19 July 2005 (Tuesday)

Session Start: Tue Jul 19 08:51:23 2005
Session Ident: #t1
[09:25:01] <guy> 5 minutes to open
[09:29:01] <guy> 1 minute to open
[09:31:49] <guy> State Street Investor Confidence Index
[09:31:49] <guy> 10:00 ET
[09:41:43] <guy> I'm getting "connection class full" error from esignal's chat window
[09:41:47] <guy> anybody else have that?
[09:41:56] <guy> anyway, that's why i can't connect and show you charts
[11:32:18] <fspeculator> guy, have you reversed?
[11:32:28] <fspeculator> took out 1st set of singles
[11:32:35] <fspeculator> aka will go to LOD
[11:43:51] <fspeculator> anyone trading this?
[12:23:48] <fspeculator> anybody home?

[12:56:34] <guy> Shorts ER2 @ 668

[12:59:56] <fspeculator> why?
[13:06:15] <guy> i had a signal
[13:06:21] <guy> that trade didn't last very long
[13:06:30] <guy> one of my shortest mistakes

[13:06:37] <guy> Covered all Short ER2 at 669 --> - 1

[13:13:43] <guy> Shorts ER2 @ 668.8

[13:22:01] <fspeculator> not MP signal?
[13:30:55] <guy> Innerworth: Addicted to Trading
[13:30:57] <guy> no fspeculator
[13:43:40] <fspeculator> just got a call from a friend who works at GS
[13:44:37] <fspeculator> completely uninterested in trading... unbelievable how one can be in the Mecca of finance and not take advantage...
[13:50:15] <aaronbc> what type of job does your friend have at GS?

[14:02:22] <guy> Covered all Short ER2 at 669.8 --> - 1

[14:02:25] <guy> late post
[14:02:29] <guy> stopped out ages ago
[14:04:20] <fspeculator> aaronbc, he's in IT dept
[14:05:36] <fspeculator> i took it too, in sympathy
[14:05:44] <fspeculator> but was also stopped out
[14:06:31] <guy> there's a single at 670.4 in the ER2
[14:06:45] <guy> i'm thinking of trying my last short there...
[14:06:54] <guy> and then giving up for the day if it doesn't work out...
[14:07:39] <fspeculator> today singles didn't work well
[14:07:51] <guy> we've only had one so far right?
[14:07:53] <fspeculator> i think there was first a long, stopped out
[14:08:05] <fspeculator> after first hour
[14:08:19] <fspeculator> then, once 1st signles were taken out, one could reverse
[14:08:23] <guy> yes - i've got that noted down in my spreadsheet
[14:08:24] <fspeculator> again get stopped out
[14:08:43] <fspeculator> i.e. reverse short for LOD, which didn't happen
[14:08:58] <fspeculator> and then the short you've taken, not-by-the-book
[14:09:00] <guy> right - i see what you were doing
[14:09:27] <fspeculator> i fared a little better, because i front-run the short and never took the long
[14:09:54] <fspeculator> but i gave back 2+pt profits
[14:09:59] <fspeculator> and this last one was a loss
[14:10:13] <guy> sorry to hear that fspeculator
[14:10:42] <fspeculator> never mind, i;ve a profit of 80pips in euro in much bigger size than my index trading
[14:10:59] <fspeculator> caught the bottom by 3 ticks
[14:11:05] <guy> excellent to hear :)
[14:11:31] <fspeculator> forex is very technical
[14:11:38] <fspeculator> you should look at it
[14:11:46] <fspeculator> indexes except ER are total junk
[14:12:48] <fspeculator> and you get crap like the 150tick gap down in YM 4 weeks ago
[14:15:47] <guy> have you seen the offer size on ER2?
[14:15:59] <guy> ER2 offer is 4 times bid atm

[14:17:05] <guy> Shorts ER2 @ 670.3

[14:18:24] <guy> exit stop set ER2 @ 671.3

[14:30:01] <guy> Oil Futures closed

[14:37:46] <guy> Covered all Short ER2 at 670.2 --> + 0.1

[14:55:07] <fspeculator> due to double prints?
[14:57:48] <guy> partly - but more due to the way that the market was acting and the bid/offer ratio
[15:00:01] <guy> Bond Pit closed (electronic Bond open until 16:00 ET)
[15:02:32] <fspeculator> have you found this b/a useful?
[15:02:40] <fspeculator> i thought it's mostly fake size
[15:03:00] <fspeculator> and most of it is just arb with ETFs etc, isn;t it?
[15:21:54] <guy> i've notice that on the ER2 there's a lot less faking that the ES
[15:22:19] <guy> and I think that this is because on the ER2 you'll get hit if you fake because (1) the volume is thin and (2) the moves quicker
[15:22:35] <guy> look at ask now
[15:22:45] <guy> i don't believe any fakers in there
[15:23:21] <guy> and i've seen large bid/asks chasing the market on an auto-chase before
[15:23:42] <guy> so those definitely aren't fake if they're chasing the market on auto-chase
[15:32:53] <fspeculator> guy you watch it in marketrdepth?
[15:32:59] <fspeculator> or via DOME?
[15:33:13] <fspeculator> i have swiched DOM off in most of my DOMEs
[15:33:27] <fspeculator> i think previous TWS allowed up to 3 symbols with depth
[15:44:01] <mptrading> any Ninja trader user here on Linst ?
[15:44:14] <mptrading> on this list ?
[15:44:50] <deputy_dog> should be
[15:45:53] <mptrading> would like to know if there was any price increase due to settlement with TT www.tradingtechnologies.com
[15:46:08] <mptrading> about the usage of the TT pattent
[15:47:16] <tuna> somebodys gonna have to pay for it
[15:47:31] <mptrading> http://www.tradingtechnologies.com/news/050714_NinjaSettlement.pdf
[15:47:50] <mptrading> because they settle last July 14th
[15:58:57] <fspeculator> there was some discussion in ET
[15:59:39] <fspeculator> i guess Ninja will track r/ts and either they or TT will be invoicing
[16:00:07] <fspeculator> it's an extra $0.1/side
[16:00:37] <fspeculator> mpt, you use TT if i remember right?
[16:00:47] <fspeculator> i mean, Xtrader
[16:00:50] <mptrading> there is no way for TT to track directly, only TT user using Xtraders can be tracked via TTM message software built into X trader
[16:00:56] <mptrading> yep
[16:01:22] <fspeculator> y, no way for TT to track directly
[16:01:30] <fspeculator> bastids, we'll have to switch to BT
[16:01:51] <mptrading> I was wondering what was the cost impact
[16:02:05] <fspeculator> 10cent per side
[16:02:11] <mptrading> ok. tks
[16:02:15] <fspeculator> not much, i do rather infrequent trading
[16:02:40] <mptrading> was there an e-mail form raimond deaux ? to its customers about this 10 cents per side ?
[16:02:55] <fspeculator> he responded in ET forum q&a
[16:03:00] <fspeculator> 2-3 days ago
[16:03:11] <mptrading> cool
[16:03:24] <fspeculator> have you iused Ninja?
[16:03:38] <mptrading> when they started about 1.5 years ago
[16:03:56] <fspeculator> how do you compare the various front-ends with XTrader?
[16:03:57] <mptrading> do not like PAts nor J-trader
[16:04:16] <mptrading> there are no front ends for Xtraders available
[16:04:18] <fspeculator> me neither, i disliked JT
[16:04:27] <fspeculator> i know, the native XT vs Ninja
[16:04:36] <mptrading> just a very, very powerful API
[16:04:38] <fspeculator> so to say, IB's booktrader vs ninja
[16:04:58] <fspeculator> i mean the XT DOME vs Ninja
[16:05:07] <mptrading> Ninja is all about API programing
[16:05:13] <mptrading> so they are not comparable
[16:05:33] <mptrading> ninja is basically an API interface with different platforms
[16:05:47] <mptrading> IB, PATS/...
[16:05:58] <fspeculator> ninja is an order entry platform for IB+PATS+MBT
[16:06:14] <mptrading> it is a API interface for order entry
[16:06:14] <fspeculator> i liked it more than PATS's Jtrader
[16:06:41] <fspeculator> ninja is an API?
[16:06:42] <mptrading> bare X trader i sjust a dom Strip
[16:07:01] <mptrading> in an API application develoed for many different interfaces
[16:07:26] <fspeculator> overall, do you think XT helps you over an app like ninja or BT?
[16:07:29] <mptrading> if IB had not a free API, there would never be a Ninja for IB order entry
[16:07:41] <fspeculator> y, sure
[16:08:06] <mptrading> Xtrader is the fatest feed availave, and is easy for trading cross markets
[16:08:19] <deputy_dog> man
[16:08:21] <mptrading> like spreads
[16:09:01] <fspeculator> sure, but for scalpers i find ninja fine
[16:09:07] <tuna> spoos #'s 1231.6 1230.8 1228.6
[16:09:14] <fspeculator> going for 5-10 ticks
[16:09:27] <mptrading> no way to compare Xtrader and Ninja, since Ninja has a bunch of nice features pre-programmed on the interface , that X trader does not has
[16:09:47] <mptrading> for sure it is a nice software
[16:10:32] <fspeculator> did you take trades today?
[16:10:47] <mptrading> I used to have my own order entry via IB API, then IB became so bad that I changed to Xtrader about 2 years ago
[16:10:54] <mptrading> what trades ?
[16:11:03] <fspeculator> in ZN/ZB etc
[16:11:32] <mptrading> did not traded any mkts this week
[16:11:49] <fspeculator> had nice trends in Euro
[16:12:05] <mptrading> bu there was some good reversal in the morning
[16:12:05] <fspeculator> and ER2, although we faded it here in this room
[16:12:14] <mptrading> Euro always has a good range
[16:13:04] <fspeculator> range yes, but not always good action
[16:13:19] <fspeculator> today was exemplary
[16:13:34] <mptrading> this is summer and with fed speaking mid week, few people around
[16:13:41] <fspeculator> right now i think only 2 markets are good for daytrading, euro and er2
[16:14:46] <mptrading> fx has litthe room for those that do not like to take quick losses, since wen it starts to trend, it is not wise to be on the other side of it
[16:14:57] <mptrading> why not the bonds and ZN ?
[16:15:00] <mptrading> easy move
[16:15:13] <mptrading> mkts has been doing the same every day
[16:15:20] <fspeculator> ZN was dead last few days
[16:15:26] <fspeculator> ZB moved much better
[16:16:12] <fspeculator> bonds move, but real moves are on news and last 20sec
[16:16:19] <mptrading> from 8:20 to 9:30-10 it tries for a direction , then it reverses nicely on the opposite for almost a full point
[16:17:56] <fspeculator> i wonder if this selloff in ZN last 40-50days
[16:18:09] <fspeculator> is a sign of japan lightening up its reserves
[16:18:20] <fspeculator> on dollar strength and IR at lows
[16:19:04] <fspeculator> everytime bonds rallied on "good news"
[16:19:10] <fspeculator> there were sellers
[16:19:29] <mptrading> this is the nature of IR intruments
[16:19:37] <mptrading> they are mean reverting
[16:21:43] <mptrading> so there are lots of bets on both ways
[16:22:06] <fspeculator> have you followed the story with BOJ?
[16:22:18] <mptrading> you told me
[16:22:28] <mptrading> but I did not followed
[16:22:30] <fspeculator> ij, i don't remember if i did
[16:24:31] <guy> good night all
Session Close: Tue Jul 19 16:24:40 2005