Euro Chat with Joe Ross
Chat log from: Thursday, June 14, 2007
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| JerryM | thanks nice to be here |
| SusanL | Hi Jerry...hang on....chat will start momentarily:) |
| JerryM | understand |
| SusanL | but welcome! Glad you're here |
| JerryM | So am I. I am one of the fortunate who got to hear Joe last weekend in Denver. What a treat! |
| SusanL | That's awesome! |
| SusanL | He had a good time |
| JerryM | Well so did we. What a wonderful human being. And what a great wit and sense of humor. |
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| JerryM | And here is another one of our group from Denver |
| JerryM | buzz meet Susan |
| Buzz | ::smoke |
| SusanL | Hi Buzz, welcome to Joe's Euro Chat. |
| Buzz | Hi Susan, thanks |
| SusanL | He will be online in a few seconds. |
| SusanL | Just stick with us |
| Buzz | You bet |
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| SusanL | I'm happy to see you all joining the chat.....just keep coming |
| Buzz |
My congratulations to whoever wrote the instructions for registering etc, to the live chat. It is refreshing to see something so clear, logical, and well written. I am a big fan of clarity in communication! |
| SusanL | I hope you really mean it. Thanks. I am glad you were able to follow it. |
| Buzz | I completely meant it. |
| SusanL | You just have to make sure you all have the latest java software downloaded, should be version 6 (or also labeled 1.6.0) |
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| JerryM | I have J2SE 5.0 update 10 |
| JerryM | So that must mean I need to download version6.0?? |
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| SusanL | I guess you can stay but for next time it would be better to have that. |
| SusanL | You will see the chat room in a more modern version. |
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| SusanL | looks better |
| joeross | Hi everyone! |
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| joeross | We might as well get started. |
| joeross | Good evening in Europe and good afternoon in other parts of the world |
| Buzz | Good evening from Denver, Joe |
| joeross | Good noon in Denver, Buzz |
| Buzz | Thanks. |
| davidkmonroe | Joe, i like your new look |
| quester123 | Hello Joe and all. I'm reading the new version of Trading is a Business, it truly is an impressive book |
| joeross | Thanks quester. |
| joeross | I'm glad you are enjoying it. |
| quester123 | Joe, what do think bonds are indicating regarding interests rates. |
| joeross | We are open for comments and questions, so the more you write the better the chat will be. |
| ubbs | from germany |
| joeross | quester: The bonds have been reflecting the expectation of higher interest rates in the U.S. |
| joeross | Of course there are arguments on both side. But I tend to think they will ultimately have to go higher. |
| joeross | It seems the FED has decided to sacrifice the dollar and that means the U.S. will have to pay higher interest to finance the debt. |
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| Crosten | Hi joe |
| joeross | crosten and I had quite a conversation last week. Some interesting questions came up. |
| Crosten | Great to see many people today :) |
| Crosten | Joe, what is your view on the recent bond sell-off ? |
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| quester123 | Joe, would you hazard a guess as to high interest rates will go and would you expect a correction in the stock market? |
| murra | Happy to meet you Joe, and everyone |
| joeross |
quester: I really cannot guess other than to say they will go as high as is needed to sell those bonds in light of a falling dollar. Rising interest rates will eventually hurt stock prices. |
| joeross | If bond rates went let's say to 7%, people would leave stocks to lock in the higher bond rates. |
| quester123 | ok thanks Joe |
| murra | I have some questions about keltner channel |
| murra | can i ask? |
| joeross | crosten: I already answered your question earlier. Please read the chat tomorrow, or click on Actions and Review Room History |
| Crosten | Joe, do you think that the bond sell off is due to what bill gross said ? |
| joeross | Sure murra ask :) |
| joeross | crosten: it could be. I really don't know how much weight his opinions have in the market. But I do respect Bill Gross very much. |
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| Stefanm | Hello |
| joeross | Hi Stefan |
| murra |
I agree with you, those are only a crutches but i am willing to gather everything you write in your book yet if you within more indicator oscillator indicate same i estimate those are the best. |
| Crosten | Joe, why do you respect bill gross very much? Is it because his call has been very accurate? |
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| SusanL | To view beginning of this chat, go to ACTION and click on recent room history. |
| murra | 1) my software for setup indicate period |
| murra | Keltner channel |
| joeross | crosten: His calls are very accurate and he is the world's greatest bond trader. |
| joeross |
murra: Keltner channel uses a fixed percentage or fixed amount for the bands. Compare that with Bollinger Bands which let the market decide where the bands should be based on volatility. The best way to use either one is to determine which one works best in the market and time frame you are trading. |
| ubbs |
Hi Joe, Mr. " greene" have a partnership with the Allianz Investment Group, well with Bill gross by Pimco, they have now very interesting speaker . What do you say about this connection? |
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| joeross | ubbs: I don't know very much about Allianz, and I didn't know they are connected to Bill Gross. I really have no opinion on that. |
| murra |
For Keltner channel my software indicates a period but it does not explain if period is nr of close. You speak in your book about nr 39 close. Would period normally indicate close. 2 if tte in in the channel but ross hook is out would it been a valid signal? Or both(tte e rh) must happen out of channel? |
| Crosten | Joe, do you still use Ninja trader? What is the most powerful feature of Ninja Trader? |
| ubbs | ::smile |
| SusanL |
To those members who just joined: to view whole chat, go to Action, and click "recent room history" - tip: if you want to have a bigger window, click on the button with the 4 black arrows, you can then maximize the chat window!! |
| joeross |
murra: I don't know what period means in the software you are using, but normally period means how many bars you are using for the computation. |
| quester123 | Joe do you watch finance tv at any time for any reason at all? |
| joeross |
murra: If you are going to use an indicator I think it should be only to confirm the price action. So if prices seem to be turning and you are at a channel low or high, then you are getting confirmation. |
| joeross |
crosten: I am still using Ninja but I am not 100% happy with it because they do not allow MIT orders. I am not familiar with many of the features in Ninja. There are many, but I haven't had time to really study it, so I cannot say what is the most powerful feature. |
| joeross | quester: I avoid financial TV the same as I would the plague. |
| Crosten | Why do you love using Ninja, Joe? |
| joeross | crosten: I didn't say I love using Ninja. I use it because it does the job I need some of the time. Very often I have to use something else. |
| Crosten |
Joe, I learned that you only trade in the morning, if you lost money in the morning will you trade in the later part of the day to make back the money you lost? |
| joeross | My preference would be to use T4, but they don't have a relationship with Interactive Brokers. |
| joeross | crosten: I never trade to attempt to make the money back. |
| joeross | If I lose I take my loss and come back to trade fresh the next day. |
| Stefanm | What are MIT orders? |
| joeross | Stefan: Market if Touched |
| Stefanm | Ok thanks |
| Crosten | Don't you feel tempted to trade in the afternoon, Joe? |
| Stefanm | In my trading i use spread orders |
| joeross | If you price is touched your order becomes a market order. You could be filled better, worse, or at your price. |
| joeross | crosten: No! Not ever. |
| joeross | I am much to busy to sit and watch trades all day long. |
| Stefanm | Ok i prefer limit orders because i do not chase the market. |
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| Crosten | MIT and limit order is quite the same right joe ? |
| murra |
Generally i don't use indicators but when i red in your book i like to test it for the purpose to learn about your teaching and in this moment i am testing the help by keltner and just to day it has confirmed price action stood for the purpose to have a filter i believe that this I think can help trading or simply given more courage and conviction but principally when i ask about i ever for first look price action |
| joeross | Stefan: Limit orders do not guarantee a fill. I use MIT when I absolutely want to be filled. |
| colbru | Hi |
| Stefanm | ok |
| joeross | crosten: read my answer to Stefan. |
| quester123 | Joe which country did Lena Goodman go to the US from if it's not too personal. |
| joeross | murra: You are describing the correct use of an indicator. I agree with that. |
| joeross | Hi colbru |
| colbru | Hi Joe |
| murra | Are you agree? Sometimes i increase, if price action if confirmed by filter nr of stock ar contract only for this? |
| joeross | quester: I believe it was Poland. |
| joeross | I agree murra. |
| colbru | Joe, let me ask you a simple question... I hope your answer will be simple as the question. |
| joeross | ok colbru |
| Crosten | Joe, which grain market do you trade, corn wheat soybean etc.? |
| joeross | crosten: Wheat |
| Stefanm | i tend not to use indicators only price action. |
| joeross | Same for me, Stefan |
| colbru | I have not read a book of yours yet. If I get my self the Hook... will I be able to trade profitably after reading it and trading the Hook pattern? |
| joeross | colbru: NO! |
| joeross | colbru: It takes a lot more than reading a book. |
| joeross | But a book can help |
| colbru | Ok I understand that I need experience... |
| Stefanm | It,s a long way to the top if you wanna trade. |
| joeross | colbru: Yes |
| quester123 | Joe, can you please explain the yield curve and how it relates to the markets. |
| murra |
joe i bombard you be patient ::smile for the segment (if i don't explain well i will write in forum) the point of the swing must be higher or lesser or it doesn't mean different if it doesn't mean different which is the best signal? |
| joeross |
quester: I will try. The yield curve is simply a picture of interest rates: short, medium, and long-term interest rates. A normal yield curve would have long-term interest rates higher than medium or short-term interest rates. An inverted yield curve can have short or medium term interest rates higher than long-term interest rates. Currently the yield curve in the U.S. has come out of inversion and is normal. |
| Stefanm | What has this to say for us? |
| joeross | murra: If prices are rising, the best swing is to be higher. |
| murra | TKO tk joe |
| Stefanm | What impact has the actual yield curve on trading? |
| joeross | Stefan: Is us the U.S. or is us all of us? :) |
| Crosten | Joe the trading strategy that we talk last weak about how you trade the wheat market, are you referring the method to straddling? |
| Stefanm | The US. |
| Stefanm | Because i only trade US markets. |
| joeross | Stefan: The yield curve has very little effect on traders; only on investors. |
| Stefanm | But i think it's good to know the big picture. |
| murra | Is a signal if the swing not happen higher or we have to live the signal? |
| ubbs | Joe, do you take only Bar Charts? |
| joeross |
Stefan: The only impact I know of for the yield curve is that when it is inverted a recession follows within 15 months most of the time, but not always. |
| Stefanm | Ok thanks. |
| joeross | crosten: If you mean straddle the high and low, the answer is yes. |
| joeross | murra: the trade will be safer if the signal is there. |
| Crosten | thks |
| joeross |
ubbs: I prefer bar charts because I have been trading them for decades, but candlestick is ok, too. I just don't pay any attention to what the candles are saying. |
| Crosten | Joe are you currently using t4 I heard that it is expensive? |
| joeross | ubbs: I also am happy trading line charts. |
| joeross | crosten: T4 is $25/month, less expensive than Ninja |
| ubbs | Thanks. |
| murra | Me too prefer bar chart I have same difficulty to look candle stick. |
| quester123 | Joe are you paying any attention to the chinese markets thanks? |
| joeross | quester:: Only from the point of view of general knowledge. |
| Crosten | Which broker are you using t4 with, my friend is using t4 with proactive they are charging $1 per round turn for the platform? |
| Stefanm | maybe we can write options in China? |
| joeross | crosten: I am not using T4. I wish that I could, but they do not clear through Interactive Brokers. I am trying to change that situation. |
| murra |
In the line chart;joe , not happen a really price action because close and open live mx and minimum how do you read it joe? in the past i only used line chart but now i could have same difficulty. |
| joeross | Stefan: The best thing for me about China is eating Crispy Duck. |
| Stefanm | Like in Munich. |
| Stefanm | ::smile |
| joeross | murra: if you are not sure, don't trade. Wait for clear, clean signals. |
| joeross | Stefan: Yes! Like in Munich.. |
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| Crosten | Where do you get the25/month from? It's very affordable, my friend are paying more then 25/month for t4 |
| joeross | Germany has the best crispy duck of any place I've been. |
| ubbs | Joe, there`s a big ross hook over the last years in the Dow? |
| Stefanm | i agree. |
| ubbs | grr, crispy from germany .... |
| joeross | crosten: I spoke with them just 2 days ago. That was the price they quoted me. |
| Crosten | Who are they Joe? interactive |
| joeross | ubbs: I don't have a Dow chart up right now. |
| joeross |
Interactive Brokers is the broker I use for a couple of reasons that are very important to me. They are reasons that cannot be met by other brokers. But I won't say more about it. There are plenty of good brokers out there and I usually recommend other brokers to our students. |
| murra | In your analysis Joe, do you think the market is going in a buying climax? |
| joeross | murra: Which market do you mean? |
| zendre | Hello guys, I am trading mainly on ECBOT. Does anybody have some kind of excel that describes what contracts are active in different times of the day? |
| murra | dj and nasdaq sp |
| zendre | I mean active with tight spreads, not just "open". |
| joeross | Hi Zendre: I don't know of anything like that. But if you tell me which markets maybe I can tell you the best hours. |
| zendre | HG, ZW, ZC, RB, HE ZM, ZS |
| Crosten | Joe, how much are you paying per round turn including exchange and nfa fee for trading the emini S&P? |
| zendre | ZL, GC, SI :) |
| Stefanm | It's better to trade the ZG instead of the GC |
| joeross | Zendre: most of those are not ecbot markets. |
| zendre | OK, there are nymex and globex as well. |
| Stefanm | Chicago markets are better than NY. |
| joeross | I never trade the New York markets. Too manipulated for me. |
| zendre | Is it valid for electronic trading as well? |
| Stefanm | ZG is the electronic ECBOT Gold contract. |
| murra | Which market in sostitution you trade Joe? |
| joeross | murra: the stock indexes look very much like they may be going into a buying climax. But trade what you see, not what you think. |
| Stefanm | And very liquid. |
| joeross | murra: I don't know what "sostitution" is. You have to help me with that one. |
| Stefanm | They are options as well over this contracts for gold and silver. |
| joeross | murra: I trade only CME and CBOT markets. There is more than enough trading there for me. |
| zendre | Joe, I am pretty much fond of your book optures and futions. Is there any trading recommendation for the strategies described there? |
| zendre | I mean like TN (Traders Notebook). |
| murra | Yes i now very well your rule and sure i respect it but in my analysis sometimes i make this but i always trade only what i see. |
| Crosten | Joe, which other trader do you admire besides bill gross? |
| joeross | zendre: If you want trading recommendations, you should subscribe to Alan Parry's free letter. If you go to our website you can click on the South African flag and follow the links from there. |
| joeross | crosten: Tom Baldwin |
| Crosten | Joe, how much are you paying per round turn including exchange and nfa fee for trading the emini S&P? |
| joeross | crosten: I think it is $3.62 |
| murra | For the stock which do you prefer? |
| joeross | But I'm dyslexic, so it might be $3.26???? |
| joeross | Or $2.63 |
| Stefanm | Joe, where can i subscribe to the options newsletter? |
| Stefanm | I'm on the page but i don't find it! |
| joeross | Stefann: Trading Educators South Africa |
| quester123 | Joe, what will the online course include |
| joeross | Stefan: you will have to look around. |
| Stefanm | what is the name? |
| joeross | Hold on |
| Stefanm | wow or something ? |
| joeross | Yes. That's it. The WOW report |
| Stefanm | ok i will find it |
| joeross | I've got a lot of work to do so I have to end the chat. |
| murra | good night and tk you Joe and everyone |
| joeross | murra: Email me your question. |
| murra | ok |
| Crosten | thks Joe |
| zendre | thanks bye |
| quester123 | Thanks again, Joe |
| joeross | Good night everyone. Ciao, Tschüß, Saludos, etc. |
| Stefanm | tschüss |
| Rick | thanks |
| SusanL | thank you everybody, hope you all come back and join the chats next week. Tuesday at 8 PM, US Central Time and thursday 8 PM Central European time |
| SusanL | Goodbye to everybody |
| Buzz | thank you, Joe |
| Buzz | and Susan |
Next Chat with
Joe Ross:
Thursday, June 21 , 2007
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
