Day Trade the FTSE

[Splitlink]

I've busy with other things, today, and have missed out on the good runs. At present I entered short at 6128 and am 4 up, having lost a previos 20 points on 3 trades, before. So I am having an indifferent morning.

Split

 

[shortorlong]

I've busy with other things, today, and have missed out on the good runs. At present I entered short at 6128 and am 4 up, having lost a previos 20 points on 3 trades, before. So I am having an indifferent morning.

Split

I'm having a pretty good day . I started last night .. just past midnight three trades long on the dollar versus the Yen . first try at forex , nicked a few points, went to bed, caught the long on the FTSE this morning, 63 points, then I ruined my day with another long, with no hard stop, lost 42 points on that. since then I have been scalping a few points here and there USD/JPY and FTSE.

currently flat, not sure what's happening over the pond.. will wait for a while to see of they set up a trend on the dow.

I am thinking now, that maybe instead of concentrating on just the indices it might be a better idea to look at as many instruments as possible for a chart that looks like it is trending .. jump on

 

[cshieldsx]

I've only ever traded indices....how does it compare to forex? I hear its more "trendy" than indices which i suppose would make it easier to grab points, especially with the ftse being a bit unpredictable at the moment anyway.

 

[shortorlong]

I've only ever traded indices....how does it compare to forex? I hear its more "trendy" than indices which i suppose would make it easier to grab points, especially with the ftse being a bit unpredictable at the moment anyway.

the DOW looks like signature of an earthquake right now .. X USD/JPY looks easier to trade . at the moment. easier than the ftse? I don't know .. I guess it's just another instrument to which we can apply indicators and analysis .. apply then to enough charts and there must be one that fits the criteria to trade. For example,(this may be a bit simplistic I realise)

looking at X USD/JPY minute chart .. the MACD 12 26 9 histogram gave me a red bar short at 15:23 which would still be good for a few points as I type

 

[Splitlink]

I've only ever traded indices....how does it compare to forex? I hear its more "trendy" than indices which i suppose would make it easier to grab points, especially with the ftse being a bit unpredictable at the moment anyway.

There's a competition going. Costs nothing, give it a try.

Split

 

[brutusdog]

There's a competition going. Costs nothing, give it a try.

Split

ftse's been great today hope you guys are doing well:?:

 

[shortorlong]

damn , got it all wrong today, don't know why I went long just after 8am, Oscar is calling the SP up today, the Nikkei did reasonably well last night, and the FED guys are having a meeting today, I guess those are the reasons.

After going, long, short, short, long, short,short I have accumulated 1 point .. should've stayed in bed.

currently flat, maybe there'll be a surprise US interest rate cut later, ya never know

 

[brutusdog]

damn , got it all wrong today, don't know why I went long just after 8am, Oscar is calling the SP up today, the Nikkei did reasonably well last night, and the FED guys are having a meeting today, I guess those are the reasons.

After going, long, short, short, long, short,short I have accumulated 1 point .. should've stayed in bed.

currently flat, maybe there'll be a surprise US interest rate cut later, ya never know

shorted earlier at 6090 cash stopped out to the point on my stop.
re-entered short at 90 and just out now at 65..maybe i should have held on? guess ill see later.

 

[shortorlong]

shorted earlier at 6090 cash stopped out to the point on my stop.
re-entered short at 90 and just out now at 65..maybe i should have held on? guess ill see later.

I'm working way too hard today and getting nowhere , currently +16 and flat but that's from 11 trades.

Now I am definately going to wait till the US open, damn (checks the FTSE chart) I closed my last short to soon.

 

[firewalker99]

I'm working way too hard today and getting nowhere , currently +16 and flat but that's from 11 trades.

Now I am definately going to wait till the US open, damn (checks the FTSE chart) I closed my last short to soon.

That's working extremely hard though. 11 trades I wouldn't know where you got all those signals

I can only see only decent (safe) entry signal earlier on. Incidentally I've posted the chart in another thread because I could use some advice on exits, so anybody who'd like to have a look, check post #138 here: http://www.trade2win.com/boards/showthread.php?p=353098#post353098.

 

[shortorlong]

That's working extremely hard though. 11 trades I wouldn't know where you got all those signals

I can only see only decent (safe) entry signal earlier on. Incidentally I've posted the chart in another thread because I could use some advice on exits, so anybody who'd like to have a look, check post #138 here: http://www.trade2win.com/boards/showthread.php?p=353098#post353098.

I have been looking at various technical indicators but have not found anything that works consistently enough. Well I can see the signals in retrospect for example check the MACD histogram on the chart attached, but I was not looking at the five minute chart.Probably it would only work with today's chart. Basically I am back to winging it until the next disaster.

 

[firewalker99]

I have been looking at various technical indicators but have not found anything that works consistently enough. Well I can see the signals in retrospect for example check the MACD histogram on the chart attached, but I was not looking at the five minute chart.Probably it would only work with today's chart. Basically I am back to winging it until the next disaster.

You'll always find something that works at some point.
The clue is finding something that works most of the time and under different market circumstances. For me, it is basic price & volume.

Take today we had a sell-off from the open and a near-perfect 50% retracement swing up. So you could've shorted there witih a close stop in case you were wrong.
Later on the reversal down stopped at the previous swing (potential support) and showed a strong hammer which signals the long entry. Again a sharp entry with a tight stop would've got you in the move nice & early without much risk-exposure. Just my 2c.

 

[2468steve]

You'll always find something that works at some point.
The clue is finding something that works most of the time and under different market circumstances. For me, it is basic price & volume.

Take today we had a sell-off from the open and a near-perfect 50% retracement swing up. So you could've shorted there witih a close stop in case you were wrong.
Later on the reversal down stopped at the previous swing (potential support) and showed a strong hammer which signals the long entry. Again a sharp entry with a tight stop would've got you in the move nice & early without much risk-exposure. Just my 2c.

FW,
hope this makes sense....

 

[firewalker99]

FW,
hope this makes sense....

Thanks there steve, interesting view.
I don't pay much attention to the opening bar. I take it you do?

I would consider the lighter volume on the upmove as a good sign: sustained buying rather than a public frenzy wanting to push price higher... so I take it you would've exited earlier than me. I guess that would've been in hindsight the best thing to do, although as you can see by my chart I still believe we will close higher.

 

[shortorlong]

You'll always find something that works at some point.
The clue is finding something that works most of the time and under different market circumstances. For me, it is basic price & volume.

Take today we had a sell-off from the open and a near-perfect 50% retracement swing up. So you could've shorted there witih a close stop in case you were wrong.
Later on the reversal down stopped at the previous swing (potential support) and showed a strong hammer which signals the long entry. Again a sharp entry with a tight stop would've got you in the move nice & early without much risk-exposure. Just my 2c.

Useful stuff thanks. I have a tendency to try to jump on the first trend of the day, I might try waiting for reversal, trouble is the day I do will be the day the whatever instrument it is, will go one way only

One good trade on the DOW has fixed me for the day +40. it was touch and go, my twenty point stop was very nearly taken.:-0 Funny, my luck must be in, it usually does get taken

 

[firewalker99]

Useful stuff thanks. I have a tendency to try to jump on the first trend of the day, I might try waiting for reversal, trouble is the day I do will be the day the whatever instrument it is, will go one way only

One good trade on the DOW has fixed me for the day +40. it was touch and go, my twenty point stop was very nearly taken.:-0 Funny, my luck must be in, it usually does get taken

If your stops are too often taken out, most likely you are placing them not at a technical level but at a level that indicates how much money you are willing to lose... The stop should be a point where you can clearly say "okay I was wrong". If you place your stops at important levels where a lot of buying/selling takes place, you could think of implementing a stop&reverse strategy, meaning you are only in the market if it gives you clear signals. But if it does, you'll profit of it either way. Not something to do without having it some serious thought and according backtesting though.

 

[firewalker99]

Close of the day

Not a bad call there for the close
We touched 6125 again...

 

[shortorlong]

Not a bad call there for the close
We touched 6125 again...

hope someone traded it, I was too busy wrestling with the Dow. I don't find it any easier but I find out sooner if my trade is right or wrong.

 

[firewalker99]

hope someone traded it, I was too busy wrestling with the Dow. I don't find it any easier but I find out sooner if my trade is right or wrong.

looks like another inside day for Dow, although I favour upside
NQ is showing more strength, potential target 1930 there for me (futures) today...

I'll refrain from further comments about other markets as this thread is about the ftse after all

 

[firewalker99]

and more upside...

... as predicted

NQ also touched 1930 now in overnight trading. I had expected it to happen last night, but DOW was weak.
Anyway first target hit.