Big Ben on the FTSE100

[Wino]

Stephen

Many thanks for this, I can see the markets moving slightly back now so I will take a view and perhaps later I will pull the trigger on the trades. My wife just said "do whatever will cause you the least stress while we're away." Good gal.

It's far from doom and gloom. I lost 1500 quid when I began SB'ing, clawed it all back plus about 600, and now, well, I'll lose some of my profit. Boo hoo. I'll get over it.

I am well up on equities trading I'm pleased to say, did the usual thing and got in low on LLOY and RBS, about 65% ROC (locked!) at the moment, yay! In fact I'm fully £££ apart from these losing Shorts!

Thanks again gents, this site is really excellent and your honest and sensible advice is very sincerely appreciated.

 

[tomorton]

Closed Big Ben long for +7 only, but glad of that from a session like this. That's 7/8 over 8 days for +168pts.

 

[Splitlink]

That's impressive. Congrats! I had a good day, yesterday, on FT and on Monday with EuroD.

 

[tomorton]

US Non-farm Payroll data expected this morning, but I still intend to take the Big Ben play, though as ATR is 83, if 0800-1000hrs range is 65 or more I will let it go.

It will also be interesting to see how the Big Ben sets up on Monday when the US markets are closed for Labor Day. Most likely an entry trigger but no exit.

 

[tomorton]

Interesting to note that, whereas I closed yesterday's long position early, price never reached the target overnight anyway.

 

[StephenMcCreedy]

i think there are factors such as bank holidays and data that make a big difference to a system. assuming everyone wants to buy this morning and you end up taking a long, it's very hard to know what the data will be let alone the reaction to the data. i think payrolls day and maybe when the decisions become closer interest rate days are days to avoid. just my thoughts. good luck with today. still ticking over myself with my 6 point stop and 12 point target. average just under 10 points per day which i'm happy with.

 

[tomorton]

i think there are factors such as bank holidays and data that make a big difference to a system. assuming everyone wants to buy this morning and you end up taking a long, it's very hard to know what the data will be let alone the reaction to the data. i think payrolls day and maybe when the decisions become closer interest rate days are days to avoid. just my thoughts. good luck with today. still ticking over myself with my 6 point stop and 12 point target. average just under 10 points per day which i'm happy with.

I agree, days with key data, options expiry or no US trading are hard to predict. But they form an integral part of the year: someimtes interest rate announcements are keenly anticipated by the market, sometimes ignored: other data releases too, like the Michigan confidence index are on some occasions very key to the market. Trouble is, it's hard to know which are key data days and which are not, and even then, the key data days could turn out to be the easiest sessions for this strategy. So I'm happy to risk some points to learn more, though I may well bank points accrued before in-session announcements rather than wait for the market reaction.

And hey, your 10pts average a day should certainly keep the bailiffs away.

 

[Splitlink]

I entered along trade when it pierced the hourly, rising, average. It is, also a good pin---not a TD one but I liked it. Stop 10 points Details 0834 Entered long 5382.5

 

[Splitlink]

I just got stopped on that one. What a nuisance! Have re-entered at 0944 5380.3. Same 10 point stop.

Glutton for punishment!

 

[tomorton]

Long triggered just after 10 - out early for +8pts only, but glad of even that on NFP day. Makes 8/9 for +176.

 

[Mr. G]

Nice one Tom. I had the full 14.5 points

Lots of tiddlers still make a good fry-up!

 

[cristiano]

Nice one Tom. I had the full 14.5 points

Lots of tiddlers still make a good fry-up!

Good work Mr G. Have been trading this on paper but wonder if my lines are out - I only saw a max of 11.1 points from the range, excluding any additional ticks added for confirmation/security.

Where did I lose 3 points?

 

[Splitlink]

I got my money back on the failed trade. Moved a stop up to 5394.3 and it triggered.

I'm up about 2 points on the day. +80 on the week, but Monday I traded EURO/USD. If it hadn't been for that it would not have been so good.

 

[Bloodhound]

Good work Mr G. Have been trading this on paper but wonder if my lines are out - I only saw a max of 11.1 points from the range, excluding any additional ticks added for confirmation/security.

Where did I lose 3 points?

Hope you don't mind my answering Mr. G but I wanted to check if I have my calculations correct.

I have the range on ETX's feed (using bid) as 5372.2 to 5386.8 (14.6 range).

Entry @ 5391.8 with stop at 5377.2
TP @ 5405.4

I have today's high at 5407 so 1:1 target TP hit

Hope that's right!

 

[cristiano]

Hope you don't mind my answering Mr. G but I wanted to check if I have my calculations correct.

I have the range on ETX's feed (using bid) as 5372.2 to 5386.8 (14.6 range).

Entry @ 5391.8 with stop at 5377.2
TP @ 5405.4

I have today's high at 5407 so 1:1 target TP hit

Hope that's right!

Cheers BT - I must have made a mistake with the numbers, my range high was out.

Well done Tomorton, impressive figures.

 

[Mr. G]

Hope you don't mind my answering Mr. G but I wanted to check if I have my calculations correct.

I have the range on ETX's feed (using bid) as 5372.2 to 5386.8 (14.6 range).

Entry @ 5391.8 with stop at 5377.2
TP @ 5405.4

I have today's high at 5407 so 1:1 target TP hit

Hope that's right!

Range according to my IG chart was 5372.8 to 5387.3 which equals 14.5

 

[tomorton]

Range on Capital Spreads = 5372.5 - 5386.8 = 14.3.

I notice the index went wildly higher. I am consoling myself that when I exited the position for 8pts, I also brought my risk to zero. Seeing the index go through a 60pts range this afternoon makes me think this could just as easily have been 60pts down. Perhaps at some point in the future, I'll be in a position of such mental strength I could just let trades run to either Stop or Target, come what may. But I'm not quite there yet....

 

[pcrude]

Range on Capital Spreads = 5372.5 - 5386.8 = 14.3.

I notice the index went wildly higher. I am consoling myself that when I exited the position for 8pts, I also brought my risk to zero. Seeing the index go through a 60pts range this afternoon makes me think this could just as easily have been 60pts down. Perhaps at some point in the future, I'll be in a position of such mental strength I could just let trades run to either Stop or Target, come what may. But I'm not quite there yet....

I don't think letting trades run in front of what is the biggest economic number is ever the right thing, unless you're a longer term investor. That's gambling rather than trading. Getting out was the right thing to do, and is testament to your run over the last few days, which could have been severely dented.

Good weekend one and all.

 

[bangkoker]

Good work everyone, top thread, always something of note going on here. :smart:

Have a good weekend

 

[Splitlink]

Range on Capital Spreads = 5372.5 - 5386.8 = 14.3.

I notice the index went wildly higher. I am consoling myself that when I exited the position for 8pts, I also brought my risk to zero. Seeing the index go through a 60pts range this afternoon makes me think this could just as easily have been 60pts down. Perhaps at some point in the future, I'll be in a position of such mental strength I could just let trades run to either Stop or Target, come what may. But I'm not quite there yet....

I had the same thoughts as you, Tom. We can, always, fight another day. I am unhappy at going to work with stops that, when triggered, will leave me a loss on the trade.
My stop would not have triggered if it had been 8 points lower, but who knows that until afterwards?