Anyone scalping the FTSE Futures??

well lows have been tested 4 times today another test and i would expect failure sitting it out though till this little range we are in breaks one way or another

Theres still 1 hr 15 mins to go tho so plenty of time ,-)
 
barjon said:
lol, didn't take long - hedged with dow now
Click to expand...

closed off

FTSE long 5927 (original entry) - 5922 @ 1 = - 5
DOW short 12994 (FTSE @ 5921 when taken) - 12948 @ 1/2 = + 23

Why close? Well 15:00 reversal right on cue but, initially, FTSE not keen and I was only looking for 20 anyway.
 
mmm, ftse regained strength so probably out too early. Since the 15:00 reversal try looked a goer I closed DOW short first and would have held on to FTSE long had it not taken a backward step - which it did more's the pity :(.
 
This is still looking like a buy the dips market. The bears cannot get a decent run going.

And if I say 5891.5 can't hold this time one more time, can someone please shoot me. That's four times the FTSE has tested 91.5/92.0, and each time I keep expecting it not to hold and it does. I really thought that it wouldn't hold when tested at 14:45. The price dropped to that level with such speed and momentum, I thought it really couldn't hold. Especially when the ES made a new low for the day. Well, I held a couple of shorts longer than I should have. It was my biggest mistake of the day, fortunately it only cost me 4.5 pts on each lot.

I went long on the RBI (red bar ignored on the 5mc) at 15:10, and I also caught the long at 15:25 on the trendline break and continuation up off the hammer. I closed all longs at 61.8% at 5910.5. It was time to have a cuppa and relax. Still think we will close at highs but price action tends to break down between 4 and 4:30pm, so can't always rely on the underlying trend going into the cash close.
 
MartinC-J said:
This is still looking like a buy the dips market. The bears cannot get a decent run going.

And if I say 5891.5 can't hold this time one more time, can someone please shoot me. That's four times the FTSE has tested 91.5/92.0, and each time I keep expecting it not to hold and it does. I really thought that it wouldn't hold when tested at 14:45. The price dropped to that level with such speed and momentum, I thought it really couldn't hold. Especially when the ES made a new low for the day. Well, I held a couple of shorts longer than I should have. It was my biggest mistake of the day, fortunately it only cost me 4.5 pts on each lot.

I went long on the RBI (red bar ignored on the 5mc) at 15:10, and I also caught the long at 15:25 on the trendline break and continuation up off the hammer. I closed all longs at 61.8% at 5910.5. It was time to have a cuppa and relax. Still think we will close at highs but price action tends to break down between 4 and 4:30pm, so can't always rely on the underlying trend going into the cash close.
Click to expand...

martin

I think you said you hadn't extended your reversal time analysis into the afternoon? Around 15:00 worth a look I reckon - led by DOW of course.

jon
 
barjon said:
martin

I think you said you hadn't extended your reversal time analysis into the afternoon? Around 15:00 worth a look I reckon - led by DOW of course.

jon
Click to expand...

Jon, I did take a brief look a while back, and usually if there was data at 3pm, there was most usually a reversal at 3pm as well. Now you might think that was obvious if the data was good or bad, but it seems independent of the data.

As for today's reversal at 14:55, I think that was more due to the 5891.5 super level than the timing. I always watch for a reversal around 2:55pm to 3:15pm normally, but with all markets there is a high probability of a reversal in the first hour of trading of the underlying cash market opening. In fact my records for the FTSE show there is an 80% chance of a reversal in the first 35 minutes of trading.
 
Now without the european traders to support the price, the 5891.5 level didn't hold this time. Does this mean it will hold if tested again tomorrow? Maybe as resistance but less likely as support.
 
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