Euro Chat with Joe Ross
Chat log from: Thursday, July 12, 2007
| JoeRoss joined. | |
| SusanL joined. | |
| mary joined. | |
| crosten joined. | |
| sav joined. | |
| JoeRoss | Hi everyone |
| sav | hello all |
| sav | Joe, do you think if there is global warming, you would be able to see it in the seasonal spreads in the grains, in other words seasonal spreads will work less and less. |
| JoeRoss |
sav: Already seasonal spreads are working less and less, but it has nothing to do with global warming. It is the fact that the long-only commodity funds are putting enormous strain on the commodity markets that is causing them to behave less seasonally. However if there are major weather changes due to global warming, I'm sure it will also effect seasonality. |
| crosten | Hey joe |
| sav |
I have noticed that seasonal spreads are working less and less, I suppose we have to change with the times and do spreads like you do them, i.e., look at different markets and spread them. |
| JoeRoss | Hi crosten |
| JoeRoss | sav: That's right. |
| crosten | joe am i correct to say that gold has made a 123 bottom on the daily chart. |
| JoeRoss | crosten, it has made a 1-2-3 low in a consolidation. |
| crosten | joe what is your definition of discipline as a trader ? |
| JoeRoss | crosten: One who has enough self-control to plan his trades and trade his plan. |
| sav | joe when do you think is a good time to stop trading the emini russell now that it is leaving the CME? |
| crosten | joe do you trade number 2 breakouts ? |
| JoeRoss |
sav: I think you should carefully watch to see when the volume drops. It has to drop sooner or later. Then wait until all of the volume is at the ICE. Then take a look to see if you want to trade it there at all?? You will have added costs for N. Y. Data, and you will have to see what kind of fills you get on ICE. |
| JoeRoss | crosten: No I don't trade the #2 breakouts from consolidation. The probabilities are strongly against you. |
| murra joined. | |
| murra | hi joe and all |
| JoeRoss | Hi murra |
| sav | OK thanks Joe, i don't think I'll trade it at the ICE--been looking around for other markets to trade. However, not many move nicely like the emini russell. |
| JoeRoss | That is really true, sav |
| murra | What are speaking about emini Russell please. |
| JoeRoss | murra: We are speaking about when to stop trading the emini russell. |
| crosten |
Why are the probabilities against me trading a number 2 breakout ? Suppose market is trading up and number 2 is formed where there are no more sellers, isn't it good to trade number 2 on the assumption market resuming its trend ? |
| JoeRoss | murra: And I said when you see the volume drop off stop trading Russell.. |
| JoeRoss |
crosten: If you look at markets ask yourself how many of them make VEE bottoms? It is unusual. The probabilities of a trend continuing after the breakout of #2 are very low. Typically prices will go into accumulation--a sideways market. |
| crosten | That's a great observation. |
| sav | If the NQ was $10 a tick i would trade that , but i don't think its worth it at $5 a tick (more contracts=more commissions). |
| murra | The second time through: . Is b/o valid if in the first time the level is broken and then retraces but on the same bar it is broken twice? |
| crosten | joe what is the most powerful feature of trade navigator ? |
| JoeRoss |
sav: It's the same problem as with the mini dow. Take a look at some euro fx charts. Also look trading some bond tick charts. |
| JoeRoss | Not on the same bar, murra |
| JoeRoss |
crosten: I wish I could answer that correctly. But I have only skimmed the surface of what TN can do. So far it has been the ease with which you can produce trading strategies. |
| crosten | Joe, who are the people trading the index futures before the cash market opens? |
| JoeRoss | crosten: I don't know, other than that it may mostly be traders living outside the U.S. |
| JoeRoss | That's just a guess. |
| sav |
Thanks Joe, I have been trading the euro fx off the daily charts scalping 10 ticks, the T-notes and bonds are looking good on the 60min charts at the moment; will look at tick charts. |
| crosten |
Joe, it is said that buying new highs is a wise thing to do? Have you personally traded that way? |
| JoeRoss | sav: That's what I also do. |
| murra |
What value must we do at trading during night on the e mini sp or e mini russell? if at end of days some moves are in execution the bar has in the night the same value? Or we don't have to considering? |
| JoeRoss | crosten: They are talking about major new highs in the stock market. It is probably true, but I need to trade more often than that. |
| crosten | Joe, what is your best trade that you have ever made in a life time? |
| murra | Trading new highs do not have stop running is it correct Joe? |
| JoeRoss | murra: I don't know how to answer your question about values. You will just have to experiment. |
| sav | I used to be a 3, 5 and 10 minute day trader but since I started trading charts of 60min and above my trading has improved and relaxed. |
| JoeRoss | crosten: $850,000 in the BP and the SF simultaneously. |
| JoeRoss | murra: That's correct about new highs. |
| ISeidl joined. | |
| JoeRoss |
sav: That's wise. Longer time frames make more money than shorter time frames for most traders. |
| crosten | I think you deserve to be part of all time legendary traders, Joe. |
| ISeidl | Hi Joe.....uishhh I forgot about the time |
| ISeidl | hi everyone |
| JoeRoss | Hi IS |
| ISeidl | Ivan ;) |
| JoeRoss | Hi Ivan :) |
| crosten | Joe is the bp and sf trade you make on a single day or over a period of time? |
| sav | $850000 that is awesome |
| JoeRoss | crosten: It took approximately 3 months |
| ISeidl | 850k is that one of Joe`s home runs? :D |
| JoeRoss | sav: I got lucky |
| JoeRoss | It was my only Grand Slam home run. |
| ISeidl | sure :) I know who helped you get lucky ;) |
| JoeRoss | I was very thankful. |
| ISeidl | I know... thanks for all that you ask, it is given. |
| crosten | joe who would you consider to be the top 3 all time legendary trader? |
| JoeRoss | Well If I had to choose today it would be crosten, sav, and ivan |
| crosten | Come on Joe... |
| JoeRoss | uh oh, I left out murra. |
| JoeRoss | 4 all time great traders. |
| ISeidl |
Joe I was checking the old chats about the option and regression line... and I think Ninja trader has that option... I wanted to send a couple of charts so you can confirm that is what we need in order to use it to trade options |
| ISeidl | Maybe i shall send it to the forum.... |
| JoeRoss | Send them, Ivan. |
| ISeidl | ...or to you directly? |
| JoeRoss | No, send them to me. |
| ISeidl | Ok; perfect I will. |
| JoeRoss | I want to see if they are right. |
| ISeidl | Yes me too jajajjajaja. |
| ISeidl | I will do some examples and snapshots. |
| ISeidl | Also will make a snapshot of the possible configs for the line. |
| ISeidl | So you can better assess what is possible to be done. |
| ISeidl | btw I find NT quite good.....considering is free... and for me as an experienced programmer C# is quite powerful. |
| sav | Just had sour milk in my coffee, that must be the worst taste in the world . |
| ISeidl | Just need to get a hold of their weird position entry system. |
| JoeRoss | ok |
| murra |
I try to explain better myself. If at the end of session on the emini S&P it is forming for example the 3 segment but it is not complete. During the night there is trading of course the bar during the night has same value for that, or we must look without consider that bar. I don't know if i have explain well sorry. |
| JoeRoss | Ivan: I might ask you to do some programming for me in Ninja. |
| ISeidl | Happy to do it. |
| ISeidl | Just let me know ... |
| JoeRoss | murra, I understand: It does not have to complete the #3 for you to do the TTE. |
| murra | I am not a trader i just like a trading. |
| ISeidl | btw Joe... what is your position regarding trading daily bars in the futures... now I am quite not sure if it is good if you are going to be stopped overnight. |
| ISeidl | Is that a new "disease" because of the e-trading? |
| crosten | Joe, do you think the euro will reach 140? |
| ISeidl | With luck will reach 1.5 ;) |
| JoeRoss | ivan: stick with markets that are liquid overnight and keep your stop in there. |
| JoeRoss | crosten: Yes 140, but I don't know when. |
| ISeidl | Can you drop me some recommendations? |
| ISeidl | What is a considerable volume in futures? |
| JoeRoss | ivan: I don't have any recommendations, but check out this week's Chart Scan. |
| JoeRoss | ivan: enough volume so that they are not able to easily run the stops. |
| ISeidl | Sorry i didn't mean recommendations but volume levels considered liquid :) |
| ISeidl | jajajajaja ok :) any minimums? |
| JoeRoss | ivan: every market is different. I don't know exactly for any one market |
| JoeRoss | minimum: Yes 6,000 per session. |
| ISeidl | Well I guess I will be able to learn more about that in :) |
| ISeidl | ok |
| ISeidl | TN |
| sav |
Joe the more i look at the markets it seems to me it is better to scalp the market as they don't trend that much (maybe weekly charts do) only every now and than you get a good move (like once a year) |
| crosten | joe what is the most useful indicator to you personally? |
| JoeRoss |
sav: In my opinion, the only way to day trade is to scalp. But I am convinced that you will make considerably more and more easily trading long term. |
| ISeidl | I think the same |
| JoeRoss | crosten: There's no easy answer for that one. In my great trade, I used CCI |
| JoeRoss | But the one I use most is the Stochastic. |
| JoeRoss | However, in the last great gold up move 2 years ago, I used the Volatility Stop. |
| crosten | Joe, do you use tick charts together with time charts, or do you look at tick charts without time charts? |
| crosten | Great! |
| murra | For indicators is important the face of markets, is it right joe? |
| JoeRoss | Tick chart without time chart, crosten. |
| crosten | joe is someone at great disadvantage without tick charts ? |
| JoeRoss | crosten: It is definitely a disadvantage, but I wouldn't call it great. |
| murra | For different face different indicators CCI helps to go out generally face have. |
| crosten | Joe, what is the fundamental reasoning behind the gold move 2 years ago? |
| ISeidl | Joe, so you think the tick chart is showing you another nice perspective to find great trades? |
| ISeidl | I like what I saw in a tick chart... but thought of it as just another chart :) |
| JoeRoss | crosten: The reason gold was rising was a falling dollar. |
| crosten | Joe after coaching lots of trader, what do you think is the common weakness of traders? |
| JoeRoss | Ivan: yes. tick charts can be very helpful. |
| ISeidl | Interesting. |
| crosten | Joe what market do you chart using tick charts? |
| JoeRoss | crosten: lack of self discipline. |
| ISeidl | crosten: you can chart whatever you wish. |
| sav | Thanks for the chat Joe and everyone goodbye. |
| ISeidl | crosten: just chart. |
| JoeRoss | crosten: All markets can be turned into tick charts. I have no special ones in mind. |
| JoeRoss | bye sav |
| crosten | I mean plot. |
| ISeidl | plot or chart... isn't that the same? |
| JoeRoss | I have to go. |
| JoeRoss | See you next week |
| JoeRoss | bye |
| ISeidl | well Joe, take care |
| crosten | thanks |
| ISeidl | bye... |
| murra | bye and thanks to everyone |
| ISeidl | thanks for all |
Next Chat with
Joe Ross:
Thursday, July 19 , 2007
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
