Anyone scalping the FTSE Futures??

DaddyJohn said:
I don't know if you know but wall street was kicked off the site .... Now check out the latest forum called "ftse 100 . Live trades as part of an exercise".

She is back :eek: and nowmhas the name "Littleangel1982".

Tell me I am wrong :cool:
Click to expand...

does look like ws style...to many trades for me...to much confusion

good luck to him/her/angle/princess/wallstreet whatever :)
 
I can see Dick Lexic and DJ yesterday made reference to the Square of Nine.
Approx three months ago I wrote a program to display horizontal lines (support/resistance levels) and vertical lines (timing for turning points) on my charts calculated using the square of nine.
I found on the FTSE cash one hour chart the horizontal lines did appear to work as support/resistance levels providing some guidance to how the market might move. The vertical timing lines I found no help at all apart from one isolated occurrence when over a two day period on a 30 min chart the intersection of the horizontal and vertical lines plus a 1:1 (45 degree) Gann fan line gave the exact level and time of market swings on five consecutive occasions. Subsequently at different times I tried to reproduce this uncanny event using 10,20,
30, 60, 120 min time-frames plus different Gann fan angles , but never could, a one off freaky event?

Also for anyone interested playing with Gann angles on a day trading basis I came across this tool (I think you can download it or just bookmark the web page) at Intraday trading software using gann angle trend line
 
FT

Europe’s banks have started the new year by rushing to sell their bonds to investors, in an early attempt to replace the hefty amount of financial debt due to mature this year.

The region’s lenders face an estimated €700bn wall of debt that needs to be refinanced this year, with most of that falling in the first-quarter of 2012. Last year banks managed to sell €426bn worth of debt in the first half, according to Dealogic data, but issuance slowed to €126bn in the second half because of ongoing eurozone turmoil. If lenders can’t refinance the maturing debt, they are likely to have to shrink their balance sheets – increasing the probability of a credit crunch and recession.
 
ctlpast said:
I can see Dick Lexic and DJ yesterday made reference to the Square of Nine.
Approx three months ago I wrote a program to display horizontal lines (support/resistance levels) and vertical lines (timing for turning points) on my charts calculated using the square of nine.
I found on the FTSE cash one hour chart the horizontal lines did appear to work as support/resistance levels providing some guidance to how the market might move. The vertical timing lines I found no help at all apart from one isolated occurrence when over a two day period on a 30 min chart the intersection of the horizontal and vertical lines plus a 1:1 (45 degree) Gann fan line gave the exact level and time of market swings on five consecutive occasions. Subsequently at different times I tried to reproduce this uncanny event using 10,20,
30, 60, 120 min time-frames plus different Gann fan angles , but never could, a one off freaky event?

Also for anyone interested playing with Gann angles on a day trading basis I came across this tool (I think you can download it or just bookmark the web page) at Intraday trading software using gann angle trend line
Click to expand...

Many thanks ctl. Gann angles come up every now and then, but like all of these, they work some of the time, and sometimes not.

Just for my benefit, what exactly does it mean by the square of 9? Is that the square root of 9, which makes no sense. It must be something to do with a square box of a 3 by 3 box, or a 9 by 9 box. So for a chart, which time frame and price increment do you use to get 3 units on the x axis and 3 units on the y axis? ie How do you decide what is a 45 degree line? Just me waffling really, but if you feel like explaining.

As for today's trading, the ES was very strong yesterday after 4:30pm and forced a breakout of the down channel on the 1 hr chart. The FTSE is much more confused and doesn't really want to play ball. Ultimately I don't think it has any choice and will at some stage follow the ES up. Overnight, the ES put in an exact 61.8% retracement of yesterdays up move and should at some stage make an attempt at 1278, yesterdays high. Everything is lining up for NFPs at 1:30pm, and if the number is good we should see a nice spike up and possibly some follow through to a new high. The FTSE doesn't want to go up, and will try and go sideways or down until the data.

ps and for what it is worth, volume has dropped to around 50 lots per minute which is my cut off point for trading. If volume picks up, it is worth getting involved again, but for now it is safer to wait.
 
I see Pippa hasn't replied to my post :(

maybe she isnt lurking :rolleyes:

we could be a good match Earl DaddyJohn of Taylor Trading and Lady Pippa of the best **** in the world ....:D
 
MartinC-J said:
Many thanks ctl. Gann angles come up every now and then, but like all of these, they work some of the time, and sometimes not.

Just for my benefit, what exactly does it mean by the square of 9? Is that the square root of 9, which makes no sense. It must be something to do with a square box of a 3 by 3 box, or a 9 by 9 box. So for a chart, which time frame and price increment do you use to get 3 units on the x axis and 3 units on the y axis? ie How do you decide what is a 45 degree line? Just me waffling really, but if you feel like explaining.

I am not sure I can explain the calculation I used in a few words I will look for the links and try and post. (the methodology was obtained from a book plus I am getting old and have problems remembering facts from yesterday let alone 2-3 months ago).

The 45 degree angle I used was just a simple 1:1 ratio of price units against time units , so for example from a swing low on the FTSE to say 5000, the origin of the line in a upward direction would start from the 5000 level at the point in time it was reached and pass through the intercepts of 50 FTSE points up from the origin and 50 time units forward from the origin. The next intercept would be at 100 points and 100 time units etc hence a line at a 1:1 ratio or 45 degree angle. (As I am sure you are aware Gann also used other ratios but the 1:1 was important). Interestingly if you look today on a 10 min chart (FTSE cash) from 5:10 to 10:10 am (30 time units) it rose approx 5615 to 5645, 30 price units. (Oscillating above and below a 45 degree line).
Click to expand...
 
Is it a good idea to trade FTSE 100 today before Non-Farm Employment Change report at 13:30? Would you trade it 15, 30, 60 minutes after the report? Or just not trade it at all (if trading intraday)
I can see the figures: forecast 152k and previous 120k. If the actual figure is better than forecast, would you place a buy bet on FTSE 100?

Also wondering about how good it would be to use Jon's system today after the report (trading DOW and FTSE 100 at the same time)?
 
DaddyJohn said:
I see Pippa hasn't replied to my post :(
maybe she isnt lurking :rolleyes:
Click to expand...

:LOL:

I suspect a lot of them are just link bots waiting to pick up on some selected text only

I have even seen some of my posts appear on google

but if there is a server out there called Pippa, she may PM you
 
ZEN archer said:
Is it a good idea to trade FTSE 100 today before Non-Farm Employment Change report at 13:30? Would you trade it 15, 30, 60 minutes after the report? Or just not trade it at all (if trading intraday)
I can see the figures: forecast 152k and previous 120k. If the actual figure is better than forecast, would you place a buy bet on FTSE 100?

Also wondering about how good it would be to use Jon's system today after the report (trading DOW and FTSE 100 at the same time)?
Click to expand...

Only way I will trade the number today is if it is really bad.. market has priced in a good number today .. so if it really dis-appoints then could be a large volatile move down...

I wouldnt trade this to the upside now .. too many people looking to take rpofits soon.

What would be excellent of course .. is 1) bad number comes out 2) market pushes price up to spook everyone and create confusion 3) then it comes down..

the spike up at this point would be nice to short.. if you have a fast feed
 
Intraday Trading Using GANN Square Of 9

Here is a site that has a free download explaining about the square of nine, it goes into more detail than the book I used, maybe too much detail. It will either grab your interest or send you to sleep.


Further to my earlier post and the 45 deg line...
FTSE cash chart, 5:10 to12:10 (10 min time period) 42 time units, rise approx 42 price units. 5615to 5657
It would be easy to scalp if the FTSE performed like this everyday.
 
Last edited:
DaddyJohn said:
Only way I will trade the number today is if it is really bad.. market has priced in a good number today .. so if it really dis-appoints then could be a large volatile move down...

I wouldnt trade this to the upside now .. too many people looking to take rpofits soon.

What would be excellent of course .. is 1) bad number comes out 2) market pushes price up to spook everyone and create confusion 3) then it comes down..

the spike up at this point would be nice to short.. if you have a fast feed
Click to expand...

Thanks DJ.
I won't place any bets to avoid being stopped. My broker is spike happy during important reports.
 
ctlpast said:
I can see Dick Lexic and DJ yesterday made reference to the Square of Nine.
Approx three months ago I wrote a program to display horizontal lines (support/resistance levels) and vertical lines (timing for turning points) on my charts calculated using the square of nine.
I found on the FTSE cash one hour chart the horizontal lines did appear to work as support/resistance levels providing some guidance to how the market might move. The vertical timing lines I found no help at all apart from one isolated occurrence when over a two day period on a 30 min chart the intersection of the horizontal and vertical lines plus a 1:1 (45 degree) Gann fan line gave the exact level and time of market swings on five consecutive occasions. Subsequently at different times I tried to reproduce this uncanny event using 10,20,
30, 60, 120 min time-frames plus different Gann fan angles , but never could, a one off freaky event?

Also for anyone interested playing with Gann angles on a day trading basis I came across this tool (I think you can download it or just bookmark the web page) at Intraday trading software using gann angle trend line
Click to expand...

thanks ctlpast, i'm afraid the gann thing is just a wee bit complicated for me i like to keep thing simple:) you might like to take a look at the price&volume thread on here some guys have some interesting ways of calculating time including square root. you might get some ideas for your programming unfortunately the only thing i can program is the washing machine.

ps i've got some ideas on volume if you would like a little project:)
 
there is the 1:30 again

but I would point out that if if goes much higher we will have a bullish engulfing on our hands

so shorts at the ready ?
 
ctlpast said:
Intraday Trading Using GANN Square Of 9

Here is a site that has a free download explaining about the square of nine, it goes into more detail than the book I used, maybe too much detail. It will either grab your interest or send you to sleep.


Further to my earlier post and the 45 deg line...
FTSE cash chart, 5:10 to12:10 (10 min time period) 42 time units, rise approx 42 price units. 5615to 5657
It would be easy to scalp if the FTSE performed like this everyday.
Click to expand...

Thanks again ctl. I am not sure yet how to apply Gann. I just find it easier to draw simple trendlines and trade off them until they are broken. And if I can't apply a nice clean trendline, I tend to stay out of the market or take very short scalps.

As for this afternoons price action, I am a little surprised by the severity of the selloff from the open at 2:30pm. It sort of looks like a deliberate take down to me, but I need to see a clear retest of the low and bounce or not, before I take any long term positions. Price action has broken down for now.
 
ZEN archer said:
Is it a good idea to trade FTSE 100 today before Non-Farm Employment Change report at 13:30? Would you trade it 15, 30, 60 minutes after the report? Or just not trade it at all (if trading intraday)
I can see the figures: forecast 152k and previous 120k. If the actual figure is better than forecast, would you place a buy bet on FTSE 100?

Also wondering about how good it would be to use Jon's system today after the report (trading DOW and FTSE 100 at the same time)?
Click to expand...

Zen - it is never a good idea to have an open position going into Non Farms, and even a tight stop cannot protect you. Unless the NFP data is exceptional, it tends to settle down and drift until 2:30pm. You need to wait until 2:30pm before getting in on any move at the open. I expected it to go up and was a little surprised by the sell off.

As for trading at the release of the data right on 1:30pm, I think if you are using a spreadbetting firm for your orders you may struggle to get a good fill. I entered a long on the FTSE future at 17 seconds after 1:30pm and caught the second bounce for 8 points, but it is quite risky and moves are often severe.

If in doubt about data, try and look at the 1 min chart of price movement for the last 5 or 6 times the data was released, and get a feel for what happens when the data meets expectations or surprises.
 
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