Euro Chat with Joe Ross
Chat log from: Wednesday, April 2, 2008
| gigio joined. | |
| gigio | ciao |
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| crosten | hye joe |
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| crosten | How's Brazil? |
| GregV | hi Joe |
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| JoeRoss | Hi everyone. |
| JoeRoss | Brazil was very good for us. We had over 150 people in attendance. |
| samuel_France | Hi everybody, Hi Joe, thank you for giving us a little of your precious time. |
| crosten | Joe, the new trading limit on the soybean and wheat is now on, have you changed your trading style, profit target etc, based on the new limits? |
| JoeRoss | Crosten: I have been completely out of touch with the grains. I didn't even know they had changed the trading limits. |
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| crosten | Joe, what did you make of the uncle Ben testimony today? He said that there is a chance of a recession. |
| JoeRoss | It took me a week to prepare for Brazil. Then one week there, and now that I'm back I am still catching up and also need to prepare for Italy. We are adding a lot of new stuff. |
| TradeCraze | Hello Mr. Ross. |
| JoeRoss | Crosten: He is lying. We are already in recession. |
| crosten | Is the chat on next week? |
| JoeRoss | Hi Craze. |
| JoeRoss | Yes, the chat is on next week. |
| JoeRoss | zendre will be here next week, so you won't see him on the chat. |
| crosten | Joe, your article on the chart scan is great! thing--long term as a trader i like that! |
| JoeRoss | crosten: Thanks. |
| JoeRoss | Samuel: Hi, I didn't see you come in. My apologies. |
| crosten | Joe, is the commodity boom over? Looking at soybean and wheat, do we have an established trend? |
| JoeRoss | crosten: I don't think the commodity boom is over, but maybe some profit taking now. |
| samuel_France | You're welcome Joe, it's a great pleasure for me to chat with you. This is my first chat. |
| crosten | Joe, have you bought any commodity etf? |
| JoeRoss | crosten: I think buying a commodity ETF is a good idea. But the only action I am having right now is with Bond options. |
| samuel_France | Joe, i wanna thank you for your books. I've bought two of them a few weeks ago and i can't tell all what you've taught me. |
| JoeRoss | Wheat has stopped rising, but corn is still going up. |
| JoeRoss | Big reversal bar in the beans: Probably will go into a trading range. |
| crosten | Joe what is preventing AUD/USD from going to parity, the USD is already very weak? |
| JoeRoss | Welcome to the chat, Samuel, and thanks for the kind words about the books. |
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| JoeRoss |
crosten: There is a temporary rally in the dollar, and a lull in commodities for the moment. So AUD is taking a rest. It went up very fast and needs to settle down before the next leg up, which could very well take it to parity. |
| JoeRoss | Hi quester: |
| samuel_France | Joe, what do you think about european Bonds (FGBM, FGBL), do you trade any european product? |
| quester123 | Hello Joe and all. Joe, how is Denise doing lately? |
| JoeRoss | samuel: I only occasionally trade european products. But I have noticed the European Bonds. They should be good for trading options and other techniques. |
| JoeRoss | Denise is having problems healing. Where they cut her keeps being infected and causes her pain. So she goes to the doctor and they drain it. |
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| JoeRoss | Hi YV |
| YV | Hi Joe, how are u? |
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| crosten | Joe, have u got out of your euro position? We have a double top? |
| JoeRoss | Hi nathan. |
| crosten | Am i correct to say we have a spike reversal on Monday? |
| nathan | Hi, bon soir, good evening, ciao, buena sera, guten abend |
| JoeRoss | Samuel: I was just looking at the euro bond charts. It makes some very nice moves. |
| samuel_France | I trade european products (especially Bond FGBM) using TLOC and the techniques described in your books (Daytrading and trading the Rh). Do you think it's a good choice for me doing that? |
| crosten | Are you referring to the bunds Joe? |
| quester123 | I wish her well Joe, I know it can be tough to get back full fitness and health . |
| JoeRoss | YV: I'm fine. A bit jet lagged from the 10.5 hour flight from Brazil. Total is 15 hours with plane changes, etc. |
| YV |
Joe, question for u. I noticed that the bonds are making really nice 1-2-3 on a 1 hour charts. However, would u consider taking an entry on TTE before market hours (just park your orders ahead)? Most of the times the move starts before the market opens. |
| JoeRoss | crosten: No, still in my euro position. I'm in for the long haul. I don't want to sit and churn my own account. |
| JoeRoss | crosten: definitely a reversal on Monday, but I don't think it will last long. |
| YV | Also i noticed in the bonds lately that a major move is happening before 08:30-09:00. Would u consider this for the easy bond method? Almost every day there is mass activity between 07:30 to 08:30. |
| JoeRoss | samuel: As long as you use the TTE and take some profits before prices reach the #2 point of the point of a Rh, you will be fine. |
| JoeRoss | crosten: referring to the bonds about what? |
| JoeRoss | quester: I will let her know your good wishes. |
| crosten | U mention good moves on european bonds, are u referring to the BUNDS |
| YV | US bonds ZB contract. |
| JoeRoss | YV: Yes, it's okay to put the order in ahead. Bonds are liquid and fairly predictable. |
| JoeRoss | YV: Which time zone do you mean for the bonds? |
| crosten | Are u impressed on yesterday rally on stocks? skate21 |
| crosten | Is the bear trend over? |
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| JoeRoss | YV: You should know by now that the best thing is to trade what you see. |
| JoeRoss | If you notice something that works, trade it. |
| YV | Just take a look at between 6:30 to 8:30 on a 60 minutes chart. The time zone is of course US Central. |
| fabio.it | hi everybody |
| YV | Yes i know, just was curious if someone had noticed these huge moves. |
| JoeRoss | crosten: Euro Bund |
| JoeRoss | crosten: I am seldom impressed by anything that happens in the markets. |
| JoeRoss | I am expecting a stock market rally. I don't think it will be long, but I believe it probably already is happening. |
| JoeRoss | YV: I have noticed the huge moves before the market opens. They are probably based on insider information. |
| JoeRoss | The insiders know what is going to come out in the reports before they are announced. |
| crosten | Any options play lately Joe? |
| JoeRoss | crosten: I am in a strangle: 127 Calls and 114 Puts. |
| JoeRoss | Hi fabio: I went to your website, but you are still under construction :-D |
| crosten | Are u referring to the 30 year bond? |
| fabio.it | No, i had a problem with a link. Tonight it should run... Today i entered RBM08-HOM08. You advised it one month ago in your newsletter. Do you believe seasonally it will go up? |
| JoeRoss | crosten: Yes! I don't know any other market where you could have those numbers. And as I said earlier, the only thing I'm in right now are bond options. |
| JoeRoss | fabio: Seasonally it should go up, YES! |
| JoeRoss | Will it actually go up? Who knows ;-) |
| crosten | Have u watched Mr. Brooks Joe? Do u enjoy it? |
| JoeRoss | crosten: Ordered it and it's in my queue, but it will be a few month before I actually see it. |
| crosten | Joe, in your chart scan newsletter u mention your near escape with the CHF option, would would account drop by 50% if u were not so lucky? |
| JoeRoss | fabio: That spread looks good to me. It's about ready to breakout. |
| JoeRoss | crosten: No, not 50%, maybe 5% |
| JoeRoss | My account is relatively large, crosten. |
| samuel_France | Joe, have you ever considered holding a seminar in France? |
| JoeRoss |
Hint: Before the chat, bring up 2 instances of your internet explorer. That way you can use one of them for the chat and the other to look at other things on the net without knocking yourself out of the chat. |
| fabio.it | i hope... i entered it today at 17.41 CET and it made a move of 900$ until now, over 1 contract (i know, i'm too conservative at the moment, but i don't like expose myself to NY markets)... |
| JoeRoss | samuel: I have never considered it. In all the years, I doubt if we have as many as 6 traders from France. |
| crosten | Joe, what would you say about the forex stealth that is so special? |
| JoeRoss | crosten: what is special about it is that it works :-) |
| JoeRoss | It is very conservative and can be traded with a small account. |
| fabio.it | Have you never traded nymex crude oil on the 5 min chart? |
| crosten | Thks. |
| JoeRoss | fabio: I may have a long time ago, but in recent years, I no longer like 5 minute charts. There is just too much noise. |
| crosten | Joe, with CME owning the the Nymex, will it get rid of the sharks? |
| JoeRoss | crosten: Nothing will get rid of the sharks other than closing the exchange. |
| samuel_France | Joe, what are you're favorite trading time frames (those from which you take entries) |
| fabio.it | ok, it's true but how do you relate few points of profit (and consequently few points of stop loss) with a long 60 or 30 min bar chart? |
| JoeRoss | By the way, there is some very disturbing news coming from the Bush administration. Someone is proposing to put the SEC and the CFTC and all of Wall Street under the FED |
| JoeRoss | samuel: My favorites are 60 and 30 minute for day trading, and also sometimes the daily chart for doing day trades. |
| JoeRoss | fabio: I use calculated profit and loss objectives. So it doesn't matter the time frame of the bar. |
| crosten | Why do you dislike about that proposal, Joe? |
| GregV | I see that Joe, but they have used every excuses to erode civil and financial liberties! |
| JoeRoss | The FED is a private corporation owned by the big banks. This would give them even more control of everything that happens. |
| JoeRoss | They have already destroyed the dollar. I imagine they might very well destroy the markets. |
| JoeRoss | GregV: That's right and this would give them almost complete control over everything and anything financial. |
| crosten | Are u saying the big banks own the FED? How could that be? |
| JoeRoss | crosten: You need to do your homework. The FED has nothing to do with the U.S. government. It is a privately owned corporation. |
| GregV | At best we have bad exchanges but they are moving towards otc markets ... |
| samuel_France | Joe, thanks for your humility by accepting to answer my beginner questions. |
| crosten | Yes, it is privately owned, it is independent, but i don't understand how the big banks own the FED? |
| fabio.it | In every country big banks owned the corresponding of FED, so they print money for free... no gold reserves. |
| JoeRoss | samuel: It is an honor for me to be able to answer questions. |
| GregV | And they are using hedge funds, read traders as the scape goats. It is an area for concern. |
| JoeRoss | crosten: The big banks are the only share holders in the FED. |
| JoeRoss | crosten: The regional Federal Reserve Banks are the owners of the FED. |
| samuel_France | Joe, once in position after taking an entry from a 30 min chart: do you stay on a 30 min chart to follow your trade and manage your stops or do you move to another timeframe to do it? |
| crosten | Maybe that Paulson has a hidden agenda, since he once worked for Goldman. |
| JoeRoss | Look it up, crosten: I cannot give you a course in banking here in the chat. |
| JoeRoss | samuel: I do both, depending on the price action. Usually I stay in one time frame, but I may drop down as many as 2 or 3 time frames when I feel it is necessary. |
| crosten | I still don't get it Joe, uncle Ben is paid by the government? How can the FED be privately owned? |
| fabio.it | My trading blog should be up in 2/3 hours from now, i will be happy if you visit it. |
| JoeRoss | Read and study, crosten. |
| JoeRoss | fabio: will it be in English? |
| crosten | What is your link for your blog fabio? |
| GregV | Thanks for the chat Joe and thanks for your spiritual insights, if possible they have been even more inspiring! |
| JoeRoss | GregV: I add to the Spiritual side of Trading whenever I have time. |
| JoeRoss | I must go in 1 minute. |
| crosten | Giving the FED more power will result in better regulation right? |
| fabio.it | Yes, in English only at the moment, in the future maybe in Italian too, if i will be here |
| JoeRoss | Thanks for your input into the chat. All comments and questions are appreciated. We all learn from the things you say. |
| samuel_France | Thanks Joe for your precious time. I'm highly grateful to you. |
| JoeRoss | crosten: It will be a nightmare for freedom. |
| crosten | Where is the link fabio? |
| fabio.it | It's a pleasure for me. |
| fabio.it | www.fabiodigregorio.eu |
| JoeRoss | Bon soir, Guten Abend, Buenos noches, Bona serra, etc. |
| JoeRoss | Ciao for now. |
| fabio.it | ciao ciao |
Next EURO Chat with
Joe Ross:
Wednesday, April 9, 2008
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
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