Anyone scalping the FTSE Futures??

[ordinaryguy76]

I'm looking to sell around 5575, buy around 5470, depending on circumstances there and then.
not sure about in between

 

[dc2000]

getting close to time out on the high for me

which would point to 1.49% day

 

[Sidekicker]

Too many bulls in the market now looking at various bull/bear ratios...

 

[dc2000]

Too many bulls in the market now looking at various bull/bear ratios...

havn't met a bull yet that didn't want a cheaper price to get in at

they would be best comming back thursday the FTSE is on a 3

 

[DaddyJohn]

if you can get past the baseball analogies then very good read .. scary and funny

 

[ordinaryguy76]

5575 resistance ?
my sell was stopped out @ b/e, as usual
now off to the motorway

 

[dc2000]

I'm looking to sell around 5575, buy around 5470, depending on circumstances there and then.
not sure about in between

nice price

 

[dc2000]

DOW interim target changed to 11545

 

[reksa]

Whats holding us up?

EUR/USD getting a beat down and Crude too.

 

[DaddyJohn]

buying or short covering on the close?? interesting !!! there was a lot of it

 

[samirs]

DOW interim target changed to 11545

changed from what to 11545?

 

[MartinC-J]

Strong close, with daily candle very bullish. S&P and Dow may gap up tomorrow at 2:30pm. But I have to believe there might be a sell the news, even though the EFSF is not sorted.

 

[dc2000]

def not to plan

I need a rest a little taken on the DOW this evening and thanks to Ordinaryguy had the FTSE from the 73 to 04 I was going in at 60s but put limit in and left

Cheers Ordinaryguy

 

[DaddyJohn]

def not to plan

I need a rest a little taken on the DOW this evening and thanks to Ordinaryguy had the FTSE from the 73 to 04 I was going in at 60s but put limit in and left

Cheers Ordinaryguy

"not to plan" is waht we said at the low when we wanted to buy it up..and looked what happened then

 

[reksa]

I love the smell of napalm in the morning :clap:

The results are surely at the low end of expectations. Faded the open but now sitting tight until it makes up its mind where its going to go.

 

[ordinaryguy76]

def not to plan

I need a rest a little taken on the DOW this evening and thanks to Ordinaryguy had the FTSE from the 73 to 04 I was going in at 60s but put limit in and left

Cheers Ordinaryguy

You're welcome.
Obviously, I was driving when that happened...

 

[dc2000]

wow if I was a conspiracy theorist I would say we had our own PPT

small short 5675 and dont mind 5727 area
and DOW small short at 12031
target 200points off FTSE if it comes before close

this really is bubble building and flash crash territory if I take any longs in the near future then its back to fixed stops for me

 

[MartinC-J]

There's no point being the first to spot a reversal, when most of the market hasn't. Just because you think it is turning does not mean that the market is ready for it. Case in point, today's reversal at 8:19am:

I got the feeling from looking at the order book and the slowdown in the price action that the market was trying to reverse. I actually jumped in very early with a long at 8:19am at 5627.0 with a stop at 22.5 (1 tick below the low of the 8:18 1 min candle). My entry was a minute too soon, and I should have waited for the first 1 tick break of the prior high at 8:20amat point A. My entry would have been a fraction lower at 26.5.

It pulled back as expected above the middle bollinger band, but did not make it to the upper band. Usually this means it doesn't have the strength to reverse quite yet.

It then made a new low and stalled at 22.0. Again there was another long entry at point B at 27.0 again. 1 tick above the high of the prior 1 mc at 8:25am. This time your stop would be at 21.5.

It tried one more move down and stalled at 22.5 at 8:28am. You wouldn't have been stopped out, before there was one last opportunity to go long at 8:29am with the third and best entry, 1 tick above the 8:28am candle high at point C.

Your initial targets should have been the middle bollinger band on the 5 minute chart at around 5642, with a higher target of 50% or 61.8% retracement or the upper boly band.

I messed around with my long orders and closed them twice at a loss before finally getting it right at point C. Bottom line rules:

If you want to jump in early and catch a reversal either have a very tight stop of around 3 points so the damage is minimal, or have the faith in your convictions but use a large stop of around 8pts to let the reversal have some room.

Ideally wait for some kind of confirmation of the reversal and get in on a second move counter trend.

And finally, have faith in your stops and be prepared to use (and lose) the full amount.

 

[MartinC-J]

wow if I was a conspiracy theorist I would say we had our own PPT

small short 5675 and dont mind 5727 area
and DOW small short at 12031
target 200points off FTSE if it comes before close

this really is bubble building and flash crash territory if I take any longs in the near future then its back to fixed stops for me

Dc - It looks like a bubble to me too, but at the same time how do you decide what is good value? Is the market valued fairly on projected earnings or not? Is the economy headed for recession again? Are the euro problems sorted?

Well corporate earnings seem to be relatively robust considering the mayhem going on. The latest GDP figures at 1:30pm will put a better picture of the recession scenario. Apparently it could go either way. And as for the euro, they have delayed things yet again, and kicked the can down the road. They may think they have sorted out Greece, but Portugal is next followed by Spain and finally Italy. That's when maybe the bubble bursts.

Back in the scalpers goldfish bowl where the trades last only minutes, what matters is consistent price action with no eurobabel announcements. A bigger pullback is due at some time soon, but for now the bulls have it, possibly until next year.

 

[supernovered]

And finally, have faith in your stops and be prepared to use (and lose) the full amount.[/QUOTE]

Great analysis as usual Martin.

I especially concur with that last point - when looking through my day's trading I'm forever find losers or scratch trades which I've closed manually but that actually never hit the (normally) 5 point stop.