Chat with Joe Ross

Chat log from: Tuesday, September 25, 2007
Live Chat with Joe starts Tuesday at 8.00 PM U.S. Central Time!

PVENKATRAO joined.
PVENKATRAO HELLO SIR
PVENKATRAO I AM TRADING IN COMMODITIES
TikiTim joined.
marsh joined.
mapletrader joined.
spreadtrader joined.
shamutooth joined.
JoeRoss joined.
JoeRoss Hey all! How is everyone this fine evening?
TikiTim Hi Joe, Can't complain, nobody will listen!
shamutooth Hey Joe and everyone
JoeRoss They don't listen to me either.
marsh Hi Joe.
JoeRoss My Avatar looks like Sadam Hussein ;)
spreadtrader Hi Joe, too busy with work - trying to do both, participate in the chat and type a manuscript at the same time.
JoeRoss You are ambitious.
spreadtrader I was going to look at the Nob spread, study it, and then ask a question, but I have not had time to pull it up.
JoeRoss It looks like it was good for long notes and short bonds...until recently.
TikiTim Joe, I placed my first spread trade yesterday. How do I know or watch limit days, with end of day data?
JoeRoss Tim: If there is a limit day you will see it at the end of the day. If all you have is end of day data, that's when you will see it.
shamutooth TUT spread looks good too. Been playing that one.
JoeRoss If you are in a spread during a limit move the best thing to do is stay in the spread. Do not try to unwind it.
spreadtrader Really? I cannot pull up a chart on this computer. Has the Nob spread been trending for some time or is it starting to make a move now after the Fed action of last week?
mapletrader joined.
JoeRoss



 The NOB traded up from July to the Beginning of Sept. Now it is correcting, but get ready for another move maybe in Oct. if the FED lowers again and/or December if they do it again. Since Sep. 10 it has been better to reverse the NOB.
shamutooth Joe, beside Moore's research, where can I get more info on yield curve spreads?
JoeRoss So earlier I should have said reverse NOB was the correct position. :(
spreadtrader Thank you Joe for the update.
JoeRoss shamu: I don't know of any specific place.
JoeRoss shamu: Maybe one of the government sites --Treasury Dept?? I know it is out there, but I don't remember where I've seen it. Maybe you could google for "yield curve"
JoeRoss Gold looks like it's ready to take off again.
shamutooth I'm going to be up most of the night to catch the RH on gold.
spreadtrader Is it best to trade gold off weekly charts or daily charts at this junction?
JoeRoss shamu: I'll see you in my dreams, coz I'm not gonna watch it.
TikiTim How would you trade gold??
JoeRoss spread: It depends on your trading style. There's no right way for everyone.
marsh Looking at the 30 minute of gold, there were two good trades today.
JoeRoss Tim: I haven't been trading gold in awhile so anything I say wouldn't mean very much.
acman joined.
shamutooth Marsh, I was able to catch one of them today.
marsh Woo hoo!
JoeRoss I have students all week and so I can't get much trading done.
JoeRoss I missed the Easy Bond trade this morning, and also last Friday
shamutooth Marsh, you had a great gold call a few weeks back. Kudos to ya. Hope you made a ton of $.
TikiTim Your bond method, is that a spread??
marsh I did? I forgot.
JoeRoss Tim: No. It trades the bond futures in the outrights, no spread involved.
marsh Looking at the daily chart, I remember commenting on the triple inside bars in the middle of August. That did have a good breakout.
shamutooth Marsh,You thought the consolidation below 678 Dec. was bullish because of the inside bars, if I remember correctly.
JoeRoss Easy Bonds is the most unbelievable method I've ever seen.
JoeRoss I ought to be asking $50K per copy. I guess I'm just soft hearted.
OzTrader joined.
JoeRoss Hey Oz
OzTrader Hi Joe. I seem to be having some computer problems.
JoeRoss Well you made it here, Oz.
TikiTim I'm real new, as soon as I get the hang of spreads [Traders Notebook]. I Was doing alright with the Ross Hook till a correction. By that time you'll be trading moon rocks or underwater real estate!!
OzTrader Thanks Joe, I hope you are well.
JoeRoss We always go where the money is Tim.
JoeRoss Doing fine, Oz. Getting ready to leave for Germany in two weeks.
OzTrader Good to hear, more seminars and Bavarian delicacies?
acman Great time to go to Germany. Have some Hefeweizen.
JoeRoss No, this time just one week for Susan's formal wedding.
JoeRoss Then we go back to Italy and Germany in November.
OzTrader Any chance of a visit down under?
OzTrader Since you have your passport and traveling shoes on?
JoeRoss acman: Gesundheit, I think you just sneezed.
hoot joined.
JoeRoss What would I do there, Oz?
marsh It's on the way. Just keep going and turn south.
OzTrader Apart from holidaying in the Sun, you could do a few seminars here? I'm sure you could help us all, I would be first in line at the seminars.
OzTrader Have you been down under before?
JoeRoss Oz: You might be the only one in line. ;)
OzTrader Ha Ha!
acman Oz: Hope you get some rain in the western wheat area. Been looking at the weather there as it is an excuse for the wheat traders.
JoeRoss I've never been to Oz.
OzTrader I'm sure there are many more like me. Always willing to learn and further our trading knowledge. It is the only way to self improvement.
JoeRoss Looks like wheat is getting ready to take off again.
marsh I've been to Oz. Actually ate kangaroo.
marsh It didn't taste like chicken.
OzTrader How long ago and which state/cities?
JoeRoss Ugh! Is that like eating a giant rat?
OzTrader It's not too bad if done correctly? Actually quiet nice?
JoeRoss Well, if I go to China, I'll stop in at Oz.
OzTrader Meat is very tender. Similar to chicken. Not sure about the rat. Never tried that.
JoeRoss I ate rat once by mistake.
OzTrader That is fantastic, you must let us all know. I'll try and spread the word.
OzTrader Whoops!
acman Joe, my neighbor went to china 2 weeks ago and you may consider a gas mask. Pollution is really high.
JoeRoss Never trust a pot roast in Haiti. That's what I learned when I was there.
marsh Maybe 5 years ago. Sidney, Alice Springs, Ayres rock, Ciarnes, Ft. Douglas, Melbourn, 12 Apostles.
OzTrader Wow, you did see the sights.
OzTrader Sounds like you had a great trip. Did you do any seminars on that trip?
JoeRoss They have a 12 Apostles? They have that in South Africa, too.
OzTrader They copied us.
marsh Kangaroo is more like beef. They both are plant eaters.
JoeRoss Oz: I think RSA was in existence long before Oz.
JoeRoss Their 12 apostles are 12 mountains.
marsh Oz: No seminars. It was strictly a vacation.
OzTrader Mmmmmmm. Okay different in Oz. In Oz 12 huge boulders/rocks along the coastline south of Melbourne.
JoeRoss Oz: Are there any seminar organizers down there besides David Hunt?
hoot






 Joe, I noticed on that last Fed day announcement that the YM (and I imagine the other indices) went DOWN first -- in a split second -- before rocketing up. Would you read that as inside smart money running stops? Is it typical for Fed day moves to first go in the OPPOSITE direction to where the major move will be? Do you trade at Fed announcement times? Thank you.
OzTrader A couple of the big broker houses occasionally host their own, however David is probably the main one. I believe he has a good data base of clients and traders, as he sells books, seminars, data and all sorts of trading bits and pieces.
mapletrader Hey Joe, Did I read somewhere that you are working on a spread day trading approach?
JoeRoss Hoot: 1. Yes stop running. 2. It happens often. 3. It depends on the market. You are not going to worry about the FED if you are trading Soybean Meal.
hoot Thank you much Joe.
JoeRoss maple: Yes, you read that. It will be currencies and indexes -- if I can ever find the time.
mapletrader Thank you.
mapletrader Looking forward to it.
JoeRoss maple: What happened to your Miss piggy Avatar?
mapletrader Thought I would go anonymous.
JoeRoss maple: It won't be right away.
mapletrader What format will it be in should it materialize?
JoeRoss It started out as a book, and I wrote some stuff, but I don't even remember what I wrote. I haven't looked at it for months.
JoeRoss I may make it a book with a seminar to complement it.
OzTrader






 Joe, I have been reading your weekly newsletter, thanks for the info on congestion trading, as that is where I feel many traders need to improve on. Especially me! That is where I tend to lose money. Hence that is where major improvement is required. Which of your books deals with this subject in the greatest detail, does the material on trading congestion work as well in the intra day time frames or do you suggest day++ only.
mapletrader That would be great--book and seminar.
JoeRoss




 Oz. I don't really have a book that deals with trading in congestion in the outrights.. Trading by the Book deals with the breakout from congestion, and Trading Optures and Futions deals with using options to trade inside congestion. But I'm rewriting Trading by the Book to include trading in congestion.
JoeRoss Your success with intraday congestions is going to depend on volatility and range. It won't be very profitable if the range is not big enough for you to make money with it.
acman When do you think it will be ready, Joe?
OzTrader



 I have Trading By The Book, great work. However I do not recall strategies on trading the congestion brackets, which is what I'm looking for. Either that or just waiting for the RH's as I have lost too much trying to trade congestion.
JoeRoss acman: Maybe by the time I'm 140 years old
shamutooth Joe, have you taken profits on C$?
OzTrader Joe I trade the SFE SPI, great range 70-80 points per day with good volatility, especially at the moment.
TikiTim You have the wisdom of 150
JoeRoss Shamu: Yes, 4 times. Twice with Puts and twice with Calls.
JoeRoss Oz: How much is a point worth.
shamutooth Nice!
marsh The CD is showing a nice Rh with TTE's. But that 1.00000 may be a barrier too much to overcome.
OzTrader Joe, SFE SPI Point = $25
marsh Oz: What is SFE SPI?
JoeRoss I think the Canadians don't want parity with the dollar. But they may not be able to stop it.
JoeRoss Sydney Futures Exchange.
marsh Thanks.
OzTrader Sydney Futures Exchange (SFE) ASX 200 is the Australian Share Price Index SFE SPI Futures.
JoeRoss Call prices are way high on CAD. If it looks like it's not gonna make it, I'm gonna sell a pile of Calls.
JoeRoss Same with wheat. When they decide enough is enough, I'm gonna sell a bushel full of wheat calls.
JoeRoss Wheat looks like it may be in distribution with maybe one more shot at the recent high. Then I'm ready to jump on it if it tumbles.
OzTrader


 Joe check out the Aussie SPI Futures contract, I'd be interested in your thoughts on this market. RH's work very well, especially intra-day. I cannot trade the congestion in this market though. So I tend to just wait for the congestion and then trade the RH's
JoeRoss There's a pot load of stops at 911 1/2 in wheat.
JoeRoss Oz: I don't have SPI data as far as I know, but maybe Genesis has it. I've never looked for it.
OzTrader How do you know where the stops will be placed? Obviously above or bellow previous highs or lows. But how do you know which ones are better and which ones can be traded?
OzTrader Genesis has SPI data as far as I know.
JoeRoss Oz: I don't know. If I did, I could come down there and buy your whole country.
JoeRoss I'll look for it Oz.
OzTrader Your welcome, come on down, the Japanese are doing just that.
JoeRoss Yeah! We are in the same ditch. The Europeans and the Asians are buying up our assets and will continue to get them real cheap.
JoeRoss The falling dollar will make that a reality. Marsh and acman will know what I mean when I say the Germans own almost every piece of available land around Lakeline Mall.
JoeRoss Well kids. It is that time again.
shamutooth GN all. TY Joe
TikiTim Thanks
OzTrader Joe, Thank you for your time and assistance, it has been great chatting with you. Look after yourself.
marsh Thanks Joe. Goodnight.
mapletrader GN, Joe and Thanks!
JoeRoss Next week will be the last chat until Oct. 16. So I'm gonna miss the one on the 9th. I'll be snoring on a Lufthansa flight when it comes chat time.
hoot Thk you Joe.
OzTrader Have a GR8 time in Germany.
JoeRoss Good night all.
JoeRoss I wouldn't travel that far for a wedding for anyone else but my sweet Susan.
JoeRoss She's like a daughter to me.
JoeRoss I'll be home for 2 weeks after that and then flying again to Europe.
JoeRoss See ya next week.
OzTrader GN

Next Chat with Joe Ross:
Tuesday, October 2, 2007
Time: 8:00 - 9:00 P.M., U.S. Central Time.

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