Anyone scalping the FTSE Futures??

[dc2000]

taken the 88 for the long

off out for the day now back this aft

 

[MartinC-J]

did he have a good first day then?

Thank you Dick. Yes he had a good time. They tought him how to hot wire cars, make false benefit claims, and he also got a tattoo. Can't wait to see what he does today!

As for this morning, I got a little surprised by the strength of the move down. The FTSE fought the move early despite the ES and FESX heading straight down. I must make a note to be cautious of a FTSE trying to hold on while other indices are falling. It usually caves in and follows the others.

 

[Dick Lexic]

dare i say 89 again?

to big to fall?

 

[MartinC-J]

There are times after a big drop at the open when you start looking for a reversal. What you want is confirmation of that reversal, and sometimes a failed reversal pattern on the 1 min chart will tell you soon enough that your bias should remain bearish.

This morning we had a 60 pt drop from the open, and your natural tendancy is to look for a bounce. On the 1 min chart we got a nice setup for a reversal with a strong pullback above the mid boly band, but then it failed to continue the move up. This failure should alert you to the fact that the move down is not done and a break of the morning's low will result in a further strong move down.

 

[Dick Lexic]

There are times after a big drop at the open when you start looking for a reversal. What you want is confirmation of that reversal, and sometimes a failed reversal pattern on the 1 min chart will tell you soon enough that your bias should remain bearish.

This morning we had a 60 pt drop from the open, and your natural tendancy is to look for a bounce. On the 1 min chart we got a nice setup for a reversal with a strong pullback above the mid boly band, but then it failed to continue the move up. This failure should alert you to the fact that the move down is not done and a break of the morning's low will result in a further strong move down.

well i'm on the fence for now

cant read the text on your chart

 

[MartinC-J]

If you double click on the chart, you should be able to read the text.

Thought we might get a push back up to 5138, but the results of the Italian 5 yr bond auction has made the market a little worried and stalled things for now.

 

[reksa]

There are times after a big drop at the open when you start looking for a reversal. What you want is confirmation of that reversal, and sometimes a failed reversal pattern on the 1 min chart will tell you soon enough that your bias should remain bearish.

This morning we had a 60 pt drop from the open, and your natural tendancy is to look for a bounce. On the 1 min chart we got a nice setup for a reversal with a strong pullback above the mid boly band, but then it failed to continue the move up. This failure should alert you to the fact that the move down is not done and a break of the morning's low will result in a further strong move down.

Thanks for that. With your scalping, would you not consider entering on the pullback to the mb from the bounce off ub a bit risky? It had come from a strong move down with a RSI below 20. Would it not be best to confirmation of the reversal and wait for a 5ema or 10 ema pullback?

Thanks for sharing your charts Martin, they really help.

 

[MartinC-J]

Thanks for that. With your scalping, would you not consider entering on the pullback to the mb from the bounce off ub a bit risky? It had come from a strong move down with a RSI below 20. Would it not be best to confirmation of the reversal and wait for a 5ema or 10 ema pullback?

Thanks for sharing your charts Martin, they really help.

You're welcome reksa.

In the first hour of trading I tend to be more aggressive. I took the long at point B on the 1 tick break up, because price action despite being bearish had been relatively quick. I probably entered a little to hastily, as I usually like to see the price pull back and touch the mbb first before I enter long. It didn't quite make it to the mbb, but I thought it was close enough. I was wrong and got stopped out at point C. But it was point C that alerted me to the fact that there probably was not going to be a reversal.

A safer lower risk entry would definitely have been to wait for confirmation and get in on the pullback to the 5 or 10 EMA, which I would more likely have done if the price action was slower or later in the morning.

I don't use RSI, and if I did I would have looked at a reading of 20 as being oversold and would have been looking for an entry long.

I was also up 30+ pts from the down move at the open, so I was willing to take a greater risk than usual with the aggressive entry.

 

[reksa]

You're welcome reksa.

In the first hour of trading I tend to be more aggressive. I took the long at point B on the 1 tick break up, because price action despite being bearish had been relatively quick. I probably entered a little to hastily, as I usually like to see the price pull back and touch the mbb first before I enter long. It didn't quite make it to the mbb, but I thought it was close enough. I was wrong and got stopped out at point C. But it was point C that alerted me to the fact that there probably was not going to be a reversal.

A safer lower risk entry would definitely have been to wait for confirmation and get in on the pullback to the 5 or 10 EMA, which I would more likely have done if the price action was slower or later in the morning.

I don't use RSI, and if I did I would have looked at a reading of 20 as being oversold and would have been looking for an entry long.

I was also up 30+ pts from the down move at the open, so I was willing to take a greater risk than usual with the aggressive entry.

It has been a tricky day, so far all the attempts at a reversal have been short lived. Nice one taking 30 points on the open. I was expecting a quick reversal so missed out.

I thought 8:01 was the start, but i take it you triggered your short here on the pullback to the mid boly?

 

[Dick Lexic]

The big brown bear's got his nose through the railings I hope no one opens the gate

 

[Dick Lexic]

Thank you Dick. Yes he had a good time. They tought him how to hot wire cars, make false benefit claims, and he also got a tattoo. Can't wait to see what he does today!

As for this morning, I got a little surprised by the strength of the move down. The FTSE fought the move early despite the ES and FESX heading straight down. I must make a note to be cautious of a FTSE trying to hold on while other indices are falling. It usually caves in and follows the others.

Glad to hear it :smart: just like his dad eh?

thanks martin i got the text

 

[DaddyJohn]

It has been a tricky day, so far all the attempts at a reversal have been short lived. Nice one taking 30 points on the open. I was expecting a quick reversal so missed out.

I thought 8:01 was the start, but i take it you triggered your short here on the pullback to the mid boly?

big fight going on at this level 78-106, in the balance as far as I can see , thoughts anyone?

 

[reksa]

big fight going on at this level 78-106, in the balance as far as I can see , thoughts anyone?

As i type it has just broken that range. I think it will be pulled back at 5120. Or maybe go on to 5138 as Martin said.

Not sure if the US will pull us up again. Things seem too Bearish.

But i do have DC2000 target it the back of my head. 330. Seems like a mission impossible though.

 

[samirs]

As i type it has just broken that range. I think it will be pulled back at 5120. Or maybe go on to 5138 as Martin said.

Not sure if the US will pull us up again. Things seem too Bearish.

But i do have DC2000 target it the back of my head. 330. Seems like a mission impossible though.

Congrats for opening page 100 of this thread...

 

[DaddyJohn]

big fight going on at this level 78-106, in the balance as far as I can see , thoughts anyone?

well i guess we know the answer

 

[MartinC-J]

It has been a tricky day, so far all the attempts at a reversal have been short lived. Nice one taking 30 points on the open. I was expecting a quick reversal so missed out.

I thought 8:01 was the start, but i take it you triggered your short here on the pullback to the mid boly?

I actually scalped the first few seconds with a short 11 seconds after the open and closed at 8:00:32 for 8 pts. I took the short because the ES and FESX both plunged at the beginning of their 5 min candles at 8am.

I then was a little slow and should have entered on a sell stop at 8:02am on the 1 tick break below the low of the 8:01am one minute candle. I actually entered short on a limit order at 8:02:21 2 contracts short at 5183.0. I closed the first one for 5 pts and the second one for 15 pts.

I don't always enter on a pullback at a moving average. I like to see the pullback to the moving average and then I enter on a stop order on the first one tick break down below the low of the previous 1 min candle, if it is in a downtrend.

 

[MartinC-J]

As i type it has just broken that range. I think it will be pulled back at 5120. Or maybe go on to 5138 as Martin said.

Not sure if the US will pull us up again. Things seem too Bearish.

But i do have DC2000 target it the back of my head. 330. Seems like a mission impossible though.

Remember DC2000 has a time machine so ignore his targets at your peril...... but I agree things look pretty bearish with all this italy, greece, france stuff going on. It just mean volatility and sharp spikes out of nowhere.

 

[lurkalot]

time to make some tea and wait to see what the dow open is like

 

[DaddyJohn]

Remember DC2000 has a time machine so ignore his targets at your peril...... but I agree things look pretty bearish with all this italy, greece, france stuff going on. It just mean volatility and sharp spikes out of nowhere.

"up , up and awayyyyyyyyyyyyy" !! the room here is blue with all shorting except for yours truly, who feels rather smug now. Think I will call it a day before I get too clever , (with help from DC of course )
many thanks all - 100 prices today !

 

[Dick Lexic]

"up , up and awayyyyyyyyyyyyy" !! the room here is blue with all shorting except for yours truly, who feels rather smug now. Think I will call it a day before I get too clever , (with help from DC of course )
many thanks all - 100 prices today !

Ha nice one