Day Trade the FTSE

datav

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Hi,
I'm new to this board and having had a good look round I thought I'd start a thread to see if anyone is out there. Been day trading for about a year, started on he YM, tried various markets, but ended up with the FTSE for the last 6 months or so. I'm intriuged to see so many negative posts about the FTSE futures. Its a great market to trade. It is not a leading market, but that helps. There is generally plently of volatility with at least 50 points to go at most days.
Why does everyone expend so much energy trying to predict the future? Thats a mugs game. Why is everyone looking for indicators? they are irrelevant, since they are all derived from historical data. The only thing that counts is the price action.

I have learnt at a high cost, that the key to successful trading is my personal psychology and discipline in trade management, entries, and exits. All markets are the same in this repect, only the FTSE is more forgiving, less erratic and trends are more reliable.

The YM pre market or otherwise does not influence the FTSE or anything else. The YM is at the bottom of the pecking order in my experience, with the Nasdaq and or Russell 200 being number 1.
If anything does pull the FTSE it is the DAX in the am, and then the Nasdaq in the pm session. THis is a significant advantage, as it often gives me forewarning of a move.

So I'd like to put in a good word for the FTSE ! :LOL:

My trading strategy? using candlesticks and support and resistance levels. Nothing more. Oh and support and resistance levels ARE reliable in the FTSE. at least asmuch as any other market. Mind you, you have to watch the price all the time. This is a full time profession, not a hobby. Some people seem to think that its possible to place a trade at the beginning of the day and come back at the end to see 10K in their account with no effort. If that were really possible, if any automated system was reliable you could, in a short space of time, collect all the money in the world, literally. I suppose that its the British love of gambling that makes people think that futures trading is like horse racing. All you need is a good tipster!

I guess you can tell its a quiet day on the FTSE today. Went short at 5985 at 9 am and currently looking at 5974 at 11 am.

Love to hear from any other full time traders out there.
 
Hi- looked to go short at 5976 with a tight stop,but didn't fancy it. Went out to perform civic duties and bosh! This seems to happen to me quite a lot! I agree aboiut ftse-there are days when there are 4 big trades to be had, but since my month of paper trading in August I've only had 2 trades,one ok winner one tiny loser(nobody minds a tiny loser!) I'm full time, resident in Surrey, but my core trading is in options.
 
Hi! Datav

You have made some interesting points in your message, but can you translate YM?
And how exactly are you using the DAX leads?
On my part I have been trying to apply the technical analisys techniques you mentioned to the Binary Bet platforms offering the FTSE (binarybet.com and cantorindex).
On these platforms, while you must control the exit manually, you will have excellent returns as soon as the general trend you have correctly backed is confirmed by modest price movement.

I have also noticed that the FTSE has spent its momentum after 12am and it follows almost exactly the DOW from 2 pm onwards.
I agree on the view you have on indicators (most of them are simply silly gimmicks) the only one I would consider is Fibonacci levels.

Good luck
 
fabius said:
Hi! Datav

You have made some interesting points in your message, but can you translate YM?
And how exactly are you using the DAX leads?
On my part I have been trying to apply the technical analisys techniques you mentioned to the Binary Bet platforms offering the FTSE (binarybet.com and cantorindex).
On these platforms, while you must control the exit manually, you will have excellent returns as soon as the general trend you have correctly backed is confirmed by modest price movement.

I have also noticed that the FTSE has spent its momentum after 12am and it follows almost exactly the DOW from 2 pm onwards.
I agree on the view you have on indicators (most of them are simply silly gimmicks) the only one I would consider is Fibonacci levels.

Good luck


Look for price reversal patterns at suppoert and resistance on the DAX. often the FTSE will turn with it even if it is not at an S or R number itself. Trading is not gambling, so I shant be signing up with binarybet.com :confused:

YM is the Dow mini contract, and yes the FTSE usually mirrors the US markets in the afternoon.

I wouldn't call fibonacci an indicator. I do take notice of the numbers as I do with Stochastic, the only "indicator" that is helpful in my view.

Good trading!
 
Ftse Live Trading

Hi Guys,
It is good to see that we have got some more people intrested in an live ftse trading thread.
From tommorow I shall be posting my comments on the Ftse as well as I tend to day trade the ftse as well......


Good Posting Datav
 
rav700 said:
Hi Guys,
It is good to see that we have got some more people intrested in an live ftse trading thread.
From tommorow I shall be posting my comments on the Ftse as well as I tend to day trade the ftse as well......


Good Posting Datav


Thanks. The other thread started yesterday looks great from a fundamentalist point of view and seems to be more oriented to swing trading. Lets keep this one for day trading.

Today looks like a consolidation day unless we have some major news event. Always have to be on your toes! Quick in quick out.

Quick summary of yesterdays trades:
Short at 5895 down to chart support at 5870. Easy 25 points. Next decent set up didnt appear until 4 pm CET 5983 down to 860. Another 23 points. I made a couple of bad trades trying to go long, but nothing serious. Net for the day 40 pionts.

Lesson for the day: Trade what you see, not what you expect. Dont listen to the news or opinion. 9 times out of 10 its wrong and I swear its put there deliberately!

good trading
 
Good Morning All
Today I will be trading my 3 point system on the ftse because I too do not see anything but consolidation..The max range for the ftse today 50 points...

1. Trade I have place a binary trade for ftse to finish<50 points today
2. Am waiting for a shorting point and am planning to get at least 10 points from the ftse on SB
3. If it does go high enough then might consider the october contract for shorting...

Let the trades begin

Happy Trading
RAv
 
1. My short has worked perfectly 5883-5876=+7 point for the day
 
rav700 said:
1. My short has worked perfectly 5883-5876=+7 point for the day

My Apologies I should be commenting on my opening trade befor writing results...
 
Great stuff guys - really lovin' the banta ! I too am waiting today's high - haven't got the nerves/time for intraday scalping these days

All the best guys
Hook Shot
 
rav700 said:
Short @5883 again Stop@ 5900
Moved My stop to 13....

I will also enter another order for shorting and let it roll ..................................
Just waiting for my formation
 
rav700 said:
New position doubled my stakes @5898 stop @5915
Closed position for +6 but as I had double my position have covered any loss and moved my stop to 5905 for my 5883 positon
 
rav700 said:
Closed position for +6 but as I had double my position have covered any loss and moved my stop to 5905 for my 5883 positon
Just broke even on my Position am out for today no loss.............................

So that is +13 but as for double position =+19 :cheesy:

I happy for right now and my binary is going very well as well for the day...
So far so good.....

Nah datav am just playing the trade as the trade plays me......
 
great trading. Am short from 5893...halved position at daily pivot...hoping for 5870 bottom on the second half.
 
Jumping onto cable

I am trading cable now as it has go to the support level 1.8704 am looking for 30 pips in the next 1 hour......
Long on cable @ 1.8704 With a stop of 1.8675 @ 10 p.p
My 1st limit is 1.8724
My 2nd limit is 1.8734

Happy trading Rav
 
Fyi

When I trade currencies I tend to move my stop very quickly so if anyone does follow any of my trades please.... keep an eye on the board
 
rav700 said:
When I trade currencies I tend to move my stop very quickly so if anyone does follow any of my trades please.... keep an eye on the board

I have moved my stop to break\even +1..No loss for me today ..... :cheesy:
 
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