Anyone scalping the FTSE Futures??

This is a discussion on Anyone scalping the FTSE Futures?? within the Indices forums, part of the Markets category; very pleased to see the whores out in force you provide a vital service :-) I refer of course to ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Mar 18, 2011, 2:20pm   #17
 
Mornington Crescent's Avatar
Joined Jun 2004
Re: Anyone scalping the FTSE Futures??

very pleased to see the whores out in force

you provide a vital service
:-)

I refer of course to liquidity
__________________
You have to decide !
Mornington Crescent is offline   Reply With Quote
Old Mar 18, 2011, 5:59pm   #18
Joined Jul 2004
Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread Good luck with the HSI, Tubbs. I struggle to get up at 5:30am. Not because it's early, but because I have a 1 yr old and a 4 yr old, and I really need the luxury of a lie in until 6:30am! I can't wait till they become teenagers and sleep till noon.
MartinC-J is offline   Reply With Quote
Old Mar 18, 2011, 6:15pm   #19
Joined Jul 2004
Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread Just some observations today.

Firstly, it was options rollover for the FTSE this morning. Which means everyone had jumped to trading the June contract. The ES had already made the jump on monday. I didnt have the time yesterday, but it means transposing all of my support and resistance levels from the March contract charts to the June contract. I really only find the last 5 days s/r levels from the 1 hour chart of any use, and then I add the major tops and bottoms from the daily chart along with the fib retracements of those major levels.

It was a good morning to sit out the first 20 minutes. The price action was unconvincing, and it was a day of using small 4 and 5 point targets on scalps and being happy with it. Fridays are usually small target days, but the last few weeks have been much more active.

The options expiry at 10:15am was volatile as usual, but didn't offer much in the way of major divergences from the ES and FESX. It was followed by a nice slow slog from the lows of the expiry up to the high prior to expiry, almost 30 points. Then it had a sudden rush of euphoria when the Libyans announced a ceasefire. The market actually believed Gaddafi, and spiked about 25 points before it realised that Gaddafi might be lying.

I have attached a chart showing the opening hour and the trades worth taking. The breakout of the opening range was nice, and after that the trendline break, but in general it was a quiet day, except of course for the Libyans.
Attached Thumbnails
fri-18th-march-2011.jpg-1-min-chart.jpg  
MartinC-J is offline   Reply With Quote
Thanks! The following members like this post: Madd Hatter
Old Mar 19, 2011, 11:28am   #20
 
Doomberg's Avatar
Joined Mar 2011
Re: Anyone scalping the FTSE Futures??

/subscribed, good thread mate.. scalping is relevant to my interests too
Doomberg is offline   Reply With Quote
Old Mar 20, 2011, 6:07pm   #21
 
4 Posts
Joined Feb 2011
Re: Anyone scalping the FTSE Futures??

Hi
Could I ask you who do you use for your broker and data feed for the futures market ?

I have for years traded the FTSE Index cash market (having been involved with IPOs and analysts days I never trade equities unless I am convinced that I know almost as much as the in house broker/market maker). I should also say I never trade CFD.
My trades can last from mins to days.

By the way you have picked one hell of a month to go live with your trading. I have never known a macro economic and geopolitical time like it !!!

Thanks
FF
fatfinger is offline   Reply With Quote
Old Mar 21, 2011, 12:46pm   #22
Joined Jul 2004
Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread
Quote:
Originally Posted by fatfinger View Post
Hi
Could I ask you who do you use for your broker and data feed for the futures market ?

I have for years traded the FTSE Index cash market (having been involved with IPOs and analysts days I never trade equities unless I am convinced that I know almost as much as the in house broker/market maker). I should also say I never trade CFD.
My trades can last from mins to days.

By the way you have picked one hell of a month to go live with your trading. I have never known a macro economic and geopolitical time like it !!!

Thanks
FF
Hi fatfinger, I use Open ECry for broker and data feed. I actually opened my account originally with AMP Trading. I basically pay $1.00 per side plus £0.56 in clearing for every FTSE futures contract I trade. AMP was a third party broker using the OEC platform. But they never got on with OEC and transfered all accounts back to OEC a few months ago. OEC agreed to honour the commission rates I was getting from AMP. OEC's commission rates are worse than AMP's but maybe with some haggling you could get the same. If not, try opening an account with Michele Gimenez at Global Futures. I think she is competitive and they still offer the OEC platform.

With OEC you pay no data feed charges, as long as you have a live account. You also have free access to a demo/sim for as long as you want. The OEC data feed is actually from E-signal, and they have recently offered some kind of additional access to E-signals data feed where you you can take the data feed directly. I am happy with the way I have things set up, so have no need to experiment further with the data feed.

Another nice thing with OEC is that you have access to all exchanges, so you can trade/monitor any market you want without having to pay for data feed from other exchanges.

One thing that OEC don't offer is $TICK and $TRIN which is from the NYSE data feed. For a scalper it seems that TICK is important when the US is open. You used to be able to get this free from quote.com, but that has changed.

For my normal trading set up I have the 50 volume, 1 minute, 5 minute and 1 hour charts for the FTSE. I also have the 5 minute ES and FESX, which is really helpful. The FTSE doesn't like blazing a trail on its own, and it is really useful to see confirmation of trends on all three. I also have the 1 hour/daily ES chart for the bigger picture. I use two screens but should add more for ease of use and my eye sight!

The indicators I use are 8 period boly band and 5/10/20 EMAs on all charts. I also watch volume on the 1 min chart, and the ADX/+/- on the 50 volume chart.

As for Macroeconomics, yes these are interesting times. But the time frames that I am interested in have no relation to what is going on in the wide world. If a news event happens out of the blue, I am stopped out at 5 points. I have read lots of stuff recently of people saying inflation is going to be a big problem and get out of equities by year end. I don't know whether to believe them or not. All I have to do is trade what I see, not what I think. Not as easy as it sounds though.
MartinC-J is offline   Reply With Quote
Old Mar 21, 2011, 1:13pm   #23
Joined Jul 2004
Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread
Quote:
Originally Posted by Doomberg View Post
/subscribed, good thread mate.. scalping is relevant to my interests too
Doomberg

Welcome aboard too. Nice to see another scalper. Hopefully you are successful and don't mind doing lots of trades.

This morning has been another mincy monday, with really only one rally worth trading which was the move up from 5727 to 5747. We had a box trading range from 9:05am to 10:45am. I waited for and took the breakout at 10:45am, which was a damp squib.

The market is trying to separate all of the things going on. Firstly, it got the sell off it had been begging for after the long rally from August last year. It just happened to coincide with all the goings on in North Africa and Arabian Gulf. Then we had the earthquake/Tsunami/Nuclear Accident, and now we have a new war in Libya to take the place of Iraq and Afghanistan. So the market has no idea what to do with itself. A short while ago, traders were saying there were no dips to buy into. Now that they have got the dips, they are being hesitant because of political/environment stuff and not because of economics. The US, Chinese and German economies are doing really well. I am expecting the US to rally again, but I won't trade it unless I see it.
Attached Thumbnails
mon-21st-march-2011.jpg-5-min-chart.jpg  
MartinC-J is offline   Reply With Quote
Thanks! The following members like this post: Doomberg
Old Mar 24, 2011, 2:08pm   #24
Joined Jul 2004
Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread I like days like today. The price action is mostly clean, and it set up after the first 45 minutes as something I call a one way day. A one way day, in this case an up day, continues to make new highs. The first retracement is usually more than 23.6%, most of the time it bounces off the 38%, and occasionally the 50% level, before it goes on to make a new high. After that retracements rarely are more than 23.6%.

It started with an initial uncertainty after the bad news out of Portugal after the market close yesterday, but prior to that news the US Market was strong. At the open, it tried two small pushes down, before all three indices, FTSE, ES and FESX reversed up . The first level to test was last nights gap, which was closed at 5765. The gap traders closed at that point resulting in a small move down, but the FTSE had strength and it broke through the strong resistance level at 5767 at 8:50am.

The next main test was related to the 1296 level on the ES. This was a very big level. It represented the 61.8% retracement for the current sell off of the last two weeks. It had held on three previous tests, so why should it go during Globex hours and not when the main US market was open? The first move up on the FTSE was bullish and it broke the strong resistence level at 5767, when the ES bounced off 1296. But this break up on the FTSE signified strength and the ES followed with it on the next strong move up. We got a nice break up on all indices, and the one way day was confirmed.

On one way days, every time a new high is made, move your 0% line for FIb retracement tool up to the new high and trade the bounce off the 23.6% level or the lower boly band. Essentially longs are relatively safe until the US market starts to wake up around mid-day. A one way day is really a one way morning because when the US is awake the dynamics can change.
Attached Thumbnails
thurs-24th-march-2011-9am-5-min-chart.jpg   thurs-24th-march-2011-9-50am-5-min-chart.jpg   thurs-24th-march-2011-11-40am-5-min-chart.jpg  

MartinC-J is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Ftse Professional Scalping 2George Indices 223 Aug 23, 2017 8:57am
Scalping the FTSE nick_uk First Steps 14 Mar 23, 2017 7:40pm
FTSE future for day trading and scalping bennie83 Indices 18 Nov 28, 2016 3:14pm
Scalping Futures nutella First Steps 5 May 9, 2014 5:45pm
What DMA for FTSE scalping is cheapest? Need to learn first maxima Indices 1 Apr 9, 2008 12:17pm

Currently Active Users Viewing This Thread: 6 (0 members and 6 guests)