Euro Chat with Joe Ross
Chat log from: Wednesday, April 30, 2008
| jay joined. | |
| quester123 joined. | |
| JoeRoss joined. | |
| JoeRoss | Hi everyone |
| quester123 | hi Joe, i didn't get an email to say you were here tonight. |
| JoeRoss | I don't know why. Maybe Susan didn't get a chance to send one out. |
| JoeRoss | But you can always know I will be there unless we announce that I won't. |
| JoeRoss | We publish the schedule on the website and in every issue of Chart Scan and Spread Scan. |
| jay | Mr Ross, if u had 10,000 to start trading with, what market would you trade? |
| quester123 | Yea Joe, checked your site which confirmed the 30th but wondered whether you would be watching the upcoming news. |
| JoeRoss | jay: I would look around to see in which market I feel most comfortable trading. |
| JoeRoss | When I first began trading I looked at the markets and chose Soybean Oil. But I would not choose that today. |
| JoeRoss | quester: Are you waiting to see what the FOMC does? |
| jay | What market would u trade if you had 10,000 to start trading today? |
| jay | Which one are you comfortable with? |
| quester123 | Yes joe, not traded today. |
| JoeRoss | jay: That's not a very good question for you to ask, because I am not you. But I would begin today with either options or spreads. |
| JoeRoss | For Options I would choose the bond market. For spreads I would go long corn and short wheat. |
| quester123 | Looks like the YM could bust through a weekly high but wouldn't put money on it. |
| JoeRoss | About the FOMC report. If not in a trade I would not enter one. If in a trade I would hedge my position. I am hedged against anything the FED might do. |
| quester123 | If the YM is on the up, would you say the betting is on another cut? |
| JoeRoss | Very good chance to see a mini rally in YM, but another cut? Maybe, maybe not! |
| JoeRoss | YM will rise if the FED lowers rates. |
| JoeRoss | 75% think they will. |
| quester123 | Have you ever traded the news Joe? Many/some professionals do, I believe. |
| JoeRoss | quester: I have on occasion but not as a regular thing. |
| JoeRoss | quester: They are looking for .25 cut |
| quester123 | Do you look at what they call sentiment indicators at all Joe, except the chart? |
| JoeRoss | If it is more than .25, YM will go through the roof. |
| JoeRoss | I am aware of market sentiment, but I don't rely on it. |
| quester123 | Referring in part to what jay said in terms of 1-2-3 etc. on smaller time frames, what would you choose CBOT or CME? |
| JoeRoss | Not sure what you mean? How does the exchange have anything to do with time frame? |
| quester123 | I mean overall the contracts like you say you don't see many 1-2-3s on the 30 year on smaller time frames, but would say they are more prevalent on the currencies? |
| JoeRoss | quester: Yes, more prevalent in the currencies. |
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| JoeRoss | Hi Fabio. |
| fabio.it | hi Joe, how are u? |
| JoeRoss | Doing ok, Fabio. Hope you are too. |
| quester123 | It's certainly an enjoyable spectacle watching the news reflected in the charts Joe; do you watch any particular contract? |
| JoeRoss | Mostly I watch the bonds, and the currencies. Also ES and ER. |
| JoeRoss | I have gotten away from watching commodities other than gold. |
| fabio.it | yes... thank you .... i read your newsletter, about ZMN08-ZLN08... i will enter tomorrow morning, this evening i was out... i'm just returned home... |
| JoeRoss | I used to watch mostly the commodities. |
| fabio.it | Andy ZMN08-ZLN08.... you ZMQ08-ZLQ08. |
| jay | Why have you stopped watching commodities? |
| JoeRoss | Fabio: Friday I will show ZCZ08-ZWZ08 in the Chart Scan Newsletter. Sign up if you haven't yet: http://tradingeducators.com/free_newsletter.htm |
| JoeRoss | jay: That's a good question. I sort of drifted away from them when Andy began taking over the spread trading. |
| fabio.it | It's about 2 months i don't trade spreads, but now i want re-begin. |
| JoeRoss | Fed just cut! |
| JoeRoss | .25 |
| fabio.it | I see it on bonds.... from 116^11 to 115^22 |
| JoeRoss | I expected .25, but I didn't expect Bernanke to hint at no further cuts. |
| fabio.it | I have enjoyed crude oil with TLOC (5min chart) this week and the past. It draw very nice patterns... Try it... |
| quester123 | I enjoy what you write in the newsletter what you wrote about the break even point was spot on for me. |
| JoeRoss | fabio: I will have to look. |
| JoeRoss | I enjoy it when you guys are enjoying. |
| JoeRoss | I am here for you. I want you to succeed. |
| fabio.it | Yes... in this period it's the best "clear cut patterns" i noted. |
| JoeRoss | That's what I was telling Jay, you have to look around to see what you like and where you feel comfortable. |
| jay | How much margin do you need to buy 1 bonds option, Joe? |
| JoeRoss | I'm not seeing any big reaction to the cut. I think that much was already priced in. I'm sure right now traders are reading the Fed's statement. |
| fabio.it | thanks Joe... i suffered a bit since last year's seminars to now, but i believe i have now acquired more experience and i'm more confident with markets. |
| quester123 | When the mkt takes out a weekly or daily you've spoken of would have worked a treat on the YM, Joe |
| jay | PIMCO'S BILL GROSS: THINK THE FED IS IN NEUTRAL NOW AND WILL REMAIN AT 2% FOR 'A LONG TIME' - CNBC |
| JoeRoss | jay: I think it is around $2,300. |
| fabio.it | I hope and want finish year 2008 with a nice profit. |
| JoeRoss | But you should check with the broker. It's been a long time since I worried about how much the margin is. |
| JoeRoss | jay: Anything is possible. At some point they will have to raise rates because of inflation or to save the dollar from complete annihilation. |
| JoeRoss | quester: Even small moves on the weekly can be very profitable. |
| JoeRoss | Good to hear, Fabio. |
| JoeRoss | You make me proud to know you. |
| fabio.it | Really in the US you don't risk to lose your money if a broker goes bankrupt? |
| quester123 | Do you know of Jim Cramer? He appeared on youtube explaining how to manipulate the mkt in a detailed way something you also refer to often. |
| JoeRoss | fabio: True only for futures brokers. With futures brokers you are protected from loss. |
| JoeRoss | Not true for stock brokers or forex brokers. |
| fabio.it | At the moment is only a hope... but i spent lot of myself in it and i want reach the goal... |
| JoeRoss | quester: Yes, I do know of Jim Cramer. |
| fabio.it | So for example Interactive Brokers is safe? |
| JoeRoss | fabio: I'm confident you will reach the goal. |
| JoeRoss | fabio: Yes if the account is in the U.S. it is safe. |
| JoeRoss | I don't know how that would be with IB in other countries. |
| jay | How do you know Jim Cramer? |
| fabio.it | Thanks Joe... if i can, i will come to Ravenna to take you my greetings... |
| JoeRoss | jay: I only know of him and have read some of his writings. |
| fabio.it | I'm in Italy, the IB office is in London, the account is in Frankfurt......... |
| JoeRoss | fabio: I think they keep the same rules as in the U.S. |
| fabio.it | help........ |
| fabio.it | I think so... |
| JoeRoss | I think so, because IB is still a U.S. company |
| jay | On the daily chart would you say the yen is in a trend or range? |
| quester123 | Will the new fx spreads require generally more margin than other none fx spreads Joe and as a result a bigger account size? |
| JoeRoss | jay, looks like a trend to me. |
| JoeRoss | Still making lower highs and lower lows. |
| fabio.it | Downtrend for me, no signals of reverse. |
| JoeRoss | quester: The only way to know for sure is to go to the CME website and take a look at the margins. |
| JoeRoss | They compute spread margins based on volatility. |
| jay | Is it an uptrend or down trend? |
| JoeRoss | jay: downtrend |
| fabio.it | Do you see some spreads on currencies? i see GBP strong. |
| JoeRoss | fabio: Australian - New Zealand |
| JoeRoss | Wow! You can get 15% interest in Iceland. |
| JoeRoss | jay: Where are you from? |
| fabio.it | Why all the world didn't go there? |
| JoeRoss | I have heard that it is a very pleasant place to visit and even live and that it is not nearly as cold as some people think it is. |
| jay | U are looking at the usd/jpy right? |
| JoeRoss | jay: No I am looking at yen futures. |
| JoeRoss | Probably if I looked at forex it would be trending up. |
| fabio.it | All northern european small countries usually are... good life quality... excellent services. |
| JoeRoss | Yes, jay trending up on the spot market. |
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| JoeRoss | Iceland has all that geothermal heat to keep them warm. |
| JoeRoss | Hello sparrow. |
| Sparrow | Hello Mr. Ross, pleased to meet you. |
| JoeRoss | My pleasure Sparrow. |
| Sparrow | I'm from Europe mr ross. |
| JoeRoss | Welcome to the chat. But you are in the last 8 minutes of the chat. |
| JoeRoss | Which part, Sparrow. |
| Sparrow | i come back next week |
| Sparrow | I'm from Poland. |
| fabio.it | Hi sparrow, |
| Sparrow | Hello all. |
| JoeRoss | I love that kielbasa, Sparrow. Do you know how to make it? |
| quester123 | Hello sparrow. |
| JoeRoss | Very good sausage. |
| Sparrow | I can send you recipe. |
| JoeRoss | No Sparrow, send me some sausage. |
| Sparrow | Ok, you send me address first. |
| JoeRoss | Sparrow: I will do that. |
| Sparrow | Sure mr. Ross. |
| JoeRoss | But not now on the chat. |
| JoeRoss | fabio, how is the blog going? |
| jay | How do you train yourself to be disciplined? |
| JoeRoss | jay: To tell you the truth, I learned it from the Holy Bible. |
| fabio.it | I don't know because i don't know how many people read it, but i'm happy to write it and i do it.... |
| JoeRoss | fabio: Writing it helps you to make it part of your individuality. |
| fabio.it | I hope you all visit it sometime and write to me your observations... so we all can grow up from that |
| JoeRoss | Sparrow is from Poland, Fabio from Italy, quester from UK (I think), how about you jay? Where do you live? |
| fabio.it | I have some problems to get charts, especially for DAX. |
| JoeRoss | Really? |
| JoeRoss | What software do you use? |
| fabio.it | Somebody does not authorize me to post his charts. |
| fabio.it | Apple mac os x tiger |
| JoeRoss | Ah. Can you run in Windows mode? |
| fabio.it | The software to built the site is in it, his name is Iweb |
| fabio.it | Run what? |
| JoeRoss | I'm sorry but I have to leave. I am tutoring someone vie the Internet and we were supposed to begin 1 minute ago. |
| JoeRoss | fabio: I think they call it leopard. |
| quester123 | Thanks alot Joe |
| JoeRoss | Ciao for now. |
| JoeRoss | I really have to run. |
| JoeRoss | Bye all |
Next EURO Chat with
Joe Ross:
Wednesday, May 7, 2008
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
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