Randall/Michelle

GS to $237...

Jeff, I like what you are doing with the blog. The book store ect. Thank You for all the time and hard work you put in it. I want to let you know I appreciate it.

Love part 1!

The setup on VDSI and APH look good to me. Watching the others.

Currently:

Long: APH, BNI, CLF, DE, MSM, VCLK, VDSI, RESP, SBS, GTRC

Short: PAY, PVTB, TM

Also have some GW stock.

thanks
Strat

Check out BBY

Doji Girl, I'm sorry to hear you stopprd out of BHI, I thought I was the only one at times that were picked off from their stops. I'm being brave and not using Mech. stops anymore. Then again I don't want to leave the house for fear,(only kidding I still brave it but I beeline to my computer when I return) I'm still in with 5 contracts keeping my fingers crossed.

Optionfanatic, if you're just using a mental stop loss on all your trades, you may want to consider putting a mech. stop a bit below your mental stop. That way, if something goes terribly awry that you have no control over, you won't lose 100% of your investment.

Just a thought~

Beeline to computer...

I hear ya. I used to do that as well. Then I realized that i was not properly positioned and was relying on one or more trades to boost my account. Now, I am down with the program, all my trades are properly positioned. If I make good entrys, follow my rules, and I position my trade size properly, I can leave the computer behind with confidence, and no fear...

Okay, back to the computer!! LOL..

Tyson.....

That is exactly what I do if I am out of town and cannot manage my trades from home..

Jeff,

Thanks again for all you do. Another great Tuesday effort.

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Tyson, I appreciate the comment on the stop below my mental stop. I have considered that if I feel if the market is very volatile ( keep an eye on the futures in the am. to determine) and I'll be away from my acct. for a greater length of time. But then again I take the laptop and broadband card! Did I say Addicted!

Bottom Feeder..

I've done that too....don't beat yourself up. Get out, learn from it, move on.

DO is just throwing money into my account...Gottalove it. Same for PCU...

Damn X...killing me, a glutton for punishment...

Bob, I admire your
helpfulness, sense of humor,through this blog and may I add your poetry as well. I have a sense you are very good trader and know your stuff. I would be very interested over time if you would share your rules with us.

Hi all, I am a new poster to the blog but if I might add my 1 cent worth, I agree with Strat and Brett, ie: blog changes. I like it the way it is. More Jeff with comments from fellow addicts and perhaps a trade thread to easily access throughout the day.
I appreciate everyone and hope to contribute more as I learn more. You have all helped me so much. Thanks.

HTZ great retest and follow through.

CMI is ready to blow up. You can make a VERY loose symmetrical triangle using all of the candles' wicks and arrive at a pretty mouth-watering target. either way, i view this as a great entry.

AMG bouncing finally.

MMP great follow through.

and if you missed the bounce on RL yesterday (and you really shouldn't have), it's about to break out of the ascending triangle.

Hope you get some value from this post.

Forgot to mention ADSK. Great long-term pattern.

Thank you for your kind words optionfanatic...

I have been trading a little over 2 years now full time. It has taken (cost) a lot in terms of money, emotion, failure, and drive to continue this ongoing education.

For me, failure is not an option, not in anything I do. When I fail, I learn, move on. In fact, I on occasion will fail my way to success if I must.

The most important learning curve for me was 2/27/2007..a day I will never forget. I had gotten overconfident, risky, cocky, stupid, and worst yet, was creating and changing rules to fit my trades, instead of looking for trades that fit my rules.

I hope none of you pay for a trading education such high a price as I have paid.

I was attenting JK's trading room with invest tools, and eventually came across his blog. I paid attention to Jeff and came across this guy Brett. I did not need there rules to trade. But I needed, and still do, their insight and support. I am indebted to Jeff and Brett more than they know. This blog, Jeff and Brett, have helped me in ways they may never come to know, and I would be happy to give back to anyone what they have given to me.

I will consider sharing my rules, but bear in mind that we all trade differently, have different tolerances for risk, and different personalities. I do not want my trading practices to skew someone elses. If you pay attention to what Brett and Jeff say, and others on this blog, you will figure out their rules, or at least some of them. Read between the lines, listen and learn.

Bobs Rule number one.....

Make sure your trades fit your rules, not the other way around.

Jeff, great video. and thanks for the warning on GOOG.

Great videos Jeff .. thanks for the effort and the 'heads up' on some good ones .... and Brett... you keep rocking sir ... your confirmations and contributions - consistently are superb .. Thanks for what you do as well.

Down here in TN, we continue to enjoy this community and wonder what would we do without C&C and Bob ...

Good day to all!

Brett...

Nice one on CMI...

Check out PG..

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Sara,
What warning on GOOG?

Michelle

JNJ, VIA.....

Bob, Truer words were never spoken here. Very profound! Thanks

pcu union to strike this week-end

ALB - Got into the July 40 PUT farily early yesterday - Making a nice move down on 200%+ Volume today

Strat
Nice to see I am not the only one Long on BNI. Although I am hanging on by a string... if it closes below 85 I'm out. And you?

David
Also got into ALB yesterday with SEP 40 PUT. Hoping it drops to 35 and then lower.

ProAM

I thnk the first stop point will be $35 and then drop from there.

Wow, Jeff,
Mostly bearish plays. It is that saying anything about the market?



Michelle

I hope a lot of you addicts had gotten in DO...

The $TXN is steadly going down. If it get's to 50.00 Hog Heaven!

Nope, Bob, I missed it, and it's too overextended to get in now. Good for you, though, go DO.


P.S. You got me rhyming stuff now.

Michelle

I'm in DO and GOOG TOO! At least I,m trying

Awesome Jeff great videos to be sure! Thanks for everything as usual.

This blog is a riot. Bob your poems are killing me. Liz and Michelle you are a riot.

SusanFM

I missed DO, but SLB has been very cooperative the last few days.

Brett, thanks for the call on ALB yesterday. Got in like everyone else with $40 puts. Nice

Sam_H

CMI to $108

Did anyone take the BWLD trade, you have to be loving those wings!!!


cvx is a low risk entry also OII is finally breaking higher

ORB is comiong off a continuation pattern

Jeff, thank you for the videos and your continued insights.

Optionfanatic, there will be alot of bond guys looking to short the $tnx as it gets closer to a 5.00. Lets see how the market reacts to a pullback in the $tnx when it happens.

Jamie

ALB
I noticed this was first posted by Bob yesterday morning and again by Brett shortly after.

Can either of you two (professionals) enlighten me on how you found such a gem? Was it just hanging out in your watchlist?

Thanks

Jeff-
Great videos, as always! Thanks for sharing. There area lot of bearish ideas. Hmmmm.

I was just looking at MRVL, INFY and ZRAN yesterday. Good to know I am still on the right track. Maybe not on the exact right track but maybe next to it?

Tim-

And all the rest of you who made comments in the last thread about my writing... it's good to know that writing for cheesy television is finally paying off. Somebody is finally noticing me. ;-)

Bob Raimo-

I was glad to have another poem this morning. And thanks for sharing about your trading. My goal is to be right up there with you and Brett and Jeff trading for a living.

My goals for today...

NYX to keep going down and for PAY to finally pay up!

Looks like STR is doing the consolidation dance right around 55. And X is finally popping it's head up. And of course POT and PCU keep giving back. But I am wondering if PCU may be taking back if the workers really do go on strike.

liz

Proam -- BNI

$85ish looks like a good line in the sand.

For me, I'm in until it turns back up or expires worth $0 at this point(went OTM back in late April and didn't jump out 6/6 or 6/7 when I could have). I'm chalking it up to patients...

thanks
strat

Liz, I looked twice now and cannot find your cheesy writing. Where is it.
So many great ideas with Jeff's video and all your ideas, I need more time and money.

Hi fellow traders,

What do you think of PCP right now? thanks.

Strat
I'm also getting "education" on this one. Got in on 6/6 with OCT 95 hoping for upward breakout. Since I have time I'm being patient but my line in the sand is $85.

We'll see what happens...

I think PCP is either setting up for an ascending triangle breakout or a trendline bounce around $115.00. If i owned it i'd hold. If i wanted to buy it i'd wait.

Guys, check out SNHY please. Not optionable, but a nice big move expected on today's triangle break with volume.

Nice "put" low risk entry on uaua

Liz

PAY is sitting at resistance. With the big move to the upside, does this stock still have some downside potential? It looks like a great entry point.

Amy, i *might* have bought more puts on PAY today.

Addicts, we talked about puts on FRX back on 5/30. Since then, the stock has dropped $4 and is within $2 of my original target. However, it has curled up and is rolling down today below some solid long-term support. I like an entry here.

Check it out, or as Jeff says, "Know about it."

PAY is tempting, but the high volume high-hype news to the upside lately makes me a little cautious. I just don't know yet.

A very very safe put play can be had on ADM. Downtrending stock came up to hit horizontal AND trendline resistance on its way down to the prior low at $30. You can get Aug $35's for only $1.85.

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GTRC is singing my song. A nice retest of the flag breakout.

Michelle and others,

You mentioned something yesterday about trading big moving stocks compared to slow moving stocks. Can you please elaborate. I am decent at picking a stock that will move in my antipated direction, BUT they are slow and usually come with a small move. If I don't catch the bottom or top, I am not likely to take more than a few points off the table.

Brett,
curious on your thoughts of buying ATM options? ADM $35.
Is the price worht it for you in this situation

Something seems to be lighting a little fire under X and AFL...finally.

JCOM is continuing its money making trend.

Bob's Poetry is flying high, Chris' humor (C&C) cracks me up!

Keep it up!

Amy - try get stocks that have daily ATR of more than 3, these will move quick and big.

I am an addict and i do three things: no drugs, high options, and moderate hopeium.

Ladd,

it's slightly in the money and my risk/reward evaluation checked out. sometimes it makes sense, most times it doesn't. if you know what you're paying for time, and your target is reasonable, there's no law against buying ATM.

*****Breakout Alert*****

RL

SNHY

CMI

I bought a little bit of PAY at the close. Couldn't resist.

Amy,
Take a stock, like CE. Look at the one-year chart. If you just look at the trend, looks great, doesn't it?
Then look at POT. Look at the one-year chart. Look at where they started and where they ended a year later.
If a stock moves 20 points in a year and another one moves 80 points in a year, which one will make more money?
I was looking so short term (stock is in an up trend) that I was missing making big money because my stock looked nice on the chart, but in reality it wasn't really moving that much. So sometimes when someone says, "There is a stock breaking out," look at how much it is breaking out. Maybe the candle is big, but it is only moving 1 1/2 point versus one that may move 4 points.
Does that make any sense?

Michelle

Jamie, Hope we'll see 5. on the $TNX. I'm sure your correct about the bond mkt. I feel we could see the start of a very strong uptrend.

Amy,
That's why Eric and Jeff were laughing about (somebody sent in an e-mail about putting a large part of their portfolio in DBV or SHV.) It is steady (I suppose better than cash), but it doesn't move much. We had 30,000 dollars tied up in it, and it made $80 or something silly. So don't be fooled by just looking at the chart, look at the numbers. And compare that to MLM, which I had, 50 shares of, and in two weeks it was up 700 dollars.

Michelle

Michelle

As I constantly 'fine-tune' and learn like the rest of you.... I have a hard time finding the RIGHT PUTS ... I review many - have paper traded some and getting better at it... For some reason, haven't been able to REVERSE my look at the charts and see the patterns because I AM a pattern/resistance trader.

After watching some of you, seeing what you are seeing and analyzing more and more, my confidence is up and I have begun to make money on PUTS ... Thanks to you all!

Jumped into PAY and ATM at mid-day today (thanks for the confirm Brett) and have 3 more I may jump to tomorrow..... NYX is one of them - volume shows a lot ... I'm managing my risk so that if I blow it .. it won't kill my portfolio ... but my rules screamed for the above today.

What a place this is ... Thanks for all of your help!

Oh, my gosh, it's a market rally!!! The DOW is up 22 points. (Laughter.)



Randall and Michelle

Why would anyone be trying to get into PAY? We are hoping to unload ours.

Just a thought.


Randall and Michelle

What about some calls on BWLD? I'll wait for some comments?

Phillip

Benton

If PAY fits into your rules go for it, manage your risk and watch your position size. Seems like a pretty low risk entry to me.

Grant

Fellow Addicts,

PAY - for me, i will not short PAY anymore. The reason is look at the monthly and weekly chart, it is trying to reverse to the upside.

PAY for me is a low risk entry ... and I am in very small ... but based on volume and ADC .. this could be a roll over based on what I see ... I only want 2 to 3 points and I'm out ... if it upsides 2 .. I'm out .....

Simple as that... it's tight ... but feels low to me at this point based on what I look for.

I know some have been burned on PAY and I may get burned .. but based on my total portfolio and risk with the balance of calls/puts I have .. this didn't bother me to jump on it. The 'tape will tell' ..

Thanks for the response .. Think I hit a nerve on this one .. :))) I look at my big picture instead of just one stock and this fits that.

This is the best forum going. I have tested the water reading various Blogs over the years and I have to say you all are awesome.

I have never actually posted to any other Blog but I can say this. This blog is so great for many reasons, its founder sure, but the micro society that makes this up has been a joy to watch.

Many of the other trading blogs are edgy at best. This blog is like a family and I would imagine if it had a grandfather it would surly be Wilford Brimley.

Keep up the great work!

Tommorow should confirm on PAY one way or the other. That hanging man on massive volume right at resistance should give all of us our confirmation tomorrow of whether we should be long or short. I wouldn't be suprised either way, and I don't mind taking a loss if I'm wrong. If I'm RIGHT, however, it's a long way down.

Michelle,

Thanks for your thoughts. I am in the right trades (or they are moving in my direction), but my account isn't. One loss using risk management is difficult to overcome with lots of small winners. I am not sure that makes sense, but my account just sits...I manage the risk, but not the reward.
Jeff wrote an article about getting in a trade that moves versus trading companies like SBUX...anybody remember where. I need to reread it.

I entered PAY for all the reasons above...low risk, nice return.

I normally would have waited for that second day of volume confirmed. I have done that and was late to the game more than not ...

Don't you love this stuff ... manage risk and you have all kinds of 'options' ... Here's to 2 points up where I would lose or 2 points down where there is a lot more awaiting ...

Good evening everyone ... (Wonder if Wilford Brimley is Jeff's grandfather :)))

We entered PAY around 6/1 and had a stop around (I think) 35. Or so we thought. Somehow instead of getting stopped out with profits, we ended up buying contracts. We must have been sleeping when we put in the stop order. Anyway, we have been watching it got up and up and up. So I wasn't trying to be hard or mean when I asked why someone would be entering it. I hope it goes down. But hope, as they say, is not how you trade. We have a line in the sand, but it has not been a good trade after the gap up.

Amy,
I know what you mean about winning trades and your account not moving. Position sizing helps (with the winners as well). Plus if you trade stocks instead of a lot of options, it will cut your losses until you start moving your account up. That's my 2 cents' worth. Hope it helps. I have to be careful not to overtrade. Sometimes I see so many good plays that I take to many small trades instead of concentrating on some really GOOD trades and my account doesn't really do anything.


Randall and Michelle

Good stuff, Michelle. I am thankful you took the time to teach.

First, I need to clean up my portfolio.
Second, I need to be more picky about the stock I trade. I need to take the trade that will make money, not just give me a buy signal.

Thanks for all the feedback. It is greatly appreciated

JRCC. cup and handle. what say anyone else?

Hi all!

Curious... Anyone else enter a put on HMIN this morning? I bought the July 35 put with the intention of riding it down to about $27 then selling the 30 put for a Bear Put spread. Even though it's up 1.19 (on low volume), it's still well within it's downtrend. I just didn't expect such an up day. I see quite a few downtrending stocks that made substantial gains today.

--Patti

LFG broke a flag decisively today.

Ladd-

I would love to tell you yes, but I am not as good with cup and handle patterns yet so I'd wait for one of the other pattern traders to tell you yea or nay.

liz

Bob (and Pam)

The cheesy writing was from the "Under Construction" thread. Tim made a comment that what I wrote sounded like a commercial for this blog.

liz

DavidS-

Wish I had taken BWLD. Very nice. Not only did it bounce it also broke through some previous resistance on good volume. Very cool.

liz

Patti,
No, I did not take the HMNI trade. I took ESS for a put when it was down about 2 bucks, but by the end of the day, it was up a buck. Who knew? It still looks okay, just not as good as when I took it. Like my little girl always says when she asks for something and we tell her, "no," she says, "Maybe tomorrow."

Michelle

Ladd,

Cup N Handle comes at the top of a ascending trend. JRCC is definately not up trending.

RIMM
Depending on what the market does tomorrow, it is either at a great place to add or hold on, it's heading down to support. But earnings is coming up and it didn't do so well last earnings. I have been wanting to add to my position (stock) and it has been zooming higher, so I'm watching it. Just in case anybody else was trying to get in, put it on your radar. It's a good mover, but volatile.

Randall and Michelle

Amy,

Finding stocks that will move fast and far is the key. On patterns with a forecastable target like ascending triangles you should go for ones that have a target of 10% of the stocks value or beter at the breakout and should reach the target in 60 days or less. For trending stock bounces, look for stocks that average a 10% move on each bounce and do it in less than 45 days.

Just be selective and cherry pick the best ones. Jeff gave me this tip back in Feb and I've got more 100% or better winners since Feb than I did the entire 2 years prior to that. These type of stocks also pay off OTM options very nicely.

MikeH

Ladd,

JRCC...aah the old inverted cup and handle! just kidding. actually i see what might be a REALLY nice ascending triangle setting up here. If nothing else, it could be a trendline bounce to new highs. And I disagree about the trend. There's definitely a short to intermediate uptrend in place here.

Ladd, check out the 2 year...i see a massive inverse head and shoulders on JRCC with a very short term ascending triangle setting up right at the neckline.

A breakout could become a HUGE run. Thank you very much for pointing this one out. I'm pretty excited to have this on my watchlist.

JRCC,
I don't see a cup and handle. But that doesn't mean it's not there.



Randall and Michelle

Brett-

Could I bug you for another chart overview? Inverse head and shoulders... I feel like I need to stand on my head to see it. I think I have it drawn correctly but I want to make sure since I'm in practice mode for these types of patterns. I just seem to find them a little harder to see. Really good at triangles and flags but then when you add stuff that's upside down... well, I just get dizzy. Was that a long enough explanation for you?

Thanks!

liz

lizandgrant@yahoo.com

Mike H.

Are you the same Mike we did a case study with back in March? We reviewed your rules? Maybe a different Mike.

Either way, thank you for your comments. It is something I can apply to my next trade.

Mike H.-

Thanks for the info. Very helpful!

liz

MikeH, thanks that is a good reminder. My rules are 60 days for both but otherwise the same. Brett, I am with Liz so please forward to bdheinrich@yahoo.com too.
Liz just think Chris is in LA without our help! As I read through the blog I hear Disneyland fireworks coming over the hill. No view just the sound.

Bob(and Pam)-

I hope Chris isn't blinding anybody on the beach.

Okay, I'm off to bed. I've got to get up in a few hours. I never thought having children who are slightly beyond babyhood would still leave me sleepless. My 4 year old is worse than the 2 year old and 6 year old. Oh, well.

Talk to you all in a few hours.

liz

Yep, in a couple of hours.... sleep is SO overrated...

As of this hour, Hong Kong markets are up HUGE and all other Asia and Australia markets are just up…

Let's see if it is contagious as it moves as the markets open around the world....

Check out the symmetrical triangle that is forming on COH from the head to the top and the neckline to the bottom of the last shoulder from Jeff’s pattern watchlist. It has the same 8 pt. move. I say a symmetrical triangle break followed by a H & S break is in store for us… We can only hope because this would be fun to watch unfold.

Have a good day all!

Amy,

I certainly don't have all the answers to your questions as I sometimes experience the same thing, but one thing I would say is make sure you evaluate the potential reward/risk of each trade. And be realistic.

My rule is 3:1 realistic reward to risk for directional trading buying calls and puts. This keeps me out of a lot of great looking setups but when I find one, I am always thankful I waited.

By the way, Amy, great question. I, too, needed to hear the discussion on that and I appreciate everyone's great insight.

Hi Bottom Feeder,
Do you see higher highs and higher lows on JRCC in the short term.
Brett, thanks for your comments on this.
I am suprised no one mentioned a double bottom back in Jan/Feb.
Anyway, all the ideas are awesome, great blog.
Chart reading is definitely an art.
Happy trading

Goodmorning, KMX sales where up 14%. Futures are up slightly.

Where can I watch Futures before the market opens?
KELLY

Kelly,
http://money.cnn.com/data/premarket/

one place you can go to

KMX gapped up. Thank God I only have one put on it. It hasn't sold and my screen says "trading has been stopped on this stock."
What's that?



Michelle

yeah, i held one put contract on KMX over earnings. bummer.

in TOS, you can enter these symbols to watch futures trading 24 hours:

/ES7UG -- S&P futures
/NQ7UG -- nasdaq futures

BIDU - boy, I wish I'd bought more of this a few days ago. It keeps going and going. Who knew? BEN is looking better than GS these days. I may swith my capital over from GS to BEN.



Randall and Michelle

LZ is the one for today
also micc could be a good play low risk

Kelly, If you have a Think or Swim Acct. Go to the watch tab second rectangle box on left hand upper corner , pull down public, hit futures. Walla!

Kelly-

Also in ThinkorSwim, under where it says market view you can change what you're looking at. There's a public folder and within that folder is a list of futures. Another website for futures is cnbc.com. Under the market tab you will see futures.

liz

Liz, I can only imagine what Chris was up to. Kelly and all the easiest way for me to watch futures is on TOS under the watch tab under public and then futures. It shows graphically and also the adv/declining, issues, volume and capital. Learned this one from Stacey at the Adv Opts class. Works best for me anyway. Once you have set it up you can just click the watch tab and you can view it until you exit TOS then you have to set it up again.

Futures also available on bloomberg.com....and you can listen to bloomberg on your computer as well...

I received a trade tip from a professional service.

They suggest the BHP $55 August call.

Is this a good trade? comments?

Thank you everyone for your help on futures, you are all a wealth of information!
KELLY

TNX looks like its bouncing off of its trendline and the VIX is up today. GLD and SLV down. But EEM and FXE are up. And FXI is still screaming higher.

POT hit that upper channel yesterday and its magically hanging out right around it today. Okay, it's not magic per say.

liz

Bob R, BHP too over extended for me.
FTEK, broke out, Tripled its value this yr.

Bob Raimo-

BHP overall looks like a decent stock. Fundamentals are pretty good. It's been in a long term uptrend (5 years) and just recently had a little leveling off period and now for about the last six months its been uptrending again. 55 looks like a nice support area but the stock looks overextended to me. I think it's a bad entry right now.

liz

BHP

Remember, not my reccomendation here..this comes from a pro service out there....

This is just a test for you addicts out there, what are you learning, waht do you look for in a trade, and what is a good entry..

Bob ... BHP looks like something that needs to be on your radar .. but I wouldn't jump now ... would wait for pull-back then jump ... It's definitely worthy of attention but it seems high off of that trendline right now for me.

However, I jumped into POT last week and went against that advice because it just seemed to fit my rules and I haven't been sorry I did. So this could be the same situation.

Just my $.015 worth!

Is MU Breaking Out on Decent Volume ?

David,

I see higher highs higher lows. at the top of a channel right now.
That is only my $.02

CRS is trying to complete the ascending triangle you could ride it to resistance and see what happens

Bob R, Thanks for BHP I added it to my watchlist as it is too extended for an entry for me at this point.

MU

Approaching a potential resistance level at $35.50

For me, not a good R/R...better trades out there..

Bob,
did you mean $13.50 or am I looking at the wrong chart

Here one we haven"t heard from lately PSA. It looks like it's given birth!

Bob, you must mean $13.50. I bought some July $13.00 calls when it was around $11.00 - In the money now.

David in NH-

You asked about volume... it's about 1/2 of average volume. And it's hitting resistance right around 13. Overall this stock has been trending sideways for the last 5 years so I don't think long term this is a good play. More recently it's been downtrending and only within the last 3 months has it been making higher highs and higher lows. I think you might be fighting a lot of uphill battles with this one. I think that there are easier trades to take but this all goes back to your trading style. And these are just my opinions.

liz

Hello All:

A little introduction. I am pretty new to this whole investing beast but I am trying to learn as quick as possible. I am learning so much from this blog already and happy I found it early on. I do have a question. Does anyone have good entry rules from paper money to real money? Thanks Mark and Shari

Liz,

Thanks for your insight on MU - appreciate the feedback.

Mark and Shari,

Small position size to start, until you gain a level of comfort.

Trading real money evokes real emotions, which paper trading does not.

Once you gain a level of comfort in trading small positions and in your level of experience, you could then consider increasing your position sizes, etc. There are probably others, although that would be a start.

Mark & Shari-

Are you asking about making the transition to real money from paper money or good entry rules regarding trading?

Trade small to begin with. It's a lot different "emotionally" trading paper money than it is real money. Get use to it. And then remember the mantra... Position Size & Diversification.

And as far as entry rules if you're referring to trades... what are your rules for entering a trade?

Hope this helps.

liz

Yes,,,,,,my bad.....i meant $13.50...

Need more coffee...or Brett ot throw down some WM's....

Amy,

Yes, I'm the same MikeH that posted the rules back in March. I've survived to this point.

Ladd, JRCC has reversed its trend but that cup n handle (assuming I'm looking at the same thing) is at the bottom of that 1 year downtrend. I wouldn't forecast any targets based on that if your trading this. It has a lot of prior resistance to push through.

MikeH

BEN is going to town. Is there some news or something?




Randall and Michelle

Bob Raimo-

Speaking of coffee... I'm going to go make some. I also request Brett to throw down some WM's.

I feel off today. Maybe it's because everything is going opposite of what I want it to do except PCU and VOLV. Or maybe it's because kickboxing kicked my butt yesterday. Hmmmm.

I should probably get breakfast for my kids as well as they are all finally up.

liz

Liz,

Yeah, we def need Brett in here...

Kickboxing aye...now you scare me!! LOL..

Mark & Shari,
Wow that is the question! I was great in paper trading and thought this sure is easy. Then emotions hit and so did Feb 27th and my account has not recovered yet. Liz and Chip are right on. I would also suggest just try a stock or two and an option or two to start and take it slow. To me this is like the difference of learning business (or engineering in my case) in college versus in the real work world. The office and business politics are what you spend half your time dealing with and no one outlined that for me in college. Kind of like that in paper versus real trading. The mechanics are the same but the real experience is very different.

Liz,
Your kids are just now getting up?
Mine get up around 6:30. We are doing lunch. If I remember right, you have three small children too.
Mine are 5,3,2. My husband is out of town and I have a sitter for three hours today. She is here now, so I can watch the market some today, and it is ZZZZZZ flat.
Oh, well. I think I'll read or something and try to relax.



Randall and Michelle

You down with HTZ?

Anyone else see LVS setting up a nice descending triangle. Look for the break of 75. Just a thought.

Sarah

You know what time it is?

BURRITO TIME!!!!

Brett..

Where did HTZ come from? did I miss this? Why was this not on my radar..??

Jeeesh...

Sarah, yes I have the same pattern on LVS. I also entered puts on WYNN on 6/18 when it rolled over from resistance. I have it drawn from the 5/2 high. If you look at that desc triangle it is saying a 12 point move over the next 6 weeks.
BUT and this is a big BUT, there is a lot of support at 89-90. If it breaks that I will add to my position.

Jamie

I will nurse X back to health...

Did anyone catch CMI? Nice breakout!

Brett mentioned CMI yesterday or the day before if I recall...

Thank You Brett!

Hey Bob,

Please help my X, who is in desperate need of a 'lift' of spirits!

Maybe a Poem will help pick UP X's emotions! Anything you can do will be greatly appreciated by many!!!

Sarah, I agree

Yes LVS could be a 12 -15 Point move down.

Brett-

I am so glad it's burrito time.
Didn't you mention HTZ yesterday with the "you know me"...


Bob(and Pam)-

Office politics... I never knew you'd have to go back to high school (mentally) in order to work at a JOB. I still remember the day I came to that conclusion. It depressed me.


Bob Raimo-

Don't be scared. Despite what Grant posts on the blog, I don't beat him up too bad. I've only been taking kickboxing for about 3 months. I'm still learning. And please do nurse X back to health.


Michelle-

My middle one gets up before 7 but the youngest and oldest like to sleep, especially the oldest. He takes after his dad. Night owl. Middle one just turned 4 and the other two are turning 6 and 2 this summer. All boys.

liz

Liz,

If you really want to kick his butt, chek out HAGANAH.

I have been a Haganah practitioner for years.

Chip,

I have more faith in Bretts WM and Burittos than my silly poems..

but I'll think about it just for you..

Sarah-

I also see LVS as an ascending triangle as well with a break around 75. Maybe 5 1/2 month target to reach total target price.

liz

________CALIFORNIA LAW SUCKS!!___________
Liz & Grant, Bob (and Pam).... how come no one told me you can get arrested for wearing a thong and sandals with (bright white) socks on the beaches here? Man... and trying to pay my bail with the cash I'd stuffed in the thong... I thought they were going to hyperventilate!!! What's wrong with people here? Now I've got a sunburn... well, we won't get into that.

I've just got through the 144 posts here and liz, like you I'm not having a good day. But the picture of you standing on your head to see the inverted H&S formations, takes some of the sting out of picturing poor Grant being boxed into drinking more wine. You mentioned something about Magic POT there too, but I'll let that pass.

Bottom Feeder... JRCC is the one call I'm really excited about. I see the beginning of a strong uptrend and it's right on support. As soon as it breaks $15 it's TO THE MOON!!!

Amy, I do a lot of stock and option trading, but I use completely different rules for each. The stocks you can absorb some longer dry spells with. MA is a perfect example. I never would have held this as an option (for long, anyway) but I've been thrilled with it as a stock.

Bob R I'm a bit late to the dance on BHP but my analysis is the same as everyone else. Good stock, bad time to get in. Do I pass?? huh... huh? do I?

Mark and Shari, welcome to the insane asymlum we call "home." Beware... Chip is airforce so his trading tactics may be more "shock and awe" than you're ready for at this time. Like everyone else here, I found I was great at paper trading and then when the emotions of real trading hit, I fell apart at the seems. Catherine would find me whimpering in a corner begging for forgiveness and promising never to re-mortgage the house for the next "X". After beating me into submission, I am now a much better person. The lobotamy has healed and I no longer need to be sedated. Now if she can just convince me that I'm supposed to act like a 50 year old, her mission on this planet will be complete.

KMX. Good call on those puts over earnings, huh? Oh well, I didn't need that 200 bucks anyway. I would have just wasted it on more POT.

Bob R,
BLess you!! You should have those alergies checked.

Looks like APA is heading for the hills along with other energy stocks. Was there a report on crude inventory today?

Optionfanatic... Looks like a good re-entry point on APA. I like it long-term, too.

I need some help here (besides the whole "arrested on the beach" incident, of course)

LCC I have made an embarassing amount of money off this put and it's now rising back to it's support/resistance. I've seen a lot of profits come off the table the last two days and am thinking about selling and re-entering in a few days when it hits support. Anyone had any success with this style of trading? Anyone think it's a style for morons? Catherine's hidden the hammers lately, but I know they're still around somewhere. This worries me.

I implore everyone to take a long hard look at AYE and XLU as potential put plays.

-Stephen

C&C I have to stop licking my wounds to buy more . Rent an metal detector I'm sure she buried them in the sand, that's probally where my wife would hide them.

C&C,

I didn't say don't trade JRCC. Just that I wouldn't use a cup n handle pattern as a forecast of where it's going. 15 is clearly a resistance point that if broken presents a nice potential entry.

My personal preference is stocks that have the long and intermediate trends heading in the same direction as my short term forecast. I seem to do a lot better with those.

Stephen,
I like the look of both of them... but I'm more convinced that the utility sector has a lot more to lose, than the energy sector. AYE has a nice pattern to it, but XLU has the pattern and the sector will get beat up with interest rates. At least that's what the Masters at The 'Cast are saying.

Tim, thanks for pointing me to the new flash player. I also had to install a program to unlock my browser from the corporate hacks who don't like active X controls and lock down my browser. I now have access to the videos again.

Bottom feeder,
I agree about the cup and handle. I usually trade stuff that's got a good intermediate trend, too, but I see this one as a great chance to get in earlier than usuall and ride it all the way up. I bought December calls on it and I have great expectations. If it fails to perform, I will sick both Catherine and liz on it. It will never survive that and fear is a great motivator.

C&C, Hey Liz and I offered to help you out and YOU decided to parade around in that speedo and socks. We did try to warn you but NO you would have none of it. Why do you think Liz and I backed way off once we found what your plans were? You think we are crazy? Well don't answer that or some kickboxer I know may pay you a visit. Did you at least get to visit Paris?

Rock on, guitar center (GTRC).

I will not look at my account balance intraday...I will not look at my account balance....OUCH
Had to look.
Here is an idea, Jeff. Can the blog automatically start a new thread once we get over say 80 comments or so as these are getting huge and therefore more difficult to view (time).

Chris,
I don't know about CA law, but you deserve to be arrested if you're dressed like that (laughter.)
I'm telling Catherine.


Yes, sometimes I take profits and get back in because some stocks never come back and I give all my profits away. I took some profits in LLC, but have one put left that I'm gonna hold onto unless it stops out.


Randall and Michelle

Chris,
Sorry. It's LCC. I take that back. I got stopped out of the other position for a small loss today. So I'm out of LCC. It was a nice run down. I'll wait for it to head down again. KIM is doing nicely though. MSTR moved down and now is kinda going sideways.


Randall and Michelle

I think some changes need to be made on the Investools site moreso than Jeffs blog. They can start by including Jeffs picture next to Erics on the homepage where the MarketCast link is. Its a damn shame.

Chris thanks for taking a look and giving your input. Are you going to go with XLU? The option pricing is nice.

Stephen

C&C,

So with your "sunburn" are you standing up trading? Now that's a picture I could handle, definitely not the 'how'...would not want to go there! Only Chris!!!

Now remember folks, Chris works for a Major Canadian Airline AND he's a pilot...keep this in mind if you fly up North. Now about the passengers that have to 'endure' his time in the air...I can hear him now, singing to the passengers over the intercom!!! >:-O (Chris, I couldn't resist!)

Speaking of Airlines, did you hear about United (UAUA), had a 2 hour delay on all flights because of a computer crash, and their stock is still up for the day...hey aren't they partners with Chris' Airline...yeah...Chris what did you do to United's computers?!

Who said oil stocks were moving?
My SLB is moving DOWN. VIP, X, PVH doing nothing. MLM and POT taking a breather. Finally got stopped out of PAY. That was my husband's position, so I was "hands off." Glad to see it go.

MSTR and KIM doing okay. Will somebody kick GOOG in the butt so it heads back up? Bob, Liz???

Michelle

I can hear Chris without his message to the passengers:

"Everyone, enjoy your flight. All computers and phones off. Before we take off, though, thought you might like to know that GOOG is up 5 points, moving nicely. If you need a put play, KIM looks good. X is a steady moving stock, but kind of staying still now. And if you need to use the restroom, please wait until the fasten seatbelt sign is off. Have a nice flight."


Michelle

I'm thinking of bailing on PAY as well, it's going up in an otherwise down market, on several occasions. I'm sure I can put that money to much better use that padding the pockets of someone else! It's right at one line of Resistance, although it just doesn't seem to want to go down any more.

Chris' passengers might ask: Is his X, KIM and what is GOOG, is that like Goob(er)? Nice one Michelle!

I've had enough of this today.

Be right back..

Anyone else see CLF as just a beautiful entry today?

Brett,

I am going for CLF Oct's before close today. I see CLF right at support.

Glenn

Brett, at first glance it looks beautiful - It just seems like it has given back so much of the move up. I put the fibs on it and it has retraced to the 62% line. Just my opinion. Take care.

Stephen

Brett, I got into CLF a couple days ago and still think it looks good.

CLF

I have it almost at a diag trendline. If I had to squeaze in horz support, I have a line at $76.50.

This would be a very low risk entry point, especially if todays candle confirms tomorrow...

PAY is pressed up against my line of resistance. I agree with Chip on a stock going up on a down day.

Brett-

Like how CLF looks. Low risk entry. I'm with Bob... especially if this candle holds and we get confirmation tomorrow.

Amy-

I finally got "mentally" stopped out of PAY.

KOMG is getting a little too friendly with resistance today...


So far the only stock doing what I want it to do today is VOLV. Steady steady steady. Though I'm not worried about POT, PCU or STR. They all still look good and I don't mind them pulling back or resting a bit if it means flying even higher.

liz

C&C-

All I can say is, Bob and I tried to help you out...

liz

step-inv... You bet I'm going to get into XLU!! I've got LCC on the table right now, but my only problem is that everything else is trending nicely. I'm thinking that DO might take a breather, but I'm reluctant to take too many of my winners off the table to chase other ones. But I really like the setup of XLU and (as a man I knew once said) it's like a hunka' hunka' burnin love... gotta git me some.

My youngest daughter gave me a Father's Day card that said "Dad, you've made me what I am today," and then, when you open the card it says "MY GOD!!! How do you sleep at night?!?" The same goes for all of you here on the blog. This "distinct society" (as we like to call it here in Canada) has formed me into the trader that I am... How do you all sleep at night?

PS Who turned off the sun? When I come to California I expect sunshine... or at the very least a good brush fire.

PPS Chip and Michelle. Making fun of my PAs on the airplane is frowned upon by the management. Remember, one day your lives may be in my hands... and then how will YOU sleep at night?

PCP's having a tuff time breaking through $120. If anyone's been looking to get in I think this is a good time.

The most significant thing I have learned about trading I learned here on this blog -- wait to the end of the day to make decisions on exits.

How different things are starting to look now from about two hours ago...

C&C, Liz and I put in an order to dim the sun (it is back full bright) once we knew the attire you had in mind. It was for your safety my friend.
Liz sounds like we are in the same trades and nothing is looking that great. KOMG, X, TEX, BA, CAL to name a few. Tim you are so right! I have not pulled the stop trigger on anything but was very temped. My old trading style would have had me stopped out on most for a loss. Now using 2(ATR) and/or 3% as my emergency stop and evaluating at the end of the day my mental stop so far is at least not locking in losses like before.
Any advice on BA as Jeff saw a H&S. I am in an AUG85C so have time at least. I entered 6/11 on the touch of the diagonal support line and mental stop at around $96.50 low of 6/12.

PCP

I dont see PCP as a good time to get in..

Utilities are the place to be. Find em and short em.

Here here ... Tim .... Agreed! And got about another half hour to go before I address my 'trigger pulling' for this lack luster - Summer trading day ...

Not really a big bad day .. just summer blues!

Like CLF though .... may participate in the party by end of day also ...

Bob
Grants X is pissing me off;)

Liz

AEP breaking out of a bear flag..

AYE looks good too...

BA ... broke support today on H&S .. 3.5m volume ... might need to pay attention to that ....about 4 to 5 points down possible ...

Just FYI ...

step-inv... I've just finished listening to last nights 'Cast and they talked about the fact that finding a stock is usually better than buying an ETF. Have a look at AEP and compare it to XLU. They have virtually the same graph and are in the same sector, but AEP makes much bigger moves. I think I might heed the Master's advice and use AEP rather than the ETF. And look at those nice $5 steps. Good support every five bucks. Makes it easy to pick an exit point.

I'm going out for a run. No one wants my LCC and I'm not convinced it's done anyway.

TNH. Anyone who doubts that this is the little engine that could... have a look today! Up another 1.75% Oh how I wish I'd seen this thing back at the beginning of the month when it was bouncing off support at $80 It's at 116 now. I see some consolidation likely here below $120 and then I'm thinkin' about diving in, head first.

Bob (and Pam) thanks for turning the sun back on. I'm putting on my runnin' duds and heading out kick some butt on the beach. Well.... run, anyway. Ok, maybe I'll walk for a while. Or just lie down for a bit. Perhaps a sleep would be good.

Brett,
We had a short in our Utilities here a few years ago and the whole eastern seaboard went black for a day!! Be careful what you wish for.

New post from Jeff...no one on it yet...