Anyone scalping the FTSE Futures??

MartinC-J said:
As Al Brooks says, don't go counter trend until a break of the trendline and a retest. Lots of people being tempted into countertrend trades this morning. I wonder how many are in profit.
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not yet well just the DOW

but I think it was diana ross "Im comming up" or something looking for pullback now then late fall FTSE buy signal tomorrow DOW is today
 
I am with DC on this.. I think this is a stop run and an attempt by players to get in on lower prices. Take a look at my Money Flow Index which looks at volume to price ratios on buying and selling. The divergence and direction on the ftse cash 8 hr chart is there too see. We need to look for a good reversal sign coming up in the next few hours. I have attached the file
 

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DaddyJohn said:
I am with DC on this.. I think this is a stop run and an attempt by players to get in on lower prices. Take a look at my Money Flow Index which looks at volume to price ratios on buying and selling. The divergence and direction on the ftse cash 8 hr chart is there too see. We need to look for a good reversal sign coming up in the next few hours. I have attached the file
Click to expand...

DJ - I am not so sure. Last night was a vote of no confidence in the Fed. Previously everyone just believed that QE3 was starting up and that equities would rally again. But the Fed said "significant downside risks" and said had done the twist, extending the maturity on the debt. The market didn't like it at all. I can see the divergence on the MFI, but I just happen to think we are having a correction to the downside. And I look at your chart and see the trendline break, and automatically think we will retest the lows of early August. I guess we have to wait and see if this is a bear trap. Unlikely I think.
 
If we break the august low everyone goes short I take it?

10824 getting close on the DOW but dont really want it until US open

still comfortable with long trades here
 
MartinC-J said:
DJ - I am not so sure. Last night was a vote of no confidence in the Fed. Previously everyone just believed that QE3 was starting up and that equities would rally again. But the Fed said "significant downside risks" and said had done the twist, extending the maturity on the debt. The market didn't like it at all. I can see the divergence on the MFI, but I just happen to think we are having a correction to the downside. And I look at your chart and see the trendline break, and automatically think we will retest the lows of early August. I guess we have to wait and see if this is a bear trap. Unlikely I think.
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Good point Martin, my view is the market was expecting Operation twist, they did not expect QE3. So, they got what they expected. So ... why this move down I ask myself?? any more breaking news on Europe??? - NO.... the volume looks high this morning, but not when you compare it to the size of the 4 hour bar and compare this to other prior bars where volume has been just as high, but generated smaller movements. This tells me that the big boys aren't dumping yet. I think price is moving down to create buying opportunities, move the market up , get everyone long, then they dump at a later date. If FTSE cash drops much below 4990 then I will reevaluate, other wise it confirms a bounce up into the channel..

I decided not to trade today for various reasons, wish I hadn't this morning we had some great price action for us 5 and 1 minute traders. Hope you did well.
 
Dick Lexic said:
ok its easy to say after the event but we got a similar situ today. last time 4 days up into bens speech then 400ish point drop. this time 16/9 - 21/9 4 days again and markets been falling ...wheres my crystal ball?

bored spectator today i think:(
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anyone think those honest chappies will be busy buying soon?
 
DaddyJohn said:
Good point Martin, my view is the market was expecting Operation twist, they did not expect QE3. So, they got what they expected. So ... why this move down I ask myself?? any more breaking news on Europe??? - NO.... the volume looks high this morning, but not when you compare it to the size of the 4 hour bar and compare this to other prior bars where volume has been just as high, but generated smaller movements. This tells me that the big boys aren't dumping yet. I think price is moving down to create buying opportunities, move the market up , get everyone long, then they dump at a later date. If FTSE cash drops much below 4990 then I will reevaluate, other wise it confirms a bounce up into the channel..

I decided not to trade today for various reasons, wish I hadn't this morning we had some great price action for us 5 and 1 minute traders. Hope you did well.
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DJ - I stopped trading after 9:10am when I was up 30pts, and focused on other stuff. It is so hard fishing for a bottom at times like these. Invariably you get it wrong, so you are better off doing other things.

For some odd reason, I never seem to end up with trend on days like this. I think because there are never any decent pullbacks. You always end up being wary of going short at a bottom, and spend the rest of your energy looking for a reversal. You just have to use the mantra, suspend belief and trade with trend until stopped out.
 
i suppose thats the benefit of scalping, you're not really looking for the big moves you can just mark out s/r/fibs and scalp the trends in between. I gave it a try for a few hours yesterday ( on paper ) and took 5 trades for +12 pts 3 wins 2 losses. found myself homing in and losing the plot on the bigger time frames but i must admit i enjoyed the speed of it and the fact that the trades only took minutes.

I know …..different ball game live:eek:
 
looking for an afternoon rally if we get the 180 area then I will exit if not will hold Fridays target is 5304
 
Its trying to rally but it just doesn't believe in itself. 5040 has to break eventually. Maybe after 4:30pm.
 
had 5008 long and exited at 5044 - might wait for the 4.30 now, suspect we might see quite a close.
 
Boy did you see the volume that went into the cash close !!!!!!! but hard to tell if the volume was betting on an up or down day tomorrow. we did hold a very tight range though
 
DaddyJohn said:
I am with DC on this.. I think this is a stop run and an attempt by players to get in on lower prices. Take a look at my Money Flow Index which looks at volume to price ratios on buying and selling. The divergence and direction on the ftse cash 8 hr chart is there too see. We need to look for a good reversal sign coming up in the next few hours. I have attached the file
Click to expand...

Hi DJ. Can we discuss your chart you posted earlier.
You can clearly see the divergence, and yep that should indicate a up move.
But the Bear flag on your chart has clearly broke to the downside.

Now that would indicate a move further to the downside, if you follow those sort of patterns.

Do we retrace at all tomorrow?

Any thoughts from anyone on this tread?

DC does your 304 for tomorrow still count? Or has the pattern changed for you?
 
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