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20 July 2005 (Wednesday)


Session Start: Wed Jul 20 07:53:00 2005
Session Ident: #t1
[09:25:01] <guy> 5 minutes to open
[09:27:26] <guy> Today: Greenspan speaks and EIA Petroleum Status Report 10:30 ET
[09:29:01] <guy> 1 minute to open
[09:29:09] <guy> opening in middle of VA...
[09:30:27] <signal>
[09:39:29] <uktrader> morning
[09:42:09] <guy> morning uktrader
[09:42:48] <guy> I shorted the VAH earlier (ER2) but I've since scratched it
[09:43:06] <uktrader> tx
[09:43:52] <guy> in fact i'm not sure why i shorted because i have a long bias for the day
[11:01:35] <guy> today's IB is 4.3
[11:02:24] <guy> average IB based on last 24 days is 4.25
[11:02:30] <guy> for ER2
[11:03:03] <guy> For the ES the IB is 6.00 with a 24 day average of 4.61
[11:03:36] <guy> For the NQ the IB is 7.00 with a 24 day average of 9.08
[11:04:22] <guy> For the YM the IB is 41 with a 23 day average of 42
[11:30:48] <guy> Innerworth: Don't Catch a Bad Mood
[12:51:48] <tuna> guy u have your hand raised for some reason
[12:57:12] <fspeculator> hand?
[13:02:49] <guy> hey tuna
[13:03:05] <guy> that's the signal that one is away
[13:03:08] <guy> in JP's room
[13:03:52] <tuna> oh
[13:04:15] <tuna> learn sumthin new everyday
[13:20:33] <guy> [09:43:52] <guy> in fact i'm not sure why i shorted because i have a long bias for the day
[13:20:44] <guy> i've been itching to short this market all day
[13:20:51] <guy> but i'm sitting on my hands
[13:21:06] <guy> it's just too strong (IMO) to short
[13:21:21] <guy> and i haven't been able to find anywhere to go long
[13:21:34] <guy> i was hoping for a dip to the single print
[13:21:50] <guy> but we missed that by 5 ticks
[13:26:24] <guy> .
[13:26:32] <guy> Here is something important to consider
[13:26:41] <guy> all time high on ER2 is 677.4
[13:26:54] <guy> a few minutes ago we hit 676.5
[13:27:07] <guy> and again now
[13:27:17] <guy> this is just 9 ticks shy of all time high
[13:28:07] <guy> if we hit 677.4 then half of the open interest are holding losing positions - or better put - half of the number of contracts represented by open interest are losing money
[13:28:46] <guy> in a sideways market it is possible that all the contracts are in profitable positions (both long and short)
[13:28:56] <guy> at the top or bottom half of them are losing
[13:45:05] <tuna> yep
[14:24:57] <deputy_dog> ok eve u have voice now
[14:30:01] <guy> Oil Futures closed
[14:33:19] <deputy_dog> humor eve/javaguest
[14:34:02] <eve> sorry, tend to be the serious type
[14:41:34] <deputy_dog> see u can post
[14:41:42] <deputy_dog> altho apparently u only see me
[14:44:51] <eve> that is quite correct, you did something............In blue print.........Mode change "+eve" on channel #T1 by deputy_dog.... and then I could see your speak and then I could type speak. If moderators did what you did maybe I could hear their speak?
[14:45:59] <deputy_dog> possibly, it remains much easier just to get mirc
[14:46:38] <eve> Ok, here's hoping I do it right!
[14:46:51] <deputy_dog> its worth the effort
[15:00:01] <guy> Bond Pit closed (electronic Bond open until 16:00 ET)
[15:00:57] <guy> eve: i've added you to auto voice
[15:01:07] <guy> so if i'm in the channel then it will autovoice you
[15:01:17] <guy> deputy_dog: if you type the following:
[15:01:24] <guy> /avoice #t1 <nick>
[15:01:56] <guy> then it will add the user to an autovoice list for #t1 and auto voice that person if you're around
[15:02:17] <deputy_dog> k
[15:02:59] <guy> with also work in any channel you replace #t1 with
[15:03:05] <guy> if you have god powers
[15:03:07] <deputy_dog> thanks
[15:03:15] <deputy_dog> thats good to know
[15:03:43] <guy> if you don't specify channel then will autovoice that person on all channels where you are an op
[15:03:58] <deputy_dog> hmmm,great
[15:04:13] <deputy_dog> she is having other issues with javachat
[15:04:46] <guy> how is it going eve?
[15:05:27] <guy> what sort of stop are you using tuna?
[15:05:51] <guy> did you get the long tuna?
[15:06:29] <guy> very nice trade tuna
[15:08:14] <eve> Hi guy, Do I need to click out and come back in using /avoice #t1 instead of my nick or do I do it here
[15:09:44] <tuna> stop is now at +1
[15:09:46] <guy> eve - you don't need to do anything
[15:10:04] <guy> "voice" is somewhat of a misnomer
[15:10:16] <guy> just means that you can type text if there is a + next to your name
[15:10:23] <guy> which might not appear in your window
[15:10:33] <guy> if you can type and people respond to you then it's okay
[15:10:46] <guy> .
[15:10:53] <guy> tuna: excellent trade
[15:11:18] <guy> tuna went long at 76.2 just before this little rally
[15:11:47] <guy> using DIBH
[15:11:51] <eve> please advise market you are presently trading
[15:12:09] <tuna> er2
[15:12:23] <eve> what is er2 please?
[15:12:43] <deputy_dog> russell 2000 mini future
[15:13:54] <guy> eve: this might help: Symbols Explained
[15:16:10] <eve> thank you, is this the channel where you give live entry and exit trades based on specific software?
[15:16:24] <guy> yes and no
[15:16:30] <guy> we mostly use Market Profile
[15:16:44] <guy> and so if you understand market profile
[15:16:56] <guy> you can see why we go long and short at different areas
[15:17:23] <eve> is there a place where can read about market profile?
[15:20:07] <eve> OK, it was a joke, right?
[15:20:12] <guy> no
[15:20:31] <guy> there is a PDF book that you can download from the cbot web site www.cbot.com
[15:20:37] <guy> that explains market profile
[15:20:44] <guy> try hunting around there
[15:20:51] <eve> thank you
[15:20:52] <guy> maybe also on www.daltongrouptrading.com
[15:27:44] <eve> ok, so the Delta T1 is actually the market profile software?
[15:28:07] <guy> no
[15:28:27] <guy> on the DeltaT1 side there are a few packs of indicators
[15:28:47] <guy> Trading Software
[15:29:04] <guy> The ToolPack has the Market Profile related software
[15:29:26] <guy> The T1-Pack has the 2 indicators DeltaT and T1 and some others
[15:29:40] <eve> on your site, your advertise that this channel trades the market real-time with Delta T1, the dalton site explains market profile as having a myriad of indicators all wrapped up into one
[15:29:52] <eve> oops, sorry meant to delete not enter
[15:30:40] <guy> i must change that on the site then because I don't use DeltaT and t1 in here
[15:30:51] <eve> Thanks for my evening homework, I'll try to be up to speed by open.
[15:31:38] <eve> dd my mirc is almost downloaded, see you tomorrow, thanks again
[15:31:49] <guy> y/w eve
[15:31:56] <guy> i'll try and post some charts tomorrow
[15:32:02] <guy> I have been a bit slack today
[15:32:10] <guy> and i haven't posted any trades either
[15:32:17] <guy> if you look at the trade log on the forum
[15:32:32] <guy> you will see some of the trades that get posted in here and some of the charts
[15:33:06] <eve> what! more homework
[15:33:27] <eve> I don't know how to make a funny face
[15:33:39] <guy> :)
[15:33:41] <guy> Trading Journals
[15:33:58] <guy> look at that link and see some of the previous days' logs from this channel
[15:33:58] <eve> :) ha ha
[15:34:04] <eve> OK
[15:34:39] <eve> y/w means?
[15:36:05] <guy> you're welcome
[15:36:37] <guy> the thing that you're pressing your fingers against is the keyboard
[15:36:46] <guy> :)
[15:37:22] <eve> Ouch!
[15:37:35] <guy> that was a joke :)
[15:37:40] <guy> i apologize
[15:38:45] <eve> 's OK Someday, I'll be so good, I'll be able to get you back!
[15:39:07] <guy> i have no doubt... :)
[15:39:25] <fspeculator> http://charts.dacharts.com/2005-07-20/ray_dalio_interview_barrons.txt
[15:42:43] <eve> fpseculator: Thanks, certainly lotsa info
[15:45:36] <guy> [09:43:52] <guy> in fact i'm not sure why i shorted because i have a long bias for the day
[15:46:11] <tuna> lol
[15:46:25] <deputy_dog> that long bias was originated after the oil report :)
[15:46:35] <deputy_dog> b4 the oil, shoulda been neg
[15:46:42] <deputy_dog> jmo
[15:47:03] <guy> no, oil was at 10:30 and that bias was posted at 09:43.52
[15:47:07] <tuna> some of my better trades are when i fade myself
[15:47:53] <guy> i formed the bias from the closing price action yesterday - last 2 hours of trading in the ER2
[15:48:52] <guy> here is a 30min chart of ER2:
[15:48:53] <signal>
[15:49:16] <guy> and it was that PM session from yesterday that made me biased to the long side
[15:49:23] <guy> all those higher highs and lows
[15:49:26] <guy> and no sell offs
[15:49:50] <guy> and now with the record highs and half of the open interest losing money
[15:49:57] <guy> on the short side
[15:50:52] <guy> .
[15:51:08] <guy> 25 minutes trading left and we are 4 ticks from HOD and all time highs
[15:51:24] <guy> will the shorts hold over night or are they getting out before the close?
[15:51:50] <guy> will the longs want to book their profits or keep the buffer overnight?
[15:53:41] <guy> .
[15:53:50] <guy> the bid/ask size appears to be bigger than usual
[16:01:58] <eve> good night
[16:11:32] <guy> good night all
[16:11:39] * Disconnected
Session Close: Wed Jul 20 16:11:42 2005