Orange - I found Al Brooks's book so full of detail it is very hard to put it all into context. I hope that they republish it with much bigger charts, and maybe less content. It was a seriuos brain dump, but a really great piece of work.
Orange - I found Al Brooks's book so full of detail it is very hard to put it all into context. I hope that they republish it with much bigger charts, and maybe less content. It was a seriuos brain dump, but a really great piece of work.
Dick Lexic
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FTSE players now looking for the short sell overnight DOW straining for the exit before 4pm
No Im gettin excited
contagious
dc2000
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yes please milk and 2 sugars
martins fault got me looking at minute and 5min bars
feel like a midwife push push relax breath
Can get you some gas and air if you like.
Not sure where it will go from here. I think it wants to go up and you may still get that 11490 on the Dow. Fundementally this is a bear market and I keep waiting for the other shoe to drop. There must be a monster down move around the corner in October.
I just looked at last August/September and noted that almost every day the total range was 30 to 40 pts for the FTSE. We have been averaging 100 pts this last month. Great chance to make money for futures traders.
Dick Lexic
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It seems the way to scare a bear is to make a lot of noise so if the S&P falls below 1200 I want you all to stand up a start yelling and clapping and shouting.
DaddyJohn
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Martin, I haven't read that book. I do agree it works best when you get some structure in the price action. I found today difficult. Did very well on the open, but made a mess of it later. I always seem to lose money on a ECB day.... In future I might just stop at 10.00am .
dc2000
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no no I dont want 498 yet I want 147
There is options expiry max pain would be a little higher than here thats next week then there is Futures expiry my preference would be a higher price for that 800s level
You are not alone. I make most of my money between 8am and 9am, after that the price structure on the 1 min chart becomes less reliable and you have to move up to the 5 min chart. But reversals are still relatively easy to pick up at any time. They do seem to follow a format, and usually gove you a second chance to get in later having missed a portion of the move.
DaddyJohn
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Many thanks DC , do you still see an inverted V ? Also wanted to ask you and Martin what execution / order entry systems you use? I also am assuming you guys work from home. I trade out of Futex in Woking, I am self funded and just rent the desk. I use e-signal, and Stellar for execution. But the costs are like £1000 per month for the licences and the desk is another £750. So, with petrol etc... I am looking at nearly£2000 a month costs. I cover this quite easily, but wondered if I was missing a trick here. I tried trading from home but the Internet was too unreliable where I live. As you know I am a scalper, so need quick in and out and tight spreads.... Any thought?
dc2000
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Hi Daddyjohn
I trade through IB and transact futures I did use e-signal around 2004/05 but as my trading went more to a swing trader I stopped as I was paying $1000s each month for exchange fees this fee that fee etc
If I was in and out of the market like yourself and martin then a trading desk would be the only option internet connections have become more reliable but power companies have become unreliable.
I trade through IB and transact futures I did use e-signal around 2004/05 but as my trading went more to a swing trader I stopped as I was paying $1000s each month for exchange fees this fee that fee etc
If I was in and out of the market like yourself and martin then a trading desk would be the only option internet connections have become more reliable but power companies have become unreliable.
Dick Lexic
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well I'm out of breath now but you guys just keep going I'll catch up in the morning
dc2000
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Im still looking for an inverted V if we gap 40 down points then I would be looking for the top of the V first hour
If we gap down to the 219 as expected then it will be more like an inverted U with prices comming up sharp then drift back as shorts are exited 10 or 20 points or so up and down dance into lunch time then a fall lower in the afternoon much the same as todays action between 9:30 and 1:30 with no end of day rally
if the later then I would expect high circa 265 and low in the afternoon 148 mark
one caveat if we gap then hit the 148 then the move is over and we look for a W which is the next pattern
If we gap down to the 219 as expected then it will be more like an inverted U with prices comming up sharp then drift back as shorts are exited 10 or 20 points or so up and down dance into lunch time then a fall lower in the afternoon much the same as todays action between 9:30 and 1:30 with no end of day rally
if the later then I would expect high circa 265 and low in the afternoon 148 mark
one caveat if we gap then hit the 148 then the move is over and we look for a W which is the next pattern
Dick Lexic
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is this for real DJ? £2,000 per month before you even start?
dc2000
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its about the going rate Ive seen desks about teh £450 mark
this would explain the squawk the other day
neil
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Why would you use a spread bet company for scalping !
Why not use a real broker like Interactive brokers dot co. uk ?
