FTSE 100 intraday trading - JUNE 2003

bonsai

Veteren member
4,106 11
kevin
interesting about trainees

its very easy to push too hard ? Ftse has only so many points to
yield and our trading systems will never catch them all.

there are problems though in thinking in target terms.
We could get a whole week of 20 pt days when its probably best
not to trade at all. That is where Elliott etc can provide clues by
setting out a road map.

not sure about it being a downtrend day. Has the makings of a bottom ?
 

kevin546

Established member
699 0
Re downtrend I was stating what it had been so far at that time as you will appreciate on an intraday basis it can easily change especially when the US is playing.

Kevin
 

bonsai

Veteren member
4,106 11
kevin : gotcha

nice bounce off the low this afternoon. At least as strong as the
earlier fall ?
and was back above the 50% fib before the auction.

now if Mr Greenspan says the right things, he may create a
following wind to break above the down trend line from 4200
 

bonsai

Veteren member
4,106 11
Looks like somebody is trying to put a bottom under
the recent fall or maybe it was just a day when they
stood aside and waited ?
 

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kevin546

Established member
699 0
Bonsai,

2 nice trends today making it all worthwhile, remember I use those funny lines on my 2m chart LOL.

As for targets it is something I have at the back of my mind but each deal is dependent on certain criteria, I just have 20 points as a guide it helps me not to focus on much larger gains which was a failing of mine when I first started out. I now look for 5 points from 1 of my IB deals and on a good day there will be about 20 and usually over 10. This style allows for trading where you may not always be available to trade for long periods or at the best times of the day. Still working on my D4F trend approach and still get itchy fingers when I am +20 in a deal must try to just let the trendline do the work for me.LOL

Kevin
 

mully

Established member
967 3
Is it interesting that in the rapid fallout post the Fed decision, FTSE appears to have stalled at the 62% retracement of the rise from 20 May. Also both NASDAQ and SP500 failed to breach their respective near lows recorded on 9/6 of 1597 and 972 respectively. Any thoughts, apart from get a life!
 

kevin546

Established member
699 0
A little more movement down this am, during lunch getting a bounce will be interesting to see if the US pulls us up again or the move down is continued for a break out.

Kevin
 

bonsai

Veteren member
4,106 11
mully
the short answer is yes. Wimbledon bug is here again !

Today had a certain 'bottom fishing' shape to it ? But anything
can still happen
 

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kevin546

Established member
699 0
Bonsai,

It maybe Wimbledon and the FTSE may have not confirmed its direction as yet but more of the same please with over 100 points on offer today you can get a percentage of that any day.

My chart does not include the first couple of hours (still in holiday mode) but the 7 trends of today there was a conservative 110 points I wish I had continued to trade throughout the day.LOL

Kevin :rolleyes:
 

Attachments

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bonsai

Veteren member
4,106 11
morning

kevin
they may have been on offer but I have to say if
anybody took more than 50 pts I would definitely
have to take my hat off to them.

personally, all I can say is the fewer days like that the better.
- I bet the spread betters had a field day -
 

kevin546

Established member
699 0
Lambchops,

First I establish the current trend using the 2 period SMA (light blue line) on above 5 min chart illustrates this, but the same set-up can be used on any time frame. The green line is a 13 period SMA however this is used for trend rather than entry analysis but I tend to prefer the 34 EMA for this purpose particularly when using a lower time-frame.

Having established the current trend I would place a speculative entry at the trend change on the SMA, and take further positions only in line with that particular trend indicated by each time the SMA follows the trend or by using a very short term trend line from the closing bar positions to show a further move in the trend.

I tend to use both RSI and Bollinger Bands to assist in taking profit but my entry signals come from the upper chart using the SMA as a form of price pivot. Its not as good as following a price pivot or price trendline but then it offers a filter to some of the whipsaws you get from just following price action.

I only consider trades in line with the particular trend at the time, but remain aware of the daily trend overall so when the trend moves against the stronger one I am careful not to expect to much from this move as it may just be a congested period before the original trend is resumed.

I have displayed the 5 min chart because it covers the whole day without depressing the screen although I tend to use a 2 min chart although I find it can make you trade to often. I would advise trying the 5 min for SB as you have to deal with the wider spread but the faster charts are fine with Futures as you are often only having to contend with a spread of 0.5 - 1 point on the FTSE.

Obviously you do not have to keep trading the moves within the trend and can take a positional trade at the trend change and ride it through. My set-up was originally put together for me to trade on signals that appeared frequently throughout the day because I did not have much time to trade and did not have the luxury of seeing a trend through. Now I have a bit more time so I apply both methods using SB for the positional or trend change trade and Futures for the moves within the trend. I still play the moves within the trend because that is what I have had to do for the past few years and cannot get out of this style of trading. LOL

Hope that helps
 

kevin546

Established member
699 0
Lambchops

This is what the chart would like like with all the indicators I previously mentioned. This one displays the 34 EMA.

Kevin
 

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