Chat with Joe Ross
U.S. Chat log from: Wednesday, February 10, 2010
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
| joeross joined. | |
| airtime250 | Hi Joe, Hi Everyone |
| joeross | Hi all |
| John_G | howdy howdy |
| Joy | Joe: Good evening to you! I hope you did have time for lunch after the Euro chat today. :-) |
| Joy | Hi, John and airtime, good to see you! |
| Ted | Hi all |
| John_G | pleasure here |
| joeross | QUOTE: "If you tax people who work and pay people who don't, do not be surprised if you find a lot of people not working." |
| joeross | I don't know who actually originated that |
| airtime250 | Socialism at it's best! |
| John_G | ( i'm not being rude by silence, i've another computer going and focus is split...) ::blink |
| joeross | Another way to say it: If you tax rich people and give the money to poor people, you’re going to have lots and lots of poor people and no rich people, |
| Joy | Joe: LOL! |
| John_G | ...ooo, i like the sound of that... |
| airtime250 | Joy is a fast typer and she has been typing for a while...I think a great question is coming... |
| Ted | When I went to school teachers used to curve test grades so there were some A's and some F's. On O's thinking we should curve scrores so that everyone getc a "C" |
| Joy | airtime: Don't laugh at me :-) I do have a dumb question coming. |
| joeross | I see some new non-faces. Maybe you don't want us to see what you think you might look like, but you are welcome anyway. Please ask questions, make comments--anything about trading, markets, investments, politics--but keep it clean. |
| joeross | The chat is only as good as what you input |
| airtime250 | Joy: There are no dumb questions in my book... |
| Joy | Joe: If it is OK with you to start, I have a question on entry timing. |
| Joy | When managing a trade already put on, you teach us to use a time stop for exit. |
| Joy | Do you use a time stop rule for entry as well (i.e., if you see a set up on the prior bar on a 15-minute chart, would you consider entry still after 5-10 minutes have passed?) Will that be considered a loss of momentum? |
| dave_zak | Hello Joe dave here |
| netwonc | good evening everyone |
| joeross | Ted: When I went to school the teacher threw the tests down a flight of stairs. If you landed on top you got an 'A' if you landed on the bottom you got an 'F'. He called it grading on a curve. |
| John_G | ::punk |
| Joy | Joe: LOL! Did your teacher 'work' at all? |
| NLB | Joe, last week you mentioned your double short positions in the Euro, S&P and something else. What are your current thoughts. |
| Ted | Joe - I guess your school was just as unfair as mine |
| Joy | Airtime: Thank you for the encouragement. :-) |
| Joy | acman: My friend! Welcome and glad to see you! I love your avatar - so cute!! |
| airtime250 | Joy: Any time! |
| joeross | Joy: Good point. Sounds like something I already do without thinking. Give it a try. I never thought of it as a time stop. |
| joeross | Hi to all who have arrived after the last hi to all. |
| Joy | Joe: THANK YOU! I will try it out and track the results. Thank you for your guidance!! |
| joeross | Joy: actually he said the school made him grade on a curve. But he had a better idea. He allowed us to contract for the grade we wanted. |
| acman | I like dolphins. Been good but busy working on getting stuff organized for the alternative energy stuff. Meetings, meetings meetings about paperwork and rebates! |
| joeross | NLB: I have not had a change of thought on my double short positions. |
| joeross | For those of you who would like to have an avatar, click on action> My Avatar> and choose one. |
| joeross | Welcome tumen and gby |
| Ted | OK now I have an avatar, Joe - Its the hair that got me |
| tumen | Hello Joe, |
| gby | Hello Joe |
| joeross | Art Laffer says that the Obama Budget Is a Plan for Catastrophe |
| NLB | Joe, Jim Rogers talks about 200 oil, and his preference for commodities over stocks. What are your thoughts? On the double short positions and triple short positions using ETFs what do you think about using options on these ETFs? |
| Joy | tumen: My friend, good evening to you! |
| joeross | I have a couple of links you all might be interested in listening to: Each one is 1 hour long and the second one is a continuation of the first one. |
| joeross | Hour 1: http://www.zshare.net/audio/71969416ad804e00/ |
| joeross | Hour 2: http://www.zshare.net/audio/71969710b7fee8b0/ |
| joeross | I am posting these links because last week someone asked what can we do about saving our nation. The answer is found in those links. |
| tumen | Joe: Is ATR work for TF? |
| joeross | NLB. Sounds like a good plan to me. |
| joeross | Rogers is right most of the time. |
| joeross | tumen: the answer is yes |
| netwonc | Isn't Rogers pretty heavily invested in China stock market??Seems I read that some time ago |
| joeross | NLB: Not all of them have options. |
| joeross | wonc: I think he may have started pulling out of China--but don't trust my memory |
| tumen | Joe: Tnx, I have to wait at least 1.5? |
| joeross | tumen: it is up to you, but I would want at least 1.5 |
| airtime250 | Joe: I'm thinking that 200 oil and an increase in other commodities would be spurred by a devaluation of the US dollar that simply won't be avoided long term...is that a sensible thought process? |
| tumen | Joe: Thank you so much, |
| netwonc | Could be, seems Rogers was turning to Chinese market just prior to our economic troubles |
| joeross | air: I think that is a big part of it. So yes, a sensible thought process. |
| airtime250 | Thanks. |
| Joy | Joe: You taught a new trader in the TE Forum this morning about TTE effectiveness. In the thread, you mentioned "I would not take second breakouts of TTEs....". |
| Joy | Joe: Do I understand it correctly that you meant you usually would not take a TTE once price had broken out of it and traded back to re-take the TTE point again? |
| joeross | Joy: That's what i meant |
| alphatrader | I joined the chat late today. What is the 1.5 tumen was asking about? |
| NLB | Joe, if you can please describe your opinion of the steps that would be taken in a dollar devaluation and what signs might indicate that event might be in the works. |
| Joy | Joe: THANK YOU for understanding my poorly written description! :) That is a great lesson I am glad to pick up today at the TE Forum. Thank you! |
| joeross | You guys need to be aware that China is pushing for $800 gold. They want to buy more of it, but they want it at a lower price. Also Barclays and others are saying gold should be $700-$800--so be aware. Of course there are plenty who are looking for $2,000 gold. |
| joeross | alpha: Come to the seminar and you will find out. |
| joeross | NLB: I would need several pages to outline what you asked and then it would be worthless--as are all opinions. |
| alphatrader | Thanks, Joe. It is a possibility............................... |
| Joy | Joe: Thinking about what you said about gold, I just looked at the weekly chart of DZZ. It seems this week is a Rh TTE set up to go long. Out of curiosity, are you still holding your DZZ, too, among others? |
| joeross | Joy: No more DZZ at this time |
| joeross | But that doesn't mean you shouldn't consider it. |
| Joy | Joe: Thank you! :-) |
| airtime250 | Joe: Obviously it is the past, but I just checked the monthly gold chart and there seems to be a lot of congestion and one area of support at the 700 level... |
| joeross | Air: that's probably what those other guys are looking at. |
| Joy | airtime: YOU are so smart! |
| airtime250 | Joy: No, I'm just trying to put Joe's advice to work and know who I am fading... |
| joeross | I am biased towards a gold rally, but I avoid trading my opinion. |
| airtime250 | Man...have I learned that!!! |
| Joy | Joe: Because of the recent volatility, it seems there are more thrust bars on intraday charts. Your teaching on trading thrust bars have worked beautifully and I’d like to take advantage of the set–up. |
| Joy | Joe: One question I have is if it matters if the thrust bar breaks out of a congestion area as short as a ledge. Or is it more suitable for a trading range set-up? |
| joeross | Joy: A thrust bar is a thrust bar wherever it occurs |
| Joy | Joe: Thank you! That is great to know. |
| airtime250 | So...head count...who's all going to Dallas? |
| airtime250 | I am! |
| John_G | i am planning on attending Dallas but must wait for confirmation of other possible commitments... |
| airtime250 | Looking forward to meeting you all! |
| acman | I can't make it. I paid for a cruise 2 years ago and will be in Hawaii. |
| joeross | The latest I have on Jim Rogers views is dated 1/26/10 You can hear him shoot his mouth off at this link http://www.bearishnews.com/post/3046 Lately he seems to be enjoying doing just that--shooting his mouth off.. |
| Joy | Joe: That is funny :-) |
| netwonc | Thanks for the url Joe, I will listen to it later,, |
| Joy | airtime: I'm still working on getting vacation days instead of going to my day job's annual staff meeting... I hope I won't miss the registration deadline for the seminar :-( |
| joeross | Joy: With some of these guys once they get in the limelight, they want to stay in the limelight--so what they say becomes less and less valuable. |
| airtime250 | Joy: I bet the main man on the chat can help you out with that! Hey Joe? |
| Joy | Joe: That is so true with all of these gurus! :-) |
| Joy | airtime: You are so funny :) Joe helped me enough with my first seminar --- I just need to get myself together for the March seminar. |
| joeross | Joy: The other day I told my wife that this guru (me) is nuttier than all of the gurees who listen to me :-D |
| Joy | Joe: LOL! And handsomer too :-) |
| acman | they are experts in one thing and should stick to that. |
| airtime250 | Joe: I can vouch for that...you're a blast! |
| joeross | Do you realize that I have probably flushed the AlGore more times than anyone here, which makes me an expert at it. |
| Joy | Joe: LOL! His global warming has been putting us in the East coast in deep freeze too. |
| tumen | Joe: lol |
| joeross | By the way for you newcomers. The algore is what we call the toilets in our house and we have 4 of them |
| joeross | Not only did Al Gore invent the Internet (Hah), but he invented global warming no such thing), and he invented the 3 flush toilet. |
| joeross | He has a lot going for him |
| airtime250 | What can you say. He is a serial inventor... |
| Joy | LOL! Oh you guys are too funny! |
| joeross | acman: you better watch out, he may invent the airless air conditioner next, and then all your meetings will have been a waste of time |
| Joy | Joe: You make me laugh so hard that I am almost falling off the chair! :-) |
| joeross | Just don't roll out into the snow, Joy. They may never find you again. |
| joeross | Maybe he will invent the heatless heater ;) |
| Joy | Joe: You are too funny!! |
| John_G | you kids play nice, i've got to run. see you next week... |
| joeross | bye JG |
| airtime250 | See you John |
| Joy | John: Bye! See you next week! |
| John_G | ci vediamo !! |
| netwonc | time for me to go to,,, good trading to all,, catch you later,,,,,,,,,,,,, |
| acman | Probably burning 200million barrels a day will help. |
| acman | We could improve everything if we burn 300 million barrels a day. |
| acman | The cost of natural gas can now be measured like oil in deaths per megawatt. |
| NLB | Joe, Do you consider the Transpotation average a leading indicator? |
| Joy | Joe: t. on Euro chat asked about the doji entry on Gold chart this afternoon. I have a dumb question on the definition: What is the acceptable range you see between the open and close to define a doji bar? |
| Joy | For instance, you taught us 3 ticks are acceptable for ledge. How about doji? |
| joeross | NLB: I don't think any indicator is a leading indicator. |
| joeross | Joy: A true doji has 0 range. If not it isn't really a doji. Maybe it's a dojo?? |
| Joy | Joe: LOL! OK... got it :) Dojo it is! |
| airtime250 | Well guys, I think I'm calling it a night. Catch you again next week. Thanks Joe! |
| Joy | airtime: Good night! See you next week! |
| Ted | good night all -its been fun |
| joeross | I guess, I'm calling it a night too. Ok IT'S A NIGHT! |
| tumen | Good nite Joe and everyone. |
| acman | Good night and happy trading. |
| tumen | Good nite Joy, |
| Joy | Joe: Thank you for another fun and wonderful night! Sleep well and sweet dreams! Love and kisses to you! |
| Joy | tumen: Good night to you as well! Sorry to see you have so many connection problems tonight! |
| joeross | Truly, good night all. |
| joeross | I have to answer emails. |
| tumen | Joy: Yes i had problems today> |
| joeross left. |
Next Chat with
Joe Ross:
Wednesday, February 17, 2010
Time: 8:00 - 9:00 P.M., U.S. Central Time.
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