Anyone scalping the FTSE Futures??

Martin.. sorry but no , I entered about 8.50.. I was merely looking for a reasonable price to go short .. my logic was the market would tempt people into longs.. but the volumke didnt convince me..also the German Bund was looking strong and oil weak.. Euro was approaching resistance. My play was to have a stop above 5300 and therefore needed a good enough price to make the risk reward acceptable. My thoughts were the market is going to take profit today.. look for a lower price to buy going into NFP and squeeze out some stops.
 
anyone think this nfp thing could have a ben effect?
daily bars look like a good ramp up last three days
 
DaddyJohn said:
Martin.. sorry but no , I entered about 8.50.. I was merely looking for a reasonable price to go short .. my logic was the market would tempt people into longs.. but the volumke didnt convince me..also the German Bund was looking strong and oil weak.. Euro was approaching resistance. My play was to have a stop above 5300 and therefore needed a good enough price to make the risk reward acceptable. My thoughts were the market is going to take profit today.. look for a lower price to buy going into NFP and squeeze out some stops.
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If you look at Barclays and Rio right now.. price going up on pathetic volumes
 
DaddyJohn said:
Martin.. sorry but no , I entered about 8.50.. I was merely looking for a reasonable price to go short .. my logic was the market would tempt people into longs.. but the volumke didnt convince me..also the German Bund was looking strong and oil weak.. Euro was approaching resistance. My play was to have a stop above 5300 and therefore needed a good enough price to make the risk reward acceptable. My thoughts were the market is going to take profit today.. look for a lower price to buy going into NFP and squeeze out some stops.
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Logical explanation. My time frames are shorter than yours. I was short at 5286.5 at 9:02am, and closed reluctantly when the spike up looked like it had some legs. I did go short again at 9:30am, but was a little peeved that I got faked into closing my original short on a bit of nothing news. If I was more of a swing trader I probably would have just held on and waited for it to continue down again.

My scalpers rule is if it does something you are not expecting, then you should get out until it becomes clear. This limits any damage.
 
MartinC-J said:
Logical explanation. My time frames are shorter than yours. I was short at 5286.5 at 9:02am, and closed reluctantly when the spike up looked like it had some legs. I did go short again at 9:30am, but was a little peeved that I got faked into closing my original short on a bit of nothing news. If I was more of a swing trader I probably would have just held on and waited for it to continue down again.

My scalpers rule is if it does something you are not expecting, then you should get out until it becomes clear. This limits any damage.
Click to expand...

It is a very good rule Martin..

I am trading from home this week as Mrs DaddyJohn has been ill... I have had problems with internet connections this week and so have had to go for more postion plays where I can place stops and targets in case my connection goes down on me mid trade.

I am also trying to begin taking more of these kind of positions as I am finding it very tiring in this volatility to keep scalping in and out.
 
DaddyJohn said:
It is a very good rule Martin..

I am trading from home this week as Mrs DaddyJohn has been ill... I have had problems with internet connections this week and so have had to go for more postion plays where I can place stops and targets in case my connection goes down on me mid trade.

I am also trying to begin taking more of these kind of positions as I am finding it very tiring in this volatility to keep scalping in and out.
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Sorry to hear about Mrs DJ. Hope she has a speedy recovery.

Trading from home is actually quite nice, except for the usual distractions. My 1 yr old has now figured out how to open the office door!

As for NFPs, in the past I have tried putting straddles on data releases and for a long time have done quite well. But I have got burned recently on two occasions where my orders got filled prior to the data release. So I am a little more cautious now.
 
NFP....

this is a real tricky one this month... 1) expectation is 57K, previous was 0 2) Last month there were 40K striking AT&T employees deducted from the payroll, so these will be added back in today.. therefore added jobs expected is really only 17K... 3) If the figure is really strong i.e 75K plus then fast money will push price up.. anything like 100K plus or 200K will be amazing. 4) If the figure is -ve, then fast money pushed price down.. but for how long?? because the Bernanke said this week he would step in if conditions warrant... so the market may then assume QE3 is a given and turn tail back up again... 4) the accuracy of this number according to the US stats people that count it is +/- 75K !!!! diffcult one this month... my play will be anything over 100K I am buying. if negative then I will short but not hold very long...
 
Thing you have to watch out for is that although the FTSE looks stronger, the SNP is still making lower highs and lower lows, not anytime to be getting overly bullish yet.
 
SuddenDeath said:
hi there is a formula called "risk of ruin" in victor niederhoffers book, "the education of a speculator" which looks into this problem. you can read it from below link.
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Many thanks will look in to it. Although may be more useful for DJ who is on the path from £1000 to £1 million in a year....
 
hit that button a bit early, 70s just hitting

no worries though on sidelines and will wait for another entry
 
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