swingin' the ftse: 2008

[Splitlink]

I took a short on the UK banking sector at what I hope was a high point about 9am. I want to take a long position because banks look cheap now but thats a newbie view so I did the opposit.

I know that this is a swing thread but, IMO, one must never anticipate it. It has to be confirmed at the first pullback. In other words, it is safer to follow a trend than to try and spot a turn. I suggest that you are wise not to buy banks just yet, even though you may be proved wrong, later.

I'm thinking of all those "rights" shares that may be left with the underwriters and may have to be digested by the market before there is a price increase.

Split

 

[tomorton]

atrim - thanks for the laugh today. This might work now and then but I don't think it qualifies as a strategy my friend.

 

[atrim]

You're welcome.

And I'm sorry if I am disrupting the thread but to be honest I'm trying to figure out what all this swinging is about.

 

[Splitlink]

You're welcome.

And I'm sorry if I am disrupting the thread but to be honest I'm trying to figure out what all this swinging is about.

Something that happened a long time ago. I'm beginning to forget, too.

 

[tomorton]

I can't brag - let myself get stopped out of short S&P today at break-even. Its such a choppy market, this game no fun with 2 days up, 3 days down.

 

[atrim]

Moved my Banks short's stop to BE.

 

[atrim]

Stop hit.

 

[trigger]

Bit quiet around here folks..... I feel we are gonna hit march lows before any significant move upwards, 5400 is my take, not getting in for a position until then

 

[trigger]

Bit quiet around here folks..... I feel we are gonna hit march lows before any significant move upwards, 5400 is my take, not getting in for a position until then

:-0

The way its freefalling 5400 may not be as significant as i first thought

 

[Splitlink]

Quiet?

The first day of the summer sales over here!

Split

 

[trigger]

Quiet?

The first day of the summer sales over here!

Split

LOL, i need to get out more ha ha ha

 

[barjon]

:-0

The way its freefalling 5400 may not be as significant as i first thought

hi trigger

Still potentially significant since it's in the potential support zone 5465 - 5335. It's had a stab at holding 5500 on the close so that's the level of interest at the moment.

Mind you, as Split would say, why bother looking for a reversal whilst we're making money in the down trend

good trading

jon

 

[trigger]

hi trigger

Still potentially significant since it's in the potential support zone 5465 - 5335. It's had a stab at holding 5500 on the close so that's the level of interest at the moment.

Mind you, as Split would say, why bother looking for a reversal whilst we're making money in the down trend

good trading

jon

Thanks jon, my pot is a little depleted due to a stupid mistake on my behalf, so im a little dubious of going short at this stage in the downtrend, unless i dust off my sb account for small moves, as i trade ftse index options normally so have made the decision to move to swing/postion trades for the time being to fill the coffers again

steve

 

[Splitlink]

Thanks jon, my pot is a little depleted due to a stupid mistake on my behalf, so im a little dubious of going short at this stage in the downtrend, unless i dust off my sb account for small moves, as i trade ftse index options normally so have made the decision to move to swing/postion trades for the time being to fill the coffers again

steve

When the account gets a bit tight, have you ever considered morning trading the SP? It's a bit slow because it is out of hours, but there was a useful profit to be made, there, this morning. I quite often do it and, if there is a profit, I let it run in the afternoon, when I can't be there, with the few points profit as a stop. I warn you, though, that that trick does not always work. As we all know, what happens in the morning, often reverses in the afternoon! Still, I don't lose anything on the trade or, if I do lose, it is before lunch and I close out. for a small amount.

Split

 

[trigger]

When the account gets a bit tight, have you ever considered morning trading the SP? It's a bit slow because it is out of hours, but there was a useful profit to be made, there, this morning. I quite often do it and, if there is a profit, I let it run in the afternoon, when I can't be there, with the few points profit as a stop. I warn you, though, that that trick does not always work. As we all know, what happens in the morning, often reverses in the afternoon! Still, I don't lose anything on the trade or, if I do lose, it is before lunch and I close out. for a small amount.

Split

Hi split

Do you mean using an sb platform for this type of trading?

steve

 

[Splitlink]

Hi split

Do you mean using an sb platform for this type of trading?

steve

Min bet on Fins 50p per point. Spread about 0.6 points. Margin 30 times bet size

 

[trigger]

I see what you mean, my old sb acc is with fins, have not used it in a while, will have to look it over and see how to place stops with them, may fund the acc with a bit and see whats available, do stops get hit unnessesarily with them or are they ok?

steve

 

[trigger]

Min bet on Fins 50p per point. Spread about 0.6 points. Margin 30 times bet size

Just checked them out, the figures you give are for rolling bets, something im not familiar with so will get clued up on how they work:smart:
steve

 

[Splitlink]

Just checked them out, the figures you give are for rolling bets, something im not familiar with so will get clued up on how they work:smart:
steve

Rolling bets close you out overnight and, provided that you have margin, will open you again the next morning.

However, the prices are almost the same for Sept and a point, or so, for Dec. Margin for Sept 45 times bet size. Spreads a full point for futures. Once the markets are closed, they only take bets by phone so I wait until 0800 or later, depends on what the picture is.

This is just a sideshow for me as I am usually in FT or trading a FT share but I find it fun to trade the US market when I can't lose, because of the profit I made in the morning.

 

[trigger]

Thanks Split
Will have a good look through it all today, i use options probably because thats how i first began trading and my platform is spot on, my charting however needs tweeking and also my stupidity not to take money off the table when its right there in front of me, fear or greed creeps in from time to time even now, telling me to wait, there could be more, never works though LOL, see a profit and GRAB IT, is my new philosophy

steve