Day Trade the FTSE

Sold

Exited my short for a 5 point profit (including spread)

Looking now for a long as per my TA rules

Thanks
 
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Hi taz, please don't take this the wrong way but someone is going to tell you in a mean way sooner or later but you'd really want to be saying you 'brought back', 'exited', or 'covered' your short trade.

You can't really sell a short trade to exit as it involves the buying of the shorted instrument to close the trade.

I know it sounds pedantic (and doesn't alter the fact you made money!) but sooner or later someone will jump on it and it helps to get your head around the right terminology as you might have to get on the phone to exit some time if there is a big event (Sept 11th style).

I'm only mentioning it from experience as not being precise in what I meant got me in such a pickle with an options trade over the phone once, it costs me literally thousands!

Well done on the trade anyhow and I'm impressed you find it easy to go from short to long so fast. This is the key to making it in my book and especially if you are going from closing a loser to going straight out in the other direction. This is mentally tough to do and if you can do it you've got a head start on a lot of people.

There are many times I've watched a trade get worse and worse when all I had to do was reverse my position to be on the right side again.

Good luck for the rest of the day.

Stephen McCreedy
 
Hi,

Its no problem and I have edited my post for more clarity :D

My long setup is looking like it might fade away and I should have kept my short, but rules are rules.

Thanks for the heads up again
 
Well if you feel it's not right get out. Maybe if it's not clear cut stand aside and wait for a more convincing move.

There is enough swing in this market that you don't need to chase the tiny moves it can eat into your good trades.

I would venture that a H&S top might have been formed intra day now on the FTSE but it's been so wicked to bears of later it's tough to know whether to believe it!

Stephen
 
Yeah, well the Long never panned out so now I just wait for something to poke its head out to me :cheesy:
 
Yeah, well the Long never panned out so now I just wait for something to poke its head out to me :cheesy:

This is my first successful day since I returned to FT index trading. The other times were win a bit, lose a bit or break even and, yesterday I went back to share trading. However, an attempt on Footsie today has given me two trades for over 32 points.

I think I'll get out until tomorrow

Good trading, Split
 
New long trade

Well I have been waiting for a LONG setup and it arrived :cheesy:

LONG @ 6450 (including spread)

SL is already at breakeven

Also thought I would try a stock trade so I am

LONG Tesco @ 456.7
 
Well done Taz.

5 min RSI is the most overbought I've EVER seen it at 100 on my chart for the FTSE Jun future. This can mean one of two things to me.

We are way overbought and it needs to come crashing down. Or, we are going up to a whole new level where current ideas of what is OB or OS will be of no use.

We'll see, the midday long today was perfect text book reversal, sorry to say I got on it only to exit when some data came out pushing the FTSE back down again. I sold out at a 1/2 point profit.

Would be worth +30 points now, but that's trading! Glad I got out when it felt all wrong.

Just to let you know I've tried to start a new FTSE thread, just go to Forum, then UK indexes. My thought was that there are two or three that aren't too well used so maybe if we could get one that everyone who trades FTSE uses it might be of more worth to us. There might be more ideas on there for everyone to dig in to.

Thanks

Stephen McCreedy
 
day trading ups and downs..

Yes, after many years of trying various markets, I to have come back to the FTSE as a profitable way to make good trades. I have my support levels in place at 8am and make a trade on the bounce at that level.
I use only MACD and Stochastic on 2 charts. One Rolling FTSE on 5min, and the other FTSE Daily cash on 10min.
I like the character of the FTSE, as it tends to meander rather than the headless chicken routine of the DOW:eek: . I do note however, that another trader here uses the DAX as an indicator for the FTSE's next tend.... hmm... I will be investigating that one....
 
just found this thread its a shame it is a bit slow.
If any one trades the ftse and is interested in giving this thread a second lease of liffe then please post. Ill stay in touch
 
Fear?

The order book on the FTSE Liffe futures looks a bit one sided......:eek:
 

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I gained 82 points yesterday so because of that i decided to be abit more aggressive today. This morning im up 38 points from reversing my positions inside that range.
 
no missed it. i got short 6244 but got stoped out then got short again at 6251 but coverd it at 6249. I bottled out thinking it was gonna bounce of the 10 ma now its @6235
gutted!
 
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