Anyone scalping the FTSE Futures??

[MartinC-J]

What a slow morning! Until volumes pick up, there isn't much point scalping this market.

A good day to catch up on homework and looking at Taylor again. I am finding it difficult to find a clear and concise set of rules for Taylor. Even reading LBR does not always paint a clear picture. The clearest point so far is to look for a test of the previous days high or low and then expect a sell off if high is not beaten or buy if low holds.

 

[DaddyJohn]

should be a lot of stops between here and 5642

 

[MartinC-J]

DJ/DC - At which point do you decide that today is not an SS day? We've gone above fridays high but only by 7 points, and it has taken all morning to do so. The market has little appetite for up or down.

 

[DaddyJohn]

DJ/DC - At which point do you decide that today is not an SS day? We've gone above fridays high but only by 7 points, and it has taken all morning to do so. The market has little appetite for up or down.

my stats tell me that can go as high as 5642.. but that would be a big push for a SS day, but not unheard of.... I think if it goes much above 5613 , then I might change my mind 😀

 

[DaddyJohn]

one thing is for sure.. I aint getting chopped around in the afternoon like last week..

I will wait for a good short.. this is too high for me to feel comfortable about going long.. we have had several days of daily greens.. the market has to take profit soon.

 

[Splitlink]

Short FT 5589.5

 

[Splitlink]

Closed 5601.1 -6

I have to admit to being nervous of a spike!

 

[MartinC-J]

my stats tell me that can go as high as 5642.. but that would be a big push for a SS day, but not unheard of.... I think if it goes much above 5613 , then I might change my mind 😀

Thanks J, I guess we are all waiting for a decent point to short from, I just don't know where that is. You could have spent most of this morning fishing for a top.

 

[DaddyJohn]

I get the impression ES wants to test previous days high at 1262.75 which is pulling FTSE up.. but both indices have traded a good amount of time above their respective value areas.. FTSE has has gone all the way down to the los of fridays value area and crept back up to now break those highs. But ES has do no test really at all of the fridays low area. So.. looks very bullish.. however if ES comes off and goes belwo 1256 then it may want to go test those friday lows down at 1244.

Have to admit at being a tad unsure, so will wait for it to tip its hat.

 

[reksa]

Thanks J, I guess we are all waiting for a decent point to short from, I just don't know where that is. You could have spent most of this morning fishing for a top.

200 day moving average is within reach. Just under 5650.
It would be within the average daily range.

 

[Shakone]

If SS is short sell day, and B is a buy day, what is Z?

 

[Sidekicker]

If SS is short sell day, and B is a buy day, what is Z?

sleep day

 

[MartinC-J]

The Giant is awake, but he might go back to sleep again. Just what we need 27 countries all voting on a treaty amendment. This will be worse than waiting for the greeks to order pizza. So what happens to the markets if Malta votes no? Hold the anchovies.

 

[barjon]

not so much "set-ups" but if you are into reversals (or looking to close a trade) they are times to keep in mind when things tend to happen. The other one is 15:00 (which is the DOW half an hour in like the FTSE 8:30).

The 10:00 try is still undecided but I'd prefer not to be in Split's shoes (which I am of course 🙂 so I've just protected with a DOW short)

jon

15:00 try on cue, but no great steam behind it

 

[DaddyJohn]

this is frustrating ain't it? - not made a bean this afternoon yet

 

[Mornington Crescent]

The Giant is awake, but he might go back to sleep again. Just what we need 27 countries all voting on a treaty amendment. This will be worse than waiting for the greeks to order pizza. So what happens to the markets if Malta votes no? Hold the anchovies.

If it looks like Malta might say no, Germany will probably bombard them again with german (propaganda) bombs

We will then come along and give Malta another medal if they hold out

 

[reksa]

15:00 try on cue, but no great steam behind it

Is that not a reaction to the US data?.

Jon, when you add your DOW trade in the opposite direction to try and lock in a loss or gain what is exit strategy for both trades?

 

[DaddyJohn]

I keep wanting to go short.. but I wonder if there is a better price yet to come to enter...

 

[MartinC-J]

If it looks like Malta might say no, Germany will probably bombard them again with german (propaganda) bombs

We will then come along and give Malta another medal if they hold out

MC - You're showing your age! No one under 30 knows that the Germans tried to take Malta, but as Basil says don't mention the war.

ES is trying to do 127% at 1268. FTSE doesn't really want to follow it there.

 

[barjon]

Is that not a reaction to the US data?.

Jon, when you add your DOW trade in the opposite direction to try and lock in a loss or gain what is exit strategy for both trades?

yes, it's the DOW that tried - FTSE followed suit.

depends, if i'm expecting FTSE to be strong (say) then i'll just play the hedge from thereon and take profit from the net hedge until FTSE goes weak whether the market goes up or down. So, in that scenario I have the gain from the initial FTSE trade plus (hopefully) from the net hedge. If the market continued rising after the hedge I'd obviously have done better without the hedge even if there was net gain in the hedge itself.

if I'm not expecting FTSE to be strong (say) or it's just keeping pace then I wait for the mist to clear and knock off whichever one seems against the confirmed direction. I don't hang about if what I've got left goes against me. In this scenario I'm left with the gain from the initial FTSE trade + or - the net result of the hedge.

Hope this is not too confusing 😕 Just in case the hedge net gain/loss is unclear - if you're long FTSE and short DOW there will be a net gain to the hedge if FTSE goes up more than 1 point for 2 DOW points or goes down less than 1 point for 2 DOW points.

jon