Anyone scalping the FTSE Futures??

markets to become bullish , SP500 needs to hit 1421 today.

1421 = FTSE level 5809 (which mysteriously is current high)
 
Splitlink said:
There are a lot of members looking at this thread, right now, and I would like to refer them to this link. Whether you agree with his opinion is up to you, but I know that SD keeps his stops close and I do, too. I am in and out of trades, this morning, in an effort to keep my account fairly stable, until that big move comes along.

http://www.forexfactory.com/attachment.php?attachmentid=873128&d

It's a pdf file.
Click to expand...

Thanks for the link. Very true words. My (currently imaginary) stop is short: 6 point.

I also agree... support and resistance never goes out of fashion but it has taken me a long time to get this. I am not currently trading because perhaps until now I have not settled on a consistent strategy. When I've tried I find I have wanted to ditch whatever strategy I have and go with what I feel... uh oh!! I think that was because my strategy was complicated and involved many indicators, whereas it was my natural inclination to want to look at the price and SR, but because I didn't understand it I was always wrong.

My first idea how to trade was to look at correlations between indicators... macd, stochastic, WR%, ADX... at one time I had five running at once! Now I don't need any indicators, whittled it down to just support/resistance, price and Fibonacci tool. However, those are probably not as important as risk management. End of the day one has to be bold and take a risk and it's how one manages that risk that counts.
 
FTSE unable to reach todays buy pivot 5821 and is weakening

DAX broke sell pivot at 9.05 and fell 65pts, may have dampened FTSE upside potential
 
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Price has now reached 5775. I'm currently signal-less, but biased toward bearish.

If interpret the original 4hr down candle in my typical way I actually get 5761 as the next target, not 5775 as I stated. however doing that yesterday left me short. I got 5756 and it went to 5767. there is a less aggressive method though, which yesterday would have given me 5774.

Yesterday I was looking at the big down candle on the 2hr as a signal. Currently thinking that when the signal as such occurs when price is over the 15 EMA it's already over-bought/sold so I need to be less aggressive.

I'm not going to confuse anyone with the details* of my strategy ... yet. At least before I've started earning from it, though I do understand the importance of sharing as I have gained so much information from free learning sources. :cheesy:

(Yes, I also have 15 EMA and 150 EMA although I don't use 150 at the moment and I only brought the 15 EMA back yesterday. if this doesn't make any difference I'll remove it and accept that I'm going to find it harder to pick end of strong trends).

* Full details. It will be impossible not to discuss my strategy, I'm probably going to start to show some chart screenshots soon too.
 
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One of the most important events takes place at the end of next week at the Jackson Hole Economic Symposium when both the US Federal Reserve chairman Ben Bernanke and European Central Bank president Mario Draghi make keynote addresses. Remember, it was at Jackson Hole two years ago that Mr Bernanke signalled that the US central bank intended to embark on a second round of quantitative easing (QE), news of which sent a rocket under both equity and commodity prices, and precious metals, in particular. The US central bank had been expected to announce another round of QE at its meeting on Wednesday 12 September, although expectations have been dampened in recent weeks due to better than expected US economic data. So any hints by Mr Bernanke ahead of that key Fed meeting would be very significant indeed.

Investors will also be paying as much attention to Mr Draghi who has already stated that the ECB “will do whatever it takes” to protect the euro. The implication being that the central bank is working on a plan to step in and buy the sovereign debt of Italy and Spain on a massive scale to reduce market yields and bring their borrowing costs back to economic levels. We will not have long to wait for a political reaction to Mr Draghi’s speech as a meeting of EU Finance Ministers takes place on Monday 3 September – scheduled for when US equity markets are closed for Labor Day - and comes only three days before the Governing Council of the ECB meets on Thursday 6 September. Some market watchers expect an ECB bond buying programme could even be announced at that September meeting. One thing is for sure: Mr Draghi will be intensely questioned over what has, or hasn’t been agreed by the central bank’s Governing Council, regards any eurozone bond-buying blitz.
 
Dow monday was a Doji then Tuesday we got an outside day down close. is that a classic setup for a bearish move?
 
Made 1 point profit out of this.

Shan't post anymore of these trades because I think that most people can see where I am going with them.

Whether I am successful depends on my ability to keep it up. My age makes me wonder, sometimes, but will keep trying to keep my account reasonably stable.

Now for a post lunch nap. Hope it does not bounce off et's low before I get back.:)
 
After all that talk earlier about spikes and the 5867 reverse yesterday, how many people got in at 5867 just now...? 10 pt move... Edit: didn't last long though!

I think the 5860 is a limit rather than a low. Edit: actually not totally sure (read second para below).

If I could paint the chart myself, I would now have a rounding bottom on 30 min chart, with perhaps a spike further down to the 60s. We then go back up to the 5800s, there's a struggle and we then make it up to retest the big range area we've just broken out of. Then we go down again.

At a 2hr timeframe it could be a large zig-zag or sharp (elliot wave) in a strong bearish correction which would take out 5860 and more in short order. Looking at how vertical the period 2/8/12 - 3/8/12 is on the 4 hr, this would be my main concern about an imminent bullish retest.

However, this particular talk is just entertaining* speculation based on no signals.

*for me
 
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