Message For Ftse Traders......

[lapalabra]

market is completly overbought - anyone not shorting at these levels is insane.

Hey vanter....so were you the only sane man in the room and shorting at 5pm when you wrote that post, after which it rose a good 60+ points? For your sake I hope not!

A good lesson in trading what you see not what you think, and one which I often fall into. Yes, its oversold, but I guess you have to ride it when its there whatever your thoughts on the direction, right?

I can't wait til tomorrow when to find out what was behind this mad rally though. Crazy.

 

[keithh]

fun day yesterday then! and some new contributors yippeee. but looks like were losing one boooo.

minime are u sure you want get down and dirty with oil??????

 

[lapalabra]

fun day yesterday then! and some new contributors yippeee. but looks like were losing one boooo.

minime are u sure you want get down and dirty with oil??????

Yeah Minime....keep it british!

Keithh, any quick wins this morning? Looks like Geithners announcements (and a puzzling bullish asian period which I have yet to get my head around) had an impact far beyond a bounce after all!

 

[keithh]

Yeah Minime....keep it british!

Keithh, any quick wins this morning? Looks like Geithners announcements (and a puzzling bullish asian period which I have yet to get my head around) had an impact far beyond a bounce after all!

same as yesterday still in at the mo went short at the open will exit very shortly.

 

[keithh]

Closed at 3972 for + 32

 

[keithh]

Yeah Minime....keep it british!

Keithh, any quick wins this morning? Looks like Geithners announcements (and a puzzling bullish asian period which I have yet to get my head around) had an impact far beyond a bounce after all!

I hope everyone took my warning around speech time and kept out but also entered on the response.

don't trade the rumour, trade the fact when it comes to news.
I have to say i missed it as i was doing something else at the time.

 

[keithh]

Closed at 3972 for + 32

daily target made so i will try to demo trade for the rest of the day.

yeh right! no honestly i will!!!!!!!!!!!!

 

[lapalabra]

Closed at 3972 for + 32

Wow, nice one

I am doing the same thing on FTSE (short 3981) and DAX (short 4233), still open from an hour ago

 

[keithh]

Wow, nice one

I am doing the same thing on FTSE (short 3981) and DAX (short 4233), still open from an hour ago

cheers, i dont think there is much left in the tank on this one so waiting for the pull back up before taking a position.

but then I have thought before and been wrong.

 

[lapalabra]

daily target made so i will try to demo trade for the rest of the day.

yeh right! no honestly i will!!!!!!!!!!!!

Yeah but you always make your target before I even have breakfast!

 

[keithh]

cheers, i dont think there is much left in the tank on this one so waiting for the pull back up before taking a position.

but then I have thought before and been wrong.

Ahhh with a paper trade orrrrrrr maybeeeee not hmmmmmmmm

 

[lapalabra]

cheers, i dont think there is much left in the tank on this one so waiting for the pull back up before taking a position.

but then I have thought before and been wrong.

I have no idea what's left, these levels don't make sense, so i am just sticking to a strict 20point prof target/moving stop with trade and 10 stop loss to play the averages with my losses/gains as we spoke about before- can't tell you how useful that has been!

 

[keithh]

Yeah but you always make your target before I even have breakfast!

really! never realised that. I have to say i do like to get it done early sets up the rest of the day. I do seem to remember that it took me untill noon ish once

seriously the last two days have been a bit different as i dont really trade teh open as it can swing so quickly as the market finds some direction, but yesterday and today were so overbought i though the odds were on my side so it was worth ago.

the last time the dude made his speech the same thing happend rose sharpe of the speech dropped back the next day. but it did not mean it would do it but hey the odds i thought were in my favour.

 

[lapalabra]

cheers, i dont think there is much left in the tank on this one so waiting for the pull back up before taking a position.

but then I have thought before and been wrong.

Don't call the pullback while I'm still short, Keith, pleeeeease

See it happening...

 

[keithh]

I have no idea what's left, these levels don't make sense, so i am just sticking to a strict 20point prof target/moving stop with trade and 10 stop loss to play the averages with my losses/gains as we spoke about before- can't tell you how useful that has been!

as you know i only look for 20pt profit targets, if the move is strong i will stay on longer. So for me it is usually around the same

10pt stop 20 target risk rewared 2:1 work out what I want to make per day. make sure that the trade per pt (spread bet) is no more than 3% of my bank and then trade.

try to get the entry right according to analysis and there you go 20 pts+ in one trade or sometimes more if it does not pay off.

 

[keithh]

Don't call the pullback while I'm still short, Keith, pleeeeease

See it happening...

sorry - its going down again at some point

hope that helps

 

[lapalabra]

Wow, nice one

I am doing the same thing on FTSE (short 3981) and DAX (short 4233), still open from an hour ago

Close DAX +5 FTSE +10

 

[keithh]

Close DAX +5 FTSE +10

went short on the ftse @ 8:40 took 8 off it

 

[lapalabra]

really! never realised that. I have to say i do like to get it done early sets up the rest of the day. I do seem to remember that it took me untill noon ish once

seriously the last two days have been a bit different as i dont really trade teh open as it can swing so quickly as the market finds some direction, but yesterday and today were so overbought i though the odds were on my side so it was worth ago.

the last time the dude made his speech the same thing happend rose sharpe of the speech dropped back the next day. but it did not mean it would do it but hey the odds i thought were in my favour.

Agree about last two days, esp with sell offs at market open in this environment

I like to get in early too, but as long as I remember you have been posting about the dark internal struggles you are going through in the afternoons after meeting your profit targets and trying to sit out.... Had to do exactly that yesterday when market fell, its hard sitting on your hands when you have such clear signals

 

[Splitlink]

Morning! I'm over on Forex at present. Nice pullback on Footsie that I missed. I wanted a bit higher so it escaped!