Chat with Joe Ross
U.S. Chat log from: Wednesday, October 28, 2009
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
| joeross joined. | |
| Joy | lima: Hi! How are you? I am so glad to see you! |
| Joy | Dear Joe: Good evening to you! How are you my dear Joe? |
| joeross | I'm fine Joy. How are you? |
| Joy | Joe: I am GREAT because I am here with you! :) I hope you had a good dinner and lovely evening so far. |
| joeross | Hi to everyone |
| joeross | Welcome new chatters |
| Tom | Hi Joe |
| Ted | Hi Joe |
| Ted | Have read your work - trading the e-mini - and the law of charts. When do we move from the opening to trading by the law of charts? |
| joeross | Ted: I don't understand what you mean by "when do we move from the opening to trading by the law of charts?" |
| joeross | Welcome JG and Air |
| Airtime250 | Hi Joe, Hi Everyone! |
| John_G | great to be here... |
| Carl | Hi Joe its Carl from Canada hope you are doing well. Hello everyone. |
| Joy | Airtime: Hi, my friend, good to see you! |
| joeross | Hi Carl |
| Joy | John_G: Are you the John in the Dallas seminar? Good to meet you at the chat :) |
| Airtime250 | Joy: I heard the conference was excellent...hope you had a great time... |
| John_G | Joy, yes, yes, its me. Good to "see" you here... |
| joeross | Air: Yes, the reviews were xlnt, and we did have a good time. |
| Joy | Airtime: It was outstanding! I learned so much and the fellowship with Joe and fellow students was wonderful. Thank you! |
| Joy | John: YEAH! I am so happy to see you, fellow alumni :) |
| Ted | As i understand trading the e-mini, at the open we are looking for insider price action. Is there a time - say after the firwst 15 minutes - when we stop looking for it? It seems to me that stop running does not continue till 11:30 - or am I wrong? |
| John_G | ....and, I scalped my way to a daily goal today in no time - thanks to tips and approaches in the seminar |
| John_G | Joy, where are you now...? |
| joeross | Ted: Insider actioncontinues all day long. |
| Joy | John: You are such a good fellow student to look up to! I am home now in Virginia but miss our dear Joe very much. :) |
| Joy | Joe: The Eurodollar spread, ED H1-ED Z1 has been in a trading range since June. It’s trending to the top of trading range now. |
| Joy | Will the Eurodollar calendar spread be a good spread to watch for opportunities to go long once the Fed is serious to start raising rates? |
| John_G | yea, Joe's a mover -- you got to try to keep up |
| EugeneA | Hello everyone. |
| Joy | Eugene: Hi! |
| joeross | Joy: The Calendar Spread will be good. Keep watching for moves. |
| Joy | Joe: THANK YOU! I will! After your spread tutoring seminar, I am eager to apply your teaching to spread trading regularly. It is just awesome! :) |
| Airtime250 | Joy: Have you checked out Traders Notebook? |
| Joy | Airtime: Yes, I did! Thank you! I am eager to get started with Andy's recommendation as I learn through actual trading. |
| Airtime250 | It's a really great service! |
| John_G | Joe: I'm in need of some clarity on Stop Limit Orders and their "useage". Do I understand correctly that once my Stop is hit, the Order becomes a Limit Order (at the "back" of the queue) and thus will only (guarantee) fill if traded through the Limit Price? |
| Joy | Airtime: Yes, it is! I am amazed Andy has so many good recommendations a day. He is really on top of the market! |
| joeross | JG: Stop Limit never has a guaranteed fill. If prices trade at the limit price or through the limit, you will be filled within the range of prices you specify. |
| John_G | ...so the "range" is the only difference compared to a straight Limit Oder...? |
| Tom | Joe I'm trying to determine what time is considered the OPEN for the eur/usd cash forex market. Thanks. |
| joeross | JG not quite. Stop limit is stop market with a limit that you specify. |
| joeross | Tom: There are a couple of Opens. The biggest is in London around 1AM US Central. The next is at 7:20AM Central Time. |
| Tom | Thank you Joe |
| John_G | Joe, okay, got it, so we then use this order if we are okay with a "range" rather than a fixed price...? |
| joeross | JG: you got it |
| John_G | ,,,,thank you kind sir... |
| Joy | Joe: I'm curious if this is a new law passed by the current congress or regulation required by this administration to make trading more difficult for small traders: |
| Joy | Joe: Do you know that, as a bank employee (however small the bank is and unrelated in service), I am required to get my employer's approval of my trading account and activity in writing or the Futures brokerage house will not open an account for me? |
| joeross | Joy: What new law? |
| John_G | Joy, woa - "approval" - darn... |
| Joy | John: I know! I am floored when Marco asked for it :) |
| EugeneA | Joe: I finally got a quote board set up for spreads. I see spreads are quoted and trade just like an instrument. And bid/ask for the spread is always better than buying/shorting outrights. Do you know how it is possible? |
| John_G | Joy/Joe: I heard somthing about new regulations for "Speculators" but thought is was for large accounts, not us ordinary guys... |
| joeross | Wow! Sounds ominous |
| Joy | Joe: Thank you! I thought so too - just another step of more government control on trading. |
| joeross | eugene: I don't know how it's possible. |
| EugeneA | :) |
| Airtime250 | Are we talking about the traders tax bill? |
| John_G | Airtime: I am... |
| joeross | We should all chip in and buy a ship. We could then do whatever we wanted in International waters. |
| John_G | I'm onboard !!! |
| Joy | Joe: All right! I am booking now with you, too. :) |
| John_G | ...I can mechanic and cook and sail as well... |
| joeross | Notice I said 'WE' You have to put in some $$ |
| John_G | Joe: does this mean satellite Internet...? |
| Tom | Sounds like a plan (The Ship) |
| joeross | JG it could unless we dock somewhere. |
| Airtime250 | I vote to sail the Carribbean |
| Joy | Joe: Wait... Didn't the Treasury just announce a new foreign tax report regulation and IRS just set up a group just for the wealthy citizens? I wonder if they are ahead of us on the ship business already :) |
| John_G | Joe: roger that, some cash up front. Guess I'll have to "tweek" my business plan.... |
| Airtime250 | You know...we can all travel internationally for up to six days and write off the entire trip if you spend at least one day doing business... |
| Airtime250 | A tip from traders accounting... |
| Joy | Airtime: Really? Maybe we need to volunteer to help Joe's international seminars. :) |
| John_G | Airtime: once we obtain "Trade Tax Status" ... correct...? |
| Airtime250 | I beleive so... |
| Tom | Anybody have any experience with satelite connections for scalping? |
| John_G | ...that is my understanding from the folks over at Green Trader Tax |
| joeross | We could schedule a traders cruise |
| John_G | CRUISE !!! yes I AM there.... |
| Airtime250 | I would be on it! |
| Joy | Joe: Woo hoo! Now we are really talking :) |
| John_G | seriously, I'll sign on for that one |
| Airtime250 | Joe: Talk to Jim Crimmons |
| John_G | [chat rooms - the birth of every fine Revolution] |
| John_G | ...or paradigm shift |
| joeross | How many do you think we can get for a cruise? |
| John_G | depends on time of year and which body of water I 'spect... |
| Joy | Joe: I sign up on any cruise to just be with you. :) |
| joeross | Cruise prices are at an all-time low this year. |
| Airtime250 | Joe: How 'bout doing a seminar on a Carribbean Island? |
| John_G | We are talking about a "Trading" cruise, not a "Seminar" cruise...? |
| joeross | air: it would be good if we could get enough people. |
| Airtime250 | How many do you need? |
| joeross | JG: which would you want. If it's a trading cruise, you guys trade and I'll watch :D |
| John_G | ...watch and learn how the other half lives... |
| John_G | ....and dies... |
| joeross | Well, I could point out your mistakes :D |
| John_G | I imagine a Trading Cruise would be more costly due to the INternet connection(s) |
| joeross | But remember, I'm dyslexic ::blink |
| Airtime250 | I like the face Joe! |
| Airtime250 | LOL |
| John_G | Joe, dyslexic or not, I'd trade wit you over the shoulder |
| joeross | Put a beard on it and you have a picture of me. |
| Airtime250 | You're so cool! |
| Airtime250 | Joe: Is there a hot topic that has popped up this week? |
| joeross | The hottest topic on the euro chat was the fact that the markets are tanking. I got a lot questions that only a prophet could answer. |
| joeross | "Hey Joe, how low do you think it can go?" I got that for gold and the S&P and the euro. |
| John_G | Joe: I wanted to join the Euro chat but was not sure if you alternate chats each week, or do BOTH on wednesdays... |
| joeross | I do both chats on Wednesdays. |
| joeross | Also, "When do you think the down move will end?" |
| joeross | And, "is this the crash you were talking about?" |
| joeross | I can't answer a single one of those. |
| John_G | ...man, the euros - tough crowd ! |
| Joy | Joe: LOL! SO true... I was there on the chat with you today. But I thought you answered wonderfully. :) |
| joeross | But I always know when people are unsure, frightened, or confused. They show up en masse on the chat. |
| John_G | its all about support |
| Airtime250 | It really is amazing how easy it is to fall into the trap of trying to predict moves like that...you don't have a crystal ball? |
| John_G | Hey joe, I'll sell you one..........cheap |
| John_G | "never used" |
| John_G | ....or is that |
| John_G | never correct? |
| joeross | No, I want one with a proven track record. |
| John_G | sorry baby, wrong planet |
| Airtime250 | John G: What brand of supporter are you talking abount? |
| John_G | when things are crazy, we all look for some sort of "support". chat rooms being one, friends, another, peers....you get it.. |
| Airtime250 | LOL |
| Joy | Joe: You guys are so fun... I am laughing in tears! SORRY Joe... |
| Joy | Joe: NOW... if the boys are ready for a trading question... You mentioned a few times how the commodity funds have messed up the seasonality of spread trades. |
| Joy | Are there particular groups of spreads affected more than others (e.g., grain messed up more than meat) in your observation? |
| Carl | I would add a question which is what kind of filtering mechanism would work i.e. monthly or weekly closes only instead of getting clipped by the granular details of short term distortions isntead of the main move... |
| joeross | Joy the bigger the market the more likely it is to be messed up by the funds. Crude Oil, Sugar, Corn would be the largest. |
| joeross | Carl: The larger the time frame the better if you wan to avoid granular details. |
| Joy | Joe: Ah, thank you! Thank you! That makes so much sense! |
| Carl | Is CL the best bet as far as commodities go for getting something liquid, it is still no comparison to the ES or ZB of the world |
| joeross | Carl: Excuse the pun, but oil is very liquid. :-) |
| John_G | slippery too |
| Carl | Yes but still typical bid/ask is an order of magngite++ less than the other contracts out there |
| joeross | Carl: True. Not as big as ES, or ZB, or even ZN |
| joeross | But right now it's the best darn day trading market out there. |
| Carl | Any thoughts on the recent tank from 81 1/2 and continued weakness |
| Joy | Joe: Yes, I used the set ups you taught at the seminar on the CL chart yesterday --- it was incredible: swings nice and smooth with big wins. |
| joeross | Carl: CL was a manipulated move. The world is afloat in oil right now. I've been writing about it in Traders Money Club |
| tumen | Joe: Do you know why for crude oil best trading for day trade? |
| joeross | My meter has run out. I will answer tumen and then I will vanish. |
| joeross | tumen: Because right now it is making the nicest moves, with the best setups for the way I like to trade.. |
| John_G | Happy Sailing there Tex... |
| Ted | Joe, thanks for the answer to my question. |
| joeross | Good night all. |
| Airtime250 | Thanks Joe...Good Nite! |
| John_G | Good Night |
| joeross left. |
Next Chat with
Joe Ross:
Wednesday, November 4 , 2009
Time: 8:00 - 9:00 P.M., U.S. Central Time.
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
