Euro Chat with Joe Ross
Chat log from: Thursday, June 28, 2007
| kevinj joined. | |
| SusanL joined. | |
| kevinj | hello Susan |
| SusanL | Hi Kevin, where are u from? |
| kevinj | miami |
| kevinj | looking forward to BBQ wednesday |
| SusanL | What is BBQ wednesday? |
| kevinj | July 4th |
| SusanL | Oh yeah.... |
| kevinj | July 4th |
| kevinj | From texas right' |
| joeross joined. | |
| kevinj | hello joe |
| joeross | Hi Kevin |
| nathan joined. | |
| nathan | Hi |
| joeross | Hi Nathan |
| kevinj | ? does the fed move the futures market like soys and meat like it would the bonds or S%P |
| marco joined. | |
| marco | good evening |
| nathan | hi marco |
| joeross | Kevin: FED actions have very little if any effect of the grains and meats. It there is an effect it is indirect. |
| kevinj | Thank you |
| nathan | Did you buy very much gold today, its really rising ::tongue |
| nathan | ::unsure |
| joeross | Nathan: I haven't even looked at the markets today. |
| joeross | I've got a lot of other things that I need to do right now. |
| nathan | Do you keep in shape if not trading for a longer time or does it have an effect on your results? |
| joeross | nathan: Trading for me is almost like breathing. I can do it any time I want to. My trading habits are deeply ingrained. |
| nathan | So what you're trading works for long times. |
| joeross | On any given day I can find more trades than I know what to do with. |
| joeross | nathan: I have many ways to trade. They are all good, but they must fit what the market is doing. I probably have forgotten more ways to trade then I am able to remember. |
| marco | Joe: do you think trend following still works in today's markets? I've seen some of the trend followers had a few bad years but start doing better again... |
| joeross | marco: Yes I believe trend following works, but you have to go no less than weekly charts. |
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| marco | Would you trade those with TTEs or trade the breakout of the RHs etc? |
| murra | hi joe and all |
| nathan | hi murra |
| joeross | marco: The law of charts works very well with the longer term charts. Yes, TTEs ahead of 1-2-3s and Rhs. |
| joeross | hi murra |
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| marco | Lately I wondered what's better, trading TTEs on weekly or breakouts on daily charts ;) but I guess it's hard to tell.. |
| joeross | Hi hadir welcome to the chat |
| hadir | Hi Joe |
| murra | Have you trade re. yesterday and today joe? it has been very good and easy also for me that don't have more experience. |
| joeross | murra: I haven't traded this week at all. I had a student for the first 3 days and today and tomorrow I will be trying to catch up. |
| joeross | I get far behind in the things I have to do when I have a student. |
| nathan | Do you filter you 30m entries on Russell. |
| joeross | nathan: No, I don't filter the Russell at all. But I will soon stop trading the Russell now that it is leaving the CME and going to ICE. |
| nathan | Is it getting worse for sure? |
| murra |
joe you teach that the sp is bad to trade but often it means that the moves are early the same on the RE (Russel) and, you give me a suggestion, sometimes on the 15 minute chart RE same signal is more clear than on the 30 mm. I am using the concept to have two charts open (15 mm and 30 mm). Is it wrong? Or is it good? |
| joeross |
nathan: I believe there will be a time when both ICE and CME will become illiquid. Eventually all the volume will move to the ICE, but I have seen nothing about the ICE that would make me want to trade there. |
| murra | What happens to Russell, Joe? Will it change? |
| joeross | murra: It is not right or wrong to trade the e- mini SP. It all depends if you can make it work for you and you are making money. |
| joeross |
murra: Russel will surely change, but whether that will be good or bad still remains to be seen. |
| nathan | What makes you believe that volume will change? |
| joeross | murra: Russell is leaving the CME and moving to the ICE |
| murra | Which will be the difference? |
| murra | ICE what market is? |
| joeross |
nathan: It is simple. At some point part of the volume will be on ICE and the other part at the CME. The Russell has never been a greatly liquid market. By August of 2008 all of the Russell volume will be traded at the ICE and none at the CME. |
| joeross | murra: ICE = Intercontinental Exchange |
| nathan | Are the fillings on ICE bad? |
| murra | Is it in Chicago or where? |
| joeross | nathan: I don't know. I've never traded anything at the ICE. |
| nathan | Why? |
| nathan | The charts? |
| joeross | murra: It is in cyberspace, but the owners of it are mostly European. |
| joeross |
nathan: I can't answer those questions. I know very little about the ICE, or what kind of fills will be there. I do know they charge more for data than anyone else. |
| joeross |
nathan: The charts are not a function of the exchange. The charts are only as good or bad as your charting software. |
| nathan | No i meant the chart pictures are not letting you find good entries? |
| murra | Do you think you stop to trade the Russell? Which market are you going to trade? |
| joeross | Nathan: The entries are like they always have been. |
| joeross | murra: When I stop trading Russell I will move to Chicago gold or one of the currencies. |
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| joeross | I'm already exploring ways to trade those markets. |
| crosten | Joe what do you think about the FED statement? |
| quester123 | hello Joe and all |
| murra | But actually is happening the living for Russell or it have to start in the nezt? |
| joeross | hi quester |
| kevinj | What was the statement? |
| joeross | murra: I didn't understand the question. What is nezt? |
| crosten | Joe I realized that you have a specific time for trading different markets , what is the basis for that ? |
| murra | excuse next time i have tiping wrong. |
| joeross |
crosten: 2 answers: I don't know what the FED statement was. I haven't heard. The basis for choosing a time is I want to be there when we have the most liquidity, and I have proven through testing that it is the best time to trade. |
| kevinj | crosten what did the fed say |
| crosten |
FOMC STATEMENT COMPARATIVE ANALYSIS: CHANGES TO ECONOMIC GROWTH AND CORE INFLATION PARAGRAPHS - The FOMC changed the growth paragraph to say" economic growth appears to have been moderate during the first half of this year" vs. the prior "economic growth slowed in the first part of this year." - FOMC also changed the "somewhat elevated" core inflation statement in favor of "readings on core inflation have improved modestly in recent months." The new statement also stated "however, a sustained moderation in inflation has yet to be convincingly demonstrated." There was no overt mention of headline inflation readings, as some analysts had expected. - statements about the "ongoing adjustment in the housing sector" and that the "predominant policy concern remains the risk that inflation will fail to moderate as expected" remained unchanged. |
| joeross | in other words the usual double talk because they don't really know what to do. |
| kevinj | I want that job |
| crosten | Joe do you trade ross hook on the emini russell? |
| joeross | You can make similar noises by eating a lot of beans ;) |
| joeross | crosten: Sometimes but mostly reversals and train tracks. |
| crosten | Joe in your best experience what is the best profit target when trading the Ross Hook on the Russell? |
| joeross | crosten: I am going for 10 ticks = 1 point. |
| crosten | Joe do you use filter when trading Ross Hook intraday or do you just plain vanilla ? |
| quester123 |
Joe you've written often about what can and does happen in the pits which is an eye opener i'd like to find out more and you quote from a book by mark ritchie in T is a B. Is this the best book to get to learn more and are there others. thanks |
| murra | Joe, if you stop to trade RE have you another index to trade or you think do not trade some index I am sorry because by your teach i find very clear signal on the Russell as do I do for find a similar index to trade? |
| crosten | Nice reversal on the index ::happy |
| joeross |
quester: Are you wanting to learn what goes on in the Pits? Mark Ritchies book is out of print but there may be some of them still around like on ebay. The book was called "God in the Pits." |
| quester123 | Yes i want to learn more joe and i'' look on ebay thanks. |
| murra | what is pits? |
| joeross |
murra: We are going to have to wait to see what happens with the Russell and if it is worthwhile to trade on ICE. At the appropriate time I will be looking at ES or NQ or even DAX!! |
| joeross | murra: The trading pits on the trading floor where they do open outcry. |
| murra | es nq on the cbot? |
| joeross | murra: es nq on the CME |
| murra | Your suggestions are as gold and very important for me tk you. |
| crosten | Joe do you use filter when trading hook intraday or do you just plain vanilla? |
| murra | Yes, CME. Excuse . |
| joeross | murra: we don't know what is going to happen yet. The CBOT could merge with the CME. It could even decide to merge with the ICE. |
| quester123 | Joe, have you spent any time around the pits maybe in the early days? |
| joeross | crosten: Just plain vanilla. |
| joeross | quester: I spent some time around the pits but never traded in the pits. |
| crosten | Joe what is your preferred entry when trading the hooks Slaughterback or TTE? |
| murra | But is right to think that its will be more liquid for the merger? |
| joeross | crosten: Slaughterbeck is part of the TTE. |
| joeross | murra: I don't know how the merger will effect liquidity. |
| joeross | And it depends on who merges with who. |
| crosten | Joe, do you use volatility stop when trading intraday? |
| murra | How many time and this think happen? |
| joeross | crosten: No I don't use VS for intraday trading. |
| joeross | murra: how many times does which thing happen?? |
| crosten | Joe, what is your preferred time frame trading gold intraday? |
| murra | Joe, excuse me when i am bombarding you, what is >pits<? |
| joeross | crosten: I don't have a preferred time frame for gold. I trade it using a tick chart. |
| nathan | A tick chart moves every time a trade has happened? |
| crosten |
Joe, do you realize that for the spot market eur/usd is below the price of its currency futures whereas for the british pound, the spot price is above the currency futures. Why is this so? |
| joeross | nathan: A tick chart contains a certain number of ticks for each bar. So when a trade is made, you see it as movement on the chart. |
| murra | Slaughterbeck.. is a filter for tte is it right? it was find studying tte |
| joeross | crosten: When you find out why, let me know. I don't know why. |
| crosten | Joe from what time to what time is it ideal to trade gold? |
| joeross | murra: I don't necessarily agree with the Slaughterbeck entry. Our friend "Bond Trader" prefers the third bar of correction. |
| joeross | But you are correct, Dr. Slaughterbeck used it as a filter. |
| joeross | crosten: I am using a tick chart. Time is of no consequence. |
| crosten | Joe i know you hate indicators ? But which indicator do you find useful? |
| murra | Yes i agree, same good trade go out with sl.... |
| crosten | Joe for gold, starting from what time is good to start trading? |
| joeross | crosten: you are making extreme statements. I don't hate indicators. I use them in unconventional ways. |
| joeross | crosten: I begin my gold trading any time after 7:30 am |
| murra | crosten, various indicators, it depends on the market and it's phase, not always the same but you must know it or its use is dangerous |
| crosten | Joe, how would you describe the gold market from your experience? |
| joeross | crosten: It has its ups and downs :) |
| crosten | Can you be specific Joe, in what way is it different from other markets? |
| nathan | Joe how can i place stop orders in tick charts when i don´t know when the amount of ticks is full? |
| joeross | crosten: It is not different from other markets. All markets go up and down. |
| crosten | Joe, does the law of averages go against you if you trade only half a day? |
| joeross | nathan: Good question. You have to go strictly by price. |
| joeross | crosten: I don't think the law of averages has anything to do with time. |
| crosten | Joe, do you still follow the rule of only taking a $50 loss per contract when trading the ross hook? |
| joeross | crosten: I don't follow that rule in all markets or with all the ways I trade. |
| crosten | Joe, are you able to trade without charts like Livermore? |
| nathan | What exactly do you mean strictly by price? |
| joeross | crosten: I need charts for my trading. |
| joeross | nathan: With tick charts you leave out the element of time. All you have left is price. |
| crosten | Joe, do you use on balance volume? |
| joeross | crosten: I don't use On Balance Volume. |
| nathan | Where are currencies best tradable? |
| quester123 |
Joe you write about intuition in your book and say you can take a winning trade without any apparent reason for entering. My question is how do you detail intuitive trading into your trading plan? |
| crosten | Joe, if there is one indicator you had to chose what would that be? |
| crosten | Joe, in today's markets, which is the best to trade the ross hook intraday? |
| joeross | quester: save that one for another week. |
| joeross | We are almost done here. |
| quester123 | ok Joe thanks |
| murra | thank you Joe |
| joeross | crosten: I don't know the answer to that. |
| joeross | See you in two weeks. I will not be here next week. |
| nathan | thanks and bye |
| kevinj | Thanks Joe |
| crosten | Are you on holiday, Joe? |
| joeross | Ciao, bye, adios, etc |
| murra | by Joe and all |
Next Chat with
Joe Ross:
Thursday, July 12 , 2007
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
