Anyone scalping the FTSE Futures??

[danboi8989]

Just wanting a second opinion on something ive been wondering about

When scalmping the FTSE do you think it is better to trade the highs and lows of the days range, or wait for the break outs...

Currently i am only trading the breakouts and doing relatively well, but im finding that there is far less trading opportunities. However trading the highs and lows of a range seems alot more risky to me??

 

[Splitlink]

Just wanting a second opinion on something ive been wondering about

When scalmping the FTSE do you think it is better to trade the highs and lows of the days range, or wait for the break outs...

Currently i am only trading the breakouts and doing relatively well, but im finding that there is far less trading opportunities. However trading the highs and lows of a range seems alot more risky to me??

There is this guy feb2865 on forex factory who has a series of threads that he calls The System. He uses a 5 minute chart, usually. If you haven't read him then you might find him useful. These guys always have ideas that may give one a different approach. I have never swallowed anyone's theories hook, line and sinker, but I have been given many a good idea from them which can be incorporated into one's own way of trading.

 

[neil]

There is this guy feb2865 on forex factory who has a series of threads that he calls The System. He uses a 5 minute chart, usually. If you haven't read him then you might find him useful. These guys always have ideas that may give one a different approach. I have never swallowed anyone's theories hook, line and sinker, but I have been given many a good idea from them which can be incorporated into one's own way of trading.

Weird Split
I just posted about the guy here:


http://www.trade2win.com/boards/general-trading-chat/144146-trade-expectancy-other-bits.html

 

[Splitlink]

Weird Split
I just posted about the guy here:


http://www.trade2win.com/boards/general-trading-chat/144146-trade-expectancy-other-bits.html

Great minds think alike, Neil!

 

[danboi8989]

There is this guy feb2865 on forex factory who has a series of threads that he calls The System. He uses a 5 minute chart, usually. If you haven't read him then you might find him useful. These guys always have ideas that may give one a different approach. I have never swallowed anyone's theories hook, line and sinker, but I have been given many a good idea from them which can be incorporated into one's own way of trading.

Thanks for that, al check him out

 

[Splitlink]

what are you on a.b. 127% fib extension, that's called hit and hope pal.

I'm a bit lazy about these things. 127% extension seems to bw a bit complicated, to me. I like to see things with my eyes on a chart.

 

[Dick Lexic]

Weird Split
I just posted about the guy here:


http://www.trade2win.com/boards/general-trading-chat/144146-trade-expectancy-other-bits.html

This guy says reading the market is not price action

“Reading the market is not price action...I mean..common' that's another foolishness I've been listening
lately.....like "oh I am better than you because I read price action and you,re not" that's a bunch of crap in
my opinion.
Price is just a tool for entry and exit...that's it”

well is that not a bit of a contradiction? I mean he’s using price action to define his swings and add his range lines and then he use higher highs and lower lows and he uses it for exit and entry and fibs is that not reading price …or is it just me? Then he goes on to talk about price action in some of his trades?

I found this a good read tho ….” Just keep taking losses til you get a runner” think I would crap out with too many losses and miss the runner….i do agree that the s&p is the big daddy and that there is some sort of organized chaos in the markets. Genuine guy I think and I like his basic frame work just hope his health is ok

 

[Splitlink]

This guy says reading the market is not price action

“Reading the market is not price action...I mean..common' that's another foolishness I've been listening
lately.....like "oh I am better than you because I read price action and you,re not" that's a bunch of crap in
my opinion.
Price is just a tool for entry and exit...that's it”

well is that not a bit of a contradiction? I mean he’s using price action to define his swings and add his range lines and then he use higher highs and lower lows and he uses it for exit and entry and fibs is that not reading price …or is it just me? Then he goes on to talk about price action in some of his trades?

I found this a good read tho ….” Just keep taking losses til you get a runner” think I would crap out with too many losses and miss the runner….i do agree that the s&p is the big daddy and that there is some sort of organized chaos in the markets. Genuine guy I think and I like his basic frame work just hope his health is ok

He has to be read several times but I read hm differently to you. You see how we are all different?

What I understood is that you make a hard stop with the intention of never getting down that low and, if you go into profit you get out at the first sign that it is going into reverse and never let it go into a reversing loss.

The point he is making is that he is not trying to show you how to trade, in this particular article, (the one that Neil gave us the link to) but how manage it. There's a big difference. Sometimes it's like having a tiger by the tail.

 

[Dick Lexic]

He has to be read several times but I read hm differently to you. You see how we are all different?

What I understood is that you make a hard stop with the intention of never getting down that low and, if you go into profit you get out at the first sign that it is going into reverse and never let it go into a reversing loss.

The point he is making is that he is not trying to show you how to trade, in this particular article, (the one that Neil gave us the link to) but how manage it. There's a big difference. Sometimes it's like having a tiger by the tail.

ha, it seems to me that he is trying to show us how to trade his method i won't say system. we are all different split but i think we are singing the same song

he mentions tiny stops at one point so i get the idea that he identifies the trading area and then sits waiting for the setup taking a lot of small losses if need be in order to catch the runner. he says his hard stop never gets hit so i think if it moves against him he goes to plan b...his finger stop. as he says he'll just catch the next bus.

 

[Splitlink]

ha, it seems to me that he is trying to show us how to trade his method i won't say system. we are all different split but i think we are singing the same song

he mentions tiny stops at one point so i get the idea that he identifies the trading area and then sits waiting for the setup taking a lot of small losses if need be in order to catch the runner. he says his hard stop never gets hit so i think if it moves against him he goes to plan b...his finger stop. as he says he'll just catch the next bus.

Not sure whether we agree with each other, or not. but his rule is never to give his trade, winning or not, a chance to go wrong on him because, that way, his string of losses may be, either small or his gains may be small, too, until the runner that he is waiting for comes along.

He's a very entertaining writer and persuasive. Watching a winning trade turn into a loss is a major problem with some traders and I am no exception. This is what he is addressing in Neil's link.

As for his other threads, I have tried his 5M HH and LL method but have not been too successful with it on that TF. He is, of course, a forex trader.

The other poster that I have been grappling with is TRO. He is very difficult to understand. I don't know whether that is his fault or mine---I like to think it is his because I am not the only one. Nevertheless, he has some interesting arguments. I would call him a real scalper, which I do not believe the posters on this thread are,

 

[Dick Lexic]

Not sure whether we agree with each other, or not. but his rule is never to give his trade, winning or not, a chance to go wrong on him because, that way, his string of losses may be, either small or his gains may be small, too, until the runner that he is waiting for comes along.

He's a very entertaining writer and persuasive. Watching a winning trade turn into a loss is a major problem with some traders and I am no exception. This is what he is addressing in Neil's link.

As for his other threads, I have tried his 5M HH and LL method but have not been too successful with it on that TF. He is, of course, a forex trader.

The other poster that I have been grappling with is TRO. He is very difficult to understand. I don't know whether that is his fault or mine---I like to think it is his because I am not the only one. Nevertheless, he has some interesting arguments. I would call him a real scalper, which I do not believe the posters on this thread are,

well i ain't a scalper but never said i was although i take a wee scalp here and there. as for forex it's a different animal to indices and that is why i noted his comments re price action...i don't think idices are his area that seems obvious to me if he is not looking at price action...just my opinion course.

 

[reksa]

Martin. Quick question, do you take any trades using the 37sma on the 1mc as a trigger for your trades.
Or is it just to determine you bias on the 5mc.

Were getting a bit of a pull-back now, no surprise as Friday did not look back once.
As I worked out last week only 18% of past results had a beat on NFP if ADP was bad. But the charts were telling a different story.


Sorry Dick if my comments put you off going long.

 

[Dick Lexic]

Martin. Quick question, do you take any trades using the 37sma on the 1mc as a trigger for your trades.
Or is it just to determine you bias on the 5mc.

Were getting a bit of a pull-back now, no surprise as Friday did not look back once.
As I worked out last week only 18% of past results had a beat on NFP if ADP was bad. But the charts were telling a different story.


Sorry Dick if my comments put you off going long.

no worries reksa your comments were fine ....i had waited a long time for that signal and then i didn't take it ...just got a bit frustrated with myself i think it's an age thing

 

[Dick Lexic]

i see volume has stepped up a gear in the weekly...seems a fair hike...how do you guys read that?

for me it doesn't help at this price it could go either way but if price starts to notch up .....
i am still bulish longer term still think we'll get the gold

 

[MartinC-J]

Martin. Quick question, do you take any trades using the 37sma on the 1mc as a trigger for your trades.
Or is it just to determine you bias on the 5mc.

Were getting a bit of a pull-back now, no surprise as Friday did not look back once.
As I worked out last week only 18% of past results had a beat on NFP if ADP was bad. But the charts were telling a different story.


Sorry Dick if my comments put you off going long.

Mark

I tend to use it more as a target for closing trades than opening them. But in a strong trend I will enter in the direction of the trend if it bounces off it and gives me a 1 tick entry on the 1 mc. Mrs C-J and C-J junior both sick so trading is postponed while I Florence Nightingale.

I did have a short over the weekend from the high at 9pm and I took one trade short at 8:23am. Closed both for ok profit. On the 1 hr FTSE bounced off 38% so should retest high unless it bounces off trend line around here. About 5846.5.

 

[reksa]

Mark

I tend to use it more as a target for closing trades than opening them. But in a strong trend I will enter in the direction of the trend if it bounces off it and gives me a 1 tick entry on the 1 mc. Mrs C-J and C-J junior both sick so trading is postponed while I Florence Nightingale.

I did have a short over the weekend from the high at 9pm and I took one trade short at 8:23am. Closed both for ok profit. On the 1 hr FTSE bounced off 38% so should retest high unless it bounces off trend line around here. About 5846.5.

Thanks Martin. This year I have been really paying attention to the the price interaction on that sma. It been really helping me enter safely on the swings.

Hope your family have a speedy recovery.

 

[MartinC-J]

Thanks Martin. This year I have been really paying attention to the the price interaction on that sma. It been really helping me enter safely on the swings.

Hope your family have a speedy recovery.

Mark

I am really glad that someone else has found the 37 SMA of use. I spent a long time trying to find the best fit for the boly bands on the 5 minute chart, and then once I had settled for the 8 period, it made sense to transfer it over to the 1 minute chart to help with entries and exits. It is amazing how many times it contains the prevailing trend.

 

[Dick Lexic]

i tried this out today set at 5 min but as you can see it was completely useless

i will give it a couple more shots ...maybe if we get a bit more volitility it could help ...unfortunately the vix seems to be delayed by about 1 hr so it might turn out to be a longer term indicator or it just goes in the bin...we'll see

i think you have all been abducted again

 

[Dick Lexic]

i see volume has stepped up a gear in the weekly...seems a fair hike...how do you guys read that?

for me it doesn't help at this price it could go either way but if price starts to notch up .....
i am still bulish longer term still think we'll get the gold

think my volume charts are playing up again.....ignore above

 

[MartinC-J]

I have been abducted but by a sick two year old. Mrs C-J out with the fevers in the spare room. C-J junior with the fevers in my bed all night. So I got no sleep again and for safety sake not really trading. The little bit of trading I have done has been ok, and this lack of sleep has made me take less trades and be more patinet. Which is a good education for me!