Anyone scalping the FTSE Futures??

[MartinC-J]

Yeah, Mark, I'm not using Taylor either. Mostly because I am a scalper and I really just read the price action on the 1, 5 and 60 minute charts. If I make a move to be more of a swing trader I will take a hard look at TTT. It really looks a little subjective to me, but you can't ignore DC's ability to pick turning points in the market. He gets it spot on too many times for TTT to be no good.

Been a very rangy day today, and no reason to believe it will do anything different, although it is testing lows as I type. Still a lot of eurobabble going on, and for that reason I can't see the channel on the 1 hour chart being broken yet.

 

[Mornington Crescent]

vix trading below 24

 

[Splitlink]

Yeah, Mark, I'm not using Taylor either. Mostly because I am a scalper and I really just read the price action on the 1, 5 and 60 minute charts. If I make a move to be more of a swing trader I will take a hard look at TTT. It really looks a little subjective to me, but you can't ignore DC's ability to pick turning points in the market. He gets it spot on too many times for TTT to be no good.

Been a very rangy day today, and no reason to believe it will do anything different, although it is testing lows as I type. Still a lot of eurobabble going on, and for that reason I can't see the channel on the 1 hour chart being broken yet.

I don't follow Taylor, either. Unfortunately, I took too much out of the account for Christmas and have been getting a bit too close for comfort to my margin. Bad trading and getting a bit cocky! So I have slipped over to S&P and am more comfortable with that because of lower margin requirements. Very quiet, the same as Footsie, but steady progress.

 

[Mornington Crescent]

normal service resumed it seems

 

[Mornington Crescent]

the bear rollover didnt really have much effect did it

today a day much of lower highs all the way down
not much sign of a bounce yet
and a new low to boot

if the bulls still want a rally they will have to start building their own base all over again

open interest held up well

S&P looks interesting though

 

[reksa]

the bear rollover didnt really have much effect did it

today a day much of lower highs all the way down
not much sign of a bounce yet
and a new low to boot

if the bulls still want a rally they will have to start building their own base all over again

open interest held up well

S&P looks interesting though

Well today's test to the upside was perfect.
This has been a easy trade all week. I hope it can stay like this until Christmas.

Low volumes may mess things up.

 

[Mornington Crescent]

CFTC says net EUR short position was USD 19bln as of Dec 13th, increases by 18%, the largest net EUR short position since at least 2007


I wonder who the counter parties are

 

[Dommo]

CFTC says net EUR short position was USD 19bln as of Dec 13th, increases by 18%, the largest net EUR short position since at least 2007


I wonder who the counter parties are

All right, all right, mea culpa.

Joking aside, and out of genuine interest, do you believe that is predictive of anything (apart from, say, an anxious weekend)?

Thanks

 

[Mornington Crescent]

for swing traders only

Remember this ?

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

It doesnt happen very often but we had two appear in very short order
so I thought it would be worth putting up a chart for you
its always worth taking a look at the dailies

as with all candles it requires confirmation but is very profitable
and as they say - it is worth the candle -

This is the chart on the cash market but futures is the same

 

[MartinC-J]

MC - we also had an outside (bearish engulfing) daily bar on friday for the FTSE. So far we have retraced 50% on the ES, but put in a higher low on the 1 hr chart. The FTSE has put in a lower low. If the ES makes it up to 61.8% (1216.12) it will be right up against the top of the channel. I actually think we will break out today or tomorrow. A move above 1225.0 will confirm that. A move below 1205 would be pretty bearish though.

Not sure what is happening with the Euro. Fitch's downgrades on friday were pretty damning, especially where they think the Euro cannot be saved.

 

[Mornington Crescent]

overnight futures saw 5280 odd which takes out my 5300 posting

but we would need something fairly dramatic I think to turn this around to any great extent just yet

 

[Mornington Crescent]

frankly with so many people not working, it beggars belief that recession is not widespread
throughout the west

I simply do not accept the stats that are currently being issued about growth however small

now it seems euzone want us to put up 40 billion into IMF to bail them out

that could easily risk the UK being downgraded

especially if later on we need that money for our own QE

hey ho, interesting times

 

[MartinC-J]

I think the downgrade will eventually come for the UK, although looking at the uk bond market, it seems hard to believe. I think once the euro has been done in by the big boys, they will focus their attention on the UK. We still have massive debts.

Can't believe the FTSE has rallied 70 pts this morning and I have caught so little of it. I have struggled to maker the 30 pts I have. At the moment, it is still a one way up day, but we are testing that as I type. At this stage of the day, a one way day should only be pulling back to the 10 period EMA on the 5 min chart. We might make it to the 20 EMA, but for now it is still a o-w-d and should make a new high, as hard as that seems. If the 20 EMA doesn't hold, then we may well go back to the lows. On the 1 hr chart it has bounced off the 61.8% level.

 

[Mornington Crescent]

it may help to look at the cash chart

so far it has filled its opening gap (my def) and created another gap in doing so thereby creating an
island gap which it has now closed

ftse doesnt like island gaps

this has all been providing at bit of umph to the futures

 

[Splitlink]

it may help to look at the cash chart

so far it has filled its opening gap (my def) and created another gap in doing so thereby creating an
island gap which it has now closed

ftse doesnt like island gaps

this has all been providing at bit of umph to the futures

I had a job posting a chart yesterday, or I would have given my opinion on possibilities, in answer to your post. No one knows everything for certain, of course, but I was going to ask you to look at the 4 hour chart where the trend line over the tops had been hit 5 times.. I thought that it might rally today and it would have been about 60-70 odd points to the line. I thought, after a while, that I was, probably, full of it, anyway, so left it. Sorry about that.

 

[MartinC-J]

Looks like everyone has been at the shops today.

For this afternoon, we had a wicks and tails market until ECB's Draghi stood up to tell everyone what he had for lunch. Looks like the kitchen had been waiting for his order, because the price took off in one direction as a result. For a short while it looked like we might break out of the channel on the 1 hour chart, but it was not to be.

For a wicks and tails market, the boly bands tend to be flat on the 5 min chart, and the best way to trade it is to treat it as a wide range. ie sell the UBB and buy the LBB on the 1 min chart or the 5 min depending on your time horizons. If you are not comfortable trading this, then sit it out and wait for the eventual breakout. It is usually good for 30 pts on the FTSE.

 

[supernovered]

Looks like everyone has been at the shops today.

For this afternoon, we had a wicks and tails market until ECB's Draghi stood up to tell everyone what he had for lunch. Looks like the kitchen had been waiting for his order, because the price took off in one direction as a result. For a short while it looked like we might break out of the channel on the 1 hour chart, but it was not to be.

For a wicks and tails market, the boly bands tend to be flat on the 5 min chart, and the best way to trade it is to treat it as a wide range. ie sell the UBB and buy the LBB on the 1 min chart or the 5 min depending on your time horizons. If you are not comfortable trading this, then sit it out and wait for the eventual breakout. It is usually good for 30 pts on the FTSE.

Thanks for your thoughts Martin. Always interested in how you deal with particular market conditions.

I keep looking at BBs but haven't as yet made them a permanent fixture on my charts. Do you find them useful in all situations, and do you take more notice of them on 1 minute or 5?

 

[Mornington Crescent]

All right, all right, mea culpa.

Joking aside, and out of genuine interest, do you believe that is predictive of anything (apart from, say, an anxious weekend)?

Thanks

It certainly wasnt the sort of weekend the french usually enjoy
🙂

I dont know Dommo

ask Soros

I would expect him to have a few of those shorts

 

[MartinC-J]

Thanks for your thoughts Martin. Always interested in how you deal with particular market conditions.

I keep looking at BBs but haven't as yet made them a permanent fixture on my charts. Do you find them useful in all situations, and do you take more notice of them on 1 minute or 5?

The hard part is recognising the type of market when it occurs. A wicks a tails market doesn't happen that often, but it is more likely to happen at the open at 8am or at 2:30pm. It takes about 10 minutes to tell that it is in a wicks and tails market, and by then it could have done some damage to your account.

I use 12 period bolys for the 1 min, and 8 period bolys for the 5 min charts. I use them a lot. The upper and lower bands are important in ranging markets. The middle boly or really the 12 SMA and 8 SMA are great for deciding whether the trend is up or down. When ever the mid boly is crossed on the 1 minute, it means the trend may be reversing. When it is crossed on the 5 minute, the trend has reversed, most of the time. I don't really favour one over the other, but by the nature of the time period, the 1 minute will give you the earlier signal.

 

[Mornington Crescent]

not much to say about today

lower high lower low 5282

but

we are now back into the flag from Nov 29/30 which produced a powerful move up

it may not be so easy to drop down through that

ps: well done Georgie. show 'em where the sun dont shine

Mr Osborne insisted that while Britain was ready to take part in global efforts to bolster the IMF's coffers, it would not participate in a fund only aimed at the beleaguered eurozone region.