Euro Chat with Joe Ross
Chat log from: Thursday, October 4, 2007
| Carl joined. | |
| crosten joined. | |
| BenHH79 joined. | |
| BenHH79 | hi all |
| crosten | hey |
| Stefanm joined. | |
| Stefanm | I enter later before I will learn about spread trading a little bit. |
| BenHH79 | where's Joe? |
| murra joined. | |
| murra | Hi everyone. |
| BenHH79 | Hi murra. |
| sav joined. | |
| sav | Hello. |
| murra | Jell sav. |
| Stefanm joined. | |
| BenHH79 | Hi sav. |
| SusanL joined. | |
| JoeRoss joined. | |
| david-g joined. | |
| JoeRoss | Hello. |
| BenHH79 | Hey Joe! |
| murra | Hello joe. |
| Stefanm | Hello Joe. |
| sav | Hi Joe. |
| JoeRoss | Hi sav. |
| JoeRoss | I'll stay extra if you want me to. |
| crosten | Yes. |
| JoeRoss | I was having a late lunch. |
| crosten | Joe, last Friday, am I correct to say that the euro was in a buying climax and we have a market blow off on that day? |
| david-g |
Good evening... may I ask for suggestions for charting software? I am sort of happy with my Signal charting except for when I try and use their 'constant volume charts' ... those seem to take far, far longer to load up than do their standard 'minute' bars (or multiples thereof). |
| JoeRoss | crosten: Climax is a bit strong. What we are seeing is a natural correction caused by profit taking. |
| JoeRoss | The dollar was what they call "oversold." |
| murra | What you think about this index's phase (dj, sp500, e's)? Joe, in your opinion, is it accumulation or a distribution? |
| BenHH79 | Joe, what do you think about the wheat market? When does that backward situation begin to end? :-) |
| crosten | Joe, I don't believe this! You actually believe in oversold? |
| Stefanm |
Joe, the gold contract ZG at the CBOT is physically delivered or is this only via money exchange ? Options expiry is at 10/25/2007 and first notice day 10/31/2007. I'm short in some calls but normally I will get the long futures sold before first notice day if at options expiry the calls are in the money and so I don't have to worry about first notice day anymore? |
| JoeRoss | murra: I don't think at this level it is accumulation. |
| crosten | Joe, I don't believe this; you actually believe in oversold? |
| JoeRoss | BenH: There is still a shortage of wheat. So wheat could go higher. |
| murra | So you think it is distribution?! Yet, how many lessons for end the chart scan on trading range Joe? |
| JoeRoss | crosten: I didn't say I believe in oversold. I said people call it that. In my mind what happened was/is profit taking in the euro and other currencies. |
| nathan joined. | |
| crosten | Joe, are u still holding onto you euro. |
| Stefanm |
Joe, the gold contract ZG at the CBOT is physically delivered or is this only via money exchange ? Options expiry is at 10/25/2007 and first notice day 10/31/2007. I'm short in some calls but normally I will get the long futures sold before first notice day, if at options expiry the calls are in the money, and so I don't have to worry about first notice day anymore? |
| JoeRoss | stefan: Gold is physically delivered by a piece of paper saying you own it. |
| Stefanm | But what about the short calls. |
| nathan | Hi to all and everyone. |
| JoeRoss |
The calls will become futures contracts. If they are in the money, and exercised. You will be short futures and the owner of the calls will be long futures. |
| crosten | Joe, you said that you actually took delivery of a futures contract, what contract was that? |
| JoeRoss | Delivery is still a piece of paper. But the money will come out of your account. |
| JoeRoss | Hi nathan. |
| JoeRoss | crosten: I once took a delivery of live cattle--1978. |
| crosten | Joe, are u still holding onto your euros? |
| JoeRoss | crosten: Yes, I am in for the long term. |
| crosten | Joe do you scale into a position? |
| JoeRoss | crosten: Sometimes I do. |
| nathan | Joe, when do you expect er2 to become low volume? |
| Stefanm | But when I have the same amount of long futures that will offset the short futures I think ? |
| crosten | Joe, do you use tick charts for day trading? |
| JoeRoss | nathan: I really don't know. It will happen as we get closer to the CME having to give it up. |
| JoeRoss | stefan: Yes, if you have the same amount of long and short futures and if they are for the same month, they will offset and you will be out. |
| Stefanm | Ok thank you. |
| crosten | Hey joe, you have a farm? |
| JoeRoss | crosten: Yes, sometimes I use tick charts. |
| JoeRoss | crosten: No farm, not anymore. I have had 3. |
| JoeRoss | Easy Bond Method will win again in 1/2 hour. |
| JoeRoss | That's 3 in a row. |
| david-g | Joe, any suggestions for charting software other than eSignal? |
| crosten | Joe what tick number are you using? I can't seem to figure out which one to use. |
| JoeRoss | david-g: You got kicked off when I gave the answer. Ensign software, very reasonable, fast, and lots of features. |
| BenHH79 | Joe, why does Dec. heating oil regularly go down in autumn? |
| Stefanm | And if I be out at options expiry I don't have to worry about the first notice day anymore because options expiry in that contract is at 25/10/2007 and first notice day at 31/10/2007? |
| JoeRoss | crosten: Each market is different and different at different times. There is no magic number. You have to experiment. |
| david-g | Ensign is unable to fully support multiple monitors (it seems to be a very good package, albeit one that is hard to learn). |
| crosten | What is your typical tick number you use? |
| JoeRoss | BenH. I wrote a whole article about Heating Oil for Chart Scan it is coming soon. |
| JoeRoss | stefan: OE always comes before FN. |
| murra | How many lessons to end a weekly chart scan on trading range? These lessons are a bit different with trading by the book. |
| JoeRoss | crosten: There is no typical number. |
| BenHH79 | Ok... I'll looking forward to that article!! |
| JoeRoss | murra: There will be a total of 11 lessons. |
| crosten | Joe: Market are you currently active? |
| Stefanm | Yes, but when I'm assigned a short future at 10/25/2005 and I have the same amount of long futures I will be out at 10/25/2007. |
| JoeRoss | crosten: I am trading the bonds. |
| JoeRoss | stefan: That's exactly what I said, but I think you meant to say 2007. |
| Stefanm | Ok. |
| Stefanm | Thanks. |
| crosten | Joe, when price is in a middle of a range is it significant? Do yo take advantage of this? |
| JoeRoss | david: I did not know that about Ensign. Too bad they don't support multiple monitors. |
| JoeRoss | david: I never know what software to recommend. No one has ever had all the things I wanted, and everyone has a lot of things in the software I don't want. |
| BenHH79 | Did you ever use seasonal indicators in TN? (such as cycle as differences)? |
| JoeRoss | crosten: When price is in the middle of a range, the only way I know to trade it is with options. |
| david-g |
Joe, they do in a way but not fully (I like to be able to expand a chart so that it fills up the entire screen that the window is located in, which I can do with eSignal, but with Ensign it is not wholly so ... but thanks. |
| marsh joined. | |
| crosten | What are all the things you want? indicators? |
| JoeRoss | BenH: I have never used cycles in TN. |
| JoeRoss | crosten: I can't go into all the things I want. It would be too long a wish list. I have developed many proprietary things I'd like to see but no one has them. |
| JoeRoss | Hi marsh. |
| marsh | Hi Joe |
| Stefanm | Joe, I think we'll see each other at tradersworld? |
| Stefanm | Because I already bought the flight. |
| crosten | Joe, if a bar has a large high and low but its opening and close is not large do you consider this a thrust bar? |
| JoeRoss | stefan: I will be at the Expo in Frankfurt. I am the main speaker they say. |
| JoeRoss | I already have my ticket as well. |
| JoeRoss | crosten: I would have to see it in context. |
| Stefanm | So we are going to have some beers? |
| Stefanm | And get real drunk. |
| Stefanm | ? |
| JoeRoss | stefan: one or two beers. :) |
| JoeRoss | Drunk? No! I don't get drunk. |
| crosten | What is the main important thing about the software that you want? |
| Stefanm | Here they say cerveza. |
| JoeRoss | I have to speak on every day of the Expo. |
| JoeRoss | stefan: Cerveza is here too. But not a good kind. |
| Stefanm | Just kidding. |
| crosten | A chart is a chart right? |
| JoeRoss | crosten: The main important thing is that it does everything I want to see and none of the things I don't want to see. |
| murra | When happened Traders World? Which days? |
| murra | How many days? |
| JoeRoss | We have Corona beer here. It is premium in price. But it Mexico it is considered to be the worst and it is very cheap there. |
| crosten | Joe are we in an establish trend in gold? |
| JoeRoss | crosten: A chart is a chart, yes. |
| crosten | Joe why do you prefer cbot gold over comex? |
| JoeRoss | murra: It is November 15, 16, 17, in Frankfurt, Germany. If you go to our German website you can find out the details. |
| Stefanm | Yes corona is not a bad beer. |
| Stefanm | www.tradersworld.de |
| JoeRoss | crosten: I would say so, gold is definitely in an established trend. |
| JoeRoss | crosten: I prefer CBOT gold. New York is crooked and traded in the pit. CBOT gold is electronic. |
| crosten | Joe, do you know Linda Bradford Raschke? |
| marsh | There is a joke that the Corona for the US is made downstream from a waste treatment plant, but the Corona plant for Mexicans is upstream of it. |
| Stefanm | So we have to go to mexico to drink Corona ? |
| JoeRoss | crosten: I know of her, but I don't know her personally. |
| BenHH79 | Joe, what long-term big movements in commodity markets can you imagine today? I mean something really obvious? |
| Stefanm | Texas is not so far away it was actually a part of mexico in the 19th century. |
| Stefanm | 1835 |
| JoeRoss | marsh: I believe it. The Mexicans consider it to be the worst. But Corona's marketing is making it desirable in the U.S. They have done a remarkable job of marketing. |
| Stefanm | Also in Europe. |
| JoeRoss | Stefan: Read what marsh says. I wouldn't use it to wash my feet. |
| marsh | That's the same, I hear for Foster's Beer in Australia. They don't drink it there. |
| crosten | Joe, do you know how to tape read? |
| sav | I like Foster's. |
| JoeRoss | BenH: Crude Oil and Gold for long-term big movements. |
| david-g | Joe, any reason why the 'customize password' doesn't seem to be working -- for this chat room? |
| JoeRoss | crosten: I don't even know how to read English, so tape reading is beyond me. |
| marsh | Well, I like Corona. With lime, to kill the bad taste :) |
| crosten | Joe are you in any options play? |
| JoeRoss | I like Australia's Swan Lager. |
| crosten | Joe do you look at the trin and stuff like that? |
| JoeRoss | david: I have no idea. |
| JoeRoss | I didn't even know we had a customized password ;) |
| BenHH79 | I remember you said something about a crude oil price of 100$ / barrel. is it that move that you think of? |
| david-g | Ok, thanks ... have to go ... so goodnight all. |
| JoeRoss | crosten: No options at the moment. |
| JoeRoss | crosten: I don't look at trin, tran, tiki or any of those things. |
| JoeRoss | BenH: $100 and higher, but by that time it may be priced in euros |
| Stefanm | Crude will definitely move up. |
| JoeRoss | See you David. |
| JoeRoss | The crude shortage is real. |
| crosten | Joe, what is your favorite trading quote? |
| Stefanm | Because there is more shortage than 30 years before. |
| JoeRoss | crosten: "Trade what you see, not what you think." |
| crosten | There is always a shortage of crude, right? |
| Stefanm | The point and figure charts don't lie. |
| nathan | Do you really expect oil to run out soon, or are they just making us nervous? |
| JoeRoss | crosten: There didn't used to be a shortage of crude. In the early 1980s there was so much of the stuff it went to $10/bbl. |
| crosten | Would you say that we will see the $80 area for quite some time? |
| crosten | There's plenty of oil in Texas. |
| BenHH79 | When do you think crude oil may reach 100$ ? |
| JoeRoss | nathan: They won't run out soon, and they will find other energy sources, but the price will climb because the competition for oil is growing every day. |
| crosten | Joe, do you trade the bunds? |
| Stefanm | We are going to see gold over 1000$ at the end of the year. |
| JoeRoss | crosten: There is still oil in Texas but not plenty. Not enough to meet the demand. |
| Stefanm | And oil sand in Canada? |
| JoeRoss | BenH: It could happen next week or next month or next year. I don't have a crystal ball that tells me when. |
| Stefanm | Alberta. |
| JoeRoss | crosten: I don't trade the bunds. |
| crosten | Joe, do you read Greenspan's book. |
| JoeRoss | stefan: That could happen. |
| JoeRoss | Stefan: Oil sands in Canada are a long way from being significant. |
| JoeRoss | crosten: I don't read anything by Greenspan. |
| crosten | How about the Dax? |
| JoeRoss | crosten: once or twice I traded the Dax, but it is not a market I usually look at. |
| crosten | Joe, have you read, the Taylor Trading Technique? |
| crosten | Joe, do you use market profile? |
| JoeRoss | crosten: Yes I have. It is the worst book I ever read, but perhaps the most important. The writing is terrible. |
| nathan | What do you expect to be the fuel of the future? |
| JoeRoss | The information is absolutely vital. |
| JoeRoss | nathan: How far into the future? Maybe in 20 years hydrogen. But you can't lubricate anything with hydrogen. |
| crosten | The information is vital; are you referring to the book or market profile? |
| nathan | What about in 10 years? |
| JoeRoss | crosten: Who said anything about market profile. I am referring to Taylor's book. |
| JoeRoss | nathan: A mixture of things like coal, nuclear, alcohol, natural gas.... |
| crosten | So you did learn from the book? |
| Stefanm | Can you name the book of Taylor? |
| JoeRoss | crosten: Taylor's book is the most important trading book I ever read. |
| crosten | Joe, you haven't answered my question, do you use market profile? |
| Stefanm | Market Profile Taylors Book? |
| JoeRoss | Stefan: It is called the Taylor Trading Technique and it is sold by Traders Press. |
| crosten | I must get that book then. |
| crosten | What is the most important thing you learned from it? |
| JoeRoss | crosten: I don't use market profile. |
| crosten | I am glad I asked you about the book. |
| marsh | Joe, when are you leaving for your trip? |
| crosten | Taylor Trading Technique. |
| JoeRoss | stefan: The book was out of print for many years. My copy is actually in handwriting. But Ed Dobson, put it back into print. |
| Stefanm | I have to google for it. |
| JoeRoss | crosten: I doubt if you will understand any of it. |
| SusanL |
Joe is leaving twice, he has 2 trips to make. One is to attend my wedding in Germany this month and next month, (November) he goes again to give his seminars in Germany and Italy :) |
| crosten | Joe what other most important book u have read on trading? |
| nathan | What do you think about investing in water companies? That's often offered these days? |
| crosten | Please share. |
| JoeRoss | crosten: I already told you. The book by Taylor. |
| Stefanm | George D. Taylor - The Taylor Trading Technique. |
| crosten | What else Joe, please? If I hadn't asked you about the book I would never know. |
| nathan | Susan, do you marry a trader? |
| JoeRoss | That's the one, Stefan. |
| crosten | Yes, that the book. |
| SusanL | No Nathan, a CPA. |
| Stefanm | It is not outdated? |
| crosten | Its in paper back right Joe? |
| JoeRoss | crosten: No other books. That's why I wrote mine. |
| SusanL | But maybe he will become a trader if he is around Joe long enough ;) |
| crosten | How a about a book on money management? |
| JoeRoss | stefan: Taylor's book is eternal. |
| nathan | susan: Will you live in germany then? |
| crosten | What is the most important thing you learned from the book? |
| JoeRoss | crosten I don't know. My copy is in a 3-ring binder and it is hand written. I have an original from Taylor himself. |
| crosten | You know that guy ? |
| JoeRoss | crosten: No other books, sorry. |
| crosten | Original transcript? |
| crosten | Is that guy still alive? |
| marsh | $25. |
| SusanL | Nathan, no, he is american and I work here at Joe's company |
| marsh | Is the cost of the Taylor book. |
| SusanL | But you never know what the future brings.... |
| Stefanm | Taylors book is not outdated ? |
| JoeRoss | crosten: You should ask if he knows me ;). Actually, he traded before my time. |
| JoeRoss | The book was written in 1950. |
| crosten | Holy cow. |
| nathan | Susan: Dann alles gute euch und mögest du ewig glücklich sein. |
| crosten | Is he still alive ? |
| Stefanm | For that I asked it is outdated |
| SusanL | Danke Nathan :) |
| Stefanm | If it was written 1950? |
| JoeRoss | stefan: Not outdated. A true classic, but horribly written. You will have to read it many times before you know what he is saying. |
| JoeRoss | crosten: I don't think he is still alive. |
| JoeRoss | If he is, he is well over 100 years old. |
| crosten | What is the most important thing you learned from this book? |
| Stefanm | Control Risk? |
| JoeRoss | crosten: What I learned from his book is a secret I will never reveal |
| Stefanm | This is maybe the holy grail of trading ? |
| crosten | The grail. |
| JoeRoss | You will have to read it 50 times like I did and maybe you will discover the secret that is hidden in it. |
| Stefanm | But maybe not. |
| JoeRoss | Sorry, there is no holy grail of trading. |
| murra | Thank you Joe; gby all. |
| JoeRoss | True! Maybe not, maybe never. Maybe after 51 times..... |
| Stefanm | Yes. |
| JoeRoss | crosten: Read the book. |
| crosten | It must be the grail, a book that teaches Joe must be the grail! |
| JoeRoss | Yes, it is time to go. |
| SusanL | Thanks Joe for your time. |
| crosten | thks for the grail Joe. |
| marsh | Thanks Joe. |
| crosten | thks Taylor right, Joe? |
| JoeRoss | Okay! It's not the grail, but it will start you out on the right path. |
| nathan | Thanks Joe, no words enough to thank. |
| BenHH79 | Have a nice day, Joe! thx again for your time. |
| JoeRoss | Good night and good afternoon and good morning, |
| JoeRoss | Whatever applies. |
| Stefanm | ok thank you |
| Stefanm | Bye to all. |
| JoeRoss | See you in 2 weeks. I will be in Germany next week. |
Next EURO Chat with
Joe Ross:
Thursday, October 18, 2007
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
