Anyone scalping the FTSE Futures??

[dc2000]

a bit slow but the 2nd bounce was what Iwas looking for target 5472

might as well go out for day till 3pm

 

[SuddenDeath]

Interesting.. do you apply this to the cash markets? or futures too?

I apply it to cash ftse, but u can do it for futures also, think the ftse futures close at 9pm same time as dow/sp500 which makes things easier

 

[MartinC-J]

Whenever you see a triangle setting up on the 1 min chart, be aware that it could be a trap. A descending triangle usually breaks out to the downside, but when a breakout fails it usually is a signal for a strong up move.

Sentiment this morning was bearish. We had a big down day on Wall Street yesterday. Usually that bearish sentiment continues over into the morning session, but at some point there is a reversal, unless there is additional bad news. It doesn't mean we retrace all of yesterday's drop. It just allows a retracement to a moving average for a market that is over extended.

Attached is a 1 min chart showing the failed triangle. At 8:52am, we get a strong candle up on a little bit of volume which confirmed the triangle had failed and that the move should follow through to the upside.

 

[ctlpast]

Hi,

This is a copyrighted book that is still available for sale, and is not terribly expensive. I would not advise posting internet links to download it. Please could ctlpst or mods, as appropriate, delete the link in ctlpast's post? Sorry, not wishing to be a pain in the neck, but I think this sort of link to an illegal download lowers the tone of this otherwise excellent thread.

thanks,
Mcclaine

oops, sorry did not intentionally mean to
encourage any illegal activity by posting
threads deemed inappropriate which may contain material
that infringe copyright laws, wherever you may be located.

I assumed scribd was a legit site, maybe it is not, I must research more.
Thankfully I think the post has been removed.

Try again

The Taylor Trading Technique

by George Douglass Taylor

A book describing a 1950's trading style, recently
made popular, on this thread anyway, by a certain DC2000.

Maybe not available from all good book shops near you but should be
available from a bookseller with a name like a fierce female single breasted warrior.

Hope this information might help someone.

Sorry again for my post yesterday.

 

[DaddyJohn]

oops, sorry did not intentionally mean to
encourage any illegal activity by posting
threads deemed inappropriate which may contain material
that infringe copyright laws, wherever you may be located.

I assumed scribd was a legit site, maybe it is not, I must research more.
Thankfully I think the post has been removed.

Try again

The Taylor Trading Technique

by George Douglass Taylor

A book describing a 1950's trading style, recently
made popular, on this thread anyway, by a certain DC2000.

Maybe not available from all good book shops near you but should be
available from a bookseller with a name like a fierce female single breasted warrior.

Hope this information might help someone.

Sorry again for my post yesterday.

no problem..

 

[dc2000]

now exit and short FTSE 5389 looking for 5089 and out of half DOW and short 11355 looking for 11022

 

[dc2000]

a move and a half for the FTSE but no rush by thursday will do

 

[DaddyJohn]

now exit and short FTSE 5389 looking for 5089 and out of half DOW and short 11355 looking for 11022

why the about turn DC? if we break 5370 in futures then your long target is a real possibility - we have also bounce off a nice channel this morning

 

[dc2000]

Maybe not available from all good book shops near you but should be
available from a bookseller with a name like a fierce female single breasted warrior.

wow that shop sounds better than fleebay probably cheaper to

book should come with warning "May give you prolonged headache" "do not use whilst operating machinery" etc

 

[dc2000]

why the about turn DC? if we break 5370 in futures then your long target is a real possibility - we have also bounce off a nice channel this morning

two targets in play 100 points upside 300 downside and Iooks like I may be off later today and tomorrow

 

[MartinC-J]

now exit and short FTSE 5389 looking for 5089 and out of half DOW and short 11355 looking for 11022

many thanks for the heads up DC. Your call of short at 5389 equates to roughly 5364 in the FTSE futures. As a short term trader, entering short at 5364, which is at the top of the range of the last 2 hours, gives good risk reward. If you got the call wrong, you would be stopped out around 5374, but your target should be at the minimum the bottom of the range around 5340. That's over 2:1.

I know you don't use stops, and you are prepared to take some heat on your position. A short term trader can only take a limited amount of heat. How high could the price go before you would consider that your call short is not happening immediately?

I went short on the Bk of America news, basically sell the news no matter how good, and I closed at 5342 at the bottom of the range. Now I am tempted to hold on much longer and wait for a bigger sell off as you suggest, but the price action has not followed through yet with a break to the downside of the current range. That's when I would be looking to go short again or if we tested the top of the range one more time.

As a scalper it is critical you get your entry right. As a swing trader, entry seems to be less important, but there has to be a limit to the amount of heat a swing trader should take.

 

[DaddyJohn]

early release of goldman sachs numbers --- very bad !!!

 

[dc2000]

maybe a spot of resistance around the 11266 area on the DOW

if FTSE around 326 area may come out of shorts on both for a reload

 

[MartinC-J]

Why should the market put so much weight on Goldman's results? Their revenues are "just" $3.6 billion. Compared to Citi (revenue $20.8 Bn), Bk of A (revenue $28.5 Bn) and JPM (revenue $23.7 Bn). All three beat on both the top and bottom line. Clearly all is not well at GS, but the rest of the banking industry seems to be ok.

 

[Dick Lexic]

sure, I calculate the ratio between sp500 and ftse100, i get a one minute chart of both and put a 50 simple moving average on both and then divide ftse/sp500 so I get a ratio of 44.94, so this morning before ftse is open look at where th sp500 is and multiply by 44.74 and get a level of 5350 indicating likely level of ftse100.

I use 50 sma (simple moving average) this gives me 50 "observations" also the dow ratio is 2.124 (dow divided by 2.124 = current indicative level for ftse100)

dow 11309 / 2.124 = 5324
sp500 indicates ftse = 5537


FTSE just hit 5350 its magic I tell you

happy to help

thanks sd, cool little trick

i am probably missing something but why did you use 44.74 and not 44.94?

 

[MartinC-J]

And I hate opening positions over lunchtime. Anything could happen. A short is very tempting but 2:30pm is approaching and volumes are light between now and then.

 

[dc2000]

many thanks for the heads up DC. Your call of short at 5389 equates to roughly 5364 in the FTSE futures. As a short term trader, entering short at 5364, which is at the top of the range of the last 2 hours, gives good risk reward. If you got the call wrong, you would be stopped out around 5374, but your target should be at the minimum the bottom of the range around 5340. That's over 2:1.

I know you don't use stops, and you are prepared to take some heat on your position. A short term trader can only take a limited amount of heat. How high could the price go before you would consider that your call short is not happening immediately?

I went short on the Bk of America news, basically sell the news no matter how good, and I closed at 5342 at the bottom of the range. Now I am tempted to hold on much longer and wait for a bigger sell off as you suggest, but the price action has not followed through yet with a break to the downside of the current range. That's when I would be looking to go short again or if we tested the top of the range one more time.

As a scalper it is critical you get your entry right. As a swing trader, entry seems to be less important, but there has to be a limit to the amount of heat a swing trader should take.

a break of the high range by 10 points so around the 401 mark and that would just about give enough points to cover the losing trade on a short term basis

as a swing position a rally into close rather than a fall may alter outlook

 

[Sidekicker]

dc, I have today down as a Buying day is that correct?
I still fail to see how with the Taylor method you can easily get into a trade, they say try and sell at the highs, buy at the lows, but markets often move far overnight.
Also, a 3 day method doesn't allow for the bigger swing targets, probably only allows for 100pts or so.

 

[dc2000]

as a swing trader the amount of heat Im prepared to take varies I use the close from Friday initially and then the first three days of the week to guage price from high or low

 

[dc2000]

dc, I have today down as a Buying day is that correct?
I still fail to see how with the Taylor method you can easily get into a trade, they say try and sell at the highs, buy at the lows, but markets often move far overnight.
Also, a 3 day method doesn't allow for the bigger swing targets, probably only allows for 100pts or so.

DOW is on day1 or buy day FTSE is on Z day, buy tomorrow, the three day can go into 4 and even 5 day

the overnight moves can be a bonus its more important to watch end of day move for instance yesterdays late FTSE and this mornings first 90 mins action