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E-mini Trading Room Conversation April 18, 2013

This is an early entry of the e-mini trading room conversation transcript. None of my entries will be excluded from these conversations and the only edits will come from those who wish to not be included and those who violate room rules. I hope that you can grab the bits and peices to make sense of reasoning as well as approach to trading.

This is meant to be informative and educational for all traders including those who may have arrived late to the room. The room begins for each trader as they enter and some information can be missed. All kinds of events can occur that would prevent me from including the day's conversation such as temporary internet issues which log my own account. It is my goal to provide all transcript, but it is not a guarantee that I will be able to do so. This early conversation was not accompanied by time stamps, but future conversations will include timestamp's for greater use.

The E-mini Room Transcript Without Timestamps

sometimes it moves too quick for that
asiaexpat: but i wil try that next time
TomG: Mike set your target 1 tick before your target
Tnkrtoy: l es 41
jake: apple down 24..approacing 400.00..round # could cause a NQ bounce
jake: up
asiaexpat: tomg--then that wouildn't be my target
asiaexpat: i dont follow
TomG: it will cover the spread which is why you are not filling
asiaexpat: u mean adjust my target
asiaexpat: its not that i dont reach target every time
TomG: dont adjust your target just where you set it
asiaexpat: i understand--change the initial atm target
TomG: if your goal is IE: 97.3 and you are trading short. set the target at 97.4
asiaexpat: ok i see
TomG: that took some work I think I need a nap
asiaexpat: hhaa
Tom: lol
TomG: Hi Tom
asiaexpat: im outta here--good rading all
Tom: see ya
TomG: good night Mike
asiaexpat: night
asiaexpat has left.
Humber: im out too, gn everyone
Tom: bye
T om: Hi TomG. Just saw that. sorry
TomG: no problem
Tnkrtoy: out es43
Tnkrtoy: Too painful a trade outta here..
TomG: ouch, that hurt tnkrtoy -2pts
Tom: Did he go long or short? I thought he went long at 41 out at 43 so + 2.
TomG: he said long but I think he meant short, He was in at 41
Tom: Yes
TomG: that a very big stop
TomG: I think Im done for today. Good luck trading the rest of the day, Bye
TomG has left.
Tom: See ya later
Chris: Been one of those days ladies and gents...a whole lot of nothing on my end...unless my charts are just frozen...I've just been staring...I should have looked for more opportunities this morn, but didn't see this coming
Chris: we're finally startin to get some sort of movment...hopefullyl it will continue
Chris: just been a lot of choppy mess
Chris: right now we finally made it down to the lwoer support area
Chris: trendline support*
Chris: but the fast to sluggish inconsistency is holding me back a bit from placing any trades
richyrich: Chris do you ever watch the VWAP? It looks like it wants to bounce down off that this afternoon but if it breaks through it could go long. Its actually forming resistance on ES at 1549...
Chris: no rich I don't keep an eye on it....I've heard of it and possibly tried to take a look, but never really studied it in much detail
richyrich: Yeah its something new I've been looking at... today it worked like a charm typically at some point price reverts to that avg price line and it will typically do 1 of 2 things. Break through it or bounce off it.... today it bounced down..
richyrich: 3 times since lunch would have been good for 3 pts a piece
jake: rich do u use Ninja as your platform??
richyrich: yep... 5 min chart
jake: i've been looking for the VWAP , haven't been able to find it. Where do I locate it? Any suggestioins??
richyrich: i found mine from a 3rd party source outside of ninja... it was from Big Mikes forum I think?
jake: Thanks
richyrich: u bet
Terry: gm
Tom: gm Terry and all.
Terry: gm Tom
richyrich: gm guys & gals
jake: gm all
TomG: Good morning
Terry: hey Tomg
TomG: Hi Terry
Tnkrtoy: Morning outlook for modest NQ/es bounce. Modest
Tnkrtoy: es L 49
Tnkrtoy: 47.75 flat
Humber: good morning
Tnkrtoy: es L 47
Tnkrtoy: flat 47
TomG: went to fast to post TF long at 901.4 out 905.3
Tom: What a trade!
Terry: ? ?
TomG: m probably done for the day unless something comes along I really like
asiaexpat: got somma that spike
Tom: Good time to stop after such a good trade. Don't give it back!
asiaexpat: 55
asiaexpat: i got 5 sim points on that
asiaexpat: oops 55 + haha in thai
asiaexpat: sorry--55 haha
TomG: Tom I dont like to give back?
TomG: wow that was some movement off the open?
richyrich: Philly fed coming out could be a turning point or more red?
Terry: Good Day!!!
richyrich: s es 39.75
richyrich: out 37.25 thankfully
Seal_Team6: Gm to all
asiaexpat: morn
Tom: Good job rr
richyrich: thx Tom - looks like bulls want this back... I'm watching the VWAP to see if price bounces off
TomG: rich what is VWAP?
richyrich: volume weighted avg price - I didn't take the trade cause im up but it was at 15.43.25 was the short?
TomG: Thanks
richyrich: Im just learning/using it... but all the institutionals watch this so I figure I should too. I only trade 5 contracts but I want to see what they are looking at too
TomG: I dont have that on NT
richyrich: yeah i had to use a 3rd party source from Big Mikes forum... NT says it has one but the link the support forum gives is dead
asiaexpat: google it--lots of info on VWAP
TomG: Ok I will thanks
TomG: Big Mike has a lot of good info on it for reference purposes
asiaexpat: the probelm is how to use these indicators
TomG: did you ever watch Horst,s trading videos on it
asiaexpat: head about it
richyrich: yep I just use it as a guage to see where price might move too or bounce off of.... doesnt replace drawing lines for S/R
TomG: google Horsts trades, the guy is amazing. I watched one the other day when he made 7400
asiaexpat: will do
richyrich: thanks
TomG I'll ck it out.
asiaexpat: ive been testing some fibs--they really are helpful
asiaexpat: retracement levels
asiaexpat: we just bounced off 68.2 retrace of NQ spike
asiaexpat: bounced off 4 points
TomG: its gotten pretty ugly. Im shutting down for the day. good luck everyone an I will see you all tomorrow. Bye
richyrich: Im done for morning too might ck bck this afternoon - good luck all!
asiaexpat: bye

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