Anyone scalping the FTSE Futures??

MartinC-J said:
And the winner is...................5549. Would you please come up and accept your prize.

I don't fink we are done yet. Maybe our american friends will push it up one more time before the cash close at 8pm
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5563 !!!!!!!!!!!!!!! who's the man???
 
splashy said:
MartinC-J said:
I don't think that many people are trading this afternoon. Volume is relatively light. Price action is not so good this afternoon. I think the FTSE wants to go down. I'm not so sure about the ES at the moment.

Just curious...
what's your criteria for thinking that ftse wants to go down? Do you see a perceived lag between ES movements and ftse movements? On my chart, there have been 2 pin bars today through yesterdays high/resistance on each occasion ftse has tried to retrace. Couldn't you just as easily say that it refuses to go down?
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Splashy - its based on the FTSE not mirroring the same moves on the ES. Usually they are in sync, but on some days one or the other will lag. On most occasions it is the FTSE that is not going up as high as the ES. On those days the FTSE tends to go into the 4:30pm close at a lower level than the ES. If that makes any sense. I think with ProReal CHarts you can overlay the ES on the FTSE and see the divergence between the two.
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dc2000 said:
5089 safe as houses

DJ quivering
thats all the news we need

seriously this weeks three pattern is complete if a little weak

FTSE has produced one upward target but has several outstanding to down side and depending on price action before end of week the next target produced could be 4670 area, a new 52 week low before christmas then ya santa rally??
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DC .. a break below 5300 and I can certainly see 5034 futures.. follow through to your low as you say...
 
MartinC-J said:
splashy said:
Splashy - its based on the FTSE not mirroring the same moves on the ES. Usually they are in sync, but on some days one or the other will lag. On most occasions it is the FTSE that is not going up as high as the ES. On those days the FTSE tends to go into the 4:30pm close at a lower level than the ES. If that makes any sense. I think with ProReal CHarts you can overlay the ES on the FTSE and see the divergence between the two.
Click to expand...

Interesting. thanks.
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Classic wicks and tails market this morning. Sell extensions above the UBB on the 5mc. Buy extensions below the LBB. 8 period setting for boly bands.
 
Since 9:25am we broke out of the wicks and tails pattern and are in a one way day pattern. The only small breach of this was at 10:30am when ECB's Stark announced what he wanted for lunch causing a small run on greek olives before the move up continued.

On the 1 hr chart, the price didn't even retrace 23% from the highs, which is fairly bullish. We may get a sell off after German Factory orders at 11am, but I think we just range now until NFPs.
 
Those Canadian unemployment numbers at 11am were also very poor, which bodes poorly for NFPs at 12:30pm. My guess is the big guys aren't quite ready for it to sell off right now, and they may support it until NFPs.
 
MartinC-J said:
Classic wicks and tails market this morning. Sell extensions above the UBB on the 5mc. Buy extensions below the LBB. 8 period setting for boly bands.
Click to expand...

How do you calculate your stop? Or when do you decide its a bad trade?
 
splashy said:
How do you calculate your stop? Or when do you decide its a bad trade?
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Splashy, I normally have a standard stop of 4.5 pts on the FTSE Futures. The markets since August are more volatile lately and my standard stop is now 5.5 pts. I will increase that even more if moves are big and volume high.

Ideally, your stop depends on the timing of your entry and where it would have to go to signify you got it wrong.

Let's say the set up is for a long entry. I try to enter on a stop order when it breaks the high of the prior 1 minute candle by 1 tick which is 0.5 pts. Then my stop needs to be 1 tick below the low of that prior 1 minute candle. I try to enter when that prior candle is relatively short, usually about 4 pts in total range (high to low). If that candle is 7 or 8 pts long, your stop has to be 7.5 pts to 8.5 pts long, which is maybe too much risk to warrant entering the trade in the first place.
 
Market can't make it's mind up on the NFPs. It just missed estimates and prior month revised a lot higher, but unemployment rate lower. Looking at the price action of the last 20 minutes, it looks like it is being supported (the 5mcs have long tails), but that support should fail eventually.
 
MartinC-J said:
Market can't make it's mind up on the NFPs. It just missed estimates and prior month revised a lot higher, but unemployment rate lower. Looking at the price action of the last 20 minutes, it looks like it is being supported (the 5mcs have long tails), but that support should fail eventually.
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Sell Short Day Martin... market wants to go down.. makes it self look strong.. trades in high end of previous day .. pops above previous days highs to sucker people in.. and then bang.. down it comes.. classic
 
You may not see too much more of me on this thread guys.. I have made more money from the Bund this week then anything else.. I may decide to switch over to it as my main market..l will have to see.
 
DaddyJohn said:
You may not see too much more of me on this thread guys.. I have made more money from the Bund this week then anything else.. I may decide to switch over to it as my main market..l will have to see.
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Looking for a new thread from you on the Bund trades !
 
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