Day Trade the FTSE

[Splitlink]

Hi Shortorlong,

I agree with FW. You seem to have had a "short" mind block on this from the time the trading opened. I haven't got the nerve to dive straight into the market from the opening because I,simply, must have some kind of chart picture in place before I start.

I went long and lost the first time at about 0825 but the second time I was OK and the trade is still open. I didn't have any pre-set ideas on what I wanted the market to do and I still don't know what it will be doing within the next few minutes, neither do I have much idea about interest rates and how they will influence the market, although I have a trendline in place that, as long as it isn't broken, will keep me happy, now.

The trendline is very good, once your trade is showing a profit. I think that it should be called a "confidence line" because I draw a nice thick one and can look at the computer, and see it, from across the room while I am doing something else. As long as the trade price is above it, when long, you are in profit.

Split

 

[shortorlong]

I've studied charts for over thousands of hours, each day over and over again until my eyes hurt

If you want to trade off something more consistent than just "looks like it's going to do this" you'll need to put in lots and lots and lots (and more) time & effort.

Eventually you'll start to find something. If you don't find something, you can always look around the internet or this board which has some systems outlined. You can choose do develop a system from scratch or adopt somebody else's. Once you've got something that you think yields the possibility of profit you start to test it thorougly. Backtesting, papertrading, replaying,... It takes time, patience and most people don't have that honestly.

I didn't say stochastics or MACD couldn't work. If that's your thing, well than perhaps you could try to build something out of that. But trading off a hunch or gut feeling or bias towards a certain direction is screwing yourself.

And trust me, if you are relying on scalps August 31 will repeat itself sooner than you think.

That's what I was afraid you would say .. 'time', 'patience', 'work', 'thorough' 'backtesting' 'papertrading', I hate all those words
something you said just hit me in the head: "you already have made an opinion on what you want to do" My short bias made me miss a good long signal from stochs. see attached.

 

[shortorlong]

Hi Shortorlong,

I agree with FW. You seem to have had a "short" mind block on this from the time the trading opened. I haven't got the nerve to dive straight into the market from the opening because I,simply, must have some kind of chart picture in place before I start.

I went long and lost the first time at about 0825 but the second time I was OK and the trade is still open. I didn't have any pre-set ideas on what I wanted the market to do and I still don't know what it will be doing within the next few minutes, neither do I have much idea about interest rates and how they will influence the market, although I have a trendline in place that, as long as it isn't broken, will keep me happy, now.

The trendline is very good, once your trade is showing a profit. I think that it should be called a "confidence line" because I draw a nice thick one and can look at the computer, and see it, from across the room while I am doing something else. As long as the trade price is above it, when long, you are in profit.
.
Split

nice idea Split .. now all I need to do is get in on that trend
cheers
SOL

 

[shortorlong]

Love this quote from the FT this morning:
Acid test for 'heart attack' markets; 'If we stay stuck the patient is
going to die'; international banker warns executives - FT


When will we ever get clear of this thing? - not many are holding their hands up and saying "yes we took a hit"

The Nikkei is down 1.60% 262 points

This does not make me bearish though

 

[ceydababy]

position opened

short ftse cash @ 58. Been short since the open. been in profit and out of profit thus far !

 

[Splitlink]

short ftse cash @ 58. Been short since the open. been in profit and out of profit thus far !

I'm opposite, been long at 58,5 for 15'

 

[Splitlink]

Love this quote from the FT this morning:
Acid test for 'heart attack' markets; 'If we stay stuck the patient is
going to die'; international banker warns executives - FT


When will we ever get clear of this thing? - not many are holding their hands up and saying "yes we took a hit"

The Nikkei is down 1.60% 262 points

This does not make me bearish though

SOL,
Remember what I said about the trendline. I'm approaching resistance now but as long as I am on the right side of that line I'm staying put. If the TL breaks I'm still in profit but I have to think .

Forget the Japanaese. Let them sink!!

 

[Splitlink]

I've decided to take a profit there , while it decides what to do. 19 points.

Split

 

[shortorlong]

SOL,
Remember what I said about the trendline. I'm approaching resistance now but as long as I am on the right side of that line I'm staying put. If the TL breaks I'm still in profit but I have to think .

Forget the Japanaese. Let them sink!!

you must get some good entry points .. probably down at support? .. but what makes you go long as opposed to short?

I entered a long this morning .. but too late .. sweated as it looked like a bad trade and breathed a sigh of relief when it came good for a modest amount of points .. now flat

 

[Splitlink]

you must get some good entry points .. probably down at support? .. but what makes you go long as opposed to short?

Where you get it in depends on your pain level but I get in as low as I can. Sometimes I lose a couple of trades before it comes right or I might decide to reverse it if I think I was wrong on trend.

Why do I choose long instead of short? I don't watch the Japanese stock market

Just a legpull, OK

If you want to know my philosophy, SOL, and it seems to work as well as anything else, it is that no one knows, really, how this thing works. They may say they do but, if they did, why are they wrong so often? I think that it is best to work out how much one can afford to lose on a trade,without too much worry and try to figure out which way the trend is going to go, while you are in the trade, then enter long or short and, as soon as you see that the trade is going wrong on you, get out. My stops are fairly close, but that is not everyone's cup of tea. However, I'm not trading for many hours per day because of my work schedule, so I don't get stressed up.

I went out after I closed this morning. I see that there was a good short opportunity. I hope you got it. I'm glad you came out OK with your long.

[/QUOTE]

 

[Hook Shot]

Yet another streak to watch....

Ftse today made it 5 consecutive daily highs in a row... can we make it 6 on thursday ?

I am building a short position in readiness.... one brick at a time :cheesy:

Us might give a little pop since it's been hammered... but aside from that
Ftse is mine - most of the exits have been blocked

 

[shortorlong]

Where you get it in depends on your pain level but I get in as low as I can. Sometimes I lose a couple of trades before it comes right or I might decide to reverse it if I think I was wrong on trend.

Why do I choose long instead of short? I don't watch the Japanese stock market

Just a legpull, OK

If you want to know my philosophy, SOL, and it seems to work as well as anything else, it is that no one knows, really, how this thing works. They may say they do but, if they did, why are they wrong so often? I think that it is best to work out how much one can afford to lose on a trade,without too much worry and try to figure out which way the trend is going to go, while you are in the trade, then enter long or short and, as soon as you see that the trade is going wrong on you, get out. My stops are fairly close, but that is not everyone's cup of tea. However, I'm not trading for many hours per day because of my work schedule, so I don't get stressed up.

I went out after I closed this morning. I see that there was a good short opportunity. I hope you got it. I'm glad you came out OK with your long.

[/QUOTE]

damn I am kicking myself for not acting on a short signal at 9:50 ---well I did act on it I closed my long . but I should have reversed .. but I had to leave the computer screen . and now it is too late .. I guess we will see what the Dow does later

some of these guys seem to get a tremendous advantage from TA .. but others study it for days, weeks, months and still don't develop and edge .. I believe in mob mentality acting on the markets but find it difficult to believe what I might see in the charts . didn't Buffet say that he stopped believing in TA when he turned the chart upside down and go the same indication..

 

[Splitlink]

Ftse today made it 5 consecutive daily highs in a row... can we make it 6 on thursday ?

I am building a short position in readiness.... one brick at a time :cheesy:

Us might give a little pop since it's been hammered... but aside from that
Ftse is mine - most of the exits have been blocked

Well, I made 19 points early on, but I hope you guys all spotted the short opportunity that came next. When I came back it was well underway and I have mental thing about chasing intraday trends. So wrong, I was

Split

 

[10pips]

[deleted comment]

 

[shortorlong]

Hi guys,

can see Splitlink doing well.

yeah, i personally think you should keep your STOP-LOSS very tight and find good 'entry' & 'exit' points prior to your trade/analysis.

14pts including spreads was my ideal choice.

I have not traded on FTSE100 indice ever since that June 2007 all-out tragic happened to me.

I will get back into ftse100 trading soon, but at the moment, binaries portfolio is looking good for me.

Regards,

Jonny.

good to hear your making progress
don't forget to come back and educate the masses about this binaries strategy :cheesy:

I'm doing ok today 32 points from 8 trades .... missed at least one good signal and closed too soon on some trades so there is room for improvement .. mind you I had some luck too. I was thinking about closing a position .. got as far as placing the cursor over the sell button .. then I thought I would give it a minute and look at another chart .. well I accidentally executed .. blasted touch pad! .. but it turned out to be a good move as the market move against me very quickly minutes later.

 

[Hook Shot]

Next trade'll be along in a bit... not to worry

Well, I made 19 points early on, but I hope you guys all spotted the short opportunity that came next. When I came back it was well underway and I have mental thing about chasing intraday trends. So wrong, I was

Split

Not sure if you trade oil .... that streak is outrageous ... that should be mine too ... just gotta be a bit patient this nymex is a clever little ****

 

[Splitlink]

I'm doing ok today 32 points from 8 trades .....

Great news!!

Split

 

[shortorlong]

The Market didn't like that German data .. I was having a great day till then - 35 points from 4 trades . trading off stochs on the minute chart .. then I missed a very good short signal at 10:17 ... and now probably difficult to get in

My last trade was a long from a weak signal, 10:50 actually I was anticipating the signal .. and I paid the price .. 11 points lost

maybe I will wait for the interest rate announcement at 12:00 before trading again .. now watch me miss another clear signal

 

[shortorlong]

grrrrrrrrrrrrrr

oh well made some mistakes today

From 35 points up I went on to end the day 5 points down.

let my frustration at missing the nice big trend down get to me, didn't wait for for signals and held a trade into some data which turned out to be bad for that trade. Also I note that due to the big trends today I would have been better to reverse my trade than just let it get stopped out.

have I learned my lessons? tune in next time for shortorlong versus shortorlong versus the ftse

 

[shortorlong]

34 points from 4 trades this morning , trading off stochs ... maybe I should quit now?
looking at the stoch right now they are below the 24 line meaning the next signal should be a long .. watching ...