Swingin' the FTSE 2011

barjon · Jan 3, 2011

ok swingers, I'll start the new thread to keep recording the progress of the 3+bar retracement strategy.

Tom's thread http://www.trade2win.com/boards/uk-indices/112778-ftse100-swing-trades-2011-a.html is covering things other than 3+ bar retracement previously seen in the earlier Swingin' FTSE threads if you're wondering where they have got to.

To repeat my last summary in the 2010 thread, we start the year sitting on top of a support zone and with a potential swing low forming. Swing trend is still UP.

good trading

jon

tomorton · Jan 3, 2011

Upwards and onwards we go jon!

barjon · Jan 4, 2011

Well, we're straight in then

The bold will be long from around 5990 (if they could get it and can cope with the mouth drying stoploss level) and the more cautious will be looking for a long entry tomorrow.

good trading

jon

barjon · Jan 5, 2011

everyone should be in now

wackypete2 · Jan 5, 2011

Good luck to all of you trading the FTSE. I don't trade it due to difference in time zones but wishing you all a very profitable new year!

Peter

Bristolguy · Jan 5, 2011

I have got in SHORT at 6045, lets see how she copes.

Bristolguy · Jan 6, 2011

lol FAIL :-(. Just hoping it will fall back, chances are it wont and il be left in the lurch.

barjon · Jan 6, 2011

hope's not a good strategy, bristol

Bristolguy · Jan 6, 2011

Yeah thats so true, just each time i have traded i have kept my stop loss too tight and the market has topped out and gone down. I have this time widened my stop, having said this with such a bullish market at present i might get stopped out again even with a stop loss set at 6090 hoping 6080 is the final saving point. Time will tell.

Suppose if it happens it happens nothing i can do now but sit tight lol.

tomorton · Jan 6, 2011

This is after the sorry event of course, but generally speaking, a good TA signal will have four fairly obvious characteristics - entry price, direction, stop-loss and profit target. But the key ingredient is confirmation.

Bristolguy · Jan 6, 2011

Yeah i am getting ready to use my personilised gun when my stop loss is hit at 6095 lol. O dear what a nightmare of a trade for me. Somehow i think it will just spike and hit my stop loss. With America opening shortly hitting my stop is an almost guarantee. Although nothing is guaranteed, whichever way i am offline now till tonight so i will find out how badly it went.

Splitlink · Jan 6, 2011

tomorton said:
This is after the sorry event of course, but generally speaking, a good TA signal will have four fairly obvious characteristics - entry price, direction, stop-loss and profit target. But the key ingredient is confirmation.

Confirmation is hindsight and money in the bank!

jackypw · Jan 6, 2011

tomorton said:
This is after the sorry event of course, but generally speaking, a good TA signal will have four fairly obvious characteristics - entry price, direction, stop-loss and profit target. But the key ingredient is confirmation.

Hi It's sounds very good. Any recent examples to explain?

Bristolguy · Jan 6, 2011

Well well well, i went short this morning 6040, with a big 50 point stop loss, i was nearing 6090 so i increased the stop because there was resistance between 80-90, i was worried that america would wake up and jump on the band waggon, obviously that was not the case by the look os things.

Anways i had set my take profit at 6005 and it has hit that although there was huge profit by shorting at 6090 its all hindsight, so i cannot complain with a 35 point profit. need to learn from this but so happy i got profit as it was looking real bad.

Splitlink · Jan 6, 2011

Bristolguy said:
Well well well, i went short this morning 6040, with a big 50 point stop loss, i was nearing 6090 so i increased the stop because there was resistance between 80-90, i was worried that america would wake up and jump on the band waggon, obviously that was not the case by the look os things.

Anways i had set my take profit at 6005 and it has hit that although there was huge profit by shorting at 6090 its all hindsight, so i cannot complain with a 35 point profit. need to learn from this but so happy i got profit as it was looking real bad.

Glad for you. I missed the morning rise but not the afternoon fall. I was fortunate as it is a public holiday and I was home. Normally, I'm at work.

Strictly speaking, I am not a swing trader on a daily bar basis (I like the company) as I close trades when I get uncomfortable

Your 50 point loss would have me grieving!

barjon · Jan 6, 2011

bristol

Aye, you did all the wrong things but it turned out ok, albeit that you finished up risking 55 to gain 35. Don't be fooled, though

jon

tomorton · Jan 6, 2011

Worked out well, but hope + luck does not = profit.

Confirmation is the tough one for entry signals and needs patience: it sometimes lets you into a trade 24 hours after the braver souls. A classic case would be waiting for price to break a certain resistance level but waiting for a bar to make a close above that level to confirm the break-out. Or wait for price to start moving upwards even after the indicator has gone to maximum oversold. Plus the classics you can read about in TA patterns - a head-and-shoulders is only confirmed as a reversal when the neck line is broken

Bristolguy · Jan 6, 2011

Of course i need to take more care, this was as i am sure a once off. Il keep and eye on here and tweek my trading plan aswell. Cheers Jon.

Dane

barjon · Jan 23, 2011

barjon said:
Well, we're straight in then

The bold will be long from around 5990 (if they could get it and can cope with the mouth drying stoploss level) and the more cautious will be looking for a long entry tomorrow.

good trading

jon

14: Well those who favour taking 100 and moving stop to b/e may have been deft enough to have had a decent trade, but you'd have needed to be sharp.

15: The failures to push on to new highs (even though closing highs were marginally higher) sounded a warning note, but most will have counted themselves lucky to have escaped with b/e or a small loss.

16: Those that sat tight will have had their initial stop-loss hit for around -100 with Thursday's drop.

This fall has potentially changed the swing trend to DOWN and the first confirmation will come from a close below that Thursday low.

Re-confirmation of the UP won't come finally until the 6090 high goes.

good trading

jon

jackypw · Jan 23, 2011

barjon said:
14: Well those who favour taking 100 and moving stop to b/e may have been deft enough to have had a decent trade, but you'd have needed to be sharp.

15: The failures to push on to new highs (even though closing highs were marginally higher) sounded a warning note, but most will have counted themselves lucky to have escaped with b/e or a small loss.

16: Those that sat tight will have had their initial stop-loss hit for around -100 with Thursday's drop.

This fall has potentially changed the swing trend to DOWN and the first confirmation will come from a close below that Thursday low.

Re-confirmation of the UP won't come finally until the 6090 high goes.

good trading

jon

very nice!

Swingin' the FTSE 2011

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