Anyone scalping the FTSE Futures??

Chalky_trader said:
maybe drawing any old line would do the same as it is bound to be hit at some point!
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That is about right!

I'm closing because this should have moved, by now.

IMO the line can be anywhere once your mind is made up on direction. In this scenario, it looks aimless.
 
MartinC-J said:
Chalky

I have revised it somewhat and don't wait for 2 pt moves before entry. I enter on 0.5 pt moves and at more specific times. I will try and post my latest criteria when I actually edit it all and write it up correctly. That should give me incentive to do it. They always say you must trade to a written plan. Mine is written for each type of market structure, whether it be normal trading, ranges, wicks and tails or one way days. I just need to tidy it up a little better. You've given me incentive to do it now.

I am still profitable, and more disciplined, but not enough. My main problem now is closing trades too early, and trying to make things happen when nothing is happening.

Right now we have terrible price action, and where I should be just sitting on my hands waiting for something to break, I have allowed myself to get messed around at least twice, and I am sitting on a losing trade (I'm long) saying to myself it should come good. Better to be out wanting to get in, instead of being in and wanting to get out.

We've just had an ascending triangle break to the downside on the 5 min, and I am stubbornly holding on and close to being stopped.
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Thanks for the reply

look forward to your comments

I too am long, and very close to getting stopped out too, (went long at the gap close on the cash)

i agree though re the recent price action Feb has been a real difficult month for me.
 
Chalky_trader said:
Thanks Reksa

i didnt realise how far out they are.

checking on Sharescope they quote, for today

pivot 5911,5

s1 5910 (vs Ig at 5894)
r1 5943 ( \vs IG 5951)

weird because i just checked the formula and it looked OK

like i said yesterday though they arent part of my trading system, just goes to show how confusing this all can be.

should pivots be market hours, daily cash prices, futures prices?

funny how ive used them as targets etc in the past and they seemed to have worked (like the pivot line seemed to today)

maybe drawing any old line would do the same as it is bound to be hit at some point!
Click to expand...

I don't really use pivots. But I like know where they are.
3 different ways to calc them. But most use the standard calc and your charting package is counting it over a 24 hour period.
Should be calculated on the markets hours. Futures or Cash.
I like to know where the Pivots are in the cash market.

If there was big moves in the globex they can be extremely incorrect. As you go down in support or up resistance the difference is even greater.

I have seen it out by 40 points. But if you say 40 points is £400 it sound better :cheesy:

I calculate them as part of a spreadsheet. But its easy to write the code for PRT as the formula is small.
 
Poor old 40 she’s bit the dust
And now I fear the worst
Cause if she don’t get back up there
And make it again
We could move on down and hit number 10
La la la la la
Dum de dum de dum
La la la la la ho ho hum hum
it could go on down there and hit number 10.

just thought you guys would enjoy my obvious singing talent:):)
 
High, Low and Close for calculating Pivots to be taken from only cash or spot market. Spot being more real or less operated than futures and other instruments, H, L & C of spot will be best suited for arriving at pivots. the best pivot system i would suggest is Camarilla.
Cheers//
MVP
 
I was trying to figure out why the FTSE is so lackluster today compared to the DAX. The FTSE is just about breakeven whereas the FDAX is up 0.84%. It all seems to be down to the Lloyds Bank results.

The FTSE is now headed for 5911.5 again. Let's see if it bounces or goes through.
 
I'm using the same low for stop and the "any old line" I've drawn, to give me a profit , is the 0100 low at about 5942. If it can get above that, I'm staying.
 
Split you are right about these levels. Your 5942 cash is the same as 5929 on the Futures. The range has clearly set up as about a 15 pt range, but it is a little like watching a drunk walk home from the pub. It isn't really worth trading as the price action is lifeless and a little eratic, and the volume is at my cut off point of 50 lots per minute. I am hoping we get some action this afternoon with the US markets, but this really is dullsville. You're not likely to get hurt real bad because the price moves are not great, but you really could get chopped around lots if you are entering mid range and are impatient.
 
Well that's an hour and a half I just waited for that long to reach its target of 5926.5. For someone who rarely stays in trades longer than 10 minutes, that was torture.

I've got a limit order short in at 5928 if it gets there, but we are coming in to US hours now and they are always more bullish than europe so it may keep going up.
 
It is the possible spike in the wrong direction that may knock me out, so I have closed at 43 while I am doing travelling time to my other computer. that wil take until about 1400.

5 points in 2 trades this morning :)
 
dax making new lows for the daystill up 31 pts though.

possuble trade opp to close the gap.

if we also start to make new lows as well then an afternoon slide could be on the cards
 
Just bought at 34 cash with 12 point stop. That's not going to kill me and there are two low points there.
 
Well the average daily range has dropped to the lowest in at least 6 months. The market continues to grind higher, but there have been very few decent trends to get in on. Todays range is 40 pts with large parts of the day spent in the middle of this range. Trades are taking a long time to reach target and targets of 10 pts are difficult to make. We just have to be patient or find a different market while we wait for the volatility to return.
 
MartinC-J said:
Well the average daily range has dropped to the lowest in at least 6 months. The market continues to grind higher, but there have been very few decent trends to get in on. Todays range is 40 pts with large parts of the day spent in the middle of this range. Trades are taking a long time to reach target and targets of 10 pts are difficult to make. We just have to be patient or find a different market while we wait for the volatility to return.
Click to expand...

All I can say, Martin, is that we are gluttons for punishment. Such a nice day in Spain, too!

I'm out for 5 points. 10 on 3 trades.
 
dc2000 said:
4921 one months time then load up pre May
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Hi DC..great to have you back.... but what a comeback!!!! this number seems insane, but I know your track record is excellent, so I will watch with interest.:whistling

I know you dont trade on fundamentals , so your prediction is price action based.
Can you shed some light (or clues) as to how you arrive at this because it lies outside anything I can think of.:|
 
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