Day Trade the FTSE

[datav]

As I am a day trader rather than a swing trader, I take my positions based on a short time frame set up, so I dont plan specific entry points and stops in advance, but rather try to pick them during the flow of the market. I try to post my trades, good and bad, in the T2W chat room where there are a group of people trading the FTSE and DAX indexes.

 

[datav]

" and ... by the way, your assumption failed totally "

really? Looks good to me so far.

 

[datav]

Thursday

So, after an initial drop down, the market held support and then rallied into the close to re test the high, to everyones surprise. So whats next? Well I dont believe in tripple tops so this one for me isa "go with" and Im expecting new highsto be made today. Apparently there are record numbers of puts in the market and the world and its wife are short, so whats going to happen? My guess is that the market will run up to take them out.

Lets see.

 

[datav]

Friday

Well thats what happens to people who try to predict the market. You end up with egg on your face. A new high was made momentarily and then the market fell away quite hard. After the drop last night on the US markets The FTSE will open somewhat lower and so We are back to the scenario we had on wednesday. Gold continues to climb while Crude has started to make a move up at $61 (I shall be buying crude futures today as I think it will be up to $70 by the end of the year. $2 stop...$10 target.)
The ftse and Russell will be heading south if this happens and we have the gap to close from monday. So lets hope It works out today. The key for day traderes though is to be light on your feet and go with the flow of the market. The result we are looking for doesnt ususally happen!

 

[datav]

Monday

After a difficult week last week, day traders are left feeling a little bruised. There were only a couple of days when the FTSE gave us decent opportunities for short term trades. Its important to diversify your trading activities so that when the FTSE, or whichever is your primary market doesnt offer much, then you can pick up some wages somewhere else. 90 % of a traders life is spent waiting for a set up. If it doesnt appear then no jam today. This can be hard to accept and leads to forcing a trade when it might not be fully justified. Switching to a different market in the afternoon can be refreshing. Even though the probability of a set up is no different from one market to another, it eases the mind a little..

Chart patterns looook very 'toppy' with the DAX showing 4 consecutive Highs. at 6350 so obviously, the upside potential is rather limited right now. To the down side we have all the MAs and support numbers converging around the current price. There's no clear direction, although the last couple of days last week were down. Just have to wait and see,

 

[datav]

Good point Joules. Dax and FTSE yesterday showing wild divergence. The FTSE fave us a 50 point drop while the DAx went higher. Us markets closed higher as well, so Tuesday looks interesting. The consensus seems to be more consolidation in this range 6200-6250. As Ive said before, Im not really interested in predicting higher or lower closes, just in catching the wave. HAving said that, the odds seem to favor longs today.

 

[mark twain uk]

it's only a subtle msg.....swapping leadership ? maybe

dax looks impulsive buy up

Good point Joules, talking about swapping leadership, the divergence between dax and ftse is impressive, the dax is now some 200 points above the ftse, this is most unusual. Can it be more than a temporary blip caused by the ftse reliance on mining and oil companies? Do you see the dax staying above the ftse in long term? Can the ftse divergence give an indication on an impeding downturn? What do you think?

 

[catracho]

Dax usually outperforms FTSE on bull trends..(look at performance leading to 2000 high), and tables are turned in bear trends; FTSE then becomes relatively defensive play (non cyclical consumer stocks, beverages etc). So buy FTSE, sell dax if you believe we are near to a turn in mkts, or if you think new highs then buy dax sell ftse.

 

[datav]

Weds

While the FTSE continues to consolidate near the monthly highs around the 6200mark, other markets are going bananas. At close today DAX still holds a 200 point lead. As commented by other traders, most unusual. Nasdaq and Russell continued thier climb higher this afternoon, dragging the FTSE with them. The daily charts dont have any direction at the moment. Nonetheless, the FTSE continues to provide good opportunities for day trading, with nice steady swings of 20-50 points each day. Here's my charts for the week so far.

 

[catracho]

Dax next resistamce 6440 ish (so close already)..break through there may target 6640 level.....

 

[datav]

Gap Close

Finally got the gap close we had been expecting all last week. Just goes to show that while chart patterns and longer term analysis have thier place, they dont in fact help very much for short term trading. If you start the day thinking "I am expecting the market to go to this price" your play is slanted and as often as not, the market will do the opposite. For short term trades, best to keep an open mind.

 

[datav]

FTSE Trading

After a few months posting o this board, I have decided to set up a signals service so that people who want to follow my trades can do so in a realiable and contrrolled manner. I am keen to help people who want to enter this business as in my opinion it is the best business out there. My method is based on price action around key support and resistance levels, and as I have tried to explain on this board, I am not interested in either long term trades or trying to guess whether the index will be up or down at the end of the day. I dont want to gamble, and I dont want the high stress of scalping throughout the day. Just 2 or 3 trades to get 10-20 points is all you need. Its made me a very nice living over the years, and Im confident that if anyne wants to study this methodology, they'll find it a steady and reliable way to make money from the markets.

I realise that this board is not intended for commercial posting, so thats enough about it.

This week will be interesting. US markets back to previous highs, crude rising again, the dollar dropping etc. Can the FTSE continue its rally of the last few days? Lets see.

 

[senyorqueso]

After a few months posting o this board, I have decided to set up a signals service so that people who want to follow my trades can do so in a realiable and contrrolled manner. I am keen to help people who want to enter this business as in my opinion it is the best business out there. My method is based on price action around key support and resistance levels, and as I have tried to explain on this board, I am not interested in either long term trades or trying to guess whether the index will be up or down at the end of the day. I dont want to gamble, and I dont want the high stress of scalping throughout the day. Just 2 or 3 trades to get 10-20 points is all you need. Its made me a very nice living over the years, and Im confident that if anyne wants to study this methodology, they'll find it a steady and reliable way to make money from the markets.

I realise that this board is not intended for commercial posting, so thats enough about it.

This week will be interesting. US markets back to previous highs, crude rising again, the dollar dropping etc. Can the FTSE continue its rally of the last few days? Lets see.

Very interesting. I know you traded for more of November than the results show. Do you only publish results for the up weeks?

 

[Indi]

After a few months posting o this board, I have decided to set up a signals service so that people who want to follow my trades can do so in a realiable and contrrolled manner. I am keen to help people who want to enter this business as in my opinion it is the best business out there. My method is based on price action around key support and resistance levels, and as I have tried to explain on this board, I am not interested in either long term trades or trying to guess whether the index will be up or down at the end of the day. I dont want to gamble, and I dont want the high stress of scalping throughout the day. Just 2 or 3 trades to get 10-20 points is all you need. Its made me a very nice living over the years, and Im confident that if anyne wants to study this methodology, they'll find it a steady and reliable way to make money from the markets.

I realise that this board is not intended for commercial posting, so thats enough about it.

This week will be interesting. US markets back to previous highs, crude rising again, the dollar dropping etc. Can the FTSE continue its rally of the last few days? Lets see.

oh dear.saw this coming a mile off.we sat in the room the odd session while chillin in the office,and if i was being generous the calls were at best average.you are deluded.correction not deluded but sly,this has always been your intention and if you could trade at any level would not have to resort to these tactics.

 

[datav]

Its amazing, isn't it, how few people are prepared to stand up and call a trade, and try and make a contribution, and yet how quick the criticisms come when theres an opportunity. If you guys had made some worthwhile contibution, I'd treat your comments with more respect. If you would like to make a comment about the value of the signals that I generate, then subsribe. Its free, and make a serious evaluation

 

[Splitlink]

Its amazing, isn't it, how few people are prepared to stand up and call a trade, and try and make a contribution, and yet how quick the criticisms come when theres an opportunity. If you guys had made some worthwhile contibution, I'd treat your comments with more respect. If you would like to make a comment about the value of the signals that I generate, then subsribe. Its free, and make a serious evaluation

I must admit to a certain sympathy for your comments. When I traded, a month or so ago, all my trades were posted in the chatroom, as you know. That I feel, gives me more right than others to make a comment of my own, even though I have stopped index trading for now.

You have been labelled a vendor by either yourself or T2W. I think that you should have made your intentions clearer at the start. If I may say so, my trades, both opening and closing, were entered for what they were worth, religiously, up until the time that I gave up. I'm not sure that the same can be said in your case and I am not sure what your own track record is.

Split

 

[datav]

Fair enough Split, and yes I remember you posting your trades. It was not my intention to start a signals business. The idea was floated by a few people, and it seems to me to make sense. The earning potential of a signals service is insignificant compared to the trading itself, and I found it difficult to give clear and concise trades and advice in the chat room, as it is a public free for all. The web is littered with companies offering glittering track records, so as I always take them with a pinch of salt, I expect you would too. As far as I can tell, no.one is offering trade advice for the FTSE, so I thought I'd have a go. There are no guarantees in this business, you have to make up your own mind on the balance of probability.

The thing is, that day trading is about exits and money management, not about entries.

 

[Splitlink]

Fair enough Split, and yes I remember you posting your trades. It was not my intention to start a signals business. The idea was floated by a few people, and it seems to me to make sense. The earning potential of a signals service is insignificant compared to the trading itself, and I found it difficult to give clear and concise trades and advice in the chat room, as it is a public free for all. The web is littered with companies offering glittering track records, so as I always take them with a pinch of salt, I expect you would too. As far as I can tell, no.one is offering trade advice for the FTSE, so I thought I'd have a go. There are no guarantees in this business, you have to make up your own mind on the balance of probability.

The thing is, that day trading is about exits and money management, not about entries.

OK. As far as I'm concerned that's clear enough. Good luck with what you do.

Split

 

[ukhero]

Fair enough Split, and yes I remember you posting your trades. It was not my intention to start a signals business. The idea was floated by a few people, and it seems to me to make sense. The earning potential of a signals service is insignificant compared to the trading itself, and I found it difficult to give clear and concise trades and advice in the chat room, as it is a public free for all. The web is littered with companies offering glittering track records, so as I always take them with a pinch of salt, I expect you would too. As far as I can tell, no.one is offering trade advice for the FTSE, so I thought I'd have a go. There are no guarantees in this business, you have to make up your own mind on the balance of probability.

The thing is, that day trading is about exits and money management, not about entries.

Not wishing for a heavy debate, but I disagree a touch. IMO I would say it’s all about ‘entry’ and ‘exit.’

UK

 

[Splitlink]

Not wishing for a heavy debate, but I disagree a touch. IMO I would say it’s all about ‘entry’ and ‘exit.’

UK

I think that it is exit, first, then waiting to get the entry as close as possible so that the risk is low. Improving my stop position is what I am working on at present.

Split.