Euro Chat with Joe Ross

Chat log from: Wednesday, January 23, 2008
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crosten Hi Joe
SusanL Hi Joe, happy new year to everybody :)
JoeRoss Hi everyone.
YV Hi.
crosten Were u here last Thursday, Joe?
JoeRoss I was at home, crosten.
crosten Joe, I suppose you were selling options yesterday right?
JoeRoss The chats are on Wednesdays. We announced it repeatedly and everywhere we could. You must have been asleep.
JoeRoss I sold them yesterday and more today.
crosten Oops, did not notice.
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marco Hello.
sav Hello.
JoeRoss Hi marco; hi sav.
crosten What strike price Joe, it's the option on ES you are trading right?
SusanL Joe, you look really good with that black beard.
crosten Black beard?
JoeRoss I am a very handsome guy :-)
crosten I notice u like to play with options during volatile markets.
JoeRoss crosten: That is the best time to sell them.
marco Joe: Susan still looks better...even here ;-)
JoeRoss Yes, she has outclassed me with good looks.
crosten Joe are u refering to the options on the ES or other markets?
JoeRoss I am short euro options.
crosten How about ES, Joe?
crosten Joe, is the US economy really in a bad shape?
ciardim Excuse me is the chat written or can I hear voice?
JoeRoss I talked to a guy yesterday who is coming for tutoring. He trades for 1 tick in the bonds. He does 8,000 roundturns/week.
JoeRoss He pays only 4 cents/side.
crosten u mean his profit target is 1 tick?
sav Joe, did you see the 123 high followed by a RH on the ER2 monthly chart it is perfect.
JoeRoss crosten: I have very little use for ES. I prefer ER
marco Joe: what stop does he use?
YV Joe, what's with the easy bond method? I am trading it adjusted to 4 ticks and it works great.
JoeRoss crosten: I suppose so, everyone says it is. But as a trader it doesn't make much difference to me.
zendre YV:what do you mean by adjusted to 4 ticks?
JoeRoss ciardim: No voice, only writing.
ciardim ok
JoeRoss crosten: His profit target is 1 tick.
YV Since it is in a flat phase my profit goal is 4 ticks instead of 13.
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crosten Joe, the guy who does 8000 rounds turn a week, he is a floor trader right?
zendre I see.
JoeRoss sav: Yes it is perfect.
marco YV: same stop?
YV Joe, is there a way I am missing to trade the emini's with small accounts sizes but not to scalp at low risk?
JoeRoss marco: I don't know his stop yet.
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marco Joe: I always wondered how those guys manage their stops...
YV Of course not , I use 10 tick stop.
m.spoto Hi Joe.
crosten Joe what is your thought on the rate cut yesterday, did it surprise u, Joe?
JoeRoss YV: Easy bond is on vacation right now if you trade it by the rules. But if you change the rules a bit, it still works.
YV U bet it does.
JoeRoss crosten: Wrong. He trades electronically, but he has a direct access terminal, which means he is much faster than we are on the Internet.
Bondtrader joined.
JoeRoss He scalps out 1 tick before you can even get your order in.
marco Hi Bondtrader.
crosten He is an instituional trader right?
Bondtrader Hi everybody...it has been a while.
JoeRoss YV: Right now I don't believe it is possible to trade the eminis at low risk.
JoeRoss Hi spoto.
YV Do u concider the eminis to be a much more risky to trade then other contracts?
JoeRoss crosten: I thought they would cut 1/2.
JoeRoss crosten: He is a private trader.
JoeRoss Hi Bond.
crosten Did the timing surprise u, Joe?
crosten Joe how does he have a direct access terminal? How do we get one?
Bondtrader Hello Joe ...what do you think about that the Bond will have half ticks like the Notes ?
YV Just a thought , why does this guy need tutoring if he makes 8000$ a week?
JoeRoss YV: At the moment they are very risky. Many brokers have done away with intraday margins and are holding traders to the same margins they would have to put up to stay overnight.
JoeRoss crosten: Actually, I was expecting them to do it last week.
JoeRoss crosten: A direct access terminal is extremely expensive. It runs around $5,000/month.
JoeRoss I can't tell you how or where to get one and you may have to be a member of the exchange. I really don't know. I know he is a member.
crosten That guy must be a millionare, why does he still come to u?
crosten Did u make money when the FED stunned the market yesterday, Joe?
ciardim There is some spread you can buy in this period?
JoeRoss




 Bond: I think it sucks. You will have to trade twice as many contracts to get the same results. And the notes are also being cut in half. That means more commissions and fees for the brokers and the exchanges, and they are trying to tell us it will be more cost effective. (::ninja)
JoeRoss You guys would be amazed at the traders who come here to learn more.
Bondtrader I did not like it at first look either...
JoeRoss He wants to learn about intraday spreading based on yield curve ratios. He doesn't have anywhere else to go. This old trader can teach him what to do.
crosten When will the bond go to half ticks?
JoeRoss crosten: yes I made money yesterday, but I also had one of my stocks picked off for a small loss.
zendre These financials are mystery for me. Is there any good "financial spreads for dummies" book?
JoeRoss It was too bad because after running my stop it went right back up. But they ran it before I was in the office.
Bondtrader crosten: Beginning of March go to the CME website.
YV Joe, how do u filter the stocks market for formations u teach?
JoeRoss


 ciardim: I suppose you mean spreads that can be daytraded: if so, you can day trade currency spreads and stock index spreads. Possibly even eurodollar spreads and bond/note spreads.
m.spoto Joe, what do you think about wheat July08 - Mar08 wheat spread?
ciardim And long term spreads?
JoeRoss The bonds and the notes will go in half on February 5 if the CFTC gives approval. Maybe they have changed that to March???
crosten


 I saw this currency strategiest warning traders that the FED is gonna stun the market with a cut, I waited the whole monrning for the annoucement and it come through, its like a dream
JoeRoss zendre: Not yet, but I hope to write one.
crosten What are the CFTC thinking ?
JoeRoss YV: I use the scanning facilities in the NexTrend software.
JoeRoss spoto, hold on and I'll look.
zendre Joe, do you have, or could you make some videos about this NexTrend scanning?
JoeRoss spoto: the wheat spread looks very good from here.
Bondtrader March 3.
JoeRoss ciardim: We teach how to trade long term spreads at every seminar. There will be one in Italy in May.
crosten Joe, are u long Petrobras as an investment, they just discover a natural gas field.
JoeRoss crosten: You should ask the CFTC what they are thinking, not me. I am not a mind reader.
ciardim Yes I see in May 2007 at course, I ask only if now is a period.
JoeRoss zendre: There are some wonderful teaching tools on the NexTrend website. Tutorials you can take to learn about every feature. There are training videos there as well.
JoeRoss You can get NexTrend this week for $9.95 a month. At least I think so. It's worth a try.
JoeRoss crosten: I'm not in PBR right now.
zendre I will. Is it capable of filtering for 1-2-3s and RHs?
JoeRoss ciardim: With the euro so high against the dollar it is not so expensive to come to the U.S. for private tutoring. Or you can go to our partner Francesco Fabi in Ravenna, Italy for private tutoring.
JoeRoss Francesco Fabi's email is info@tradingeducators.it
ciardim Yes I know Franceso.
YV Joe, how many days is private tuition?
JoeRoss zendre: it does not have in it the Law of Charts programming.
JoeRoss YV: At least 1 day, and more if you want more of private tutoring.
JoeRoss $1,500/day.
crosten Joe, I can't believe u are recommending using the NexTrend software, u said it yourself that u scan stocks using your eyes?
ciardim 1500$ a day, but I am only with Joe, or other traders like me?
YV Joe, honestly i am very impressed with the daytrading book and I do use and succeed high percentage of the time using what I read. Do u think the Law of Charts seminar will be any use for me or is it more or less the same?
JoeRoss crosten: There seems to be a lot of things you can't believe. I guess it is in your nature to not believe.
JoeRoss ciardim: Only with me.
JoeRoss No one else is at the tutoring, unless you want to bring someone with you.
JoeRoss If you do they get a $500 discount.
ciardim ok
ciardim ok
ciardim 3 days?
ciardim I live in Italy I don't come for only 1 day in USA.
JoeRoss YV: I think you would get a lot out of the Law of Charts seminar. There is much in the seminar that is not in the books. Probably 98% different.
JoeRoss ciardim: 3 days is fine. That's what most people come for.
JoeRoss ciadim: I understand. When I go to Italy I also don't go there for one day.
ciardim Yes.
JoeRoss ciardim: Where in Italy do you live?
ciardim Tuscany.
JoeRoss Ah, very nice.
zendre Joe, do you make any English talking, non-interpreted seminar in Europe somtimes?
ciardim I have agritourisme, if joe come to me I can pay him and I can give an apartment.
JoeRoss zendre: I always talk in English, but we always use someone to translate. Seminars in the UK were all in English.
zendre Will there be a seminar in England ?
JoeRoss ciardim: I would love to come there, but 2007 was my last year to travel. From now on I will give seminars by video teleconferencing.
JoeRoss I have only one more travel to do and that is to Brazil in May. After that, no more traveling. It is too hard on me.
ciardim I imagine.
JoeRoss And also becoming very expensive and increasingly difficult.
ciardim I try to come to you.
crosten Joe, what strike price for the euro options did u sell?
ciardim Where are you located?
JoeRoss ciardim: Austin, Texas.
JoeRoss I am short 1.50 Calls and 141 Puts, 30 of each.
crosten Joe, can u give a trading outlook for 2008?
crosten Thanks, Joe
zendre Joe, Did you buy them (options) on IB?
JoeRoss crosten: Here is my trading outlook for 2008: LOOK OUT!
JoeRoss Zendre: I only sell options. I am not a buyer. But I sold them on IB.
crosten Joe, you said that u are long the euro the for the long term the last time I asked u, are u currently flat or are u still long?
ciardim Last question Joe for 3 days how much? Consider I have to travel long.
JoeRoss crosten: I moved half of my money to the Swiss Franc for the sake of safety.
JoeRoss Only 1/2 in euros.
JoeRoss ciardim: $1,500/day.
JoeRoss That's only 1.000 euros.
crosten Do u still see the euro going 1.5 Joe, considering the fed cut 75 yesterday the euro is down today something is going on here?
zendre In this case your calls are ITM :-)
crosten Where are the big guys driving the market?
crosten Joe, what is the 1 thing that u like about the NexTrend software?
YV Joe, I have a question regarding filtering trades at certain hours. When I am filtering a trade for a US market, should I look at the last 3 days only US open market time or should I also concider night activity?
Joe Ross No zendre: The Calls are out of the money. 1.50 Calls. Euro is at 1.4568 right now.
Joe Ross zendre: I sold the options. I didn't buy them.
crosten Joe never sell out of the money options.
zendre Sorry, it was a bad joke about your converting 1500 USD to 1000 EUR.
Joe Ross crosten : I sold my crystal ball when I was young so I could have enough money to start trading. I no longer can tell the future.
zendre Just the 1st million is hard to earn....
ciardim ok thank you.
Joe Ross crosten: I Like a lot of things about NexTrend software. It is fast, it is accurate, the charts are lovely, the research facilities are top-notch and the price is one hell of a bargain.
crosten Joe, the last time I asked u said u expect the euro to go to 1.5 in 2008 have u changed your view.
crosten The ECB is giving hints of a rate cut lately.
crosten ECB merc talks about the economy the euro drops 200 pt.
JoeRoss




 YV: You can mostly forget about the night activity. Here's what you have to realize: Even though the markets have gone electronic, and the exchanges are keeping them open for almost 24 hours, the traders still want to trade the same hours they always have. So for bonds it is still pretty much 7:20 AM to 2PM.
JoeRoss For stock indexes it is 8:30AM to 3:15 PM those are Chicago times.
crosten Joe, perhaps u can do a sminar about how u use the NexTrend software to search for stocks, the Joe Ross way.
crosten Joe, the ES futures dropped 60 on monday a holiday, who are the pople selling the contracts?
JoeRoss crosten : There is no Joe Ross way. I simply put in the parameters I'm interested in and NexTrend finds me the stocks that fit those parameters. Then I use The Law Of Charts to enter the trades.
crosten Do a seminar Joe.
JoeRoss crosten: I still think euro will go to 1.50.
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JoeRoss crosten: whoever they were who dropped the ES, it wasn't traders in the U.S.
crosten Joe, how active are u in the stock market when compared to the futures market, options and spread trading in terms of percentage.
crosten Is it beacuse the traders in the US were on holiday? The traders in the US can still trade from home right?
crosten Joe, I guess the PPT must be really active this few days?
JoeRoss



 crosten: I can't give you any percentages. I invest in stocks only for the long term. I want to own some gold mining shares; Silver mining shares; Oil and oil service companies; globally diverse companies and companies that do well with a falling dollar.
JoeRoss crosten: I am counting on the PPT to prevent a crash.
crosten eem, a lot a pople are saying the dollar will rebound this year I guess u are not buying their calls.
JoeRoss I am also expecting a dollar rally to come soon. When the garbage man is worried about the falling dollar, then it is time to think about getting long.
fabio.it Joe, do you think yen is dangerous yet?
crosten Joe, would a crash have happened if Ben did not cut rates?
JoeRoss Hi Fabio: The yen has always been dangerous, but this may turn out to be the year of the yen, if they undo the carry trade.
crosten Bill Gross says the stock market is in a bad state as the FED has to come and save the day.
fabio.it Hi ;o)
JoeRoss crosten: I already told you, I don't have a crystal ball.
crosten Why is the yen dangerous Joe, intervention?
JoeRoss crosten: the Fed came in to save the economy, not the stock market.
crosten The yeild between the yen and dollar is decreasing.
JoeRoss crosten: It is simply a crazy market with too much intervention by the government.
crosten Joe, am I correct to say the stock market is in an established downard bear trend.
JoeRoss crosten: I believe that to be true.
fabio.it Joe, do you thing that your old method explained in trading is a business is the best in actual indexes futures battle? I think so.
crosten Joe, yesterday during the European session there were strong rumours abot a suprise rate cut .
crosten It turned out to be true.
ciardim fabio sei italiano?
fabio.it si ciardim, di parma
crosten Are there people who follow Benernake where he goes, cause he worked on Monday a holiday ?
JoeRoss It's time for me to go.
ciardim ciao toscana hai mai fatto il corso con joe a ravenna
JoeRoss See you next week.
YV Bye joe
ciardim bye joe
ciardim bye joe
zendre bye everybody!!!
fabio.it ciao joe... ciardim-si tutti e due, daytrading e spread
ciardim anche io puoi kasciarmi la mail almeno ci sentiamo per parlarne? se ti va
fabio.it bye everybody

Next EURO Chat with Joe Ross:
Wednesday, January 30, 2008
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)

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