Anyone scalping the FTSE Futures??

[ctlpast]

As for Iran, they won't close the Straits of Hormuz. They are acting as if they are, but it would not be in Russia's or China's interests, so it won't happen. I think!!!

Personally I hope you are right but I have this fear come March/April Iran's game of brinkmanship might have an unfortunate consequence.

 

[MartinC-J]

ctl - I hope their game of brinkmanship does not come to anything, but Russia helped them build the nuclear facility and they hold the cards. I don't think it is in Russia's interests for Hormuz to be closed, but they have elections going on right now which is a distraction. When the election is over they will put pressure back on Iran.

It does also depend a little bit on what happens in Syria, because when Syria falls Iran will be next on the list. In the meantime, Iran continue to make plutonium and will do more IBM test launches this year too. They are ready to be isolated by the west. They like it that way. But Hormuz closing is a bit of a step too far.

 

[MartinC-J]

Looking back at today's price action with the benefit of hindsight, if you got out of today at break even or better, you have done really well.

Prior to 10am, you could have been killed by all of the chop. Just prior to 10am the price settled down from the wicks and tails of the first 2 hours and started to break out. Maybe people knew what the ZEW would be. The spike up on the ZEW news would have been difficult to catch, and then it was a drift for 15 minutes whilst we waited for the Italian and Greek bond auctions. That left you with the best trade of the morning, the flag at 10:25am and a possible 10 to 15 pts. 5876.5 was the swing high from yesterday.

The move down from 12:40pm to 13:15pm was over lunch and on no news and just the break of a level that retraced to 61.8%.

I caught the move down at 14:46 and held my short through the data at 3pm but it was hard work. I don't think there is another big move down left prior to 4:30pm. I think it will just be more messy stuff.

So for me some good trades when the signals were there, but I also got caught in a lot of chop.

 

[Splitlink]

ctl - I hope their game of brinkmanship does not come to anything, but Russia helped them build the nuclear facility and they hold the cards. I don't think it is in Russia's interests for Hormuz to be closed, but they have elections going on right now which is a distraction. When the election is over they will put pressure back on Iran.

It does also depend a little bit on what happens in Syria, because when Syria falls Iran will be next on the list. In the meantime, Iran continue to make plutonium and will do more IBM test launches this year too. They are ready to be isolated by the west. They like it that way. But Hormuz closing is a bit of a step too far.

Since this is considering the future of Iran's relationship with regard to the West I might as well stick my tuppence in before we go back to trading FT again.

I believe that the maverick in the Western block is Israel. It may give the sanctions time to work but, if it sees that they do not, Israel may, well, decide to attack Iran's nuclear plants before that country becomes a real threat. Like Iraq, although it was found later that Iraq had no WMD, the real danger is delivery-- ie, rocket power. Israel got some rocket attacks from Iraq during Desert Storm, even though the US had provided them with intercepting rocket power--I can't remember the name of those, now, but, still, I doubt that Israel will wait around for US permission next time.

We live in dangerous times, Gentlemen, we'd better keep our minds on what is going to happen to Ft within 24 hours. Longer gets more difficult!

 

[Dick Lexic]

well i got a little trade in the end ...made my day ....big volume at the close?

 

[Dick Lexic]

Since this is considering the future of Iran's relationship with regard to the West I might as well stick my tuppence in before we go back to trading FT again.

I believe that the maverick in the Western block is Israel. It may give the sanctions time to work but, if it sees that they do not, Israel may, well, decide to attack Iran's nuclear plants before that country becomes a real threat. Like Iraq, although it was found later that Iraq had no WMD, the real danger is delivery-- ie, rocket power. Israel got some rocket attacks from Iraq during Desert Storm, even though the US had provided them with intercepting rocket power--I can't remember the name of those, now, but, still, I doubt that Israel will wait around for US permission next time.

We live in dangerous times, Gentlemen, we'd better keep our minds on what is going to happen to Ft within 24 hours. Longer gets more difficult!

split, i think it was patriot misslies

 

[barjon]

blimey, what happened at 4:30.? There was I motoring along at 5900 and the next bar opens at 5876 - just me or how was it for you as they say .

 

[YouAreNotFree]

These afternoon floats higher are just too predictable now.

 

[Dick Lexic]

blimey, what happened at 4:30.? There was I motoring along at 5900 and the next bar opens at 5876 - just me or how was it for you as they say .

well for a change it doesn't seem to show on my charts

 

[barjon]

well for a change it doesn't seem to show on my charts

mmm. thx DL - here's what mine looks like. Just before I think about moaning to ETX (who I've found excellent so far) can you tell me what you were getting around 4:30. Thx

jon

 

[amacky]

Hi I trade ftse regulary and now I see that ETX trading screen is quoting 5889 5882 while FXCM is quoting5901 5903 time is 17:04 London time and that is going for the last 430 minutes!!!!!!!!!! any one knows what is the correct price?

I have been paper trading the FTSE Futures for over a year now, with occasional trades live. I would like to find other FTSE Futures Traders and compare notes.

I am consistently profitable on the Sim, averaging £400 per day allowing for commissions, but to achieve this I am doing 30+ trades per day. I trade one contract only, but add more if a trend continues. My average winner is £35 and my average loser is £20. My win/loss ratio is roughly 60% winners, 40% losers.

I am a very short term trader with most trades lasting 2 to 9 minutes.

My price targets are 6 to 10 points, depending on the price action.

My stops are usually 4.5 points if entered on a limit order, or 5 pts if on a stop order.

I use direct market access trading using the Open ECry platform. You get filled at the bid or the ask, and there is no spread to pay. Most people in the UK seem to use spreadbetting to trade the FTSE cash. They pay a minimum of 0.5 points per side in spread, which costs them £10 per trade, which makes it much harder to make a profit when you are scalping. My fees are £1.81 per trade.

As for strategy, I trade reversals, continuations, pullbacks and breakouts.

With the FTSE, a 2 point move above or below the previous 5 minute candle is significant enough to signal a change of trend most of the time.

I use support and resistance from the 60 minute and daily charts, and watch the 5 min, 1 min and 50 volume charts all the time.

As soon as a reversal is in, I look for retracements to the 38%, 50% and 61.8% levels.

I don't use pivots, but I make a rough note of where they are. They work better for swing trades, and are less accurate for scalping.

A 2 point move away from a S/R or fib level is enough for me to consider a change of trend.

I use the 5 min chart to monitor trends and the 1 minute chart to time my entries.

I watch how price action moves between upper, middle and lower boly bands on the 5 min chart, to decide my bias. This mid line is critical. Below mid bb, take short entries only. Above mid bb, take longs only, unless it bounces off a strong level. Importantly, I use an 8 period setting for bolys on the 5 min chart.

Pullbacks to the 5 EMA on the 5 min chart are good entries for a steady trending market.
Pullbacks to the 5 EMA on the 1 min chart are good entries in rapidly falling/rising markets.

I trade from 8am to 11am usually, and 2:30pm to 4:15pm, UK time. In the morning, I watch the ES and FESX for confirmation of moves by the FTSE. In the afternoon, I watch the ES for trend but trade the FTSE depending on what happens with the ES.

I am trying to reduce the number of trades I take, and cherry pick which trades to take. I also and trying to run my trades longer, but when I get 10 points up I usually close and bank the profit.

I am interested to see how many others scalp the FTSE futures like me, and if they are comfortable taking so many trades in a day. Also what set ups do they use that are successful.

 

[Dick Lexic]

mmm. thx DL - here's what mine looks like. Just before I think about moaning to ETX (who I've found excellent so far) can you tell me what you were getting around 4:30. Thx

jon

this is ny 1 min chart bj...sb remember

 

[amacky]

Thank you, I checked IG INDEX and they seem to quote the same as ETX and FOREX but FXCM seem to QUOTE 20 pips higher as per your chart, at 17:46 5876 5678 at IG index and ETX and 5897 5899 at fxcm !!!!!!

 

[reksa]

blimey, what happened at 4:30.? There was I motoring along at 5900 and the next bar opens at 5876 - just me or how was it for you as they say .

The reason there is a gap on your Spread betting Charts is because some heavy weights go ex dividend tomorrow. GSK, BP, Royal Dutch Shell.

So bang on 16:30 the market needs a correction to the price to reflect this.

Now why some are seeing it now and some are not is probably because each SB company deal with it in a different way. But they will all correct at some point.

Some companies will correct this at the opening bell tomorrow. Some midnight.

 

[amacky]

The reason there is a gap on your Spread betting Charts is because some heavy weights go ex dividend tomorrow. GSK, BP, Royal Dutch Shell.

So bang on 16:30 the market needs a correction to the price to reflect this.

Now why some are seeing it now and some are not is probably because each SB company deal with it in a different way. But they will all correct at some point.

Well let us wait and see, will be interesting to see who will correct!!!

 

[Splitlink]

split, i think it was patriot misslies

Yes, it was. Thanks for reminding me. It's one of those annoying things when you forget the name of something and it keeps going around in your head.

 

[barjon]

The reason there is a gap on your Spread betting Charts is because some heavy weights go ex dividend tomorrow. GSK, BP, Royal Dutch Shell.

So bang on 16:30 the market needs a correction to the price to reflect this.

Now why some are seeing it now and some are not is probably because each SB company deal with it in a different way. But they will all correct at some point.

Some companies will correct this at the opening bell tomorrow. Some midnight.

ah!! Yes, silly me - not used to the adjustment at 4:30 - account history tells it all. Thx Reksa

 

[reksa]

Well let us wait and see, will be interesting to see who will correct!!!

Trust me come market hours tomorrow they will all be the same. Give or take a few points :cheesy:

 

[Dick Lexic]

The reason there is a gap on your Spread betting Charts is because some heavy weights go ex dividend tomorrow. GSK, BP, Royal Dutch Shell.

So bang on 16:30 the market needs a correction to the price to reflect this.

Now why some are seeing it now and some are not is probably because each SB company deal with it in a different way. But they will all correct at some point.

Some companies will correct this at the opening bell tomorrow. Some midnight.

well you would think they would give some sort of warning....where do you get this info reksa?....think we'll dub this 3d day...dodgey data day

 

[reksa]

well you would think they would give some sort of warning....where do you get this info reksa?....think we'll dub this 3d day...dodgey data day

Hi Dick, yes they are not the best at making this public knowledge.

The market adjusts all the time for div payouts. But most the time you wont notice. But when you get the heavyweights like GSK BP RDSA RDSB all going ex div the correction is something you spot. Worth a note for the dairy next time :cheesy: every quarter.

When the div payment pick up the change will be even bigger