Euro Chat with Joe Ross
Chat log from: Wednesday, March 19, 2008
| SusanV joined. | |
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| crosten | What an exciting few days, 'eh Joe? |
| crosten | Did u make any good trades this past few days? |
| JoeRoss | Hi crosten. It has been very exciting, but I haven't gotten in to any trades because I don't like to have open positions when I travel. |
| crosten | Joe, is it a good price to be entering gold at this level? I see the gold bugs are taking profits gold down 50 bucks today. |
| crosten | Where are u traveling now Joe? |
| JoeRoss | I would like to write a bond strangle. |
| crosten | Joe, on the daily chart of the euro did we have a climax on Monday? |
| JoeRoss | crosten: I think it would be wise to scale into gold a little at a time in case it goes lower. |
| crosten | Joe, do u see the euro going to 2 bucks? |
| JoeRoss | crosten: I leave for Brazil tomorrow. We have 120 traders waiting to take a seminar. |
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| Hrasa | Hi all. |
| JoeRoss | crosten: I think we had a euro climax, but I think it is only temporary. |
| crosten | Joe, are u against or do you agree with the fed on the bailout of Bear ? |
| JoeRoss | crosten: $2? I don't see it yet. |
| JoeRoss | Hi Hrasa |
| crosten | Is it possible for euro to hit 2? No intervention so far. |
| JoeRoss | crosten: I disagree with what the FED did with Bear Stearns. They are rewarding the investment banks for messing up and really hurting the stock holders. |
| crosten | eem |
| JoeRoss | crosten: Anything is possible. Even $2 for the euro. |
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| JoeRoss | Hi Lola. |
| Lola | Hi all. |
| Lola | How is it going? |
| crosten | Global market would crash if they let Bear go broke, Joe? Bear is just to big to fail. |
| crosten | The whole system will fall apart. |
| JoeRoss | crosten: The franc and the euro have not done as badly as gold. I like the currencies better. At least you can burn them to keep warm. But what will you do with gold? |
| Lola | Probably. |
| JoeRoss | Things are looking good, Lola. For traders, the markets are almost always good. |
| JoeRoss | crosten: Sooner or later the global markets will fall. The longer they wait the worse it will be when it happens. |
| Lola | For technical traders I guess. |
| crosten | Joe, am i correct to say that we have a 123 top on the euro the 1 and 2 is on monday and the 3 is on tuesday? |
| JoeRoss | Just think, you will be able to buy an ice cream for 5 cents again. |
| JoeRoss | crosten: All I see so far is a 1-2, no 3 yet on daily chart. |
| JoeRoss | Lola: A trader can trade when the market is up or down. The only thing that would prevent traders is if the markets close for some reason. |
| Lola | Joe, do you mainly trade the Law of Charts? |
| JoeRoss | Lola: Everything I do is in some way related to the Law of Charts. |
| JoeRoss | But it does not always have to be pattern related. |
| JoeRoss | The Law of Charts describes a lot of things in the market that are not sometimes seen by a chart pattern in the chart you are looking at. |
| crosten | Joe, do u know what happened to wheat; did something fundamental happen? |
| Lola | But one has to stick to his method at all times, right? |
| JoeRoss | crosten: There is a shortage in wheat. That is fundamental, wouldn't you agree? |
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| crosten | I see that wheat if pulling back from its high. |
| JoeRoss | Lola: It is just the opposite. No method will continue to work all the time. You can stick to a logical approach all the time, but not to a method. |
| JoeRoss | Hi spreadtrader. |
| spreadtrader | Hi Joe and all. |
| crosten | When will u be back from Brazil Joe? |
| JoeRoss | crosten: The wheat pull back is because of profit taking. Until there is no more shortage we have not seen the end of rising wheat prices. |
| crosten | Paulson and Ben should be applauded right? |
| JoeRoss | crosten: I will be back in time for the April chat. |
| spreadtrader | Speaking of pullbacks, I hear that gold has had a very large drop today. Percentage wise though, it is not that huge compared to the past. |
| JoeRoss | crosten: Paulson and Ben are the ones, along with Greenspan who are responsible for the mess. |
| JoeRoss | spread: It's trading at 944 right now. |
| JoeRoss | It could drop more, but you never know for sure. |
| spreadtrader | Joe, any advice how to enter gold at these prices and volatility (other than be very careful). |
| crosten | Paulson is smart for Bear to ink the deal with Lehman before the market opened they were very fast in acting. |
| JoeRoss | Money is moving into the financial sector right now. That money has to come from somewhere. Some of it will come from people selling gold to take profits. |
| JoeRoss | We could very likely see a stockmarket rally. If the financial sector and the banks rally, so will the rest of the stock market. |
| crosten | I believe u are annoyed that the Helicopter is putting 30bil. of tax payers money at risk |
| crosten | Yes the banks can borrow cheaply |
| JoeRoss | spread: I would scale in as prices drop. |
| JoeRoss | crosten: the deal was with JP Morgan, not Lehman. |
| crosten | Joe, did u monitor the currency market during Sunday night? it was wild. |
| JoeRoss |
crosten: I'm not angry at all. I really don't care too much about what they do as far as I'm concerned. I just feel sad for the people who are getting robbed by what they have done. Billions of share holder money is gone forever. |
| crosten | Well, that's capitalism. |
| JoeRoss | crosten: I watched a movie on Sunday night. |
| crosten | Have u watched Mr. Brooks, Joe? It's a great movie. |
| JoeRoss |
crosten: I don't believe that stealing is capitalism. I believe it is a bunch of thieves robbing to poor to help the rich. They are rewarding the banks for all their mistakes instead of making them eat those mistakes. |
| JoeRoss | crosten: I will try to find Mr. Brooks and watch it. |
| JoeRoss | Lola: what are you trading? |
| crosten | Is lola a lady? |
| Lola | forex only. |
| Lola | No crosten, i don't think so. |
| JoeRoss | Lola: We have a new method just released today for trading forex. It trades EUR/CHF, EUR/SKE, and AUD/NZD |
| Lola | What is it called? |
| JoeRoss | crosten: you should ask if Lola is male or female: |
| JoeRoss | Lola: The method is called "Forex Stealth" |
| JoeRoss | It works very well in sideways markets. |
| crosten | i did not see any new methods on your website? Can u give the link? |
| crosten | At what time does the method trade? |
| JoeRoss | It trades from 4PM U.S. Central time to 4PM the following day. |
| Lola | I'm not a successful trader, and I made some disappointing experiences |
| JoeRoss | Lola: which methods have you tried? |
| crosten | Does that mean i have to be in front of the computer the whole day ? |
| JoeRoss | crosten: No, you trade it as much as you want to, but you don't have to sit there all day long. |
| Lola | Well I signed up for some online teachers like Peter Bain, Rob Booker and Jimmy Young and I think a couple more that I don't recall |
| JoeRoss | Ouch! It's too bad you didn't check with us first. We would have told you to stay away. |
| crosten | peter bain and rob booker are scams !!! jimmy young is good. |
| crosten | Profit taking on the euro !!!!!!!!!!!!!!! |
| Lola | crosten: I think so too, now. |
| JoeRoss |
Lola: Our methods are proven to work. we do not us any black-box systems. You are given full details and we constantly watch the methods and adjust the parameters to what has been giving the best result over the last 2-month period. |
| crosten | Joe, the euro made a low for the day we definitely have a 1-2-3 top right? |
| Lola | Number 3 is missing. |
| SusanV | Hi Joe, i was busy working, follow this link to the Forex Method... |
| JoeRoss | crosten: I see only a #1 point on the daily chart. |
| JoeRoss | Number 2 is also missing :-D |
| JoeRoss | What time frame are you looking at, crosten? |
| crosten | The 1 and 2 is on Monday 3 is on Tuesday. |
| crosten | The 1 and 2 can be on the same day u said so. |
| crosten | daily |
| JoeRoss | crosten: there is no 2 or 3 on the daily chart. I don't know what you are seeing. I am looking at euro futures. Maybe you are looking at a forex chart. |
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| JoeRoss | Hi fabio. |
| fabio.it | hi Joe... are you ok? |
| JoeRoss | crosten: I just brought up a forex chart. There is only a #1 point. There is no #2 or #3 |
| JoeRoss | I'm ok, fabio. How about you? |
| fabio.it | i'm not very well today... maybe i take cold yesterday, running... but today there are some people in the markets that stay worse, i suppose |
| JoeRoss | susan: Thanks for the link to Forex Stealth method |
| JoeRoss | fabio: I'm sorry to hear that you don't feel well. |
| JoeRoss | fabio: The markets have been brutal lately. Lots of volatility and a lot of traders are being chewed up. |
| fabio.it | Nothing important, i hope... thanks, anyway... |
| JoeRoss | If I were not leaving for Brazil tomorrow I would definitely be selling a 30-year bond strangle. High volatility means high premium prices. |
| crosten | The spread between EUR/SEK is ridiculous !!!!!!!!!! |
| JoeRoss | crosten: That depends on your broker. |
| fabio.it | Yes, i believe traders would sell options when volatility explodes, but why bonds? They are more liquid than gold or wheat? |
| crosten | SEK trades at a very wide spread. |
| JoeRoss | crosten: I ordered Mr. Brooks |
| crosten | u wont regret it Joe. It's one of those movies which is good but it did not get much attention |
| JoeRoss |
fabio: The premiums are much higher than gold or wheat, and they stay more in a trading range, which is what you want for a strangle. Maybe 124 Calls and 114 Puts for May. |
| fabio.it | i never traded options in the last three years, but i definitely want put them in my arsenal, in the next future. Thanks for the report... |
| JoeRoss | 114 PUT is 20/64ths right now. |
| fabio.it | The future covering ratio is 1:1? (stop loss) |
| crosten | Joe, what stop loss does the forex stealth use? |
| JoeRoss | The 127 Call is 17/64th, or the 126 Call is 24/64ths |
| JoeRoss | I would sell the strangle with one of those. |
| JoeRoss | Take profits at any time you can get them and then reenter again. |
| JoeRoss | crosten: You will find out when you buy the method. |
| crosten | Is it more than 20 pt i just can't stand a big stop loss? |
| fabio.it | The 124 call is 48/64ths |
| JoeRoss | fabio: Yes, I use 1:1 covering in the futures and I use the option matrix to find out exactly where is the best place to cover in the futures. |
| JoeRoss | It is already time to go. |
| JoeRoss | I will not be here next week. |
| JoeRoss | I will still be in Brazil. The next chat will be April 2. By then all of Europe will be on the new time. |
| fabio.it | How much is the value of 1 ZB option contract? $ 100,000? |
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| JoeRoss | fabio: correct $100K |
| JoeRoss | GregV, You are too late. |
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| JoeRoss | I'm leaving now. See you all on April 2. |
| JoeRoss | Bonjour. |
| JoeRoss | Ciao |
| fabio.it | Good trip, Joe |
| JoeRoss | Servus. etc. |
| JoeRoss | Thanks. |
| JoeRoss | bye |
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| GregV | I was on the wrong link |
| GregV | Take care |
| samuel_France | Hi everybody |
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| fabio.it | bye susan, bye all |
Next EURO Chat with
Joe Ross:
Wednesday, April 2, 2008
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
