Anyone scalping the FTSE Futures??

postman said:
I've paraphrased you.
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Lol postie. No doubt most folks will see it that way.

Primarily, its for my education. To help confirm what I already suspect.
For the brewmanator, its a tap on the shoulder. Its his choice what he does with it.
----------------------------------------------
Kinda like Newton and bob, eh Mal.:p
 
brewski1984 said:
What a joker the dax is, I've been long for 2 days waiting for it to bust 9000 now it tanks just enough to shake me out of it then rockets straight back up!:mad::mad::mad:

I've just cashed my whole account out before I blow it all revenge trading and I bet I sit here all day dreaming of all that cash while it closes around 9100
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Its wise to cash out.Just be patient mate and wait for your nxt trade.:cool:
 
I'm not interested in having stops 300/400/500 points away I don't trade that long a timeframe, I never anticipated it to take 2 days to break 9000. As I said before hindsight is a wonderful thing and everyone is a pro from the left hand side of the chart.
 
brewski1984 said:
I'm not interested in having stops 300/400/500 points away I don't trade that long a timeframe, I never anticipated it to take 2 days to break 9000. As I said before hindsight is a wonderful thing and everyone is a pro from the left hand side of the chart.
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Ok stops. You will have noticed that 1/3 1/2 and 2/3 are important retracement points. The open today was 8874 , yesterdays range was 96 giving 32 / 48 and 64 respectively.

Given the big gap at the open I would have moved that stop down from the open by 64 to 8810

Just my 2 cents (y)
 
brewski1984 said:
Can you define for me what you mean by grinder and shark bait prices and why you are relating them to that price and time on your chart? Just so I know that we have the same understanding.
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A grinder is someone who operates on the 'right' side of the average. Someone who needs at least some confirmation before they act. If theyre good, they can make enough in the big swings to more than offset losses in the chop. They can grind that profit out, eventually. Ive done more than my fair share of grinding :eek:.

Shark bait is someone who needs an inordinate amount of confirmation to act. Entering or exiting, at loss or profit, doesnt matter. They have a tendency to panic in the heat, and do the wrong thing, at the wrong time.

brewski1984 said:
If on another day the price had just kept tanking at your shark bait level, what would it have been called instead?
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My shark bait level?? I didnt have any level. You had the level, which you expressed in the market with a stop. It later turned out to be where the shark bait were.
If prices went lower id be supplying the sellers. If i start to get to big id be managing (buy 9 , 8 , 7 , 6 , 5 , 4 , 3 > lose 3 @ 8. Repeat repeat repeat.)
If my medium term picture changed id book losses, aiming them at shark bait.

brewski1984 said:
I had 2 positions that had an average buying price of around 8820, I never entered at 8820 for any reason.
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Would be good for you to find out what areas you scaled in at.
The medium term trend is up. Re the short term (whatever that time frame is for you) Where were you buying with the grinders > shark bait? Or were you supplying them? Be a worthy thing to investigate imho.
 
The problem with any stop, especially a hard stop. Regardless of how its calculated, it will always get you out at the worst possible price at that moment in time.
 
EWFtseTrader said:
Once again. I did not say you needed 300/400/500pt stops. Not once did I say that.

Once again, I explicitly said it doesn't matter what number it is. The stop is based on volatility and where the trend will reverse. Its not a one size fits all.
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I understand what you are saying, an arbitrary stop is a meaningless stop. I don't religiously follow trends, my analysis was that the dax would hit 9000. I trailed my stop up keeping reasonable distance and was extremely annoyed that it took me out within a couple of points then shot up nearly 200 points in under an hour. On another day the dax might not have done that and I would have been happy to be out at breakeven and not lose my 2%.
hereward the wake said:
Ok stops. You will have noticed that 1/3 1/2 and 2/3 are important retracement points. The open today was 8874 , yesterdays range was 96 giving 32 / 48 and 64 respectively.

Given the big gap at the open I would have moved that stop down from the open by 64 to 8810

Just my 2 cents (y)
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Fair enough mate, but looking back I would have put my stop at 8815 and rinsed 200 points out of it. Did you do exactly as you said?

All these numbers you guys are stating are meaningless in my opinion. I don't follow averages, pivot points, fibonacci or any other random percentages of random numbers but if it works for you guys, fair enough.

no offence intended to anyone here, I appreciate you guys are trying to help(y)

Darktone - give me half hour or so and I'll reply to your post
 
EWFtseTrader said:
Why do people make a meal of of trading the DAX, no volatility factored in and feel the need to have a trade/trades on everyday.

Why not just follow the trend, wait for the pullbacks, enter the trade, place the stop at a point where if hit will mean a trend reversal and then continue to add on every pullback until stopped out or it provides a reversal signal.
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Take note of the candle patterns chaps:)
 
darktone said:
A grinder is someone who operates on the 'right' side of the average. Someone who needs at least some confirmation before they act. If theyre good, they can make enough in the big swings to more than offset losses in the chop. They can grind that profit out, eventually. Ive done more than my fair share of grinding :eek:.

Shark bait is someone who needs an inordinate amount of confirmation to act. Entering or exiting, at loss or profit, doesnt matter. They have a tendency to panic in the heat, and do the wrong thing, at the wrong time.



My shark bait level?? I didnt have any level. You had the level, which you expressed in the market with a stop. It later turned out to be where the shark bait were.
If prices went lower id be supplying the sellers. If i start to get to big id be managing (buy 9 , 8 , 7 , 6 , 5 , 4 , 3 > lose 3 @ 8. Repeat repeat repeat.)
If my medium term picture changed id book losses, aiming them at shark bait.


Would be good for you to find out what areas you scaled in at.
The medium term trend is up. Re the short term (whatever that time frame is for you) Where were you buying with the grinders > shark bait? Or were you supplying them? Be a worthy thing to investigate imho.
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OK -

Grinder - I doubt it, I don't even look at averages I have no idea what the right side of the average is - my analysis was that the dax was heading to 9000 so I went long. No confirmation of any kind.

Shark bait - I won't deny there have been times where I have done this in the past but now I don't think so, there was no amount of confirmation or panic that took me out of that trade or got me into it - my stop was set at 8820 yesterday and not moved. I entered the trade pretty much randomly so there can be no other explanation than 8820 being shark bait level was pure coincidence (I understand that the dax reaching that level was probably no coincidence)? If you didn't have a shark bait level before hand then what was your reason for taking a trade at 8820 and exiting at 9000?

My first trade was at 8783.5 tuesday morning and my second was at 8857 after the US open. In your opinion, what do you think I was (without the obvious stupid answers)?
 
The price action over the last 5 days has been good for my trading style. I have cleaned up the points so far this week. I'm very happy. I'm pretty much doing what a number of you on the board have said you're doing. Not all my trades have been winning trades but the winners have far outweighed the losers, and the losers haven't upset me which means I have been able to stick to my strategy.

To help that along I reduced my trade size since last week so any losers are barely painful.

Like everything, the idea/strategy/design doesn't have to be rocket science, it's over 90% in the implementation. I have failed in the recent past because I let emotions get involved and stray from my strategy. You can't get rich quick without taking risks, but you can get poor real fast.

Get rich slow!
 
brewski1984 said:
OK -

Grinder - I doubt it, I don't even look at averages I have no idea what the right side of the average is - my analysis was that the dax was heading to 9000 so I went long. No confirmation of any kind.

Shark bait - I won't deny there have been times where I have done this in the past but now I don't think so, there was no amount of confirmation or panic that took me out of that trade or got me into it - my stop was set at 8820 yesterday and not moved. I entered the trade pretty much randomly so there can be no other explanation than 8820 being shark bait level was pure coincidence (I understand that the dax reaching that level was probably no coincidence)? If you didn't have a shark bait level before hand then what was your reason for taking a trade at 8820 and exiting at 9000?

My first trade was at 8783.5 tuesday morning and my second was at 8857 after the US open. In your opinion, what do you think I was (without the obvious stupid answers)?
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My 2c on the entries:-
Id say the grinders were positioned before your first entry (well, those that who had to stomach to take the trade after being chopped up the previous day). Looks like you were buying alongside the aggressives. Ditto with the second entry.
Shark bait were all done buying by 8960 the following morning.
Probably more important, who do you think you were participating with, relative to this window?

My 2c on the trade:-
(Post entries tuesday) the market was talking to you.
"Hey buddy, you wana take 100% profit on this move?"
"No thanks man, ive got dax @ 9000"

(Wednesday morning)
"Hey buddy, you wana take 100% profit on this move?"
"No thanks mate" for whatever reason.

(Wednesday after the early retracement)
"Hey buddy, you wana take 50% profit on this move?"
"Hey buddy, you wana take 60% profit on this move?"
"Hey buddy, you wana take 70% profit on this move?"
"Hey buddy, you wana take 95% profit on this move?"
etc etc etc
Im guessing, at some point during the wednesday/thursday morning you said
"No thanks mate, Ive given responsibility for the trade to a stop (and perhaps a limit at 9000)."

(Thursday morning)
"Hey buddy, you wana take 0% profit on this move?" Ping!
"You F :mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad: T!"

If you didn't have a shark bait level before hand then what was your reason for taking a trade at 8820 and exiting at 9000?
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My reason for taking the trade was that the medium term direction was up.
My reason for supplying the sellers late yesterday was simply "They are probably wrong". The sellers were all done by 8820. I had no one else to buy from.
My reason for exiting was the market put in a nice move way above average. The market was saying,
"Hey buddy, you wana take 100% profit on this move"
I said "yes thanks" every time, at prices between 8930-9000, till I had nothing left to sell. No confirmation, no view on levels etc. Its as simple as that. :|

I know nothing
 

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Surely this is all hindsight as you can't tell where you are until afterwards? It's all well and good saying I could have got in earlier at a much cheaper price but you don't know that at the time. You didn't know you were picking up shark bait until afterwards, you just thought it might be likely? In the same way that I saw it went up, it was going up and so I bought... simple.
As for not taking the profit, yes I was holding out for 9000 and really I was unlucky not to get it... A couple points lower on my entry and I would have been laughing. I'm kicking myself for losing 150 points trying to get another 30 but I stuck to my plan, I don't scale out like it appears you do.

I like the way you see the market, nice and simple(y)
 
i was in long just now, bailed for +12 points. The volume has slowed right now. I'm done for the day, possibly the week.

Good luck all
 
EWFtseTrader said:
Mate, don't listen to anything anyone has to say on a forum/blog etc unless they prove it in real time. 99.9% are gobsh*tes with unfounded over inflated ego's. And most people bragging aren't traders, they are retired or on social benefits of disability money sitting at home playing trader.
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Why do you think I ignored you?:LOL:
 
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