Yes You Can... Cash In On Chaos!

Chaos Clinic Recap

Here are Al's comments
16:15 This spontaneus chaos clinic is archived as a tutorial on how to go for more than 9 points.
This techniques should only be used on the last trade of the day on a volatile day such as the one illustrated.

Besides the comments made by Al, the chat room is has live
comments from other traders who sometimes share their views,
trades and tips. Below are the chat room comments from this clinic

9/9/2008 2:16:12 PM Mountain Al:: Great-thank the Moon, Jupiter, and the natal Node-same as on the 9/2
9/9/2008 2:14:17 PM Mountain TG:: Cheers, time to go celebrate, I think that was my best single intraday trade ever. Definitely the best one to the downside.
9/9/2008 2:09:58 PM Mountain TG:: could slide right to 16:15 but that would be really greedy waiting for that ;-) and QPFE is at -100% so can't get more efficient than that.
9/9/2008 2:06:18 PM Mountain Al:: I'll archive this as a psuedo Chaos Clinic
9/9/2008 2:05:32 PM Mountain Al:: Amen TG - pour the wine!
9/9/2008 2:05:30 PM Mountain dp:: Out +22. Thanks for all the comments; couldn't have done it without you. Cheers!
9/9/2008 2:04:57 PM Mountain Al:: 50.5-24.5=26 -just fine
9/9/2008 2:04:36 PM Mountain TG:: limit out at 24.5, 26 points, hard to do better than that.
9/9/2008 2:03:09 PM Mountain Al:: out 24.5
9/9/2008 1:58:26 PM Mountain TG:: stop to 29.5, 2 ticks above prior 3 minute bar.
9/9/2008 1:55:21 PM Mountain TG:: stop at 31.5, I want at least 19 of this. Buy limit is at 24.5.
9/9/2008 1:54:02 PM Mountain Al:: stop 37.5
9/9/2008 1:52:18 PM Mountain Al:: former
right now I've got my buy at market order ready to click at 4:00
9/9/2008 1:44:44 PM Mountain TG:: Which move are you counting as 1, the drop from preopen to 9:40 or the drop after 10:00
9/9/2008 1:44:17 PM Mountain Al:: stop to 39-will cover at 4:00 if still in
9/9/2008 1:41:06 PM Mountain Al:: if 7 is as big as 1, still have a ways to go
9/9/2008 1:39:27 PM Mountain Al:: stop to 39.5 -locking 11
9/9/2008 1:35:35 PM Mountain Al:: if there is more, it will not break the 110 so the stop is in the right place
9/9/2008 1:34:01 PM Mountain TG:: Unfortunately, yes.
9/9/2008 1:32:49 PM Mountain Al:: this is probably your 6
9/9/2008 1:27:58 PM Mountain TG:: good point :-)
9/9/2008 1:26:15 PM Mountain Al:: stop 40- TG-don't know-done analysing, just managing this trade
9/9/2008 1:22:51 PM Mountain TG:: Al, is there a move 6 up coming or what?
9/9/2008 1:22:04 PM Mountain Al:: stop 40.5 -lock 10
9/9/2008 1:19:05 PM Mountain dp:: TG: Likewise, Thanks for the post and the 1224 target based on the H&S
9/9/2008 1:18:00 PM Mountain Al:: stop 41
9/9/2008 1:15:03 PM Mountain Al:: stop 41.5 -lock 9
9/9/2008 1:12:41 PM Mountain Al:: your 1224 doesn't sound so crazy now, TG :)
9/9/2008 1:11:02 PM Mountain Al:: stop 42
9/9/2008 1:08:26 PM Mountain TG:: Lehman Bros. stock, $86 in early 2007, $8.60 today.
9/9/2008 1:04:48 PM Mountain Al:: stop 42.5
9/9/2008 1:00:43 PM Mountain Al:: stop 43.5 -that locks 7
9/9/2008 12:57:41 PM Mountain Al:: stop to 44
9/9/2008 12:50:33 PM Mountain Al:: stop 44.5
9/9/2008 12:49:53 PM Mountain Al:: no, in this case I cover exactly at 4:00
9/9/2008 12:46:03 PM Mountain TG:: Al, do you have a buy limit preset.
9/9/2008 12:44:24 PM Mountain Al:: stop 45
9/9/2008 12:43:34 PM Mountain Al:: stop 45.5
9/9/2008 12:41:46 PM Mountain Al:: holding is the same as taking +9, then reselling-less certain, but less work :)
9/9/2008 12:37:14 PM Mountain Al:: that should be thanks-stop to 46.5
9/9/2008 12:33:25 PM Mountain Al:: tanks for sharing that
9/9/2008 12:28:00 PM Mountain TG:: My go big rule is when you see price piercing double normal out of band levels on a CC that started that morning (as opposed to leftover action from the prior day), a good entry near 2:00 can often be held into the close or covered for +20. Usually, if you get to +12, you can lock in + 7 to avoid letting a nice gain ride into next to nothing.
9/9/2008 12:21:37 PM Mountain Al:: to make that switch, I just wait until the 110 gets below the stop I set usign the 55
9/9/2008 12:18:51 PM Mountain Al:: yes, I've been working on a GO BIG rule -here we hit +9, s0 I'm going to switch to using the 110 as a stop guide
9/9/2008 12:15:05 PM Mountain TG:: Big gap on Wheel from about 37 to 27. + 20 won't be easy though as it probably comes at the close. A move 6 on CC could bring us back to the neckline, maybe more. When conditions are right I do think one should go for one of these big gainers to make up for the days you get beat up on a few consecutive whipsaws.
9/9/2008 12:11:52 PM Mountain dp:: Can you eloberate on the Franklin or the 4:00?
9/9/2008 12:10:03 PM Mountain Al:: stop 47-at 55 EXMA; from my work on the Franklin trading system, I know this is a "cover at 4:00" type trade
9/9/2008 12:06:15 PM Mountain Al:: stop 48
9/9/2008 11:56:06 AM Mountain Al:: TG-i saw that h&S projection, too -I'm always afraid of making things up :)
9/9/2008 11:54:58 AM Mountain Al:: stop 49-at 55 EXMA
9/9/2008 11:54:44 AM Mountain TG:: same thoughts, looks like plus 20 type potential from a number of angles. H&S alone projects to about 1224.
9/9/2008 11:53:57 AM Mountain dp:: Love the way you have fun!
9/9/2008 11:51:48 AM Mountain Al:: stop 50 -just for fun will let this one run if goes past 9
9/9/2008 11:48:25 AM Mountain Al:: stop 53
9/9/2008 11:43:59 AM Mountain TG:: Nice Al, short from same level. I bit earlier though on the 2 consecutive weak 3 minute bars near 1:10 but used extra wide stop of 6 out of the gate due to extra volatility. Had same read on CC.
9/9/2008 11:42:37 AM Mountain Al:: stop 54.5
9/9/2008 11:37:32 AM Mountain Al:: rainbow chart shows at neckline of head and shoulders
9/9/2008 11:35:22 AM Mountain Al:: sold 50.5 -last trade-stop 55.5
9/9/2008 11:17:49 AM Mountain Al:: rising wedge correction - probable move 4 in down CC
9/9/2008 11:12:24 AM Mountain Al:: passing on second trade -Rainbow down, prices trading both sides of 110
9/9/2008 11:06:48 AM Mountain Al:: right TG-basically I use XGO to look ahead about a week to get a feel for the trading climate
9/9/2008 10:20:53 AM Mountain TG:: Not sure. I think it is more of a position trading tool. Though Al did say in his weekly email last Thursday night he expected a rally attempt on Friday and Monday with more weakness starting Tuesday. I assume that was based at least in part on XGO.
9/9/2008 10:13:25 AM Mountain li:: TG does one interpret the XGO as saying that today is a potential turning point date?
9/9/2008 10:11:27 AM Mountain li:: thanks TG
9/9/2008 10:00:15 AM Mountain TG:: It's in Aux
9/9/2008 9:55:40 AM Mountain li:: how do i see the XGO chart?
9/9/2008 9:11:16 AM Mountain TG:: Thanks and nice trading. I got sucked into what I thought was a hook and go buy and lost a few but caught enough of this move, though starting from pretty far below the 110, to still be up a few. This is like the past few months strong volatility but now on steroids. Maybe this month we see SPX 1177 level, so prominent during the 2000-03 bear and prominent during the first few years of the cyclical bull recovery.
9/9/2008 9:05:37 AM Mountain Al:: covering +5.5 based on 27 point range
9/9/2008 8:57:34 AM Mountain Al:: XGO posted
9/9/2008 8:54:01 AM Mountain Al:: stop 55.25
9/9/2008 8:52:05 AM Mountain Al:: Ok-resold 55.25 stop 57.25
9/9/2008 8:39:42 AM Mountain TG:: Al, any chance you can post an updated XGO chart in the chaos chat room. Thanks.
9/9/2008 8:36:06 AM Mountain Al:: out +9 at 56.75
9/9/2008 8:34:02 AM Mountain Al:: on that bounce I did sell 65.75 - stop now 63.75
9/9/2008 8:19:46 AM Mountain Al:: be sure to read the tutorial abouth0ow to use the tracking moving averages -tradind MoonTide tutorial and Keep it Simple-you do not automatically trade on the trade time
9/9/2008 8:18:12 AM Mountain Al:: there was a trade there selling about 65 -trailing stop would have gotten 2 or more-I missed it while getting my coffee
got second chance on big bounce
9/9/2008 7:56:53 AM Mountain li:: Good morning Al. I am a new subscriber as of today. Would I have taken a short right at the open?
9/9/2008 7:21:26 AM Mountain Al:: GM all-good luck today
9/9/2008 5:15:54 AM Mountain mm:: gm all - have a great day

9:00 Eastern-System: No comments

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