Nope, been busy on other things no trades for me today ! How did you get on Ziff ??? Bag another batch of points ??
Nope - missed the move in the morning and was out all afternoon; see how it goes today.........
I guess you have to live with it till Friday now!
so far today I went long (Jun Fut) at 6403 and got out ten points higher then got short at 4616 which is where abouts we are now.
I figure on some more downside breaking the 6400 support even if it's only fleeting and we're back on the bull track by the afternoon / tomorrow.
Can I ask Ziff, what do you base your decisions on? Who do you trade through and with what sort of timescale in mind. I have over six years experience in trading the FTSE almost exclusively so if there is anything you want to ask fire away.
Below is a chart of the FTSE Jun future daily for the last three months.
I see overhead resistance around 6525 and support beneath the market at around 6400.
The market hit that level this morning and bounced off it but for me it didn't feel like the last time we're going to see it.
I find the FTSE plays more games to wrong foot people and my gut feel is that some data or something will push us below the 6400 even if only for a short time to get some week bulls out and some eager bears in before going higher again. Of course if 6400 does break for a longer time in a bigger way there might be more downside to come.
If we don't go back there from here it might be another trip to 6500 in short order.
Stephen McCreedy
so far today I went long (Jun Fut) at 6403 and got out ten points higher then got short at 4616 which is where abouts we are now.
I figure on some more downside breaking the 6400 support even if it's only fleeting and we're back on the bull track by the afternoon / tomorrow.
Can I ask Ziff, what do you base your decisions on? Who do you trade through and with what sort of timescale in mind. I have over six years experience in trading the FTSE almost exclusively so if there is anything you want to ask fire away.
Below is a chart of the FTSE Jun future daily for the last three months.
I see overhead resistance around 6525 and support beneath the market at around 6400.
The market hit that level this morning and bounced off it but for me it didn't feel like the last time we're going to see it.
I find the FTSE plays more games to wrong foot people and my gut feel is that some data or something will push us below the 6400 even if only for a short time to get some week bulls out and some eager bears in before going higher again. Of course if 6400 does break for a longer time in a bigger way there might be more downside to come.
If we don't go back there from here it might be another trip to 6500 in short order.
Stephen McCreedy
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Er.........yes !No idea how to change the thread title...............
just back from holiday
and first modding on the new site is to oblige cheers
jon
Nothing very sophisticated Stephen - I use a MA cross on the 5 minute chart.
What tf do you use ?
Ziff
Simple is good!
At the mo I am using a 9 sma on the 5 min chart as the basis for my direction, if the market is trending up intra day I'll use a pull back to the line as a point to buy some.
The only TZ indicators I use are RSI, MACD and sometimes bollinger bands work well as good places to take profits.
I'm currently zooming out to look at longer time frames as trading so short term is taking it's toll on my brain and it's not easier to do when you want to trade a larger size.
Do you use stops on your positions?
Who are you trading through?
Stephen
Simple is good!
At the mo I am using a 9 sma on the 5 min chart as the basis for my direction, if the market is trending up intra day I'll use a pull back to the line as a point to buy some.
The only TZ indicators I use are RSI, MACD and sometimes bollinger bands work well as good places to take profits.
I'm currently zooming out to look at longer time frames as trading so short term is taking it's toll on my brain and it's not easier to do when you want to trade a larger size.
Do you use stops on your positions?
Who are you trading through?
Stephen
What sort of size do you trade in?
I really can't emphasise enough how much more difficult it is to make money in a short time frame with the spreadbet companies versus direct access.
Of course the downside is the £2,500 account you need to open and the minimum £10per point bet size.
I went from barely breaking even to making decent money after moving from spreadbet to direct access.
Maybe something to think about longer term or see if there is someone that offers a direct access demo acount you can try.
The spread on the spreadbet co is much wider than the 'real' market where it is possible to even trade inside of the spread.
Also commision is £2.06 to buy and sell a FTSE contract. Add to this say a 1/2 point spread that costs £5 on a £10 contract and it's costing you £7.06 to buy and sell versus £20 in spread with a SB company.
I know it can seem daunting but in the end I think it is the way to go.
Stephen McCreedy
I really can't emphasise enough how much more difficult it is to make money in a short time frame with the spreadbet companies versus direct access.
Of course the downside is the £2,500 account you need to open and the minimum £10per point bet size.
I went from barely breaking even to making decent money after moving from spreadbet to direct access.
Maybe something to think about longer term or see if there is someone that offers a direct access demo acount you can try.
The spread on the spreadbet co is much wider than the 'real' market where it is possible to even trade inside of the spread.
Also commision is £2.06 to buy and sell a FTSE contract. Add to this say a 1/2 point spread that costs £5 on a £10 contract and it's costing you £7.06 to buy and sell versus £20 in spread with a SB company.
I know it can seem daunting but in the end I think it is the way to go.
Stephen McCreedy
