move starts happening, you can see where a traveling stop would work quite easily. Today I was looking at charts with different settings and it looks like once you get in it may be possible to simply travel a stop. I am going to try it by next chat and have some results. |
| Airtime250 | Thanks AC |
| EugeneA | acman, are you talking about range chart? the one that is supposedly good for watching congestions, etc... |
| acman | Not sure what a range chart is. Does that make each bar the same height? |
| contenttrader | better late than never I guess, hi eveyone |
| Airtime250 | Hi CT |
| joeross | Hi content |
| joeross | hi John_G |
| contenttrader | hope all is well and every one is progressing in trading |
| John_G | ....been without power here for almost an hour. good to see alll... |
| acman | Glad you could make it. |
| John_G | hello Joe |
| Airtime250 | John G: Where do you live? |
| John_G | CT-AZ-TX-OR and other... |
| John_G | currently in TX |
| EugeneA | AC: yes, for example if your setting is 5 ticks and the price is moving between 10 and 15 (in ticks), the new bar will not be painted till the price moves to 16 or 9 |
| Airtime250 | I Was going to say, power is not reliable in many states! |
| acman | John are you a spammer having all of those locations? Do you bounce emails around? |
| John_G | nope, follow love or money... |
| John_G | (not necessarily in that order...) |
| John_G | what't tonights topic...? |
| joeross | JG: Anything anyone wants to talk about. |
| John_G | roger that... |
| joeross | wine, women, and song is usually welcome along with trading and investing :-) |
| John_G | Joe, regarding ATR. If, on a trade day, and current ATR is dropping below our "target" level, do you stop trading, or go on the past ATR's leading up to and into the trade...? |
| contenttrader | 5 mile Wifi......getting great reviews. For my boat or RV.....5milewifi.com |
| acman | Just saw that highway system in Dallas on the History channel. Another part of that story could be that why a certain somebody had trouble finding her way around is that the overpasses are 5 levels high and the most complex in the United States. One is 120 feet high! |
| contenttrader | I have no interest in the company |
| joeross | JG: Use past ATR |
| John_G | ..thought so...thanks for the clarification.. |
| contenttrader | I just sent another potential student to you Joe. I hope they contact you. |
| joeross | By the way, it really pays to visit our forum. A day or two ago one of our participants posted a link to OptionsOracle--a free option model that looks to be as good as anything out there costing $2K or more. It does only stocks. I am thrilled about this post. |
| John_G | oops, just punching all the buttons around here... |
| joeross | thanks content |
| contenttrader | this guty is sffering from "paralisis of anaylisis |
| acman | Joe: since Sunday I have been exhaustively testing atr's and watching time of day for them. |
| John_G | roger that acman - lots' of "homework" in this. I love it... |
| joeross | content: I'll try to straighten him out. |
| contenttrader | I love ATR"S Joe, they are a "real" thing |
| Airtime250 | Joe: Thanks for the heads up on the forum. I haven't been out there for a while... |
| acman | Speaking of options, today I was scanning for out of the money TF options but then the cable guy came and by the time he left the big move came and the ones I was looking at doubled. Oh well. |
| joeross | Well i have to finish writing this week's Traders Money Club. So at the stroke of 9 I will disappear. Thanks for the chat. and Good night all. |
| John_G | 'nite 'boss... |
| Airtime250 | Good night Joe...Thanks! |
| contenttrader | seeya JOe |
| contenttrader | you da man |
| acman | Thanks joe and thanks for a great seminar. |
| acman | John sounds like you have been trading awhile. |
| John_G | contenttrader...you have a penguin on the board - have you been down "South" ? |
| John_G | ...trading only 6 years now... |
| John_G | ...was turned on to Joe's work about a year ago.. |
| John_G | ...have all his books. invaluable. |
| acman | He really is a resource. This last seminar was fantastic. Really a shot in the arm. |
| contenttrader | John G sold all of my other books...except MArc Douglas |
| John_G | ...been concentrating on that seminars "work" and approach. Making it "fit" |
| John_G | i've heard of Marc, but haven't read anything by him. what's is approach... |
| contenttrader | It most definetly works |
| contenttrader | Mind games |
| contenttrader | how your mind works |
| John_G | you mean the "psychology" of trading...? |
| contenttrader | for traders........yes |
| acman | The concept of watching where orders are is a revelation on targeting moves. |
| John_G | ...excellent. |
| contenttrader | but wayyyyyyy better than any others I had books on |
| contenttrader | acman are you using ATR? |
| Airtime250 | Content: Do you have any experience with Adrenne Tograhie for the psychology topic? She is one of the service providers that Joe has recommeded. |
| acman | yes. |
| contenttrader | airtime no......ah wait.....I thikn I had one of her books 10 years ago or so. I thikn I sold it |
| contenttrader | acman, are you amazed how close ATR works? I am. |
| Airtime250 | I'll check out Marc Douglas.. |
| acman | Atr all the way. Now practicing. did 14 trades since Sunday on really small timeframes to practice discipline. Just getting 3 ticks to test moving stop up and waiting. Some people might not get that experience for weeks. |
| John_G | acman, which market...? |
| contenttrader | Airtime, both of MArc's books are priceless to me |
| acman | EC and the TF |
| John_G | rog... |
| John_G | i'm looking at TF in 2 minute bars now... |
| contenttrader | whew! I remember those 2 or 5 min. bars. You guys are working hard!....:-) |
| John_G | ...atr is low, but so is my "time" tolerance - just me... |
| John_G | sweat like a pig, feast like a king |
| acman | 2 minute would be good for 3 ticks profit. Good for practice. I am going to go up on the time frames in a few days. |
| John_G | ...understood |
| contenttrader | gotta go eat. Take care everyone, nice chatting! |
| John_G | cheers... |
| acman | Even in the big moves today, I tested the 3 tick on a counter move and it worked. The cable guy was here when the move started so I tested it when I saw a reversal bar on the small time frame. |
| EugeneA | AC: are you talking about ATR - average true range? |
| John_G | by "counter" you mean a move up"dwn ? |
| John_G | yes, average true range |
| acman | when the market started retracement. |
| John_G | ...got it |
| acman | no, just a reversal bar and a short term retrace. |
| John_G | yep |
| EugeneA | AC, is it some method from Joe |
| acman | I have a hard time seeing one of Joe's setups. practicing that also. |
| John_G | Eugene, not so much a method as a tool to choose Markets and time frames... |
| acman | I have to check out. Alot of things going on I need to attend to. Till next week. Happy trading. |
| John_G | later ac |
| Airtime250 | Eugene: I would suggect taking Joe's Courses... |
| EugeneA | John, OK |
| EugeneA | Airtime: yes, I would really love to... |
| Airtime250 | It really is a life changer! |
| Airtime250 | Well, thanks for the chat all...I need to check out too. See you next week... |
| John_G | next week it is. good to be here, all... |
| EugeneA | good night all... |
| JoeRoss | Oops! I forgot to completely leave. I'll get off now. |
| JoeRoss left. | |
Next Chat with
Joe Ross:
Wednesday, October 28 , 2009
Time: 8:00 - 9:00 P.M., U.S. Central Time.
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