Euro Chat with Joe Ross
Chat log from: Wednesday, February 13, 2008
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| SusanV | Hi Crosten, Pasman and Rainer |
| SusanV | Good to see you here |
| SusanV | Are you all from Europe? |
| JoeRoss joined. | |
| Pasman | I am from Europe |
| Pasman | Hi there by the way. Almost forgot. |
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| SusanV | Hi YV |
| rainer | Hey susan, hey joe |
| YV | Hi. |
| rainer | It's rainer from Austria ;-) |
| JoeRoss | Hi Rainer. |
| SusanV | If anybody wants to see what was talked about before they joined, go to Action and Recent Room History. It should pop up in a separate window. |
| rainer | Hope you are fine!!! |
| JoeRoss | How are things going? Did you graduate? |
| crosten | Joe, i have to say last week chart scan was the best u have written. |
| rainer | Still studying at university. |
| rainer | In Vienna. |
| SusanV | Hey Rainer - we haven't heard from you for ages. |
| rainer | Yeah, long time. |
| JoeRoss | Did you ever take your long walk? |
| rainer | No... had problems with my health in the last time... but i hope it will get better soon!!!! |
| SusanV | Yes, I agree with Crosten, Joe, your Chart Scan Newsletters are really good. I enjoy reading and learning from them every week. |
| SusanV | Please everybody, fire up your questions and comments so that the chat can thrive!! |
| Pasman | Are you all members of Traders Notebook? |
| YV | Joe, what do u think about tick charting for the E-minis? They seem to work pretty good for law of charts. |
| JoeRoss | I am ;-) |
| SusanV | Pasman, are you a member of Traders Notebook? Do trade spreads? |
| rainer | i just wanted to say hello to you susan, and joe... ;-) |
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| Pasman | Yes i am member of TN and I do spread trading. |
| SusanV | Thanks Rainer, it's appreciated. Will we ever see you again here in Texas? |
| JoeRoss | YV: I am very much in favor of using tick charts. They are excellent and it gets you away from all the other day traders. |
| rainer | susan, i hope so!!! |
| Pasman | What is tick charts? |
| crosten | Any recent options play Joe? |
| SusanV | But make sure that when you come to visit, that you ask for Joe's new address. I am also married by now. |
| SusanV | Rainer, have you ever met Andy before? |
| rainer | Hey great! |
| JoeRoss | pasman: A tick chart shows bars that each have the same number of ticks in them. So it is not by time, but by number of ticks. |
| rainer | No! |
| Pasman | Thanks Joe. |
| rainer | Oh, you mean Andy. |
| JoeRoss | I'm waiting for another couple of weeks to sell another euro strangle. |
| SusanV | Yes, our Andy. |
| rainer | Sure, i didn't meet him, but had a lot of contact. |
| rainer | I thought you are talking about your husband!!! |
| SusanV | He is a great guy and has a wonderful wife. |
| JoeRoss | Does anyone know when the next ECB meeting is? |
| SusanV | No, my husband is Bill and he is also a great guy :) |
| rainer | Now i know ! ;-) |
| crosten | I am correct to say that the euro just made a 123 low Joe? |
| crosten | Next month. |
| rainer | I'm happy for you Susan!!! |
| SusanV | I still have pictures when you, Joe, Loretta and I went to Fredericksburg. Was a cool trip. |
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| JoeRoss | I know it's next month, I was hoping for a specific date next month. I think Trichet will cut by .25 and that will bring the euro to 1.40. |
| SusanV | Well, I am glad that more people joined this chat. Welcome everybody. |
| zendre | Hi all. |
| SusanV | We hope the chat will thrive with your comments and questions. |
| SusanV | It's supposed to be a lively chat. |
| JoeRoss | Hi sauff and zendre. |
| Pasman | Me too I think that ECB should lower interest rates. |
| zendre | Hopefully ECB thinks too :-) |
| rainer | Yeah, ... and i also have pictures on my pc from joe with the big hat. |
| rainer | :-D |
| Sauff | Hi Joe. |
| JoeRoss | zendre: Do know which date ECB meets in March? |
| zendre | Do not know. |
| crosten | Intermitting rate cut Joe? |
| zendre | Sorry. |
| zendre | 1,5 month away. |
| crosten | Usually first week of the month. |
| JoeRoss | crosten: I don't think they will cut between meetings. |
| zendre | I shall look it up. |
| SusanV | Rainer, what kind of markets do Austrians trade? |
| Pasman |
Joe, were you in the WN8/WH8 spread when there was this limit up frenzy in wheat? I was and got badly stung. After that I decided to become a member of TN. |
| JoeRoss | pasman: I wasn't in it. |
| Pasman | Lucky one. |
| zendre | 21/02/2008 Governing Council meeting of the ECB in Frankfurt. |
| zendre | Is this one the true one? |
| JoeRoss | I know I guy who was wiped out on that move. |
| rainer | Austrians?? I think most of them the euro markets... eurex, dax, may some in austria the atx, don't know |
| zendre | I was in it but reversed, then went long in both legs. |
| Pasman | During limit up days, what is the right way to get out, Joe? Any tips? |
| JoeRoss | zendre: I think that's what they call it. |
| rainer | Any austrians are in here? |
| Pasman | Me! |
| crosten | joe did we have a spike reversal on wheat joe ? |
| JoeRoss | pasman: Out of futures or out of a spread? |
| zendre | Joe, question about your template in Genesis TN: |
| JoeRoss | crosten: it sure looked like a spike reversal, crosten. |
| Pasman | Out of a spread, in my case. Went out market spread order. Spread differential was ugly. |
| JoeRoss | zendre: That is a bad question. I don't know much about that template. |
| zendre | What does blue and yellow color mean? I tipped ledge and congestion. |
| crosten | joe the guys who got wiped out of his wheat trade, is he trading spreads or outright ? |
| zendre | But sometimes it goes all through trends :-) |
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| JoeRoss | pasman: Usually the best thing to do if you are in a spread is to try to reverse the leg that is losing, or just stay in the spread. The only leg you can get out of is always the wrong one. |
| JoeRoss | zendre: I don't know what the colors mean. |
| zendre | ??? It is called Joe Ross template :-) |
| zendre | Maybe it is a different Joe Ross (ha, ha) |
| JoeRoss | crosten: Outright. |
| zendre | I shall ask Genesis then. |
| crosten | Is he a student of yours joe ? |
| fabio.it | Hi everybody. |
| JoeRoss | And of course you know when he got out :-( |
| rainer | Hey fabio. |
| Pasman | I tried to reverse the losing leg, but was rejected by the exchange. |
| crosten | If he had entered a spread trade would he be wiped out? |
| JoeRoss | The same morning as the Spike reversal bar. He went out at the open. |
| SusanV | Hi Fabio from Italy :-) Welcome to the chat. |
| crosten | Did u take the spike reversal bar joe, you love them right? |
| JoeRoss | zendre: Yes, Joe Ross. |
| JoeRoss | crosten: He is a guy who came to a seminar. |
| fabio.it | Hi Susan... are u ok? ::smile |
| JoeRoss | Hi fabio. |
| SusanV | Yes, what about you? |
| fabio.it | Hi joe. |
| JoeRoss | pasman: You have to keep trying. Maybe try a different month. |
| SusanV | are you Fabio who sat with us at the same lunch table at the Italian seminar last year? |
| fabio.it | I'm surviving ::wink |
| fabio.it | Yes i am, Susan |
| SusanV | Good to have you here. How is Italy? |
| rainer | @fabio... and do you remember the young austrian guy from 2004 ;-) |
| JoeRoss | crosten: If he had been in a spread trade he would have had a loss, but not nearly as big as the one he had. |
| fabio.it | Italy? very bad moment.... i think it will be long. |
| SusanV | What is happening in Italy? To make a long story short? |
| fabio.it | Rainer, maybe you confuse me with another man..... |
| crosten | Joe joe the guy shorted the wheat right ? What was he thinking fighting the trend ? |
| JoeRoss | Every other Italian is named Fabio, the other ones are name Francesco |
| Pasman | Thanks for the tip Joe. |
| JoeRoss | crosten: I don't know what he was thinking. |
| fabio.it | Susan the economy runs bad, and many people have problems to reach the end of the month (money). |
| crosten | joe do you know why there are many technical indicators out there? |
| JoeRoss | That's because the politicians have it all. |
| SusanV | Hey everybody, I hope you haven't been taking sleeping pills before joining the chat. We count on your questions and comments. We appreciate you taking the time to participate. It's great having you all in this chat.... |
| SusanV | Oh oh Fabio, sounds like a desert season for your country. |
| JoeRoss |
crosten: I believe all the indicators are because people refuse to see the simplicity of the chart. They don't think anything simple can make money. They want it to be complicated. In addition, there is a lot of marketing going on based on indicators. |
| zendre | Joe, what is your opinion about CL? |
| zendre | It seems to me in a trading range going up. |
| SusanV | But of every death situation comes new life eventually, I will pray for Italy - it is a beautiful country. |
| zendre | Am I right? |
| fabio.it | Yes joe... we need to send them all to the hell and renew the politicians... beppe grillo's blog is instructive for this argument... so stop sad things and begin speaking about trading ::smile |
| JoeRoss | zendre: I'm long. Now you know my opinion :-) |
| crosten | The reason why there are many indicators is because they don't work , that is one of the best quotes i have read about indicators. lol |
| SusanV | Well then Fabio, do you have anything good to say about trading? |
| fabio.it | I'm interested about constant volume bars; do you think they are useful about our trading style joe? |
| JoeRoss | fabio: I have never used them. I really don't know anything about them. |
| JoeRoss | They must be very similar to tick charts. |
| crosten | Are u anticipating a surprise rate cut by the FED joe ? |
| JoeRoss | Tick charts are constant tick volume. |
| JoeRoss | crosten: No more surprises, but another rate cut next time they meet. |
| fabio.it | You did writing something about them in one of your last newsletters... every bar is composed by, i.e., 2000 traded contracts. |
| JoeRoss | Fabio: Yes, that is a tick chart, ( a constant tick volume chart if you want to call it that.) |
| JoeRoss | But not 2000 contract. 2000 trades. |
| JoeRoss | A single trade might be 1 contract or 100 contracts. |
| crosten | joe do have a book that i can read on about the fundamentals of commodities, i would like to find out the planting and harvesting season of the grains ? |
| fabio.it | No, i think that is the difference between tick charts and constant volume charts. |
| JoeRoss | I know there is such a thing as constant volume charts, so maybe they would go good together with tick charts, which are really constant tick volume. |
| JoeRoss | crosten: you can find that info at the CBOT website. |
| crosten | Are u anticipating volatile times ahead in the coming months joe ? |
| JoeRoss | crosten: I am expecting volatile times. |
| fabio.it |
There is an italian trader (www.hawktrader.com) that has developed a software about it, and i find it very very interesting. Take a look tomorrow if you have time. |
| crosten | Joe, do you think Ben is going to surprise the market with a valentine gift tomorrow? |
| JoeRoss | Fabio: That is not the right URL. |
| fabio.it | Wait i check. |
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| crosten | trader hawk |
| JoeRoss | crosten: I don't know what he will do, but he can send me a box of chocolates. |
| quester123 | Joe, do you think Mr obama would be good for the US economy if he wins. He seems to be building a head of steam. |
| crosten | thehawktrader |
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| fabio.it | www.thehawktrader.com sorry. |
| JoeRoss | quester: Obama is a socialist, just like Hillary Clinton. |
| fabio.it | Send Obama to us..... |
| JoeRoss | fabio: it looks interesting, but I don't know what it says :-D |
| fabio.it | ::biggrin |
| JoeRoss | Obama would be a conservative in Italy ;-) |
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| SusanV | Hello Martin28 |
| JoeRoss | Hi martin. |
| crosten | How about Ron Paul, Joe? He wants to abolish the FED, get rid of the FCC and legalize marijuana? |
| martin28 | Hello All. |
| YV | Joe u said before u are working on a currency method? When is it due? |
| quester123 | Joe any word when you can spread with Ninja |
| JoeRoss | quester: You can do them now if you leg into each side as separate futures orders. |
| crosten | I thought u are a Huckabee supporter. |
| JoeRoss | YV: As soon as Andy finishes with it, we will release it. He says the testing is going well. |
| fabio.it | Yes, of course.... shortly:= when the market trade a lot, you have plenty of bars, when the market trade very few contracts, a bar may be long 2 hours! |
| crosten | Ron Paul is cool, but not many people know him. |
| SusanV | YV: Andy told me we will have it ready for everybody in March. he is writing up the method and then it's just a matter of putting it in an ebook and preparing everything and all information for the website |
| JoeRoss | Huckabee would be my 2nd choice. |
| YV | Ok, thanks. |
| zendre | Again some futures :-) I see a good opportunity in Feeder Cattle. If it comes out of the ledge. |
| zendre | Opinion? |
| SusanV | YV, are you the kind of trader who like trading methods? |
| YV | Yes , I use my implementations of Easy Bond and Emini 40 as well as my own trading using Joe's concepts. |
| fabio.it | Then you can see a POC (point of control), that is the level at which the market has traded the great number of contracts. But i don't find POC very useful, apar trading range strategies. |
| crosten | Joe, out of curiosity how many cars do you have? |
| crosten | Just one, crosten. |
| YV | Susan , Joe, is the new method for forex trading or futures? |
| JoeRoss | YV: It is for forex not futures. |
| fabio.it | Do you know why IB don't let trade wheat outside of chicago? KC and MN? |
| JoeRoss | I missed a great trade in USD/JPY this morning. |
| JoeRoss | I am still angry with myself. |
| SusanV | That's ok Joe but hopefully not by the time the sun goes down ;-) |
| JoeRoss | fabio: I didn't know they won't let you trade wheat. That doesn't make sense. |
| fabio.it | I would enter probably natural gas and crude oil tomorrow, if TTE permits. |
| SusanV | YV, Joe answered your question. The new forex method is for Forex, not Futures. |
| zendre | Any news on FC? |
| YV | Ok. |
| crosten | What trade did u miss on the JPY Joe? A congestion breakout? |
| fabio.it | Not me. everybody (Only Kansas City and Minneapolis, not Chicago) |
| Joe Ross | fabio: I guess IB doesn't carry the data for KC or MN. |
| zendre | I also like the NG it broke out of a range, tested back and starting up again. |
| fabio.it | Why you missed the trade, Joe? |
| JoeRoss | crosten: I wanted to go long very early this morning when the price was 107.16. But someone interrupted me and I missed the trade. |
| fabio.it | zendre - it seems a good trade. |
| JoeRoss | Someone in Europe needed to ask me some questions. |
| crosten | What is the basis of your plan yen trade? I suppose its 123. |
| SusanV | Also, for those interested, Joe's |
| SusanV | Day Trading Video Seminar will be available online sometime in March. So far we have an online seminar available for The Law Of Charts and Spread Trading. |
| JoeRoss | crosten: Actually, it was just the way it was ticking that caught my attention. |
| SusanV | After that he plans to offer a real good Options Seminar - oh my, I am so excited about that. |
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| SusanV | m.spoto, it's so good to have you here. I saw you in the other chat room. |
| JoeRoss | Hi spoto, you are late. |
| m.spoto | Hoe! |
| SusanV | The other chat room is if you are going to join the Live Chat tonight. We hope you will. |
| m.spoto | Hi Joe. |
| crosten | i don't understand Joe, is it an intuition trade? What time frame would you have entered? |
| SusanV | Sorry for the confusion but Joe's has 2 different chat rooms for each of his live chats. |
| fabio.it | Joe: when the market, as today, break a trading range with a huge bar, usually do you wait for a hook or consider that bar a measuring and don't trade? |
| JoeRoss | crosten: It was an intuition trade and I was watching the 15 min chart. |
| JoeRoss | fabio: It depends on what else I am seeing. |
| SusanV | m.spoto, if you have any comments and questions to make, you are welcome to do so anytime. |
| m.spoto | Ok. |
| m.spoto | Thanks SusanV. |
| JoeRoss | Any time in the next 4 minutes. |
| m.spoto | Thanks Susan. |
| SusanV | Well yeah...the chat has been going on for 57 minutes already. |
| fabio.it | Some tips about entering trade, when you have fear of loss? |
| crosten | The move in the yen is also caused by stop running right, Joe? |
| JoeRoss | fabio: If you have fear, don't enter. |
| fabio.it | And you have a trading plan, obviously. |
| SusanV | But you are all welcome to join Joe's other Live Chat tonight, it's 8pm U.S. Central Time (Chicago Time) - Bring more of those great questions you all have. |
| JoeRoss | crosten: All markets move mostly on stop running. |
| fabio.it | I have no fear, just a curiosity. |
| JoeRoss | crosten: I am angry at me, not at the trade. It would have been an easy $3,600. |
| JoeRoss | In less than 5 minutes. |
| crosten | It will be interesting to see whether the JPY can keep up with its upward momentum. |
| m.spoto | Joe what do you think about this spread (Corn Dec08 vs Corn May08)? I think to enter next Friday MOC!!! |
| JoeRoss | For some traders the fear is good. But i am guessing maybe not for you, Fabio. The reason I say that is because you asked. |
| fabio.it | You will be angry again in the future Joe, sometimes it happens. |
| crosten | How would you plan to exit the trade once you had entered at 107.17 Joe? |
| crosten | Volatility stop or fixed profit target? |
| fabio.it | Simply i need some good results at the beginning of my new trading plan on the DAX. |
| JoeRoss | spoto. If it blows out of there it will be good. Nice Rh. |
| m.spoto | OK |
| crosten | I have found out anger is what makes me lose money, susan. |
| m.spoto | Thank you, Joe. |
| JoeRoss | Time to go. |
| fabio.it | A bit of trusting in what i created. |
| JoeRoss | I have lots to do. |
| fabio.it | ciao |
| JoeRoss | See you next week. |
| SusanV |
NEXT LIVE CHAT WITH JOE IS TONIGHT! 8 PM U.S. Central Time (Chicago Time) This is the chat room to join tonight: http://tradingeducators.com/studentsonly/LiveChat.html |
| crosten | joe my question.... |
| JoeRoss | Save the questions for then. |
| crosten | pls |
| m.spoto | Bye |
| JoeRoss | Molto Saluti |
| crosten | Noooooooooooooooo |
| rainer | cu joe |
| rainer | cu susan |
| fabio.it | wow ::smile |
| Sauff | Ciao and good night from Italy |
| JoeRoss | cu rainer |
| m.spoto | Joe is best "Tanti Saluti" |
| JoeRoss | Good to know you are still there. |
| SusanV | OR YOU ARE WELCOME TO JOIN AGAIN NEXT WEDNESDAY - IF NOT TONIGHT |
| m.spoto | ok? |
| zendre | Thanks bye |
| rainer | all the best to loretta!!!!! |
| quester123 | thanks Joe, bye all |
| JoeRoss | ok Tanti Saluti |
| JoeRoss | and servus |
| m.spoto | Ciao |
| JoeRoss | bye |
| Pasman | Bye |
| SusanV | bye everybody |
Next EURO Chat with
Joe Ross:
Wednesday, February 20, 2008
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
