Anyone scalping the FTSE Futures??

[Sidekicker]

Hi Daddy John

Text book would say plan the trade place limits and stops and leave well alone.

However i like you have been scalping too long and always take profits too early, usually after a tick back only to see it continue along its merry way.

One way ive found useful is to close half or three quarters of the trade, you dont worry about a small position then.

Incidentally why stop scalping if its making money? maybe your hard wired as a scalper ;-)

Exactly, scale out and you have to almost forget about that final 25% OF YOUR TRADE.
One alternative is to set a daily/weekly target and use profits for swing trades as an extra bonus. Easier said than done though. I personally have a monthly target only as variance is too wayward on daily targets.

 

[dc2000]

a 12230 into close puts this nice and squared up

 

[dc2000]

a 245 nicely done

 

[Mornington Crescent]

this volatility is more like the good old days

but I doubt we will see a new high here tonight

 

[dc2000]

so now we sell everything including the kitchen sink

FTSE needs to print 586/606 and DOW needs to print a new low tomorrow

 

[dc2000]

this volatility is more like the good old days

but I doubt we will see a new high here tonight

we now need a low before friday fireworks FTSE will keep 5642 in play as a weekly target

 

[Mornington Crescent]

nor do I see a new high on NQ or ES

so beware

its quite easy to "manipulate" the DOW

 

[dc2000]

two songs

Down Down deeper on down - quo

just keep sellin just keep sellin - finding nemo

 

[Sidekicker]

nor do I see a new high on NQ or ES

so beware

its quite easy to "manipulate" the DOW

I would have thought it was easier to manipulate FTSE? More stocks yes but liquidity is much much higher on DOW and ES.

 

[Sidekicker]

two songs

Down Down deeper on down - quo

just keep sellin just keep sellin - finding nemo

and the rather annoying:

get get down by paul johnson - YouTube

 

[Dommo]

I would have thought it was easier to manipulate FTSE? More stocks yes but liquidity is much much higher on DOW and ES.

Dow is price weighted on its constituent shares. A 1% move in IBM moves Dow by 14 pts, whereas a 1% move in Microsoft moves Dow by 2 points, despite similar market cap. If I wanted to move Dow, in addition to the futures, I would be looking at IBM, Chevron, Caterpillar and McDonalds.

 

[DaddyJohn]

we now need a low before friday fireworks FTSE will keep 5642 in play as a weekly target

DC, if we are entering a SS month 9th Dec... Under the Taylor rules done we need to put in a higher high than we got in the Sell month?

 

[DaddyJohn]

DJ

Who am I to offer advice :whistling, but here goes.

If you've planned your campaign on H1 (say) then don't peek below that whilst price is outside your entry/exit zones (and en-route danger zones, maybe). Sort of pretend your H1 is your old M1 scalping chart

Also, do you have a re-entry strategy in your armoury?

jon

Thanks BJ... By H1 and M1 I assume you mean hourly vs minute?

 

[Mornington Crescent]

I would have thought it was easier to manipulate FTSE? More stocks yes but liquidity is much much higher on DOW and ES.

The INDU is considered by many to be a flawed index. This is because other averages are weighted by market capitalization, which is the number of shares outstanding multiplied by the current stock price. Because the INDU is unweighted, a one-point rise in the stock price of the largest stock in the index counts the the same amount as the smallest company.




So unless a Dow move is confirmed by the market cap indices it is always best
to have a pinch of salt at the ready

 

[Mornington Crescent]

just adding to my concern is that FTSE futures yesterday made both a new high AND a new low

this is often a telling event about the trend weakness

If today we now see an inside day then it would be wise to have very close stops

but if you are a scalper, you will know that already

 

[reksa]

just adding to my concern is that FTSE futures yesterday made both a new high AND a new low

this is often a telling event about the trend weakness

If today we now see an inside day then it would be wise to have very close stops

but if you are a scalper, you will know that already

I think today will be a inside day. It looked hopeful yesterday until the closing rally.
A surprise from the ECB should do this, expectations of 25 basis point drop, but anything more should send us up.

 

[DaddyJohn]

many thanks to all for your advice in the last 24 hrs.. moving to a different mindset is difficult especially when you have developed such ingrained habits..

I am determined t0 make the transition though..

 

[Chalky_trader]

Maybe you should start a movement

Scalpers Anonymous

 

[Mornington Crescent]

many thanks to all for your advice in the last 24 hrs.. moving to a different mindset is difficult especially when you have developed such ingrained habits..

I am determined t0 make the transition though..

when trading longer periods , a smattering of the Elliott wave theory wont do any harm

 

[DaddyJohn]

when trading longer periods , a smattering of the Elliott wave theory wont do any harm

You say that , but most elliot wave theorists I have spoken to the last few weeks seem to have got the last few moves completely wrong.