Anyone scalping the FTSE Futures??

Mornington Crescent said:
DJ

am still waiting for yesterdays open interest figure

have you seen it yet ?
Click to expand...

MC. yes I did.. I posted yesterday that there was no obvious skews between put and calls.. no obvious price that MM's would be focusing on. It was a massive txt sheet.. I can cut and past it if you like.
 
DJ
If the Dow was a buy day yesterday and only turned up towards the end that means the buy day could continue today?
FTSE was on a sell day so today as per dc 3 day cycle should be a ss ( or maybe another sell day) so shouldn't we be looking to fade the rallies.

I know we have some space up to the downward trend line on the 1hr chart ( which MC is absoulutely correct about) so is your plan being long looking to get out and then go short at a higher level.

yours, confused but trying to learn

fletchie
 
fletchie said:
DJ
If the Dow was a buy day yesterday and only turned up towards the end that means the buy day could continue today?
FTSE was on a sell day so today as per dc 3 day cycle should be a ss ( or maybe another sell day) so shouldn't we be looking to fade the rallies.

I know we have some space up to the downward trend line on the 1hr chart ( which MC is absoulutely correct about) so is your plan being long looking to get out and then go short at a higher level.

yours, confused but trying to learn

fletchie
Click to expand...

Hi Fletchie.. I dont really look at the DOW.. but what I do track is the euro as everything is in synch with it right now..

I also use Gann tools to look for key turning points and euro/gbp and euro/dollar were looking very ripe for a turn.. now if I look at the euro.. it has a confusing pattern but is certainly downwards, what I am hoping we will get today is a double bottom on the euro (buy day lows) we should then get a push up. However, we have to consider the possibility that the market may push down again tonight / tomorrow before any turn begins and takes hold.. so I will be looking to exit my 75% of my longs today using the hourlies (as MC said). I will then wait until tomorrow after contract rollover to decide what the next best play is.. I will continue to hold a small spreadbet long which I bought last night near the lows and I have a 150 pt stop on that.

I have to say .. things havent quite gone to plan this week.. I thought 5350's were in play and I sold the high on the night of the FOMC which I should have held into the next day, still it was good profit. I really need to trust my own judgement more.. 🙄

Who knows we may have a monster Z day today.. but I suspect any monster move up will have to wait for the contract rollover and into next week.

BTW I suggest you at somepoint extend your thoughts to weekly taylor cycles. Will post some data later so you can see why.
 
DaddyJohn said:
Hi Fletchie.. I dont really look at the DOW.. but what I do track is the euro as everything is in synch with it right now..

I also use Gann tools to look for key turning points and euro/gbp and euro/dollar were looking very ripe for a turn.. now if I look at the euro.. it has a confusing pattern but is certainly downwards, what I am hoping we will get today is a double bottom on the euro (buy day lows) we should then get a push up. However, we have to consider the possibility that the market may push down again tonight / tomorrow before any turn begins and takes hold.. so I will be looking to exit my 75% of my longs today using the hourlies (as MC said). I will then wait until tomorrow after contract rollover to decide what the next best play is.. I will continue to hold a small spreadbet long which I bought last night near the lows and I have a 150 pt stop on that.



I have to say .. things havent quite gone to plan this week.. I thought 5350's were in play and I sold the high on the night of the FOMC which I should have held into the next day, still it was good profit. I really need to trust my own judgement more.. 🙄

Who knows we may have a monster Z day today.. but I suspect any monster move up will have to wait for the contract rollover and into next week.

BTW I suggest you at somepoint extend your thoughts to weekly taylor cycles. Will post some data later so you can see why.
Click to expand...

That would be brilliant 😀😀
 
On the 9th attempt at 83, it finally broke through with 29 lots filled at 83.5, and 14 lots filled at 84.0. I got filled at 84.0 with 0.5 pts slippage on my original buy stop at 83.5.

I closed at 94, 1.5 pts below 95.5 previous intermediate high. You don't know for sure if 95.5 wasn't the top of a range. There was a fair chance it would continue up above 95.5, but with single lot trading you don't have the luxury of letting a trade run.

With two lots you would close one and let the other run up to 50% or 61.8% retracement.

With three lots, you would just let the third run until there was a trendline break on the 5 min chart or it gets close to 100% retracement. If it breaks 100% that's a whole new set up and one for a new entry.
 
Mornington Crescent said:
we may have a basing pattern in play

but I think ftse overshot in taking out resistance around 5400

at least thats what I read from looking at ES

if so ftse may hang about for a while
Click to expand...

ES and FTSE are just staying in the trend channel on the 1 hr chart. Both completing a 200% extension this morning at around 7am. I'd like to see if the FTSE can break above 5415, or better still make it beyond the prior high of 5423.5. If that happens it should go on and test the upper line of the channel at around 5470 some time this evening.

Just from a gut feeling perspective sentiment is still very bearish, and I am not sure it won't go back to test the bottom of the channel again.
 
I take that as a good sign. ECB's Draghi pops up and says his pizza didn't agree with him. The FTSE spiked down 12 pts and then resisted every attempt to push it down further. We have three long tails on the last three 5 minute candles. That is a sign to me that someone is supporting the price and wants it to go higher.
 
I have a plan for this afternoon ( which might be completely wrong)

I reckon on 1 hr chart that today is a ss day so therefore the price should be pushed up for optimum price to short.

The 1 hr downward trendline is around 450 - 470

if the mkt pushes there I shall short within that range

stop will be about 30 higher as then the mkt would have moved further than its most recent ranges

fletchie
 
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