Thursday, November 5, 2009

Thursday Notes - Today's Tank Transcript

Since many of you have asked to peek inside our team trading "tank", tonight's blog entry consists of the written transcript from today's tank session.

Keep in mind we have two rooms: one consisting of the final Jellie educational team (a small group who I committed to help train as I transition back to full-time trader) and the ongoing networked team of previous Jellies which receives my comments via simulcast. This transcript is from the smaller room.

Also please keep in mind that most of my comments, detailed narration, and responses are provided to the teams via audio (the traders type; I speak and type) and live chart snapshots, which obviously are excluded, yet the written chat log should give you a good feel for the general content.

I've changed the trader names to generic "TraderX" for confidentiality purposes, while also providing some acronym explanations in blue italics, as we communicate throughout the day via shorthand. You can also find some of the abbreviated shorthand explained in my earlier Jellie Dictionary Post. Critical market bias comments are in bold red.

I hope you enjoy this rare look into how we use multiple sets of professional eyes and a strong support network to determine and trade the market bias throughout the day. In today's case, we determined the strong early bullish bias from the outset.

11/5/09 Jellie Tank Transcript

09:29:12 {DonM} OK, focus time
09:30:27 {DonM} ok, market session #2 (Session #2 refers to the general U.S. Session; Session #1 is the Europe and U.S. overnight session which we often trade from 3am to 9:30am ET.)
09:30:29 {DonM} let's go
09:31:09 {DonM} somewhat NML at open (NML = No Man's Land)
09:31:11 {DonM} SOH
09:31:39 {DonM} right in the middle of Wed logjam
09:31:50 {Trader1} agree on NML We're right near the price where FOMC news was released
09:31:50 {DonM} I have zero bias
09:33:23 {DonM} no rush to trade here
09:36:28 {DonM} 49 may be interim support

09:37:21 {Trader2} Been on the bid at 49 for a while
09:37:35 {DonM} 3lb short (3lb = Three Line Break)
09:38:16 {Trader2} ok
09:40:28 {Trader3} I had a bid in for a scalp but didn't get hit...
09:42:44 {DonM} L 5025 (L = Long; Price reflects S&P E-Mini)
09:43:46 {DonM} +1.25
09:43:51 {Trader1} L 50.5
09:43:55 {DonM} ticks seem ok
09:44:07 {Trader1} had tick above 0, seemed to be R-> S @ 49's (R -> S = Prior Resistance Equals Support)
09:44:10 {DonM} holding some
09:45:05 {DonM} 3lb L
09:45:16 {DonM} scr rest (scr = Scratch)
09:46:07 {DonM} back in
09:46:12 {Trader1} fill 52.25
09:46:22 {DonM} whew
09:46:24 {DonM} got in in time
09:46:41 {DonM} +2
09:46:52 {DonM} nice
09:46:56 {DonM} +2.5
09:47:03 {Trader1} +1.5 on half position
09:47:08 {Trader1} free riding for 55.75
09:47:12 {DonM} flat
09:47:14 {DonM} 54
09:48:00 {DonM} nice combo
09:48:05 {DonM} oversold range stochs
09:48:08 {DonM} 3lb long
09:48:12 {DonM} ticks ok
09:48:16 {DonM} break from 1 min triangle
09:48:19 {DonM} 5 min support
09:48:24 {DonM} 4 premises
09:49:12 {DonM} VIX also moving down
09:49:27 {DonM} essentially we opened in a 5 min cup for general session

09:49:33 {Trader1} I used TUB on 49 res to support w/ 5min support & ticks (TUB = Trust Until Broken)
09:49:34 {DonM} plus we had the 49-50 support from premkt
09:49:39 {DonM} ok, now where
09:49:45 {DonM} SOH for the moment (SOH = Sitting on Hands)
09:49:51 {Trader1} 1055 is where bulls had problems yesterday
09:49:52 {DonM} yes Trader 1
09:49:58 {DonM} I gave up a smidge on exit
09:50:04 {DonM} thankfully, got back in
09:50:16 {Trader1} you were so fast in reentry. very nice.
09:50:35 {Trader1} 55.75 out last 1/2
09:50:39 {DonM} very nice Trader 1
09:50:42 {DonM} outstanding
09:50:45 {Trader1} thank you
09:50:52 {DonM} he got 3.5 on that
09:52:17 {DonM} Trader1 is buying lunch
09:52:29 {Trader1} sure am
09:52:35 {DonM} ok
09:52:36 {Trader1} goal now is to stay focused on next opportunity
09:52:39 {DonM} 5 min premise in tact
09:52:42 {DonM} yes
09:53:15 {DonM} 53-54 developing support zone
09:53:49 {DonM} 15 min possible cup
09:53:51 {DonM} developing
09:54:28 {DonM} ticks strong
09:54:32 {DonM} 1st pb should be ok
09:54:41 {DonM} I think
09:54:42 {DonM} lol
09:54:48 {DonM} VIX ok
09:54:49 {DonM} ticks ok
09:54:53 {DonM} 3lb ok
09:55:07 {DonM} might only get one shot at this
09:56:07 {DonM} I think % is on pullback entries
09:56:08 {DonM} vs shorts
09:56:13 {DonM} let me know if you disagree
09:56:32 {DonM} may have to wait though

09:56:47 {Trader3} You are looking at buying into 54-55 support, no?
09:57:07 {DonM} yes Trader3
09:57:20 {DonM} still below Wed high
09:57:33 {DonM} bit of an issue, but not too concerned as I'd be out before then anyway
09:57:57 {DonM} tick pbs only (PB = Pullbacks)
09:58:05 {DonM} missed it
09:58:52 {DonM} sensing a creeper day
09:58:57 {DonM} like I said
09:59:01 {DonM} might only get one shot at a pb
09:59:11 {DonM} ticks inside Wed range
09:59:15 {DonM} price also so far

09:59:23 {Trader1} I saw it trade at 55.50 for only a brief moment as tick neared 0
09:59:26 {Trader1} and then it took off
09:59:27 {DonM} the higher we go, the better the 15 cup premise (15 cup = 15 Minute Bullish Cup & Handle Emerging)
09:59:38 {DonM} not chasing
09:59:52 {DonM} if this is true trend, should have one good entry
10:00:46 {DonM} careful on shorts gang

10:00:49 {DonM} THIS IS STRONG
10:01:09 {Trader3 15m bull cup should extend from here....
10:01:13 {DonM} all signs point to longs on pbs
10:01:22 {DonM} yesterday high test though
10:01:38 {DonM} considering covering any shorts on ticks pbs
10:01:44 {DonM} and focus on Ls

10:02:20 {DonM} really like that 15 min cup
10:03:18 {DonM} tick to 0
10:04:04 {DonM} ticks matching Wed high

10:04:06 {Trader1} air on timeframes 5 and higher, but uptrend seems quite strong, makes shorts tougher to pulloff without getting run over... is this your thinking? (Air = Excessive gap between price and supports)
10:04:21 {DonM} yes Trader 1 ... although air principles always valid
10:04:35 {DonM} one in other room is TUBBING the air and yesterday high
10:04:40 {DonM} so pick your optoin
10:04:51 {Trader1} if he got a good fill at yest HOD then he did well. awesome (HOD = High of Day)
10:05:10 {Trader1} it would be unusual to cut straight thru it...
10:05:12 {DonM} he was early but held
10:05:16 {Trader1} v nice.
10:06:12 {Trader2} L 6.25
10:06:25 {DonM} going L on pbs
10:06:30 {DonM} want deeper
10:06:36 {DonM} but L on tick pbs
10:07:10 {DonM} 54 is 3lb break price
10:07:35 {Trader2} scr +1
10:07:37 {DonM} tough fills STRONG
10:07:55 {DonM} bids not filling
10:08:02 {Trader1} v nice timing Trader2. Good hold.. saw u had a lil heat there.
10:08:18 {Trader2} 1 tic heat
10:08:21 {Trader2} :)
10:08:40 {DonM} want 54s for prime entries
10:08:47 {DonM} but probing small on all pbs so far
10:08:58 {Trader4} got .75 on that thanks Don
10:09:46 {DonM} L 56
10:10:06 {DonM} TUBing 3lb
10:10:33 {DonM} may need to back and fill abit
10:10:48 {DonM} that tick drop got bought hard
10:11:11 {DonM} now what
10:11:19 {Trader3} I'm crying because I was 5.25 bid.... *sigh*
10:11:19 {DonM} 5 min flag maybe
10:11:24 {DonM} 54-57
10:12:17 {DonM} tick tri
10:12:33 {DonM} range stochs should pop
10:12:35 {DonM} oversold on support
10:12:45 {DonM} midrange but price holding
10:12:58 {DonM} up to mkt now
10:13:00 {DonM} as always
10:13:13 {DonM} 53-54 better zone for buys
10:13:47 {Trader3} L 55.75
10:13:56 {Trader3} oops 55.50
10:15:58 {DonM} nice fills guys
10:16:02 {DonM} in lock step
10:16:03 {Trader1} this is very familiar to me. bulls need to hold 55
10:18:39 {DonM} need 56+ to pop
10:18:53 {DonM} tick tri

10:22:32 {DonM} whew
10:22:36 {DonM} s/b ok now
10:22:56 {Trader3} out at 6.75
10:23:03 {Trader2} add at 55.25 and another +1
10:23:36 {Trader5} looking for 5750 final
10:23:56 {DonM} scaling
10:24:00 {Trader2} Nice out for +4 total
10:24:01 {DonM} out
10:24:23 {DonM} holding some
10:24:33 {DonM} had one quickie scratch and immediate reentry on that drop
10:27:41 {Trader5} flat 57
10:28:19 {DonM} still bulish
10:29:38 {Trader3} Air on vix is bearish short term.....
10:29:53 {Trader1} short 56 75
10:30:00 {Trader2} I don't see it but the volume is net short at present
10:30:15 {DonM} range resistance agree
10:31:20 {DonM} still say up
10:31:44 {Trader3} Jellie Divergence
10:32:17 {Trader2} Nice Tick triangle developing
10:32:53 {DonM} still biased L on pbs
10:32:57 {DonM} taking some off
10:33:00 {DonM} and always holding some
10:33:01 {DonM} in case
10:33:04 {DonM} free rolls
10:33:18 {DonM} patience gang
10:33:21 {DonM} this is strong

10:36:36 {DonM} COILED

10:36:52 {Trader1} scr 58
10:37:18 {DonM} weee
10:37:53 {DonM} I'm pushing this
10:37:58 {DonM} exiting up here though
10:38:05 {DonM} hit it hard
10:38:29 {DonM} holding small
10:38:32 {DonM} exiting on further pop
10:38:58 {DonM} FLAT
10:39:01 {DonM} +3.25
10:39:50 {Trader3} good cover Trader1!
10:39:55 {DonM} ok prior resistance now support
10:39:56 {Trader1} lol...
10:40:06 {Trader1} yea I didnt want to be stuck on that
10:33:21 {DonM} this is strong
10:40:36 {DonM} just had to wait

10:40:57 {DonM} thanks
10:41:08 {Trader5} got a piece of that but not large enough... patience, and experience will come
10:41:11 {DonM} nice comeback Trader6! (Trader6 was in other Room)
10:41:17 {DonM} hope I got you on the right side
10:41:29 {DonM} sweet!
10:42:11 {DonM} power of the tank
10:42:14 {DonM} DON'T FADE THE TANK
10:42:16 {DonM} :-)
10:42:24 {Trader5} the tank rules
10:42:26 {DonM} that's why I kept looking around and asking
10:42:30 {DonM} I wanted to stay objective
10:42:38 {DonM} but I saw zero signs of weakness
10:42:45 {DonM} and that coil was building
10:42:54 {DonM} someone was going to get hurt hard
10:43:02 {DonM} and signs all said shorts would be the stuckees

10:43:19 {Trader5} 1st test of yesterdays high held, 2nd one failed... multiple pullbacks.. "i dont trust em", Don Miller, Webinar #6
10:43:34 {Trader2} Volume now net + - shorts were stuck up there
10:44:28 {Trader3} The coil was sloping up too - should I read that as a sign of strength as well?
10:45:18 {Trader5} Should we be watching 3rd push into noon? 2 pushes now
10:47:24 {DonM} going for a brief walk
10:47:27 {DonM} back in 10-15
10:47:39 {Trader2} 64 = high of 10/29
10:58:50 {DonM} got some air out there
10:58:53 {DonM} even on the 5

11:00:12 {DonM} 12 point run from session open ... 20 point run from globex lows ... may need to back and fill
11:00:32 {DonM} noon fade into third push possible
11:00:49 {DonM} ticks a horse
11:01:08 {DonM} air concerning though for Ls
11:01:56 {Trader3} Agree on the 3rd push premise....
11:02:09 {DonM} I'm SOH
11:02:12 {DonM} too much air for me

11:02:28 {Trader3} ok I'm mainly waiting to short the noon push should it appear
11:05:18 {Trader2} 3LB short
11:05:36 {DonM} yes Trader2
11:05:37 {DonM} good eye
11:05:44 {DonM} other room also mentioned it
11:06:07 {Trader3} last time it went short was 10 points ago...
11:06:08 {DonM} just not sure how much more mojo left
11:13:16 {DonM} Restating: 09:58:52 {DonM} sensing a creeper day
11:13:24 {DonM} seems the case
11:17:45 {DonM} traders seem tired given yesterday's late and today's early action after that last squeeze
11:17:53 {DonM} feel it

11:18:07 {DonM} helluva exit Trader7 (Trader7 is in other room)
11:18:09 {DonM} in other room
11:18:14 {DonM} bailing at 6175
11:22:57 {Trader3} me too - but I didn't
11:23:25 {Trader3} seems like it is usually good for a point
11:27:19 {DonM} too tight a range for me up here
11:27:25 {DonM} even for me
11:27:29 {DonM} that's tight
11:27:46 {DonM} feels like splitting atoms

11:27:57 {DonM} any pop over 60 or strong ticks
11:28:00 {DonM} good exit imo
11:38:02 {Trader3} We could still get a noon push out of this - uptrend is still intact....
11:38:32 {Trader2} Big report tomorrow too
11:38:48 {Trader2} nfp (NFP = Non-Farm Payrolls)
11:44:33 {DonM} I hate to even suggest we look at the daily
11:44:38 {DonM} you know me
11:44:44 {DonM} so consider at your own risk:
11:45:48 {Trader1} why is looking at the daily not typically advised?
11:46:23 {DonM} not usually relevant for intraday activity henry
11:46:26 {DonM} too far out
11:46:32 {Trader1} oh, right.
11:46:44 {DonM} sort of like driving down the street with a telescope
11:48:33 {Trader1} I was thinking to short 60.. I didnt have much of a premise except 3lb
11:48:33 {DonM} not thrilled about the 15 min 15ma angle
11:48:41 {DonM} and ADX

11:48:44 {DonM} thought this might happen
11:48:54 {Trader1} 3lb + air..
11:49:07 {DonM} back into range
11:50:28 {DonM} scalped the -800 tick
11:50:31 {DonM} but got out quick
11:50:42 {Trader3} me too got .50
11:50:51 {DonM} nice Trader3
11:51:00 {Trader3} :-)
11:51:35 {DonM} well, I'll say this
11:51:39 {DonM} good reads on the air team
11:51:44 {DonM} was an issue up there
11:51:59 {DonM} sometimes we (I) can lose sight of that

11:52:04 {Trader2} I'm off home...see ya in a bit
11:52:05 {DonM} when we stare at the lesser timeframes
11:52:06 {Trader1} market tempted me to chase the bull but the air definitely made me hesitate...
11:52:10 {DonM} good Trader1
11:52:17 {Trader3} I'll stand by my earlier VIX comment was bearish but a bit early....
11:52:31 {DonM} yes
11:53:29 {DonM} now stuck bulls again
11:54:16 {Trader3} I agree with your assessment - bulls and bears have felt a lot of pain the last week or so, so the tendency will be for things to die down a bit
11:54:34 {DonM} td (td = Tick vs. Price Divergence)
11:56:41 {DonM} new tick lows
11:56:57 {DonM} not crazy about fighting the 1 min
11:58:57 {Trader1} L 6.25 small size scalp
11:59:28 {DonM} no fill here
11:59:40 {Trader5} I'll be back by 4... see you guys
12:00:01 {DonM} L 5625
12:00:33 {Trader3} noon time too
12:00:54 {DonM} rangs stochs o/s
12:01:29 {DonM} 30 min better than than the 15 imo
12:02:19 {DonM} sweeeet
12:02:20 {DonM} out
12:02:25 {Trader3} me to
12:02:28 {Trader3} flat
12:02:48 {DonM} Trader3 you trading machine
12:03:00 {Trader1} out +1
12:03:12 {Trader1} half size on that.
12:03:14 {DonM} almost identical
12:03:18 {DonM} who taught you that?
12:03:26 {DonM} lol
12:03:31 {DonM} that's too funny
12:03:38 {DonM} our execution charts 100% identical
12:03:41 {DonM} or 95%
12:03:45 {Trader1} 56.25 to 57.25 ?
12:03:50 {DonM} yea
12:03:52 {Trader3} Don - seriously - I'm beginning to think I've got my own life changing going on here....
12:03:53 {Trader1} hah.
12:04:24 {DonM} that's the idea Trader3
12:04:27 {Trader3} :-)
12:04:32 {DonM} I'm not doing this for my health!
12:04:34 {DonM} ;-)
12:04:47 {DonM} shocked I got the 5725 exit
12:04:53 {DonM} thought I'd have to move the last fill down
12:05:11 {DonM} ok, let's NOT lose sight of the 5 min
12:05:14 {DonM} 1 min also still down
12:05:44 {DonM} 30 bull cup
12:05:45 {DonM} BUT
12:05:52 {DonM} 1 & 5 would need to confirm possible extension
12:07:38 {DonM} td last drop again
12:07:40 {DonM} missed it
12:07:45 {Trader1} it seems like we have Daily Resistance MA's fighting the 15/30min Uptrends. impossible to say who would win. This is usually where I struggle as a Intraday Swing guy.
12:07:45 {DonM} shows better on 5 min
12:07:53 {DonM} yes Trader1
12:07:57 {Trader1} but I think if I take high probability setups for a pt or 2.. i'll be ok
12:08:00 {DonM} that's why I like the lesser timeframes
12:08:10 {DonM} can still sometimes find some meat
12:08:12 {DonM} with air, etc
12:08:27 {Trader1} and I think I can still get good free riding intraday swing positions on when the stars line up.
12:08:28 {DonM} 5 vs 30 now
12:08:36 {DonM} 5 may have to work off a transition phase
12:08:37 {Trader3} I saw it but convinced myself it wasn't there because of a lower drop vs the stabilization area.....oops
12:08:39 {DonM} keep in mind lunch hour
12:10:03 {Trader1} RE: Last TD, I was concerned the tick readings were too mismatched
12:10:11 {Trader1} -500 vs -800
12:10:29 {Trader1} ok.
12:11:10 {Trader1} don, are you scaling when you feel some hesitation in the push or do you have preset scales at 1 pt, once you get in? (Note: Responded via Audio)
12:12:54 {Trader3} Trader1 - I scaled in that time because the premise was intact, I went in initially small (ie. not a full position), and I could get a better price, plus I had Stoch, time of day, and tick divergence in my favor for a retrace.
12:13:41 {Trader1} TraderJ: thanks. what does time of day tell you right now?
12:14:06 {Trader1} yah my tummy is rumbling...
12:16:51 {Trader4} lunch sounds good much better day for me miss a few but not complaining
12:18:58 {Trader1} going to take lunch break
12:19:16 {Trader3} me 2
12:19:17 {DonM} yea, going to run errand
12:19:29 {DonM} probably be back around 1
12:19:46 {DonM} 30 min seems to be holding
12:22:27 {DonM} running to bank
12:22:39 {DonM} will have laptop
12:22:40 {DonM} lol
12:22:56 {DonM} a reminder
12:23:02 {DonM} to set yourself to "out"
12:23:04 {DonM} if leaving
12:23:17 {DonM} it will show up as red next to your name at my end
12:23:18 {DonM} thanks.
12:23:25 {DonM} back at 1
12:23:29 {DonM} and then we'll preview the PM
12:36:59 {Trader3} I'm back...
12:59:56 {Trader1} hello again
13:00:55 {DonM} back
13:01:11 {DonM} 5 min cup with 30 below
13:01:12 {DonM} extending
13:02:29 {DonM} got my Wendy's salad
13:02:33 {DonM} watching
13:02:55 {DonM} 30 min remains in play
13:02:58 {DonM} with 1 & 5 confirming
13:11:27 {DonM} range stochs been a great read today
13:12:37 {DonM} pace slow
13:19:19 {Trader4} break above 62 and then a pullback to 59/57 area
13:20:01 {Trader3} a break of the 65 resistance to the upside....
13:20:26 {Trader3} TUB the 65 for the 1st attempt?
13:21:02 {Trader4} hard to think about shorting period
13:21:24 {Trader2} Dow Cash wrestling close to 10,000 so I would expect new HOD
13:21:41 {Trader4} get my head hand to me real fast
13:23:27 {Trader4} then maybe we stay range bound in the the highs
13:23:33 {Trader3} I think you were talking about vix
13:23:37 {Trader1} the lunchtime deep pullback for bulls looked a lot better on the 15min for me:
13:24:40 {Trader2} I'll prolly take a short at 63 -64 (high of 10/29) unless pace really picks up
13:25:59 {Trader1} what would cause the most pain
13:26:20 {DonM} for me, it's that pace thing again
13:27:05 {Trader3} possible 1m triangle forming
13:27:28 {Trader3} squint...
13:28:03 {Trader1} tick still largely above 0
13:28:17 {DonM} back in a few
13:28:20 {Trader1} altho.. I suppose that could change at any moment
13:30:57 {Trader2} Not that I pay much attention to them, but 1062 is the 50% fib ret from the Oct highs
13:32:11 {Trader4} that is interesting
13:32:35 {Trader4} food for thought
13:33:47 {DonM} not interested in ticky tack trades
13:33:51 {DonM} soh

13:34:03 {Trader1} so possible 5 min bull cup. if the 5 min bull cup fails and 1058's dont hold as support, then you might have a range if 1056 holds.
13:34:04 {DonM} mkt is strong though
13:34:08 {DonM} tempted to go L on pbs

13:34:11 {DonM} but haven't
13:34:15 {Trader1} me too..
13:34:23 {Trader1} but it's such a sleeper
13:34:38 {DonM} agree Trader1
13:34:42 {DonM} both rooms saying same thing
13:35:03 {DonM} btw, I like what I'm seeing in Team #3
13:35:08 {DonM} you guys/gal are catching on
13:35:12 {DonM} solid comment
13:35:16 {DonM} decent sequences
13:35:19 {DonM} and in some cases
13:35:21 {DonM} strong sequences
13:35:25 {DonM} keep it up
13:35:30 {DonM} create some personal momentum
13:35:33 {DonM} and confidence
13:35:36 {DonM} that's why we're here
13:35:58 {DonM} air starting to bug me a bit again on the 30 & 60
13:36:02 {DonM} esp with 1 min short
13:38:13 {Trader2} Just FYI the profile looks incomplete between 59 and 56.5 (ish)
13:39:08 {Trader4} does that mean it could go back to fill that area
13:39:34 {Trader2} theory sais it hasn't spent enough time yes
13:39:41 {Trader1} I work with volume profile.
13:40:59 {DonM} POLR seems up still (See next line)
13:41:03 {DonM} path of least resistance
13:41:33 {DonM} keep eyes peeled on this range
13:44:06 {Trader1} 3lb fake?
13:44:23 {DonM} bit of a cup
13:44:38 {Trader1} ah ok
13:44:41 {Trader1} I was seeing that in the 5 min
13:44:42 {DonM} 15MA angles improving slightly
13:44:45 {DonM} on larger frames

13:45:20 {DonM} watching
13:45:24 {DonM} will likely let it break without me
13:45:26 {DonM} and adapt
13:45:50 {Trader3} no volume yet (or movement) for a real breakout....
13:46:31 {DonM} I lied
13:46:33 {DonM} took it
13:46:35 {Trader3} here we go...
13:46:48 {Trader1} volume is good
13:47:01 {DonM} scalping only though
13:47:43 {DonM} still prefer later pb if it goes
13:47:47 {DonM} so this is small stuff only
13:48:26 {DonM} one more push
13:48:28 {Trader3} It should have pulled out a bit faster, no?
13:48:36 {DonM} out most of scalp
13:48:39 {DonM} holding small
13:49:39 {DonM} sitting around 64 if it pops
13:50:10 {DonM} yea
13:50:15 {DonM} should have dumped it all probably
13:50:18 {DonM} but it's only 1 contract
13:50:19 {DonM} lol
13:50:20 {Trader2} short 63
13:50:24 {Trader2} not filled
13:50:45 {DonM} flat
13:51:48 {Trader2} grrrrrrrr
13:52:04 {Trader1} sell half at the bid and leave half at the offer?
13:52:15 {Trader3} trapped longs on that breakout
13:53:26 {Trader1} dropping like a rock..
13:53:53 {Trader1} but I dont think they are in big trouble till 59 gives out
13:54:05 {Trader1} agree... just not a very clean rbeakout
13:54:15 {Trader2} i saw on 1 min
13:54:18 {Trader3} me niether
14:06:42 {DonM} letting it drop
14:06:49 {DonM} can always short a pb if it's real
14:06:55 {DonM} or scalp a barf
14:07:23 {DonM} daily may be strutting its influence up here
14:08:34 {DonM} you can see a bit of what I meant here
14:08:36 {Trader3} Maybe we should just be trading this as a range day....
14:08:41 {DonM} Where is the true break
14:08:41 {Trader1} great call on that short Trader2.
14:08:51 {DonM} and how much profit potential before it hits resistance
14:09:18 {DonM} HTBO for me now (See Next Line)
14:09:22 {DonM} has to be obvious
14:10:00 {DonM} still feels too much like phone booth trading for now
14:10:05 {DonM} waiting for it to open up
14:10:19 {Trader3} HTBO??
14:11:05 {DonM} read above
14:11:23 {DonM} 4 lines up
14:11:36 {Trader1} L 58 75
14:11:40 {Trader1} if it loses 58 i'm out of here quick
14:14:29 {Trader3} bulls flushed out, bears will be trapped if we now go up - giving fuel to the fire
14:14:47 {DonM} may just get range here into close
14:14:51 {DonM} big report in the AM
14:14:56 {DonM} sitting on sidelines

14:15:03 {Trader3} ok
14:17:27 {Trader3} In that case you are good to go!
14:17:58 {Trader1} 1/2 +1
14:18:16 {Trader3} Good Job! Trader1!
14:18:35 {Trader1} thank you
14:19:22 {Trader1} scr the rest
14:19:46 {Trader1} this momentum wigs me out..
14:20:00 {Trader3} It's almost like MATD
14:21:02 {Trader4} I have no more juice in my tank for this mkt (tired eyes)
14:21:30 {Trader3} Then don't trade until you feel better - 1st do no harm!
14:21:57 {DonM} and how do you import it? TS keeps telling me it already exists
14:22:00 {DonM} sorry for the admin
14:22:10 {Trader4} agree tomorrow another day
14:22:14 {DonM} mkt rangebound ... trade the range if you like it
14:22:46 {DonM} 5 min ADX dropping
14:25:18 {DonM} still want more elbow room
14:25:25 {DonM} letting it drift without me
14:27:05 {Trader3} I had a bid out on that last push down, didn't get filled
14:27:23 {Trader1} 58.50 went quickly
14:27:26 {Trader1} 1 tick and bounced
14:27:41 {Trader3} I was .25 bid....*sigh*
14:28:06 {Trader1} I have been placing 1/2 sizes around the area I like.
14:28:13 {Trader1} sometimes get both, sometimes not. but try to get something
14:28:31 {Trader1} next step is... need to size up more on a good sequence
14:28:43 {Trader1} but this awful pace gives me no such confidence to do that..
14:28:44 {Trader3} That's good info Trader1 - Thanks !
14:29:35 {DonM} DMI indicator very very low (DM = Don Miller Momentum Index)
14:29:37 {DonM} .0001

14:29:43 {Trader3} I don't know - we're moviing about 2pts/minute now .....seems like pace to me!
14:29:48 {Trader1} Don's Momentum Index?
14:29:53 {DonM} sort of
14:29:56 {DonM} DM Interest
14:32:02 {Trader1} I see... air on 30+ timeframes
14:32:06 {Trader1} flatlining 1 and 5
14:32:13 {Trader1} 15 is ... mostly flat, maybe up.
14:33:45 {DonM} still having hard time defining the range
14:33:51 {DonM} for coil b/o's
14:34:05 {DonM} 58 swing low I suppose
14:34:36 {DonM} but prices below that
14:38:35 {DonM} some triangles perhaps
14:43:59 {DonM} funny thing is
14:44:04 {DonM} I really am squinting
14:44:08 {DonM} eyes tired
14:44:11 {DonM} at this tight range
14:46:29 {DonM} today good example of PJO concept (PJO = Prime Jellie Opportunity)
14:46:35 {DonM} it was really one sequence
14:46:42 {DonM} that made the day
14:46:58 {DonM} everything else squinty
14:47:07 {DonM} although the 30 min pb midday was ok
14:48:13 {DonM} SOOT (SOOT = Staying Out of Trouble)
14:48:23 {DonM} 5 min ADX still dropping
14:48:25 {DonM} 11.74
14:50:45 {DonM} 30 min still the story
14:50:48 {DonM} in terms of bias
14:51:55 {DonM} biased L on pb
14:55:17 {DonM} small volume on that pop
14:55:50 {DonM} can't get the feel I had earlier
14:55:52 {DonM} with this poor pace
14:55:59 {DonM} still biased L toward last breakout
14:56:03 {DonM} 60.50 support
14:56:24 {Trader3} td
14:56:47 {DonM} hod resistance of course
14:56:57 {DonM} VIX ok
14:57:41 {Trader5} Im back.. Hopefully, other business done for a while
14:59:22 {Trader3} Are wedges bullish or bearish in and of themselves?
14:59:30 {DonM} rising channel
14:59:38 {DonM} breaks can mean something of course
14:59:47 {DonM} TUB the channel ... that sort of thing
15:00:08 {Trader3} k
15:01:17 {Trader1} do you guys consider the action on the 5 min to resemble a cup & handle? and now attempt for extension?
15:01:18 {DonM} zzzzzzzz
15:01:28 {DonM} bit of a cup Trader1, yes
15:02:02 {Trader3} agree
15:02:07 {Trader1} I am actually having a hard time staying alert
15:02:13 {DonM} don't have the same conviction I had at 10:30
15:02:17 {DonM} might just be tired
15:02:30 {DonM} volume still seems suspect
15:02:35 {DonM} but patterns are patterns
15:02:42 {DonM} and bias there

15:02:50 {DonM} just can't get comfortable wholesale entry
15:02:58 {Trader2} Dow 10,000
15:03:55 {DonM} td
15:04:01 {DonM} might still go
15:04:03 {DonM} not in
15:04:18 {DonM} playing very close to vest this PM
15:05:11 {Trader3} dang it
15:05:13 {DonM} didn't have the stones to short it
15:06:06 {Trader3} me could have moved like a bat out of you now where the other way.
15:06:19 {Trader1} 3lb
15:06:54 {Trader3} decent volume on that sell off
15:07:19 {DonM} saw the td
15:07:20 {DonM} in time too
15:07:23 {DonM} but didn't take it
15:07:27 {DonM} mind a bit frazzled
15:07:59 {Trader3} I was offering but cancelled it - I'm ok with missing the trade - the edge was there but risk was high
15:17:51 {Trader1} the handle of the cup and handle formed its own handle..
15:17:55 {Trader1} I have no clue what to look at here
15:18:04 {DonM} good eye Trader1
15:18:06 {DonM} same here
15:18:07 {DonM} ;-)
15:18:13 {DonM} sometimes, there's not much to see
15:19:43 {DonM} taking it
15:20:43 {DonM} scr
15:20:45 {DonM} geesh
15:21:10 {Trader3} Dead cat
15:21:36 {Trader1} the truth is I didnt take it cause I was scared. The drop from 63 went quickly with some volume.
15:21:46 {Trader1} it was enough to get me to do nothing
15:21:56 {Trader5} took what.. the td?
15:22:01 {Trader1} Long pullback to 61
15:22:10 {Trader5} ok
15:22:44 {DonM} td again
15:22:56 {DonM} thought the volume might push it there
15:23:04 {DonM} but bailed when it didn't go
15:23:16 {Trader1} great intuition on that bail...
15:23:33 {DonM} pbs remain the entries
15:23:36 {DonM} to now anyway
15:23:58 {DonM} ticks well below many prior highs

15:25:06 {DonM} take at look at that 60
15:25:10 {DonM} prior swing high
15:25:32 {DonM} likely the last try for me
15:25:40 {DonM} traded barely at all in the PM
15:26:56 {Trader3} I reminder to reign in fade attempts due to time of day....
15:27:35 {DonM} yea, but still early
15:27:43 {DonM} last 15-30 mins primarily
15:27:50 {DonM} still 45 mins to close
15:28:03 {Trader3} Are you going vs. 4:15?
15:28:20 {DonM} yea ... 3:45 - 4:15ish
15:28:26 {Trader3} ok
15:28:31 {DonM} but it's a bit vague
15:28:35 {DonM} just meant to be protective
15:28:57 {DonM} possible 1 min h&s
15:29:04 {DonM} at 63ish
15:30:25 {DonM} offering 6275
15:30:41 {DonM} ok fine
15:30:46 {DonM} be that way
15:32:40 {DonM} right idea
15:32:51 {DonM} just couldn't get the pop to short beyond that feeble one
15:38:19 {DonM} long day
15:38:33 {DonM} esp with the less than spectacular PM paced
15:38:35 {DonM} pace
15:40:47 {Trader2} Lovely trend on the $VOLD
15:40:47 {DonM} for those needing some caffeine
15:40:52 {Trader1} L 62
15:40:53 {DonM} Starbucks reports after close
15:41:25 {Trader1} 5min EMA
15:41:35 {Trader1} lol.
15:41:36 {Trader3} neutral
15:42:02 {Trader1} ok
15:42:29 {Trader4} loses 61.25 was holding as support
15:42:45 {Trader4} real fight there
15:43:42 {Trader1} I will barf at 60.75
15:45:42 {Trader1} barfed it out
15:47:32 {Trader1} 5ema sup. 1 min coil. thinking push to 63 again. I was on wrong side of coil looks like.
15:51:41 {Trader1} hrmm... they got me.
15:51:41 {Trader3} SOOT
15:51:44 {Trader1} lol
15:52:20 {Trader3} The only thing I see are fade plays....and now we really are getting to close for those
15:52:30 {Trader3} ...too close to close
15:52:42 {Trader1} this is what I was looking for but I had awful timing on this.
15:52:46 {Trader4} Trader1 just early
15:52:47 {Trader1} oh well.
15:53:05 {DonM} tough time to trade gang
15:54:34 {Trader1} i'm def not chasing this tho. shutting down DOM
15:54:37 {DonM} markets less predictable
15:54:39 {Trader3} Todays range notwithstanding - this doesn't count as a pre-MATD does it?
15:54:42 {DonM} traders tired
15:54:47 {DonM} positions being squared
15:54:51 {DonM} just not high % time

15:55:34 {Trader4} I threw my towel awhile ago
15:58:52 {Trader2} Some size in the DOM
15:58:56 {Trader3} You did the right thing - but possibly should have re-entered if you really had the conviction.....
15:59:19 {Trader1} should waited for the last few longs to barf.. my entry signal was bad.
15:59:57 {Trader3} No such thing a perfect entry signal were telling ME that earlier today!

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