Anyone scalping the FTSE Futures??

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Old Aug 9, 2011, 8:35pm   #76
 
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Re: Anyone scalping the FTSE Futures??

11335 still the upper target should get that before thursday
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Old Aug 10, 2011, 9:47am   #77
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Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread I moved by stops out by a factor of 3 yesterday to take into account the volatilty. So I ended up using 13 pts for a stop, and just held on to trades with no specific target. On the sim, I ended up £3,500 and that was with single contract trades most of the time. I entered most trades with a stop order on a one tick break on the one minute chart, and in the direction of the trend. As long as the market is fluid, a one tick break seems to be adequate, but you clearly need wide stops to make sure you are not whipsawed out. I didn't trade this live because I wasn't prepared to give up £130 per trade if I got it wrong. It just didn't suit my comfort level. Also, I didn't have any hard and fast trading rules for this type of market. I do now.
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Old Aug 10, 2011, 10:05am   #78
 
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Re: Anyone scalping the FTSE Futures??

my FTSE 1st target has changed slightly i will jump off @5355 the DOW remains same @11335
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Old Aug 10, 2011, 1:38pm   #79
 
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Re: Anyone scalping the FTSE Futures??

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Originally Posted by MartinC-J View Post
On the sim, I ended up £3,500 and that was with single contract trades most of the time.
Good work ! could have stopped trading for the rest of the month on that kind of money.
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Old Aug 10, 2011, 8:50pm   #80
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Re: Anyone scalping the FTSE Futures??

Martin

Good to see that you have started this thread up again. I read it with interest a couple of weeks ago and have been trying to incorporate some of your ideas into my trading. I've been trading all sorts for about a year now without much success so I decided to just concentrate on one market and see how I get on. I've been demo trading scalping the FTSE since June and I'm looking to go live after 3 consecutive months of profitable trading, which will be October at the earliest.

My trading style is to try to aim for slightly bigger targets than you - typically around 15pts which will usually equate to roughly twice my stop. I have been trying out your smaller stop strategy of 4.5pts over the last few days but haven't had much success but I think this is due to the increased volatility of the market at the moment. It was interesting that you posted today that you have increased your stops to 13pts because of the volatility. That definitely makes sense based on my experiences over the last few days, the swings from one minute to the next are wild! In fact, I have stopped trading in the afternoon as it seems to be even more volatile once the US wakes up. Obviously, I have missed out on some nice moves because of this but I feel that I should be able to make more than enough in the morning to produce a good daily income.

I am slightly profitable at the moment but I will be a lot better off once I eliminate the odd bad trade where I am just guessing where the market is going or not waiting for confirmation of a breakout etc. At the moment, I'm doing at least one or two of these bad trades a day and I really need to sit on my hands more. It's frustrating as some of my trades have been really good but then I ruin it all by placing a gambling trade.

Still, if trading was easy then everyone would be doing it! I'm definitely heading in the right direction though and I look forward to reading more of your updates as I've found them very useful.

I noticed you said you are now using 12 for your BBs instead of 8. Any reason for the change?

Cheers
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Old Aug 10, 2011, 10:54pm   #81
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Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread Mazdaq - Best of luck to you and if my thread has helped you in any way, then that's just great. My current set up uses an 8 period boly on the 5 min chart, and a 12 period boly on the 1 min chart. You could use a 12 period on the 5 min if you want to, but for me the 8 period just works that little bit better for pullbacks in a trend. The middle bolinger band for the 8 period boly is the same as the 8 period simple moving average. Pullbacks seem to bounce off this line more times than they do for the 12 period SMA. And remember this is for the FTSE futures prices and not FTSE cash.

One other thing I have changed recently is the need for 2 clear points to trigger an entry. I now enter most of the time on a stop order, when it breaks by just one tick (0.5 pts on the FTSE). I have always found following the 1 min chart works well for me. I did try to trade just using the 5 min chart after I was told to stop wasting my time with the 1 min. These days I use both, with the 1 minute chart giving the best early warning for a change of trend. Especially if the price crosses over the mid boly band and goes into the other half. For example if in a downtrend the price pulls back but crosses above the mid boly on the 1 min chart and goes on to touch the upper band. This in itself is not a signal to go long. I wait for the price to come back and test the mid boly band again. If it bounces off the mbb and goes up by one tick on the next 1 min candle, I enter long on a buy stop. If it goes through the mbb and doesn't bounce off it, it usually, but not always, means more downside.
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Old Aug 11, 2011, 12:09pm   #82
 
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Re: Anyone scalping the FTSE Futures??

Expecting a large move to the upside here from both the FTSE and DOW this afternoon and I mean large

appologies if Ive hijacked a thread but there seems to be so many diverse threads these days
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Old Aug 11, 2011, 12:18pm   #83
 
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Re: Anyone scalping the FTSE Futures??

Interesting, what analysis has led you to this ?
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Old Aug 11, 2011, 12:45pm   #84
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Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread
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Expecting a large move to the upside here from both the FTSE and DOW this afternoon and I mean large

appologies if Ive hijacked a thread but there seems to be so many diverse threads these days
dc - you can hijack this thread any time. I appreciate an old pro like yourself giving out the odd nugget of info.

I am not so sure of your big move this afternoon, mainly because the US sold off so strongly in the last hour of trading last night. As I type the ES is only up 0.56% from yesterday's close
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Old Aug 11, 2011, 4:41pm   #85
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Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread Great call dc2000. What made you call this up so far in advance?

I went long the break of the level at 5040 at 15:15. But prior to that it was range bound, The market tipped its hand at 15:10 when the 5 minute candle pulled up short and failed to go to the bottom of the range which was at 4989. When it cleared above 5042, that was my signal to go long. I had 5120 as a target and it sailed through that surprisingly. After that it refused to sell off and traded sideways into the moving averages, and as has been recently the case, it made new highs into the close.
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Old Aug 11, 2011, 4:58pm   #86
 
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Re: Anyone scalping the FTSE Futures??

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Interesting, what analysis has led you to this ?
Just price/time FTSE not made as good as expected but a gap run would conclude the move in the morning to 5355
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Old Aug 11, 2011, 5:10pm   #87
 
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Re: Anyone scalping the FTSE Futures??

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Originally Posted by MartinC-J View Post
Great call dc2000. What made you call this up so far in advance?

I went long the break of the level at 5040 at 15:15. But prior to that it was range bound, The market tipped its hand at 15:10 when the 5 minute candle pulled up short and failed to go to the bottom of the range which was at 4989. When it cleared above 5042, that was my signal to go long. I had 5120 as a target and it sailed through that surprisingly. After that it refused to sell off and traded sideways into the moving averages, and as has been recently the case, it made new highs into the close.
Great to hear you caught the run
I had the FTSE on what I call a three pattern and the DOW on an inverted five as the FTSE was in a range earlier the afternoon was going to complete the pattern on the FTSE this meant a price higher than 5265 5335 would be price perfect. to complete the five the DOW would have to print a price 11305 or greater by tomorrow with 11335 being spot on.
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Old Aug 11, 2011, 8:10pm   #88
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Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread I never took you for an Eliot Wave man. I always found it too subjective for me, but I know it works for many people. I'm happy just reading the price action and making my little trades.
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Old Aug 11, 2011, 9:04pm   #89
 
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Re: Anyone scalping the FTSE Futures??

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Originally Posted by teamwk View Post
Martin C-J

I am doing like you but a whole lot diffrently. I started very humbly with zero confidence in what I was doing about 3 months ago and now I have even quit my accounting job and doing this full time.

To be honest, I think I am doing well. Though my method is a hell lot different from yours. The good thing about my method is that its ZERO LOSS.

To cut a long story short- I do my FTSE100 trades in BETFAIR (these are 20mins FINANCIALS). You will find that its much easier if you download and use the BETTING ASSISTANT(Gruss). This might sound like gambling but am not gambling but making profits EVERY 20 minutes on Betfair Financials. My personal finances are now excellent as a result.

All you do is register with Betfair and download the BA(its only £6/month), and start trading.

Then-log-on to the BA and go to Financials - FTSE-20 minutes.

1) You then bring up the (20mins) just before it goes IN-PLAY, noting the level of the FTSE100 at the bigining of that 20mins. (whether its 5780,5560 or what ever it was just before the start of the 20minutes. These run from 9am to 4pm UK time.

2) Wait for any(whether down or up) to reach its MINIMUM-say @1.20(LAY). Then you take that twice (LAY) at say - one as 1.20@£2 and and the other as 1.20@ £100. NOW NOTE that you only do this when the odds START moving UPWARDS.(CRUCIAL)

3) To safeguard yourself -Place a BACK as 1.20@£102 and leave it UNMATCHED as the odds drift upwards. (this is for just in case the market turns against you.If it does-this CONTRAs your original entries.
Suppose the odds reach 100, you then ClOSE the deal by BACKING as 100@£2. This GREENSUP on both sides at £100 each and at end of the 20 minutes, your account inreases by £100. Then quickly cancel the BACK(security) of 1.20@£102 before it gets matched.

You do this 21 times per day and end of day you bank £2 100 or even more depending on your stakes. The main thing here is you LOSE NO PENNY at all and you make profits every 20 minutes. Sometimes out of the 21 events you might make 12 or more. To me this is good money without having to analyse this and that or lose.

I recently bought a brand new car using this method.
Am sure you can find my email on this forum-hook me up-maybe we can share more about this.

Well I had tried what you are doing before but it gave me so much pressure. I hope this might help.

Cheers
Hello teamwk, I'm wondering whether you can provide more detail on this.
It all sounds great, but:
1. you say it's crucial to lay when the price starts moving upwards. How do you know when that happens ? If I knew when any market bottomed out, I would have made a fortune by now, but no one has a crystal ball, as far as I know.
2. in Betfair, you have a spread as a difference between bet and lay prices, lay prices being higher. When you make a lay bet, you cannot place your security back bet at the same odds immediately as it will be matched pretty soon if the odds go up and you want to leave it unmatched. You have to wait until back odds go higher than your security bet. You can't really guarantee such movement, can you ?
3. People on Betfair aren't stupid. Odds on "FTSE going up" will not increase to 100 unless it is obvoius that FTSE is going down. In such situation it does not make any sense to make a back bet at 100 - what for, it your lay bet will win anyway ?
4. For some reason, you seem to advertise betting assistant, which is a paid software from Betfair. There are other trading solutions, some of them come free of charge, e.g. Geek Toy. It seems to me that your post is a simple advertisement for Betfair.
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Old Aug 11, 2011, 9:46pm   #90
 
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Re: Anyone scalping the FTSE Futures??

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I never took you for an Eliot Wave man. I always found it too subjective for me, but I know it works for many people. I'm happy just reading the price action and making my little trades.
I dont do elliot waves for the same reason although the EW society were kind enough to send me some of their books a few years ago. I was also given a copy of Delta but that was pretty much the same. I used to joke with Tom Huggard that I went back to the future as my trading comes from the early 20th century.
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