Chat with Joe Ross
Chat log from: Tuesday, December 11, 2007
Live Chat with Joe starts Tuesday at 8.00 PM U.S. Central Time! |
Tabitha joined. spreadtrader joined. tony joined. tony When Joe speaks.....let no dogs bark. marsh joined. mapletrader joined. JoeRoss joined. tony About time...Joe. Joel joined. JoeRoss Ho, ho, ho tony OK Santa Claus..... acman joined. JoeRoss Good evening everyone tony Howdy....ya'll... JoeRoss Welcome to those of you who are new to this chat acman Yehaaa! JoeRoss All questions and comments are accepted. Don't be shy. Just join in. Joel I'm working through your book day trading and have a couple of questions. JoeRoss Shoot, but don't ask me what's on page 153 or page 231 of my books. I won't be able to tell without a book in front of me. Joel I'm a stock trader and was wondering if your tick would be $.01 ? JoeRoss Joel: A tick in what? JoeRoss Futures? Stocks? forex? Some particular market? Joel A tick as you explain for entry on the 1,2,3 of Rh. Joel For stocks. JoeRoss acman: I like your avatar. JoeRoss Ok. A tick in stocks is 1 cent. acman It seems appropriate for the weather. JoeRoss It was pretty warm today. What a switch from yesterday. acman I think the tick used to be 1/8 point. tony Joe..what is meant by support in cash and cutout...especially the word "cutout" re: Lean Hogs. marsh I hope Sherrie shows up tonight so we can tell her it was 81 here in Austin. chad joined. JoeRoss acman: It used to be a teeny, 1/16th Joel That's what I was wondering, stocks used to be 1/16. acman Yeah, she must be in a blizzard tonight. Joel So, is .01 too close? marsh If she has power. 600,000 lost theirs. JoeRoss tony: I don't know. Can't say I ever heard of those terms. Tabitha
Hi, Joe - What do you think about wheat today?? It seemed like bullish news with the carryover reports in the morning but then it headed south. It seems the ice storm in the midwest helped lower prices? What are you thinking about wheat today?? acman Tabitha, look at yesterdays reversal bar. I only wish I had sold more wheat yesterday. tony Anyone here on this "chat" interested in Australian Stocks? JoeRoss Joel: I don't understand the question. Are you asking is .01 too close for doing the TTE ahead of the Rh? If so, I would say, yes, it is too close. acman The corn wheat spread is an opportunity. Low risk from an astronimical high. JoeRoss marsh: Where's the blizzard? I've been out of touch today. marsh There's a bad ice storm going across the midwest. 15 or so killed from it so far. Joel
Sometimes when I have had a stop .01 below an entry bar I've been stopped out and then the market goes the way I wanted it to. I have a lot of issues with stops. SSXBR joined. amathevs21 joined. acman I can't imagine worrying about .01 on a stock. THe bid/ask spread is usually a lot more than that unless it is some bloated behemoth that moves slower than a glacier. amathevs21 HI Joe ::smile JoeRoss Tabitha: March wheat looks to me like a double top in the weekly. I would expect a drop here to around 850 amathevs21 Hi Everybody ::smile JoeRoss Joel: You are not alone with issues. mapletrader Hi Joe, how are you? what is the tick value for the ten year note? amathevs21 Sorry I'm late. JoeRoss Hi everyone who checked in recently. Welcome aboard. amathevs21 Thanks Joe Tabitha
acman: I recently lost money on the corn/wheat spread and haven't looked back...but sounds like it's time to consider again. The worldwide wheat shortage seems problematic. Do you consider fundamenals? JoeRoss maple: The tick value is 15.625 mapletrader So the smallest movment is 15.6625? JoeRoss maple: The smallest movement is 1/64th of $1000, which is $15.625. Tabitha Hi, Joe - I will look at the weekly wheat chart. Thanks for the pointer. acman
I was ready to pounce on the bond today but the move took time to start up. The real action was in the ER. It seemed like they just used the announcement to dump good gains form the past week. Joel Joe, your "Day Trading" book is great. JoeRoss The stock market was strange today, up for awhile and then dumped. OzTrader joined. JoeRoss Thank you, Joel. JoeRoss Hi Oz Joel After I digest all of this, which one of your books do you recommend I read next? OzTrader Hi Joe, I hope you're well. JoeRoss Joel: You can try either Trading the Ross Hook, or Trading is a Business. acman
Joe: it seemed right this morning to dump my ETF UWM due to it being up 4 days. I looked back several months and it only went up 5 days straight twice in 5 months or so. It should be down for 2 or 3 now. JoeRoss I'm fine, Oz mapletrader Thanks. Why is it that bonds quit going up soon after I am long? JoeRoss acman: Good observation. The more anyone learns to observe how the markets behave the better off they are. JoeRoss It's your timing, maple. mapletrader Sigh.... marsh That 5 day up then a reversal thing is in "Trading the Ross Hook." acman maple: watch the US-TY or US-FY. It is an eye opener. Look at the 90 min and of course daily. May give you some rhythm. JoeRoss Listen to acman, maple. He is da man! acman Marsh: That is probably where I got it, from the Hook Book. mapletrader Thanks acman! I will look. JoeRoss He's da man what am with a 7 screen ambition. JoeRoss marsh: How many screens do you look at? acman Joe: multiple screens just help with switching around alot. Doesn't help at all with errors in trading. JoeRoss acman: Do you have your 7 screens yet? acman The 22" LCD's are a deal this season. I have 4 on the graphics. Just got them on black Friday. JoeRoss :-) acman 22" can be procured below $200. JoeRoss Does anyone here have one of the new MACS? JoeRoss WOW! Super cheap. JoeRoss Where at acman? marsh I've had 4 screens for a long time. I use one screen for charts, one for the trading platform. I use all 4 at once when I'm computer programming. acman Best buy had the best deal. THey probably will have them after Christmas/New Years. acman The Envision 22" was $150 and the Samsung were $199 acman Stood outside Best Buy and got 6 and bought some online. JoeRoss
It's hard to imagine being so cheap. When Marsh you used to come to our trading room, we had 21" screens but they cost $3,800 each. tony Hell of a lot cheaper here in Bangkok....all the stuff you're talking about. marsh Now you can get one of those old CRT montiors for $25.00 acman How much there tony? These are 1000:1 contrast and 1680x1080. marsh Nobody wants the old CRTs.. JoeRoss They weighed a ton :) acman I am selling my 21" for $25. Just sold one off today! tony44 joined. marsh Tell me about it! I just got rid of one of those, and carrying it down from the 3rd story was tough! tony acman....it's almost half the price...and not only that, here at Pantip...called Computer City....there is so much new stuff that drives you crazy. JoeRoss $25 for the monitor, $25,000 for the hernia operation. acman Tony: guess it is the importers making all the money. JoeRoss We have to pay for all the shipping from Asia to the U.S. tony acman: yep acman Yeah, must cost a fortune to ship 15lbs. on one of those freighters! OzTrader I'm having trouble with the internet? JoeRoss We see you Oz, do you see us? OzTrader Yes, all is fine now tony acman: You could send it by post....if it is packed well enough. By ship you have to pay for the first square meter...which would come around tony 250 dollars Tabitha Gotta go, nice to meet you guys/gals. Best wishes for the new year! JoeRoss Happy Holidays, Tabitha acman I have been buying on ebay directly form hong kong and they use the post office. tony Anyone interested in Australian Stocks? acman Good luck trading Tabitha. JoeRoss I am. acman Tony: I gave up on stocks and only trade the ETF's of the entire market. Currently the UWM. which is double the Russell 2k. Joel Do you daytrade the UWM? tony I was going to ask your permission to recommend wise-owl.com. I don't trade stocks....but samh@wise-owl.com is a good recommendation. acman Joel: I don't bother with daytrading but you could. I try to trade the peaks/troughs using 1,2,3's and RH's. tony Anyone here is a: Point and Line Methodology trader? JoeRoss Is that the same as Point and Figure? tony No.....it's something pretty close to Cartesian Coordinates....a bastard child of the pivot point trading. JoeRoss Good grief, it sounds like some kind of virus disease. amathevs21 I agree Joe. tony No virus at all. But it's a very dangerous trading method.....I made it in tony commodities over 20 years ago. JoeRoss Maybe Cartesian Coordinates is some kind of LA gang??? amathevs21 ::biggrin JoeRoss I wonder if they have a logo to wear on their gang jackets? acman
Tony: I just look at various timeframe such as 1000 tick, 90 min, 20min, 8 min, daily, weekly and see if there is a move likely to come and wait and watch for it. I mainly do spreads based on these moves. I hit over 90% accuracy on the eR-YM for the past 2 years. That keeps the account positive enough to try other things between moves. tony acman: the tick is misunderstood by most traders. I'm working on a book involving "ticks". In all time frames the tick is involved....in fact the... tony ...tick is the only truth. A tick following a tick...becomes history. tony Joe has always said that the PRICE is the truth....the only truth...and he is right....the tick is the price. P=f(t). acman tony: the tick to me eliminates the time. It takes care of the low trading times such as overnight. acman I guess it has volume in it also. tony :You have a problem there.....you start having holes if there is an overnight and is not continuous. marsh A tick is a spider, with 8 legs. acman Joe and Marsh are laughing at this discussion. tony acman: In stocks and commodities....you're trading for only a few hours. JoeRoss A tick also has something to do with a mattress. ;) tony That's why you have gaps.... JoeRoss I once had a red tick hound dog. acman tony do you look at the 1000 tick chart? Try looking at a few and see if the gaps go away. marsh Tony, does your Point and line method use time, as in a time axis? spreadtrader acman, on your ER-YM spread, do you trade 1:1 or another ratio? tony
You're right there Joe.....the ticks in the mattress line up with the "ticks" in the market.....in the market....the ticks line up, I call them "sitting ducks"...the moment they start to fly....you jump to the minute time frame and then watch the "petite soldats" march. acman I just trade 1:1 but use the dollar value for tracking it. tony Marsh.....yes. acman Spreadtrader: the value should be around $9300 tonight. tony Acman: A 1000 tick chart way up in the time frame. marsh Then why isn't time given Truth value with price (ticks) spreadtrader Thanks tony marsh: I don't know what you mean by Truth value. spreadtrader acman, generally speaking, what is your favorite or preferred time frame for the ER-YM spread if I may ask? tony Price is a function of time.....P=f(t) marsh Tony, you said "tick is the only truth." tony
What you're looking at when you look at a chart of your screen?.....you're looking at the last quote which is the tick. No matter where you go in any time frame the tick was there. It did it to get your higest high and lowest low.....no matter how you slice it. marsh If fact, a tick chart doesn't need time. Time is useful for a reference, but the tick chart is time independent. marsh Unless there was no trading, then there was no tick. tony As I said above....a lot of the traders don't really understand the tick. spreadtrader acman, how liquid is the UWM? JoeRoss Speaking of ticks, my clock just ticked at 21:00 hours. So it's my bed time. See you all on January 15. Until then Happy Holidays to everyone and a great year in trading. acman
spreadtrader: 8 minute has been good for peaks and bottoms but important to graph the adv-decl and watch the tick over several weeks. It isn't fun to be trapped in the middle zone. Today was a good example of shorting. There should be a bounce on the spread really soon as it went down $1500 in 2 hours. marsh Thanks Joe, Good Night. amathevs21 See you Joe & nice to chat with you, goodnight Joe
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