Big Ben on the FTSE100

[tomorton]

Very interesting, and a little surprised how late the hits still work.:clap:

Anyway I look forward to following this system, it is very easily, as once range decided and orders placed then not really any major decisions to make.

Also if it transpired to be a 9/10 90+ pts a week system long term then I suggest we close the thread down now and keep quiet :cheesy:

Obviously more work to do yet but start of a structure, at the moment looking that after 14:00, which is double the window (of 8>10) then not worthwhile.. but at a 90% win rate at the moment looking good.. if this achieved over 55-60% would be good, especially if a trailing stop or way of extending profit could be achieved then all good.

Anyway this thread is helping me think and sorry that I have been posting quite so much, I am naturally chatty.:whistling

Yes, I always thought the most vigorous break-outs would be immediately at 10, just being continuations of a move started earlier, their momentum taking them on to target. Not quite so straightforward however, and I think the US open gives our index a 'second wind' sometimes. Which suggests the US indices may be equally susceptible to a Big Ben play. However, it starts to look as if late afernoon break-outs are not worth staying with, and the London Close might be a natural limit for Big Bens still running.

Feel free to keep posting (all), I wanted to maintain this public log of these trades to stimulate different perspectives and inputs.

See you at 10!

 

[StephenMcCreedy]

the afternoon one that got hit from memory was on the american data. i guess that will be a factor. actually selling previous day lows works over time too, if you can add a small trade on to that too it could work around your job. i've traded it for a while depending on the daily chart pattern and it works well. if you hang on for all the points on the big moves down it gives you a lot of room for a few smaller losers.

 

[pcrude]

the afternoon one that got hit from memory was on the american data. i guess that will be a factor. actually selling previous day lows works over time too, if you can add a small trade on to that too it could work around your job. i've traded it for a while depending on the daily chart pattern and it works well. if you hang on for all the points on the big moves down it gives you a lot of room for a few smaller losers.

Stephen (if I can step aside from FTSE for a second)

Ref Oct Daily crude on IG, which may not be one you follow, I put a 20ema on a 5 min, and would have sold according to my criteria at 7358 around 9.25 am this morning, which was support after a failure at 73.86 around 9.00 am. According to your earlier FTSE posting, would you have sold around 73.79 ie having penetrated 20ema and come back down? I'd have had a stop around 74.05 (recent high) and a target of 72.94 pivot (daily S1 pivot).

Any thoughts (and apologies for coming on this thread)

pcrude

 

[Splitlink]

However, it starts to look as if late afernoon break-outs are not worth staying with, and the London Close might be a natural limit for Big Bens still running.

Feel free to keep posting (all), I wanted to maintain this public log of these trades to stimulate different perspectives and inputs.

See you at 10!

I don't know. Last month, when I was trading afternoons because of holidays, I decided that Footsie was as good as the US tech, right up to 2100. It cloned faithfully. I see no point in trading any index in preference to Footsie. For variation, one might as well go into Forex.

 

[StephenMcCreedy]

this is the chart of the ig daily crude for today. yes the 20ema would have given a nice entry point.

i don't think the 20ema is magic or anything but it offers a nice entry point with good rrr when a market starts to trend.

as said many time consistent entry and good rrr is all you need to make a go of this game.

cable, crude, eu/usd, ftse, wide moving stocks like rio, all work well with this.

i keep meaning to find the time to buy another screen to put 4-6 instruments on set up with say the last 100 5 min bars and the 20ema. it'd make it easier to spot the trades and stop me from looking to hard on the ftse when there is nothing happening.

 

[StephenMcCreedy]

sorry i've put this on the wrong thread!

 

[pcrude]

this is the chart of the ig daily crude for today. yes the 20ema would have given a nice entry point.

i don't think the 20ema is magic or anything but it offers a nice entry point with good rrr when a market starts to trend.

as said many time consistent entry and good rrr is all you need to make a go of this game.

cable, crude, eu/usd, ftse, wide moving stocks like rio, all work well with this.

i keep meaning to find the time to buy another screen to put 4-6 instruments on set up with say the last 100 5 min bars and the 20ema. it'd make it easier to spot the trades and stop me from looking to hard on the ftse when there is nothing happening.

Thanks, much appreciated.

 

[cristiano]

I don't know. Last month, when I was trading afternoons because of holidays, I decided that Footsie was as good as the US tech, right up to 2100. It cloned faithfully. I see no point in trading any index in preference to Footsie. For variation, one might as well go into Forex.

I have been looking the wall st index (still on IG) to see whether a similar approach would work there too. Bit early to say anything for sure yet, but there seems to be a similar pattern in terms of success rate and expectancy.

Will keep filling in the spreadsheet till have something more useful to offer.

 

[bangkoker]

Ok that is me out for 40 points + costs

 

[StephenMcCreedy]

very nice, didn't get on it myself. it's looking good so far

 

[tomorton]

Another good day today - makes 10 out of 11 for 210pts net. My palms are now starting to sweat.

 

[bangkoker]

Another good day today - makes 10 out of 11 for 210pts net. My palms are now starting to sweat.

Indeed Tom' and stressfree to.

 

[StephenMcCreedy]

looking at it i would have been triggered to the down side as i don't add in the 'buffer' you do.

 

[tomorton]

Yes, it was a close escape for me - my Big Ben lower boundary was at 5361.3, but price went to 5360.5 for less than 1 minute at 10:26.

 

[StephenMcCreedy]

that is why personally if i start to trade it i will use a 6 point stop and if i get stopped out enter again if the entry level is hit again. i think the 6 point 'insurance' will be worth it over time. there are times you get chopped and times you get saved but essentially if the break down is serious there is no reason for the market to stop me. good luck for today.

 

[bangkoker]

Wow, didn't realise how close I was to being triggered short. I was trading from my phone. My entries were 5400 and 5360. I am keen to look at the stops over time as I am little uncomfortable with the 1:1 rr ratio. Either that or trail a stop when halfway to target. Lots of thought but this is customising for personal style and can be looked at overtime

 

[pcrude]

Out at 5501.5 (a bit early I admit) for a nice profit. Had a 4 point BB buffer on both sides of Sep FTSE, which I didn't have yesterday and which proved expensive. Lesson learnt!

 

[StephenMcCreedy]

nice work, bb is going well so far.

 

[bangkoker]

Yeah I was out for virtually the same. As it was just hovering over 5500 and the US Market was due to open for the sake of a few points I wanted out. Was a lovely low risk trade today.

I am happy to move stops to break-even once 20 points or more up, then locked in 20 points and out for just over 45.

I am going to review charts and see how a 20 point stop would bear up

 

[StephenMcCreedy]

for anyone interested the 2.30 to 4pm range on daily dow taken from ig is 10431 to 10492 i'm going with a stop below the lows