Euro Chat with Joe Ross
Chat log from: Wednesday, February 20, 2008
| SusanV joined. | |
| martin28 joined. | |
| crosten joined. | |
| SusanV | Hi Crosten and Martin |
Joe Ross joined. |
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| martin28 | Hi Susan, Thanks |
| SusanV | I guess a lot of Europeans watch the news or eat at this time?? |
| YV joined. | |
| JoeRoss | Hidey ho, Y'all :) |
| SusanV | Hi YV, welcome to the chat, |
| martin28 | Hi Joe. |
| JoeRoss | Hi martin. |
| martin28 | Who will start with first question? :) |
| SusanV | Why don't you? |
| YV | Hi all. |
| SusanV | Joe, do you have a preferred Trading Style? |
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| JoeRoss | Yes! I have a preferred trading style. My preferred trading style is whichever one is winning in the market. |
| martin28 | Joe, do you still do the position trading or you only do intraday trades? |
| SusanV | So do you adapt your trading style to the markets? |
| JoeRoss | martin: I do both, position trading, and day trading. Also spreads, stocks and options. |
| JoeRoss | susan: I always adapt to whatever I see the markets are doing. |
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| martin28 | I focus on position swing trading based on 123 Rh. |
| JoeRoss | Right now I would like to sell euro strangles. :) |
| SusanV | How can you tell when major changes in the markets take place? |
| JoeRoss | As long as you do what is comfortable you will be ok. |
| JoeRoss | susan: I can tell by looking at the chart. |
| Sauff | Hi to everybody. |
| SusanV | Does the Law of Charts always work, even when the markets change? |
| SusanV | Is the Law of Charts you discovered uneffected from market change? |
| JoeRoss |
I am interested only in what the charts are telling me. If anything is known, it is in the market and I will see it on the chart. The Law of Charts never changes, that is why it is called a LAW! |
| JoeRoss | Hi sauff. |
| SusanV | Hi Sauff. |
| JoeRoss | The Law of Charts is a constant. You can see it at work in all markets and in all time frames. |
| YV | Joe, what do u think on Bean oil contract? |
| JoeRoss | YV: Which month of BO? |
| YV | Not specifically a month , just an overall feeling |
| JoeRoss | YV: Bean oil margins are very low, so there must not be much volatility. |
| martin28 | Joe don't you consider about some discount for your ONLINE the law of chart seminar? :) |
| SusanV | Joe, can I use the Law of Charts when creating my own trading method in the markets? |
| JoeRoss | Bean oil is easily replaced by canola oil, palm oil etc., so it is not keeping up with soybeans. |
| YV | Not much volatility is ok or not? |
| JoeRoss | Lots of volatility is ok, medium volatility is ok, and not much volatility is ok. It depends on how and what you trade. |
| JoeRoss | martin: Sorry, no discounts. |
| SusanV | Martin, i have a question, since you don't seem to know the value of the content in the Law of Charts Seminar, what is the price you are willing to pay for such great teaching? |
| martin28 | ::huh |
| martin28 | Good question ...Susan. |
| YV | martin28, its worth the money believe me. |
| JoeRoss | "The laborer is worthy of his hire" quote from the Bible. |
| martin28 | I know there is a lot of wisdom and experience Joe had to get during so many years in the market. |
| martin28 | It was just a joke. |
| YV | Joe, in these volatile times, what is your most preferred contract to trade? |
| SusanV | Martin, if you are a subscriber to the Chart Scan Newsletter, you might one day come across a special offer. This week, Joe is offering the Futures Beginners Course for $20 off regular price by using a coupon code. |
| JoeRoss | You can pay me with a new Mercedes instead of money if that suits you better. |
| JoeRoss | YV: The one that makes YOU the most money. There is no such thing as a "preferred" contract. |
| YV | I knew that's what i was going to hear, just tested u. |
| SusanV | Joe, how can you find out what style of trading would suit me? For example, Spread Trading vs. Day Trading or Options Trading vs. Spread Trading or Forex Trading etc. How can you find that out about me? |
| JoeRoss | susan: I can't find that out about anyone. They have to find that out for themselves. |
| JoeRoss | It's a matter of where you feel the most comfortable. |
| SusanV | But if one doesn't have the experience yet with any of these trading kinds, how would one know what the best one would be to start with? |
| JoeRoss | susan: By paper trading the various kinds to see which feels the best. |
| YV | Did u make a lot of money in CL today? |
| JoeRoss | Not today, but i did yesterday. |
| SusanV | Ok, let's say I was a newbie and wanted to try Options Trading. Which tools would you recommend to a newbie to use, including paper and a pen. |
| JoeRoss | YV: who is "u" ??? If u meant me, I did not trade today. I am in private training with a student. |
| YV | i meant u. |
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| SusanV | YV, when are you coming to Austin here in Texas and meet Joe at his office? |
| JoeRoss |
susan: First I would read Trading Optures and Futions to find out what options were all about. Then I would ask Joe to send me the free introduction to options. |
| YV | Sooner then u think, i just need to make a few more $$$ to pay for that. |
| SusanV | Wow, I like that Joe. After all, you're the teacher! I would do what you recommend to do. Thanks. |
| SusanV | YV, It would be great having you. I believe you come from a country I would love to visit one day. |
| JoeRoss |
By the way, you guys in Europe should be screaming at your representatives and telling them you don't want fingerprinting and picture taking when people come to your country to visit. |
| SusanV | Hi Marsh, we haven't heard from you in a while. |
| SusanV | We miss seeing you at seminars since we only give them online. |
| marsh | I miss y'all too. |
| marsh | Have we discussed oil going over 100? |
| JoeRoss | marsh: Not yet. Did it break through today? |
| YV |
Joe, i think i asked this before but i still cannot make up my mind, when u prepare your trades and go over time frames, do u consider the 24 hours trading or do u display in your charts only US time? For example, the mini s&p can do some wild things when u all sleep in US. |
| marsh | Right now, it's 100.70 |
| SusanV | Marsh, are you trading those kind of markets? |
| marsh | I'm not trading oil. |
| JoeRoss | YV: I usually consider the overnight trading in what I do. |
| JoeRoss | marsh: Oooooooeeeeeee. Maybe I got out too soon, but I took out a nice piece yesterday. But today I have a student. |
| JoeRoss | It had to happen. |
| SusanV | Joe, what are the consequences of the current oil price? |
| marsh | Big news if oil closes over 100. |
| SusanV | Marsh, I assume you are such a good trader by now, you no longer need to come to Joe for tutoring. Well, maybe you'll drop by someday. |
| JoeRoss |
susan: The consequences of the current oil price are rising prices across the board and major inflation.. That inflation will result in stagflation. Inflationary prices and a low or slow economy. |
| marsh | Well, March oil is expiring today, and the other contracts are below 100. |
| SusanV | In any case, we always appreciated you coming to his seminars. |
| marsh | No one is that good, and thanks for the appreciation. |
| JoeRoss | marsh: Backwardation in oil. I looked at the spread earlier today--definitely an inverted market. |
| marsh | That means oil is still bullish. |
| SusanV | Hello everybody in the house, please don't be just a spectator, we need participants and chatters. |
| SusanV | Please ask Joe questions and make comments. |
| SusanV | Joe, I am so thankful for your last Chart Scan Newsletter, great tidbit from Glenn Larson. I am so excited for your next Chart Scan, i believe it's a good one. |
| JoeRoss | I hope people find value in it. |
| martin28 | Joe, what kind of filters for Rh are best for you? |
| SusanV |
I would like to try out Glenn's management tips but I fear that i got lost spending too much time just preparing for that kind of management and I fear it will take away flexibility. |
| JoeRoss | martin: The Traders Trick is my best filter. |
| martin28 | I'm pretty lost with that I still take a lot of trades.... |
| martin28 | I use TTE as a filter. |
| JoeRoss | Second would be a 5-3-3 stochastic. |
| JoeRoss | I showed how to use that in my Trading the Ross Hook book. |
| martin28 | I know. |
| JoeRoss | IT really works well, Martin. |
| quester123 | Joe, what books are you presently writing / updating if any? |
| JoeRoss | Crosten is getting in but we are not seeing what he is typing. We can even see him typing, but his questions and comments are not printing. |
| JoeRoss | I've been talking with him privately. |
| JoeRoss | quester: I work on updating Trading by the Book. |
| crosten | Finally. |
| martin28 | What are the main changes and updates? |
| SusanV | quester: Joe just finished recording his Day Trading Seminar. It will be available online sometime mid March. |
| marsh | Great! |
| crosten | Joe, did you take any oil trades today do you think oil will hang around 100 Joe? |
| SusanV | He is one busy man. |
| JoeRoss | The main changes are to bring it up to date with the electronic trading, plus a new section on trading inside a range. |
| YV | Joe, would u consider being break even and surviving the markets after 4 months of trading to be good status? |
| JoeRoss | crosten: I did not trade oil today. I am busy tutoring. I did take a nice piece out of oil yesterday. |
| crosten | Did you go long oil or did u sell options on oil? |
| JoeRoss | What I think about oil is of no importance. It's what everyone else thinks about oil that interests me. |
| crosten | Joe, what is with the v reversal for the euro today strange? |
| JoeRoss | YV: Breakeven is ok if you have not been trading long. |
| JoeRoss | crosten: I was long oil. |
| crosten | Joe, considering that winter is going to end soon why is oil so high. |
| JoeRoss | crosten: What time frame for euro? |
| crosten | 30 or 15 min. |
| JoeRoss | I don't see a v reversal in euro. |
| crosten | Intraday Joe. |
| crosten | It dropped 100 pts and now its up over 100 pts. |
| JoeRoss |
crosten: by now you should know that I trade what I see. But I am long-term long in euro, and I don't care very much about the 15 or 30 minute charts. On the daily chart euro is at 1.4710. |
| JoeRoss |
crosten: I suspect that crude oil is the reason for the reversal in the euro. Traders are thinking soon OPEC will go to a basket of currencies for pricing oil. |
| crosten | Joe, for your upcoming online day trading seminar, which market is it focusing on? |
| crosten | Great analysis, Joe, about the reason for the euro turn. |
| JoeRoss | crosten: I am not focusing on any one market for the day trading seminar. |
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| SusanV | Hi Ronnie. |
| ronnie | Hey Susan how are you. |
| JoeRoss | Hi ronnie, you are late :( |
| ronnie | Hey Joe. |
| ronnie | Sorry my math was off today. |
| SusanV | If you want to see what was discussed so far, go to Action > Room History. |
| SusanV | Ronnie, where are you from? |
| marsh | Eurocurrency is up long term, but on the daily chart, it's been in a wide trading range, since November. |
| ronnie | I'm from Las Vegas. |
| quester123 |
Joe, i wondered if you noticed the 5 min bar on the ZB before midnight of the 18. Is this a classic example of why it's not recommended to trade over the holidays? |
| ronnie | I met you last Feb in Texas. |
| crosten | Joe, Dennis Gartman says this high price we are seeing in wheat right now has to do with the credit crunch what u think Joe? |
| JoeRoss | crosten: I think Dennis Gartman has been eating too much gluten :( |
| SusanV | Wow Ronnie. Since you missed most of this chat, you might want to join tonight's chat, it's at 8pm U.S. Central Time. |
| JoeRoss | marsh: I really want to write some euro strangles, but I will have to look at the option premiums before I do. |
| SusanV | We met you Ronnie? |
| ronnie | Yes, it was your birthday the day I left. |
| crosten | Joe, are u still long gold using Volatility Stop? |
| JoeRoss | quester: I didn't happen to notice. I look at 60 minute bond charts. |
| JoeRoss | crosten: Yes, still long gold, but no VS. |
| crosten | New highs in gold. |
| ronnie | Hey Joe, what was that about the govt. will stop reporting certain inflation data. |
| ronnie | I read it yesterday I think in the daily pfenning. |
| JoeRoss | ronnie: I didn't see that. What did they say? |
| ronnie | He was going off about just when inflation was rising, they stop calculating a certain indicator. |
| crosten | Joe, which market is the upcoming online seminar suitable for? |
| JoeRoss | ronnie: I missed the pfennig yesterday, but I still have it. I'll have to look. |
| ronnie | He was comparing it with Soviet type strategy. |
| crosten | Joe, are u currently waking up early just to trade? |
| JoeRoss | ronnie: It sounds like a bit more government chicanery. |
| ronnie | Cover your tracks! steal and hide the evidence. |
| JoeRoss | crosten: Some times. But other times I need a little more rest. I've been sleeping longer the past few days. |
| JoeRoss | Today I was up at 6:15, very unusual for me. |
| ronnie | Joe, do you think the govt. is manipulating gold supply to keep the prices down? |
| crosten | Are u waking up early nowadays to trade currency? |
| JoeRoss | ronnie: absolutely YES, gold is being manipulated but it is by the Central Banks. |
| ronnie | I thought so. |
| JoeRoss | crosten: I will probably do that tomorrow. |
| JoeRoss | Wake up early to figure out a euro strangle. |
| SusanV |
YOU ARE ALL INVITED TO JOIN TONIGHT'S CHAT at 8PM U.S. Central Time. THIS IS THE CHAT ROOM YOU NEED TO JOIN FOR TONIGHT http://tradingeducators.com/studentsonly/LiveChat.html 1 HOUR TRADING CHAT WITH JOE |
| YV | Good bye all. |
| marsh | Thanks, Joe. See you tonight. |
| crosten | Joe, why don't u write an options newsletter? |
| JoeRoss | crosten: Why don't you??? |
| crosten | U are the Pro Joe, come on? |
| JoeRoss | Have a great day or evening or whatever you are having where you live. |
| ronnie | See you Joe. |
| martin28 | You, too . |
| martin28 | Bye |
| JoeRoss | Bye all. |
| quester123 | Thanks Joe, bye all. |
| Sauff | Bye. |
| JoeRoss | I'm outta here! |
Next EURO Chat with
Joe Ross:
Wednesday, February 27, 2008
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
