Anyone scalping the FTSE Futures??

[DaddyJohn]

So it looks like we retraced almost 61.8% before going back down again. We bounced off the pivot at 5213 and 150% retracement at 5211, but I still think the 161.8% retracement target will get hit at 5198, some time today. The question is when?

Must admit , right now I have mostly no idea, the price action since US open has been awful for me, am now flat , what a waste of an afternoon

 

[dc2000]

wondering here if FTSE cant print daily high in next 24 mins?

if not the pattern will change

 

[MartinC-J]

I'm up 18 pts this afternoon, and bottled out of holding on for probably another 15 to 20 pts. Just sitting on my hands while Obama speaks.

Now waiting for the 4:29pm trade, which is usually a scalp of 5 to 10 pts, but I am not sure if much will happen today. The americans are clearly waiting for europe to close before trying to push it up, but I think it should be fairly quiet this evening.

 

[dc2000]

Is that the target of 10800's for the DOW?. That would be a long way to go by Wednesday. But if it does, are you looking at a reversal then or further downside on your calculations?

yes 10824 is DOW if the pattern changes I would want that early in to tuesdays session

 

[dc2000]

The americans are clearly waiting for europe to close before trying to push it up, but I think it should be fairly quiet this evening.

if FTSE dont print a price higher than 314 get your surfboard tsunami time

 

[MartinC-J]

wondering here if FTSE cant print daily high in next 24 mins?

if not the pattern will change

That's only 50 pts before 4:30pm. No problem.

So what's the new pattern? Up some more?

 

[reksa]

I'm up 18 pts this afternoon, and bottled out of holding on for probably another 15 to 20 pts. Just sitting on my hands while Obama speaks.

Now waiting for the 4:29pm trade, which is usually a scalp of 5 to 10 pts, but I am not sure if much will happen today. The americans are clearly waiting for europe to close before trying to push it up, but I think it should be fairly quiet this evening.

Any joy with the last min scalp? Did not expect the late push down.

 

[MartinC-J]

Just one comment for all you FTSE futures traders who watch the ES at the same time. You will notice on a 1 min chart that the FTSE more or less matches the ES in the afternoon between 2:30pm and 4:30pm. It's price action is quite different to the morning session.

As for timing entries of your trades in the afternoon, you have to time it to the natural cadence of the ES otherwise you may get stopped out if using tight stops. If you put a vertical line every five minutes on the one minute chart, you will notice that the ES tends to make a U shape for each 5 min period if it is in an uptrend, and an n shape if it is in a downtrend. To enter with trend trades, enter on a buy stop on a one tick break of the high of the previous 1 min candle, at the bottom of the U. Vice versa for a downtrend. I will post a chart to show this when I have a moment.

 

[Higherorlower]

Now waiting for the 4:29pm trade, which is usually a scalp of 5 to 10 pts, but I am not sure if much will happen today.

Dang... I missed that, was too slow.

 

[MartinC-J]

Any joy with the last min scalp? Did not expect the late push down.

reksa

look at the length of the 4:29pm candle for the FTSE compared to the 4:29 candle for the ES. It is clear they were giving the FTSE a small push down into the close that wasn't being matched on the ES. Some times you can spot the disparity earlier, this time it coincided with a down move on the ES that masked it a little.

I went short at 4:29 at 5237 and closed at 5232 at 4:30pm. If you end up holding on much longer than 4:30pm, you run the risk of it suddenly reversing on you. It's just a scalp always, but usually good for 5 pts minimum which is better than a clip round the ear.

 

[DaddyJohn]

A lean afternoon, only 30 prices. But hey !,,, it's money. Better than a kick up the pants. I have an initial target of 5043 on futures for this week. Assuming uncle Ben goes for operation twist , which I think is already priced in.

 

[dc2000]

given that the smart money is in I would like to see the DOW make 148 to 134 area tonight is it greed nah I just like cherries on my icing

 

[DaddyJohn]

Hi DJ
from the earlier post the points are whole points on the FTSE cash I post cash prices as it makes it easier

the pattern you wont find on the tinterweb well not that easily, its a trend pattern made of five days of higher highs higher lows and is generally followed by a specific pattern

get some sleep my friend I will reply tomorrow to PM if thats ok otherwise you will be up all night

Many thanks DC, I have also Realised that your ghost riders in the sky quote referee to the small range cnadles sitting on top of the daily swing highs. Look forward to your reply.

 

[samirs]

Italy's Debt Rating Downgraded By S&P; Outlook Still Negative

 

[DaddyJohn]

Italy's Debt Rating Downgraded By S&P; Outlook Still Negative

Thanks for the heads up Samir

 

[DaddyJohn]

Fun and games

 

[MartinC-J]

I've got 5286 or 5309 for targets on the FTSE futures. It's just another suspend belief day and watch something defy odds and keep going up without any significant retrace.

 

[DaddyJohn]

I've got 5286 or 5309 for targets on the FTSE futures. It's just another suspend belief day and watch something defy odds and keep going up without any significant retrace.

I agree , I was amazed at the strength of the move up.

 

[Dick Lexic]

market one step ahead? maybe move down from 400 was all about italy and today is all about clobbering the shorts. us/uk seem a bit out of sync 292 key area for me.

 

[Dick Lexic]

thats 292 cash price not futures