Chat with Joe Ross
Chat log from: Tuesday, July 10, 2007
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| JoeRoss | Hi everyone. I wasn't sure I would make it. We had a power outage that lasted 3 1/2 hours |
| BruceUSA | Good evening Joe. |
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| simtrader | Hello Joe |
| Mini_Mike | Good Evening All |
| JoeRoss | Hi Sim |
| JoeRoss | I guess gold gave back some of its gains today. Must have been a lot of profit taking. |
| JoeRoss | There's a handy trade coming up that you should watch. Long yen and short pound. Pound is 28% overpriced, most overpriced in the world and Yen is the most under priced in the world. Should start to make a great spread one of these days |
| Mini_Mike | Joe, how close is the Easy Bond Method to be tradable again? |
| JoeRoss | It's getting close mike. Hold on while I take a look. |
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| JoeRoss |
Piece of news for end of day traders. Mark Cherlin's Nextrend trading program will be back on the air in about 4 weeks. It was voted the best stock trading software in the world by Barrons and IBD |
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| shamutooth | Hello everyone |
| JoeRoss | Mini_Mike. Easy bonds is not tradable at the moment. Better right now is the Bond Blaster method. It is really humming. |
| Mini_Mike | Thank you. |
| JoeRoss | Hi shamu. We just got our power back about 20 minutes ago. |
| marsh | Joe, I'm trying to understand what you are saying about gold. It look's like it's been up the last three days, and anyway, it's in a trading range. |
| shamutooth | Joe, good to see your power back on. |
| Mini_Mike | Joe, Was your area "awash" during all the rains in Texas? |
| JoeRoss | marsh: I didn't see how it was at the end of the day. When I looked it was giving back some. But we had no power here for a few hours. |
| JoeRoss |
Mini_Mike: Our area was okay. No flooding nearby. But other parts of Texas were hit hard, and the county I live in has been declared a disaster area. |
| Mini_Mike | Do you now recommend that it is OK to trade the Easy Bond and Bond Blaster at the same time? |
| JoeRoss | Marsh. Gold finished stronger than it looked early in the day. So I was wrong. |
| JoeRoss | Mike: No. Trade the one that's making money and wait for the other one to come back |
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| Mini_Mike | How about when they are both working? |
| JoeRoss | Hi Lou. |
| JoeRoss | Then trade them both -- Easy Bond and Bond Blaster. |
| Mini_Mike | Thank you |
| marsh | Gold touched the top of the bollinger band. I'm waiting for a reversal bar. |
| JoeRoss | marsh, it might come on profit taking. |
| Lou_CO | Sorry I was late logging in. |
| Mini_Mike | Do you check the futures pre market be for you trade? |
| JoeRoss | That's ok lou. Just keep talking. |
| Lou_CO | Question on Option selling from last chat. |
| JoeRoss | Mike: Do you mean the overnight trading. If you mean anything before the open outcry the answer is yes, I watch it all. |
| Mini_Mike | Yes |
| Lou_CO | I type slow |
| marsh | The emini Russell daily chart showed a reversal bar yesterday, the es and nq a doji, and boy did they follow through today! |
| JoeRoss | Go for it lou. |
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| JoeRoss | Right on marsh. Stocks across the board took a hit. |
| Lou_CO | If the option that is sold is far enough out of the money so I "win" 11 out of 12 trades.... |
| Mini_Mike | Is there a recommended charting system? |
| JoeRoss | Mike: There are many good ones. What do you want it to have? |
| Lou_CO | ....then the 12 th trade goes bad and eats up all the profit and then some.... |
| JoeRoss | Ouch lou! |
| Lou_CO | Ouch indeed!! |
| Mini_Mike | Be able to trade intra day. currently i'm using Sierra charts with Interactive Brokers as a feed. |
| JoeRoss | lou you can't let it eat up all the money. You have to protect it with a stop in the futures. |
| Lou_CO | ....is there a work around? |
| JoeRoss | YES lou. Put a stop in the futures to protect those short options. |
| JoeRoss | Mike I haven't heard anything thrilling about Sierra charts. You could try Ninja, it works with IB |
| Mini_Mike | Thank you |
| JoeRoss | Also there is a program called bracket trader that works with IB. |
| JoeRoss |
marsh: the more i look at that gold chart the more it looks like it is going to be a trading range. Every daily bar except one ether opened, closed, or both inside the June 8th bar. |
| Mini_Mike |
With Nija Trader and Bracket Trader as a "Front end" Would you still not need a charting package to see 1-2-3 and Ross Hooks to see the trade set ups? |
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| Lou_CO | Was the option selling you spoke of last chat sold naked, or as a hedged trade? |
| JoeRoss | Mike: I don't know about Bracket Trader but Ninja has very nice charts. You can even trade right off the chart if you want to. |
| Lou_CO | Like selling an Iron condor? |
| JoeRoss | Each option is to be sold naked. |
| Mini_Mike | Thank you I did not know that. I will look into it tomorrow. |
| JoeRoss | lou: You are selling a call and selling a put. |
| Lou_CO |
I think the Ami-Broker chart platform might be able to do the 4 week charts with liner reg channel, do you have a starting point for length of the least Sq moving average, and how wide the std dev channel would be? |
| JoeRoss | lou if you are doing regression of the highs and regression of the lows, that is enough of a channel. I go back as far as I have data. |
| Lou_CO | Way cool, thanks Joe. |
| JoeRoss | lou: if you use any kind of STD channel, you are going to get options that are way too far out of the money to have any value. |
| Lou_CO | That was the part I didn't understand from last chat, better now. |
| JoeRoss | ok lou, others have asked the same question on our forum. |
| Lou_CO | I'll have to check that out. |
| JoeRoss | lou: you have to look at the regression values 4 weeks before Option Expiration date. Whatever they are you stick with those values. |
| JoeRoss |
lou: sometime they will be too close together to offer a trade. So you skip it. But usually, there will be enough for you to write both a put and a call, and 90% or better of the time you won't see prices end the month outside the regression values of 4 weeks ago. |
| JoeRoss | shamu: Did you find the Chinese restaurant? |
| shamutooth | I was so hungry,we went to the Chinese restaurant closer to the hotel.It was very good. |
| Lou_CO | So it would be better to write European style expiration options? |
| shamutooth | Chicken with Chinese vegetables ::biggrin |
| JoeRoss | Lou: I don't think it will matter much. |
| shamutooth | and egg rolls. |
| JoeRoss | Sounds like feast. |
| JoeRoss | All I had was a small bowl of soup :( |
| shamutooth | I hope gold is in a trading range here;don't want to miss the next run up as I don't have time to trade it the next few days. |
| shamutooth | LOL! |
| simtrader | Joe, do you trade FOREX? |
| JoeRoss | sim: Yes but probably not the way you think. I trade currencies in the futures and foreign exchange transactions through overseas banks. |
| simtrader | So, your method is applicable using futures-put and call? |
| JoeRoss | Which method is that, sim? |
| simtrader | Law of Charts |
| JoeRoss |
sim: The Law of Charts is not a method and it is not a system. It is a Law. Anything that can be charted that has highs and lows will display the Law of Charts. But there are many ways to implement the law so that you can make a profit from it. |
| simtrader | Thank you very much Joe |
| JoeRoss | You are welcome, sim |
| Mini_Mike | Joe thank you for your help and all your time and effort. Bye for now. |
| JoeRoss | Bye mike |
| simtrader | Thank you again Joe |
| Lou_CO | Good night room. Good night Joe, thank again ! |
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| JoeRoss | Good night all, it went very fast tonight. |
| JoeRoss | See you next week. |
| marsh | Nite, Joe, and thanks |
| jim-rainman | good night |
| shamutooth | GN Joe,all |
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