Anyone scalping the FTSE Futures??

f2calv said:
I'm sure you set a stop?
I was the wrong side yesterday, trying to catch a falling knife (n)
Click to expand...

morning Calv, I know you know your stuff, so I will only add by saying my bias also changes very frequently during each session am,pm.

One of the things I look for if I am about to counter trend trade in a massive sell off or enormous push up, is trickery, check for likely clusters of stops, watch the rinse, then it's a case of... "right, cluster of stops, or counter trade ??".....I sometimes hesitate, therefore miss my slot as I'm offered a worse price, but it helps me stay nimble with my bias.

good luck today mate

Worth a mention, although I wouldn't hold overnight with any sort of draw down I'm glad postmans trade has come onside, good work.
 
tokyojoe said:
morning Calv, I know you know your stuff, so I will only add by saying my bias also changes very frequently during each session am,pm.

One of the things I look for if I am about to counter trend trade in a massive sell off or enormous push up, is trickery, check for likely clusters of stops, watch the rinse, then it's a case of... "right, cluster of stops, or counter trade ??".....I sometimes hesitate, therefore miss my slot as I'm offered a worse price, but it helps me stay nimble with my bias.

good luck today mate

Worth a mention, although I wouldn't hold overnight with any sort of draw down I'm glad postmans trade has come onside, good work.
Click to expand...

Don't feel like I know or have learnt anything tbh matey, my account took a big hit last week which I managed to trade back up to breakeven and now I've taken yet another big hit... pretty sick of making the same mistakes tbh. Good luck to you today, stay nimble!
 
f2calv said:
Don't feel like I know or have learnt anything tbh matey, my account took a big hit last week which I managed to trade back up to breakeven and now I've taken yet another big hit... pretty sick of making the same mistakes tbh. Good luck to you today, stay nimble!
Click to expand...

I lost almost £3,000 in approx 4 mins (yes 4 minutes) last year trading too high £pp for too long & getting far too cocky as each week passed. I got to a stage where I expected approx £300+ profit per trade & loosing £150 per trade was normal, trading up to 30 positions per day.

then I had an off day..........man, trade tired, totally mis-read the print !!!! to hell you go !!

Anyway it scared me off to the point I was frozen.

It wasn't so much losing the 3 large that had me frozen (alot of money, but not the end of the world) it was the fact that I'd allowed myself to ramp up the £pp (£20pp was average) but my ability at the time was not able to match it over the longer period.

Now I go for points, not £pp.......it's changed my mindset.

I have good days, average days, but I never want to stare down the barrel of potential Armageddon again.

If you've taken a hit, after the sick nauseating period, you'll look at why, then if you have the stomach (which I guess you do) well, you know the rest :)
 
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tokyojoe said:
If you've taken a hit, after the sick nauseating period, you'll look at why, then if you have the stomach (which I guess you do) well, you know the rest :)
Click to expand...
My nauseating period hasn't lasted long, currently have a whole bunch of ftse sell stop orders from 6330 and below.

I hear you on taking the hit, it hurts, but its a great feeling to get out of a losing trade - regardless of the amounts involved - means you can think with a clear head again!

Pray for me we hit 6200 this afternoon, although of course I expect 6400 is more liley given my current run of luck :)
 
f2calv said:
My nauseating period hasn't lasted long, currently have a whole bunch of ftse sell stop orders from 6330 and below.

I hear you on taking the hit, it hurts, but its a great feeling to get out of a losing trade - regardless of the amounts involved - means you can think with a clear head again!

Pray for me we hit 6200 this afternoon, although of course I expect 6400 is more liley given my current run of luck :)
Click to expand...

Good luck with it mate, You didn't strike me as the type to stay down for long.
I stopped trading the ftse quite a long time ago, Dax is a b'stad & the whip is always in her hand, but I must like her style ;)
 
f2calv said:
My nauseating period hasn't lasted long, currently have a whole bunch of ftse sell stop orders from 6330 and below.

I hear you on taking the hit, it hurts, but its a great feeling to get out of a losing trade - regardless of the amounts involved - means you can think with a clear head again!

Pray for me we hit 6200 this afternoon, although of course I expect 6400 is more liley given my current run of luck :)
Click to expand...

Hi f2calv, well done on this trade, few could have held or even thought the 6200 level would have been hit with such ease. What made you think it would reach and break that, are you thinking of a long here?
All the best.
ST
 
Strugglingtrader said:
Hi f2calv, well done on this trade, few could have held or even thought the 6200 level would have been hit with such ease. What made you think it would reach and break that, are you thinking of a long here?
All the best.
ST
Click to expand...
I planned the trade opening purely based on selling the/any rally to fill the gap targeting the overnight futures lows of ~6200.

Yet no congratulations are due mate, my first 3 positions were hit 340, 330, 320, then as soon as the market retraced just a few points I wussed out and bailed. Had I just walked out the door after placing those orders, true it'd of been my best trade ever and I'd be up silly money. Once your confidence takes a knock, bah.

My [totally disposable] predictions FWIW I'd call the FTSE closing below 5900 [and the DAX below 9600] by the end of the coming week - but I would imagine it'll be a rocky ride getting there as the dip-buyers will probably emerge on "turnaround Tuesday".

If we assume this is *the 'big' correction* then I would say the DOW and S&P still have plenty further to fall, and even though the FTSE & DAX have been in decline for a longer time the US indices will no doubt help to pull them down a bit further ready for a late Aug/early-Sep rally by bargain hunters.

My higher confidence trade ideas for the coming week primarily involve currencies, part of short term USD-strength "rebalancing" and a stronger Sterling vs. commodity currencies;

Sell USDJPY target < 120
Buy GBPUSD target 1.60
Buy GBPCAD longer term trade with no particular target
Buy GBPAUD longer term trade with no particular target

US Stocks;
I'm going to open a small short position in Netflix after any decent rally, then pyramid in.

Commodities;
Constantly keeping an eye on UWTI ETF if/when US Crude starts a small bounce then I'll be going in.
 
f2calv said:
I planned the trade opening purely based on selling the/any rally to fill the gap targeting the overnight futures lows of ~6200.

Yet no congratulations are due mate, my first 3 positions were hit 340, 330, 320, then as soon as the market retraced just a few points I wussed out and bailed. Had I just walked out the door after placing those orders, true it'd of been my best trade ever and I'd be up silly money. Once your confidence takes a knock, bah.

My [totally disposable] predictions FWIW I'd call the FTSE closing below 5900 [and the DAX below 9600] by the end of the coming week - but I would imagine it'll be a rocky ride getting there as the dip-buyers will probably emerge on "turnaround Tuesday".

If we assume this is *the 'big' correction* then I would say the DOW and S&P still have plenty further to fall, and even though the FTSE & DAX have been in decline for a longer time the US indices will no doubt help to pull them down a bit further ready for a late Aug/early-Sep rally by bargain hunters.

My higher confidence trade ideas for the coming week primarily involve currencies, part of short term USD-strength "rebalancing" and a stronger Sterling vs. commodity currencies;

Sell USDJPY target < 120
Buy GBPUSD target 1.60
Buy GBPCAD longer term trade with no particular target
Buy GBPAUD longer term trade with no particular target

US Stocks;
I'm going to open a small short position in Netflix after any decent rally, then pyramid in.

Commodities;
Constantly keeping an eye on UWTI ETF if/when US Crude starts a small bounce then I'll be going in.
Click to expand...


Totally know what you mean mate, I took a big hit £50,000 in basically 2 hours as I got over confident and it has taken 6 months of graft to get my confidence back. I still feel one mistake and I haven't learnt anything. It helps me to do smaller size and look back at how many times I've got it right versus the few times I've royally messed up.

I look forward to reading your comments, keep at it and I agree with you on GBP/USD and also FTSE but think we may see a short squeeze to test us before heading lower....looking forward to celebrity banker Carney back track on his forward misguidance now.

(you're one to watch).
ST
 
Strugglingtrader said:
it has taken 6 months of graft to get my confidence back
Click to expand...
Glad your confidence is back, I hope also you have gotten back some of the 50k??

Also nice to know someone is trading in my kind of position sizes :)

Best of luck to all for the coming week. (y)
 
f2calv said:
My [totally disposable] predictions FWIW I'd call the FTSE closing below 5900 [and the DAX below 9600] by the end of the coming week
Click to expand...
IG "lows" of 5936 and 9623 #justsaying :smart:

f2calv said:
Sell USDJPY target < 120
Buy GBPUSD target 1.60
Buy GBPCAD longer term trade with no particular target
Buy GBPAUD longer term trade with no particular target
Click to expand...
^ all spot on calls, except the GBPUSD move was negligble.
 
f2calv said:
IG "lows" of 5936 and 9623 #justsaying :smart:


^ all spot on calls, except the GBPUSD move was negligble.
Click to expand...

DAX

IG is a group of morons fair value didn't drop that much , they are f#cked , look at the futures' open ... :LOL:
 
Fair value or not, I'm using them as my benchmark - next time I make any calls I'll be sure to point that out at the same time!
 
f2calv said:
Fair value or not, I'm using them as my benchmark - next time I make any calls I'll be sure to point that out at the same time!
Click to expand...

I agree with you re the DAX's low this week , just saying they got it wrong , not the first time btw , during the greek crisis as well as i recall .

9874
 
Well that was the most stress free 7000 EUR I've ever traded.

pyramiding108.png
 
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