Anyone scalping the FTSE Futures??

[Dick Lexic]

3 point difference between capital spreads price and finspreads

i think finspreads just hike the price to their advantage

 

[Splitlink]

I did ok thanks Splitlink.
Does my system work or is it just random luck? I don't know. I wouldn't bet on it.
I changed from 1 minute time intervals to 5 minutes a while back, now I'm on 15 minutes and having more success.
Why should it make any difference, I'm not trading, my dumb system is applying the same old rules.
(I could thoroughly recommend the book "The Way of the Turtle" by Curtis Faith).

The chart attached is a simulation of what happened yesterday and has an anomaly I'm investigating today, so probably no trading for me.
I actually bought at 8:45am and sold at 5:45 and 6:27pm. Lucky.
I don't have any trading secrets to share, except this one: "If you've written a program to trade for you automatically, using simple rules - Don't touch the b. keyboard". That was the whole reason why I learnt to program - you no longer have a self-discipline problem. I'm now investigating whether my simple rules work better on specific days of the week.

Jimi

That was a great day for you. :clap: Mine was good, too. To-day seems more uncertain, which often happens after a good run in the previous sessuon. I opened a long at 0830. Took 2 points and went short but it could go either way. In fact, I don't know why I'm still here!

 

[jimioddy]

does your system work in a ranging/sideways market jimi? i was just wondering if maybe it's a trend follower?

Dick Lexic

It's a trend follower i.e. it makes profits when the price trends and losses when the price goes sideways. If only one could tell, but you cannot, it's logically impossible. So you take profits when you can and reduce losses when you can e.g. if the price has gone your way (but not far enough for a profit) and then goes back towards your starting point: get out without a loss. If the price goes against you immediately, then the option is removed. I don't hang on hoping for the price to change its mind. The odds are stacked against you.
My theory is that if there is any validity whatsoever to all the theory about institutional traders and mass psychology, then you ought to be able to detect a move as it begins and profit from it. In other words, if the market goes up - buy, if it goes down - sell.

Jimi

 

[Chalky_trader]

anyone else long looking for 6000?

15 points to go (cash) surely it is odds on to trade today

 

[Dick Lexic]

i've been long 3 times for b/e ....just a bit jittery ....back long at the mo ..close stop

 

[Dick Lexic]

still hanging in with this long but 82 cash seems to be a bit of a barrier

 

[Dick Lexic]

stopped out ...ouch

 

[jimioddy]

The price tried the 5989 level three times and failed.
It then broke below 5970, will there be any appetite to push it above?

 

[Splitlink]

I think that the answer to that question lies n what the Dow does. So far, it is in a narrow range, much like FT was this morning.

I see no point in carrying on, today, so am knocking off until tomorrow.

 

[MartinC-J]

4921 one months time then load up pre May

dc - your track record is exceptional, but you are allowed to get one wrong once in a blue moon. Any suggestions as to if the target is still valid?

 

[jimioddy]

Please forgive me for posting this chart because I’ve always thought that Fibonacci is so much stuff and nonsense. But I’ll never close my mind to something that might make me money. Today I made 8 points, which is better than a loss. I wanted to predict a price of 5940 but chickened out when it turned up at 5945 (4:30pm’ish). But the movement is still strong now, so I’ll predict a 5927 before close. Rubbish probably.

Jimi

 

[Dick Lexic]

5940 cash might be key today ..it gave us a lot of grief on the way up

 

[reksa]

5940 cash might be key today ..it gave us a lot of grief on the way up

I agree 5940-5950 have been tough.

The FTSE has been very weak. It never really attempted 6000 in market hours.

 

[Splitlink]

I am long from 0823 at 5935

 

[Splitlink]

Stop at 5929.5- Very close, I know, but I'm trying for the low of the morning and the risk is low with a potentially good rise

 

[Splitlink]

The way I see this is that, on the 5M there seems to be a pullback. If it breaks up, I am in a trend. If it reverses, I am out for about 6 points-

 

[Dick Lexic]

i see what you mean split,i suppose the trick is to catch that low.

 

[Splitlink]

Personally, I think that that is only part of it. But it is a start.

 

[Splitlink]

I don't think that the trader can know which way the price is going to go. He can control is risk, though, if things go against him

 

[Splitlink]

I had a target of 15 points on that. Was that the high of the day? I did not thimk it was but it could have been