Euro Chat with Joe Ross

Chat log from: Thursday, February 8, 2007
Soron joined.
Soron hello
SusanL joined.
Jim joined.
keith joined.
SusanL Hello Soron
SusanL We're still waiting for our host!
Jim While we're waiting, how does this work
Jim does everybody see the same screen?
RicketyTin joined.
joeross joined.
SusanL Jim, i don't quite know what you mean with the same screen.
Jim The same "chat". I assume you have to indicate to whom your comment is addressed, er that is meant for Susan
joeross Hi everyone :)
Soron hello mr joe
Jim Hello Joe, Jim from England UK here
joeross and Joe from US here ;)
Soron slovenia here
SusanL



 Jim, this is the chat room for Joe's Euro Chat, so we should all be able to see whatever was communicated in this room. If you just joined the chat and you want to see what was previously said (written), then please click on Action (top) and then on Recent Room History!
PeterC joined.
PeterC good evening, afternoon
nathan joined.
joeross The currencies all seem to be range bound the last few days
nathan hi everyone
murra joined.
joeross Hi nathan, murra, peter
PeterC Currencies, Joe what do you think about AC-CD Spread?
PeterC sorry AD-CD
murra hi Joe, how are you?
joeross Peter: hold on and I'll take a look. I think it was given in Moore's
PeterC thanks, yes
murra How many periods for the cci indicators do you suggest, Joe?
joeross murra: I always use 30 bars for the CCI
joeross Peter I had trouble bringing it up. I'll try again
Soron Joe, have you ever experienced that…. after you published a new method it stopped working for some time? just curious
joeross Soron: Yes it happens all the time. Methods work, stop working, start working again, but it has nothing to do with our introducing it.
joeross Peter: I wish I were in that spread. Looks really good to me.
joeross But I can't be in everything. ;-)
PeterC

 yes, I was watching it for a while but did some other Currency Spreads in December
PeterC I was just thinking to enter it now
joeross Peter: looks like a winner
PeterC thank you, lets see what happens
murra



 i have already read tnt IV and you told me for trading the Ross Hook and i will read it but i'd like begin work the future and the commodity do you think i must read your other books? if yes which one ? Excuse me for the english
joeross



 murra: TNT IV is a unique book, not like the others. You can begin with the futures by reading the day trading book, or trading the Ross hook.
Jim Joe: Is it mostly day trading that you do?
nathan


 Joe, when would you say a method stopped working over all? If a method has had a long downtrend and is recovering a bit is it still a thought to trade it again?
murra i have read day trading italian version
joeross



 Jim : that changes for me all the time. It depends on what free time I have available. I just got rid of a lot of stock trades and spent the morning looking at a 60 minute bond chart. Tomorrow I will try to trade it.
joeross nathan, sure if it is recovering you should trade it again.
joeross


 murra: In a couple of weeks you will be able to read Trading is a Business in Italian.
Jim


 Joe: I am limited to end of day as I am working full time. I have a couple of Q's on trading the RH if that's OK (have the book)
joeross Questions are ok, Jim
nathan I thought only method in a longer upwards trend a really worth to trade
murra



 i have read trading by the book and trading is a business. After rereading trading by the book about three, four days, is it sufficient or do you think i must read other books before training works in futures and commodities?
joeross nathan: You have to learn to trade what you are comfortable with
Jim



 Joe: when the price drops after a hook for more than 3 day you recommend leaving it alone. If the price drops further and then rises without any intervening hooks, can you enter on the way back towards the original hook
joeross

 murra: it looks like you have read enough. You should come to the seminar in May :-)
PeterC

 Joe, you said that you got rid of a lot of stock trades just today, can you smell a correction in the indices?
joeross

 Jim: I would not do it. That defeats the purpose of the Traders Trick. After 3 bars the probabilities favor consolidation.
fabio joined.
Soron

 Joe: how many breaks from trading do you take in a year. Are you ever on holiday (except december)?
joeross



 Peter: I smell a correction but that is not why I got out. I just decided to take my profits while they were still there and the experiment I was doing had ended.
PeterC alright
joeross Soron, I take two months away from trading.
Jim




 Joe: OK thanks. Also - when you get a breakout from congestion that causes a hook you say leave that one and wait for the next one. do you enter at the breakout of congestion or the breakout of the previous hook?
murra





 yes i'll come in seminar this may. I was already to your seminar in april 2006 last year i hope to attend for the spread and if is possible for private tutoring with you so i am reading your book because i like your thought and i think it is better for me to have read a lot of your books for understanding better. Is it right?
joeross Jim: I try to use the Traders Trick ahead of every hook possible
nathan



 Joe, what is the maximum capacity of the new s&p method you will offer? How much contracts do you think overall can be traded to get a good execution (cumulated-everyone who bought the method)?
joeross murra: you are right. I will be happy to give you private training before or after the seminar
joeross



 I am going to answer Nathan, but i want you to know that I have to leave in 5 minutes for a medical appointment.. Our in-house trader, keith will take over for me. I say he is our in-house trader because he is right now in my house :)
PeterC hahaha
SusanL ::biggrin
PeterC sorry, didn't laugh about the medical problem of course
joeross


 Nathan: we have one student who day trades 40,000 emini S&P every day. is that enough?
joeross Alright, I'm on my way. See you next week.
Jim Joe: thanks Joe
PeterC cheers
joeross Please take over keith
Soron bye joe
keith Ok
PeterC hi Keith
Soron see you next time
keith Hello Peter
Soron hello keith
keith Hello Soron!
nathan could the correction of the dow be anticipated by gold rising?
PeterC



 keith, I was watching several times that the e-cbot was down for sometimes more than 30 minutes. What is going to happen when I am in a position (covered with bracket) and the next price I see is somewhere far away from my stop loss?
keith Nathan: No relation.
keith PeterC: Can you explain your question again.
murra



 joe is possible that same of your method work slowly for the italian stock i look often that they are the best but is possible for italian market it work slowly ? i don't know if i have to explain myself well
murra if yes why?
keith


 Murra: Joe has left the chat. I will let Joe answer that one next week.
SusanL



 murra, Joe had to leave for an appointment. Any questions that are about our trading methods have to be asked at our next Euro Chat, please. Thanks, for your understanding
PeterC



 yes lets say I am long at the ES at 1000.00 and have covered the trade with bracket - target 1003.00 and stop 999.00 - during I am in the trade the e-cbot crashes (like it did not only one time when I was trading) and 20 minutes reopens at a .price of 996.00. Where is my trade closed?
fabio




 hi everybody... i enter my trades with 5 contracts and 10 ticks "disaster stop loss", then i close 3 contracts just i can get 4 ticks to cover costs and get some gain, then i close the 4th contract some ticks beyond, and leave the more room possible for the 5th contract, taking the stop loss at break even... what do you think about this management?
keith PeterC: If you are using a sell Stop, you will get filled at the market price of the open.
keith Fabio: When I day trade, I use a similar management style. You have to use what works best for you. You want to get paid to trade.
PeterC Keith, what are your favorite markets?
keith PeterC: I trade instruments at the CME and CBOT. I typically day trade ES and ER2. I like to trade electronic instruments.
PeterC ok, thanks
Soron what time frame do you use keith?
Soron or do you use tick charts?
keith

 Soron, For ER2, I like to use 30-minute charts, but I have been studying tick charts and like how I can fine tune a tick chart.
Soron


 i was wondering... for you guys who usually day trade... do you sit whole day in front of a computer or mostly only during certain hours during the day?
PeterC Soron, depends on the markets you trade
keith Soron: I only day trade in the morning for 2 to 3 hours (max).
fabio




 thanks keith... my doubt is the relationship between the ten ticks of the disaster stop (that hit 5 contracts eventually) and the 4 ticks to cover costs and take some profit (over 3 contracts only; the last 2 contracts often are closed at break even). The trade ratio is 8 profitable against 2 not.
Soron thanks
fabio soron... no i trade mostly from 9 to 10am and from 2.30 to 5 pm
murra good night see you again the next
PeterC bye murra
keith


 Fabio: I have use different stops for different markets. I often move my stops once I have a few ticks of profit.
keith Murra: See you next week.
Jim




 Keith: I trade via spread betting online in the UK. I'm not sure if this available in the US. It seems strange that gold has a spread of 0.2% whereas Palladium is around 1.4%. Do you know why there is such a large variation. does this reflect the futures market?
fabio soron... italian future index market usually sleeps from 10 to 2.30 ::smile ..... but not today ::biggrin
keith


 Jim: I am not that familiar with spread betting in the UK. However, Joe is familiar with spread betting. Let's ask him about that one next week.
PeterC Keith do you have experience with trading currencies?
keith PeterC: I spread trade currencies.
Jim

 Keith, OK , disregarding spread betting. would the bid offer spread on the futures market vary this much between two different metals?
PeterC

 do you enter them intraday by watching the outrights or closed to MOC (which is hard to do)
keith


 Jim: Yes. ZG usually has a tight spread for the front month. I trade gold occasionally and see tight spreads.
keith


 PeterC: For the pits, I use MOC. For the electronic contracts, I try to trade at the end of the pit session.
PeterC ok, so all CME
keith PeterC: Yes
Jim Susan: Is the Euro chat scheduled for every Thursday at this time?
SusanL yes, it is
fabio


 keith, i don't like trade congestions, due stop hunters, so i prefer trade the rh that follow.... what do you think about?
Jim


 Susan: thanks, is a reminder email sent out each week, or do I just have to remember!
PeterC good night everyone, Susan, Keith
keith Fabio: I like Ross Hooks.
keith Good Night Peter.
fabio good night peter
Jim


 Keith: thanks, Gold seems much more liquid, and as the spread is so much tighter I think it is a better bet.
SusanL Jim, if you don't mind i can remind you every week which i usually do
keith Jim: I agree.
Jim Susan: I don't mind at all :) thanks
SusanL





 I am glad that you could all make it today! Is this a good time for you all to join our chat? Joe will host it as long as there are enough people interested and join regularly from Europe. So please take advantage of it whenever you can to chat with Joe and other traders. I'll make sure that Joe will join for the whole hour in the future!
SusanL Thank you Keith that you covered for Joe! You did a great job! :)
keith Thank you Susan!
Jim

 Susan: Yes, this is a good time. Thank you very much. this new chat software is so easy to use - Jim
SusanL Glad you like it :)
Jim Bye
keith Good night Jim.
SusanL

 Bye everybody and have a good night on the other side of the globe (almost i think?!) See you next week!
keith See you next week!
Jim Thank keith, an excellent firefighting job
keith Thank you sir!

END OF CHAT

Next Chat with Joe Ross:
Thursday, February 15, 2007
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)

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