Anyone scalping the FTSE Futures??

This is a discussion on Anyone scalping the FTSE Futures?? within the Indices forums, part of the Markets category; Originally Posted by pb8856 Would be really interested to see some more of your charts on this strategy MartinC-J. Very ...

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Old Aug 8, 2011, 10:48am   #49
Joined Jul 2004
Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread
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Originally Posted by pb8856 View Post
Would be really interested to see some more of your charts on this strategy MartinC-J. Very educational, not sure how I missed this thread previously.
pb8856 - Many thanks for your post. I haven't been updating my thread because for a while it seemed as if I was talking to myself and there were very few posts from other FTSE traders. I have been working on my trading strategies in the meantime and have been improving entries and exits, and also learning to sit on my hands more and chrry pick my trades. Mostly I am learning the discipline to stay out if the price action is inconsistent. I really like the first 30 minutes of trading, because the price action tends to be very clean, except for monday mornings.

The current volatility is great for trading but you have to work with wider stops and be prepared to get spiked out on occasions. I will update my header at some stage with some subtle changes to my trading strategies when I have the time. I have been away on holiday for a week and am just catching up now. I still rely on the 1 min chart and a 12 period boly band. It's great for timing entries. The 5 minute chart is still the main guide for trend, and the best for trades lasting more than 10 minutes.

As I write the FTSE has had a wild ride this morning up 130 pts from the open, and then selling off 150 pts. If the US markets don't also open up in a buying mode, I will eat my hat. I am expecting the Dow to rise between 2:30pm and 3pm. After that anything could happen.
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Old Aug 8, 2011, 11:31am   #50
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Re: Anyone scalping the FTSE Futures??

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Originally Posted by MartinC-J View Post
pb8856 - Many thanks for your post. I haven't been updating my thread because for a while it seemed as if I was talking to myself and there were very few posts from other FTSE traders. I have been working on my trading strategies in the meantime and have been improving entries and exits, and also learning to sit on my hands more and chrry pick my trades. Mostly I am learning the discipline to stay out if the price action is inconsistent. I really like the first 30 minutes of trading, because the price action tends to be very clean, except for monday mornings.

The current volatility is great for trading but you have to work with wider stops and be prepared to get spiked out on occasions. I will update my header at some stage with some subtle changes to my trading strategies when I have the time. I have been away on holiday for a week and am just catching up now. I still rely on the 1 min chart and a 12 period boly band. It's great for timing entries. The 5 minute chart is still the main guide for trend, and the best for trades lasting more than 10 minutes.

As I write the FTSE has had a wild ride this morning up 130 pts from the open, and then selling off 150 pts. If the US markets don't also open up in a buying mode, I will eat my hat. I am expecting the Dow to rise between 2:30pm and 3pm. After that anything could happen.
hi
All you need to do is bring up the wall st chart alongside ftse put in 5 min and add 10 EMA ,stoch, pivots and you will see they run in tandem with wall st giving the lead
I would never trade 30 min charts without a 50/100 pip stop
good luck
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Old Aug 8, 2011, 11:59am   #51
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Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread Coinmountain - That works fine for 2:30pm to 4:00pm, but in the morning I watch the FTSE to lead, with confirmation on the ES and FESX. They are all in a degree of unison, but one will lead more than the others depending on the hot news of the minute. And yes, the longer the time period of chart you use, the wider your stops need to be. With a 1 minute chart, my stops are around 3.5 to 4.5 pts on the FTSE.
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Old Aug 8, 2011, 1:06pm   #52
 
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Re: Anyone scalping the FTSE Futures??

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Originally Posted by MartinC-J View Post
pb8856 - Many thanks for your post. I haven't been updating my thread because for a while it seemed as if I was talking to myself and there were very few posts from other FTSE traders. I have been working on my trading strategies in the meantime and have been improving entries and exits, and also learning to sit on my hands more and chrry pick my trades. Mostly I am learning the discipline to stay out if the price action is inconsistent. I really like the first 30 minutes of trading, because the price action tends to be very clean, except for monday mornings.

The current volatility is great for trading but you have to work with wider stops and be prepared to get spiked out on occasions. I will update my header at some stage with some subtle changes to my trading strategies when I have the time. I have been away on holiday for a week and am just catching up now. I still rely on the 1 min chart and a 12 period boly band. It's great for timing entries. The 5 minute chart is still the main guide for trend, and the best for trades lasting more than 10 minutes.

As I write the FTSE has had a wild ride this morning up 130 pts from the open, and then selling off 150 pts. If the US markets don't also open up in a buying mode, I will eat my hat. I am expecting the Dow to rise between 2:30pm and 3pm. After that anything could happen.
Looking forward to hearing how your system has evolved. I'm only trading daily timeframes at the moment due to my job and have been keeping clear of the markets over the last week as its moving too fast for my tastes.

Will be giving day trading a go next yr once I have built up enough capital so will be following your journal and will drop questions if you don't mind
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Old Aug 8, 2011, 1:13pm   #53
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Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread pb8856 - good luck when you start intraday trading next year. Make sure you have enough capital to trade without fear of losing it. Make sure you have seperate funds to pay your living expenses and wine and women for at least 6 months. Trading is by far the hardest job you will ever do, and it will test your limits to the max. Mentally you have to be prepared for all the self doubt and second guessing involved. The end result is well worth all the pain. There are few jobs you can do that allow you to quit for the day after an hour, but equally there a few jobs where you can work hard all day and lose a day's wage if not more. Be patient. Be persistent.
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Old Aug 8, 2011, 1:40pm   #54
 
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Re: Anyone scalping the FTSE Futures??

agreed, have been in the markets for about 5 yrs through stocks, funds, spreadbetting etc so have been on the emotional rollercoaster enough times to know when its happening and too walk away with a loss. I hope most of my expensive lessons have been learned.

Will be moving somewhere warm and cheap before going full time to reduce living expenses but will make sure i'm well funded just in case.

How long did it take you to learn to get profitable intraday, have you experienced any nasty downswings ?
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Old Aug 8, 2011, 2:01pm   #55
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Re: Anyone scalping the FTSE Futures??

MartinC-J started this thread pb8856 - I am not profitable yet. I put £20,000 into my trading account last November and I am down £414, to £19,586. I do most of my trades on the sim while I learn this business. I am trying to make the move to all of my trades being live, which is a measure of confidence in my trading startegies. I am aware that sim trades count for nothing and live trades are all that counts, but sim trading allows for you to be technically able without it costing you anything. It is also important you don't develop bad habits on the sim, and you have to be disciplined and trade as if you were live. I average £400 to £500 per day on the sim. I will be happy if I just do half of that when I go live.
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Old Aug 8, 2011, 2:11pm   #56
 
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Re: Anyone scalping the FTSE Futures??

Smart move. I generally sim for 3 months before putting real money behind any strategy but have had strategy's not work for me after switching to live trades for no apparent reason other than my own perception.

IMHO It would be nice to have entry criteria locked down or close to a mechanical process but that's much easier said than done, most strategies I have seen success with have some discretionary element, particularly using price action.
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