Message For Ftse Traders......

Short Dax 4624, target 4600, stop @ 4650. Looking for confirmation before doing the same on the FTSE

KJ
 
kitejedi said:
Short Dax 4624, target 4600, stop @ 4650. Looking for confirmation before doing the same on the FTSE

KJ
Click to expand...

what did you base that short on Kitjedi........

Sir William has commented on how strong the DAX is this morning esp above 4600..........

good luck with your trade and I hope you prove me wrong

BULL (me) V BEAR(you) = lets see who wins...huh hum!!

just kidding, i hope you win
 
Dax has been trending above 20 day EMA and that is a very bullish signal to me until it breaks below it..............

1 day 5/ 10/ 15 min chart........
 
wallstreet1928 said:
what did you base that short on Kitjedi........

Sir William has commented on how strong the DAX is this morning esp above 4600..........

good luck with your trade and I hope you prove me wrong

BULL (me) V BEAR(you) = lets see who wins...huh hum!!

just kidding, i hope you win
Click to expand...

I've based it on confirmed minus development on the Dax from the 0930 1/2 hour candle. I don't think this will set the trend for the day as I don't think the long-term players are in yet. Possibly a little speculative. Overall I'm neither bearish nor bullish today as we are still seeing Inital Balance IMO. I've ditched indicators for the time being, so this is all a little experimental for me. I'm a great believer in trading rather than paper-trading as I need to understand how this works for me psychologically.... At the moment I won't be taking any action or thinking about this trade until the 1130 candle starts....

It would be great if we were both right but I don't think that will work in this case!!!

KJ
 
Last edited:
wallstreet1928 said:
FTSe is hugging 20 day EMA and not pushing upwards therefore close for 10 point profit.......
Click to expand...

You really should stop doing this.... get a strict plan about exits and stick to it.

IMO, regarding the use of stops:
1) NEVER EVER MOVE STOP FURTHER AWAY. Let it get broken if it goes that way. You will not always be right.
2) Move to break even as soon as possible, for me as soon as my stop has been made in profit it gets shifted. Better to go breakeven and come back to take the trade again if you get busted ( potentially at a better price! )
3) Use trailing stops once past 2 times your stop loss, I do these quite tightly usually under the last candle.

The trade will come to and end from one of the above 3 outcomes, I think it is a bad long term play to start thinking "**** its losing momentum, cash in now". My trade this morning I could very easily have done this at 6ish points. Trends consolidate all the time, then push through.

/2 cents
 
fwiw, heres where I see us, standard wedge pattern:

Could break either way, there is no major news coming out today so I dont really have any ideas. Until a strong trend gets set up I am out of the FTSE.
 

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mEmmerrr said:
You really should stop doing this.... get a strict plan about exits and stick to it.

IMO, regarding the use of stops:
1) NEVER EVER MOVE STOP FURTHER AWAY. Let it get broken if it goes that way. You will not always be right.
2) Move to break even as soon as possible, for me as soon as my stop has been made in profit it gets shifted. Better to go breakeven and come back to take the trade again if you get busted ( potentially at a better price! )
3) Use trailing stops once past 2 times your stop loss, I do these quite tightly usually under the last candle.

The trade will come to and end from one of the above 3 outcomes, I think it is a bad long term play to start thinking "**** its losing momentum, cash in now". My trade this morning I could very easily have done this at 6ish points. Trends consolidate all the time, then push through.

/2 cents
Click to expand...

that's just the way i trade my friend...........

and yes i also utilise the rules you have mentioned, check my posts as i amend stop loss to break once position more than 10 points in profit, and amend trailing stop loss to 10 points each time!! check my previous posts.......

we all have our own strategies.......

i always take a minimum of 10 points profit or i let the position close at break even.....

happy trading my friend..........
 
kitejedi said:
I've based it on confirmed minus development on the Dax from the 0930 1/2 hour candle. I don't think this will set the trend for the day as I don't think the long-term players are in yet. Possibly a little speculative. Overall I'm neither bearish nor bullish today as we are still seeing Inital Balance IMO. I've ditched indicators for the time being, so this is all a little experimental for me. I'm a great believer in trading rather than paper-trading as I need to understand how this works for me psychologically.... At the moment I won't be taking any action or thinking about this trade until the 1130 candle starts....

It would be great if we were both right but I don't think that will work in this case!!!

KJ
Click to expand...

interesting...........I am not educated enough to understand Market profil!!

But i cant wait to learn........

I'm just a rookie people...........
 
kitejedi said:
:clap::clap::clap:
Click to expand...

no, thanks to your analysis I bailed out quick..........a rookie cant debate with an expert!!

I'm just semi-good at scallping 10-20 points and the odd days I get a few more points.......you guys are the experts!!!

FTSE seems to be stronger than DAX this morning.........
 
wallstreet1928 said:
interesting...........I am not educated enough to understand Market profil!!

But i cant wait to learn........

I'm just a rookie people...........
Click to expand...

Trust me I've been trading for a lot shorter time than you. It's just that the concept makes sense to me. IMO what Sir William talks about in his book is more logical than using indicators - not that I'm denegrating them. They're just not my cup of rosie.....

KJ
 
mEmmerrr said:
You really should stop doing this.... get a strict plan about exits and stick to it.

IMO, regarding the use of stops:
1) NEVER EVER MOVE STOP FURTHER AWAY. Let it get broken if it goes that way. You will not always be right.
2) Move to break even as soon as possible, for me as soon as my stop has been made in profit it gets shifted. Better to go breakeven and come back to take the trade again if you get busted ( potentially at a better price! )
3) Use trailing stops once past 2 times your stop loss, I do these quite tightly usually under the last candle.

The trade will come to and end from one of the above 3 outcomes, I think it is a bad long term play to start thinking "**** its losing momentum, cash in now". My trade this morning I could very easily have done this at 6ish points. Trends consolidate all the time, then push through.

/2 cents
Click to expand...

As i stated earlier I have made my daily profit target for the day already and I am only trading for fun(1 contract) now and to help the newbies but they don;t seem to be around at the moment ........

I am off to a meeting in the office and won't be around until the evening......

just biding my time until then........
 
wallstreet1928 said:
no, thanks to your analysis I bailed out quick..........a rookie cant debate with an expert!!

I'm just semi-good at scallping 10-20 points and the odd days I get a few more points.......you guys are the experts!!!

FTSE seems to be stronger than DAX this morning.........
Click to expand...

Please don't listen to a word I say. I promise you I am very, very new to this game!!

KJ
 
Well, I'm shorting---have shorted at 1035 at 4282.9. But wasn't I lucky! Got called for coffee, just as I was about to drop the stop to break even. It would have gone, for sure.

Split
 
Hi Guys

Good day to all and good trading to you all! Two questions for the more experienced:

1. Does the FTSE closely follow the Dax in the morning session?

2. Exit strategy - can anyone please advise on this as it is my exit strategy that
is letting me down!

Many thanks for any advice guys,

bertie
 
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