Day Trade the FTSE

Sometimes, I wonder if we make trading so difficult on purpose. I realised today that, with all the calculations about whether it will, or whether it won't, when a piece of news like that of NRK comes along it makes trading a no brainer. This morning I hardly bothered to give more than a cursory look. The index made an initial rise in the first minutes and, as soon as it started to fall back, I shorted. Last night I was wondering which way to jump, this morning I was in no doubt.

Split
 
Sometimes, I wonder if we make trading so difficult on purpose. I realised today that, with all the calculations about whether it will, or whether it won't, when a piece of news like that of NRK comes along it makes trading a no brainer. This morning I hardly bothered to give more than a cursory look. The index made an initial rise in the first minutes and, as soon as it started to fall back, I shorted. Last night I was wondering which way to jump, this morning I was in no doubt.

Split

Ye you probably right there , make your mind up if the market dont agree go for a game of whatever and obey your risk management plan, I wish I had not been so greedy was waitin for it to hit pivot point or there abouts after 1st hour, ahh well got a few safe points both ways :LOL: :LOL: :rolleyes:
 
I hope no-one used my stochastics method today as it would have failed .. .. I did not trade it because the Northern Rock news told me to go short .. .but I didn't trade that either because I took a hit on USD/JPY last night and was not inclined to trust my judgement today.
 
I hope no-one used my stochastics method today as it would have failed .. .. I did not trade it because the Northern Rock news told me to go short .. .but I didn't trade that either because I took a hit on USD/JPY last night and was not inclined to trust my judgement today.

Yes, I know exactly how that feels.
 
Norther Rock could be the start of a real frenzy, there's nothing more predictable than a maddening crowd.
 
Norther Rock could be the start of a real frenzy, there's nothing more predictable than a maddening crowd.


I think (hope) your right I think Ill wait to see if we stay under last weeks low before I open anything overnight, that Dow Jones chap seems to always put a spoke in it
:rolleyes:
 
Sometimes, I wonder if we make trading so difficult on purpose. I realised today that, with all the calculations about whether it will, or whether it won't, when a piece of news like that of NRK comes along it makes trading a no brainer. This morning I hardly bothered to give more than a cursory look. The index made an initial rise in the first minutes and, as soon as it started to fall back, I shorted. Last night I was wondering which way to jump, this morning I was in no doubt.

Split

Cheeky question regarding above Split, as you put it so well today was a no brainer

I trade only after 1st hour sometimes after half hour with reduced position,
( just stops me rushin about and gives me head time to wake up):eek: :cry:

what timefrane do you use to judge that the opening thrust of market is over and do you enter all at once or feed your position in a bit at a time just in case your wrong or enter/re-enter ?

OK thats a couple of cheeky questions but I am a rookie :cheesy:
 
Cheeky question regarding above Split, as you put it so well today was a no brainer

I trade only after 1st hour sometimes after half hour with reduced position,
( just stops me rushin about and gives me head time to wake up):eek: :cry:

what timefrane do you use to judge that the opening thrust of market is over and do you enter all at once or feed your position in a bit at a time just in case your wrong or enter/re-enter ?

OK thats a couple of cheeky questions but I am a rookie :cheesy:

This morning doesn't count. I had decided to short before the market opened. I wasn't surprised to see it jump in the first bars, it often does that. I knew the market wouldn't like the NRK news, especially on the weekend.

Normally, I use 15' and 5' charts but have a look at the hourly and 30' beforehand to spot the possible turning points, if I can. Not had a good week, though, so be warned.:( Had an excellent first week in Sept. After that mediocre. I have to be very sure of myself before I add to a trade. Normally, it's all at once.

Split
 
Good luck Split, hope your still in,
thanks for answer , your right about this morning and weekend etc

I am going to have to write a rule to cater for this , like a clause that alows me to take no brainer trades, thats it the no brainer rule based on market sentiment ill back test it and see how I do its bound to make more than I made this morning ahhhhhhhh!
 
Good luck Split, hope your still in,
thanks for answer , your right about this morning and weekend etc

I am going to have to write a rule to cater for this , like a clause that alows me to take no brainer trades, thats it the no brainer rule based on market sentiment ill back test it and see how I do its bound to make more than I made this morning ahhhhhhhh!

Be careful. If you hear of a major bank in trouble don't jump into a short position the next morning if there is a gap. This morning, there was no gap, which surprised me. I was able to short in relative comfort, without a lot of rush. The index rose until 0820.
 
Be careful. If you hear of a major bank in trouble don't jump into a short position the next morning if there is a gap. This morning, there was no gap, which surprised me. I was able to short in relative comfort, without a lot of rush. The index rose until 0820.

Nice trade Split, have a drink for me
I only made enough for the shoppin being late to the party.:rolleyes: :rolleyes:

must admit it suprised me to, thought it was all priced in and perhaps get to short in an orderly manner later on:idea: to much thought not enough action, ah sh..... your right !

I was just cursin me own over carefull stance, I find if I rush in always seem to be on the end of something nasty and like I said dont do anything in 1st 1/2 hour. I misjudged it could have had a small taste if Id enterered on 1st weekness in the 3 min charts, but trend days aren"t me strongest point, I see all that S & R everywhere.

Still learnin to run those profits I guess.

Have a good weekend and dont spend it all :LOL: :LOL:
 
Look, normally we are right not to trade in the first hour. This morning, for me, was a seat of the pants feeling. I don't want you jumping into trades without thinking about it. Promise! :( I'm sorry I mentioned "no brainer", it might have given a wrong impression :(

Remember that you have a plan but you missed this morning. You still have your money, though, and another day to trade.

Split
 
Look, normally we are right not to trade in the first hour. This morning, for me, was a seat of the pants feeling. I don't want you jumping into trades without thinking about it. Promise! :( I'm sorry I mentioned "no brainer", it might have given a wrong impression :(

Remember that you have a plan but you missed this morning. You still have your money, though, and another day to trade.

Split

Hi Split. :eek: ye I promise

Your response and concern for me and fellow traders reading the posts is much appreciated split,

Friday was quite a big day for me I realise that my method/plan and trading have advanced a lot in the last 6 months, and its a great feeling, :cheesy: :cool: a lot of pieces fell into place on friday and joking apart I think some benifit from the banter may be of use to other traders finding their feet.

I had the same information as you, I got up to look forward to trading the Ftse for my usual 4-5 hours, I remember reminding myself not to trade my opinion, Northern Rock/bad sentiment etc and let the 1st move play out at least, I smirked at your post as the 3min bars scampered your position well into the money, S1 support at 6304 looked 1st stop followed by a test of yesterdays Low, I traded in on yesterdays low after judging the market had found some support (1/3 position) aware I was probably against the trend and price was under the 1st hour range. Nice move back into the range at some speed and I was looking to add at 1st sign of any continued strength. Got a bit giddy and added a little early and got whipped :eek: Breach of hour range and continuation of trend, I exited for small gain, should have been better but the early add did me! Re- entered Full position short looking for a re-test of yesterdays low and maybe last weeks high. Exit 2/3 at yesterday low and final 1/3 at last weeks high. At this point I thought I may get a Swing re-entry in a higher timeframe going back the other way if the price moved under and back up through. The Dow futures were down but it wasnt a mad flap and they were still in touch with days pivot. Anyway not to be. well it was latter but Id gone out by then.

Bit long winded but I want readers to know that I trade my method and rules. The Rules have evolved from my experience trading (lost 1st bank all the usual mistakes made) and are there to protect me and keep me in control at all times while I am trading. They work for me!

I think that the no brainer entry set up needs to be explored a little more, you are a more experienced trader by far than me but in all professions the rules are there to serve as a guide. You were aware that today was a no brainer and looked to profit from the gift horse that presented itself when the market had failed to gap down (experience at work)

I used to do the horses pretty serious in my younger days on course and I never failed to back the horse when the price quoted was better than I expected NEVER, it was a no brainer :p :LOL: I new the chance the horse had in the race and no gossip regarding another competitor was going to put me off.

Split used his method. I used my method we both traded well that day my method is not built to capture the no brainer trade set up or second guess the market but the no brainer setup is just as valid :LOL:
if the person trading it is in full control and knows where the exits are.

Split is right to say that we probably all make trading more complecated than we need to. I realised that after taking part in the posts on the board while trading and e-mailing that I had just carried out my plan on auto pilot the same as every other day in at least the last 3 months. yeeeeeeeeee :cheesy: :cheesy:

Go on tell the readers how many points did you take out of the trade, did you add did you squeek at support where was your exit if it went bad

If it sounds good I might just trade the odd no brainer set up myself with a reduced position of course Split :LOL:
 
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The fact that I was not going by my rules on Friday meant that I was not watching the computer, either. I put a stop just above what turned out to be the day's high and went out for a few hours. As a consequence, when the market recovered for a while around 0900 I, probably would have taken profits if I had been there. As it happened when I turned on the computer around midday it was just doing a double bottom above the day's low. What helped, no end, was that it was getting near lunchtime and I was leaving for work shortly after. I normally close my trades around 1330, at the latest. So I called it a day. So there you are. A hunch followed by the devil's luck in not lowering my stop during the morning.

Split
 
As a comparison to Footsie, on Friday morning, NRK gapped down around 90 points. To short NRK, then, was takng a risk, don't you think? Lots of people did and came out well, but the better bet was with Footsie IMO. I wonder what the SB firms did with NRK's spread? I've been in these scares with certain shares, before. DMGT was one--over a year ago. I was trading them and did not come out well when they made a sudden policy decision overnight not to sell their free press section, after all. One of the reasons to day trade Footsie;)
 
The fact that I was not going by my rules on Friday meant that I was not watching the computer, either. I put a stop just above what turned out to be the day's high and went out for a few hours. As a consequence, when the market recovered for a while around 0900 I, probably would have taken profits if I had been there. As it happened when I turned on the computer around midday it was just doing a double bottom above the day's low. What helped, no end, was that it was getting near lunchtime and I was leaving for work shortly after. I normally close my trades around 1330, at the latest. So I called it a day. So there you are. A hunch followed by the devil's luck in not lowering my stop during the morning.

Split

There we have it :idea: our NO BRAINER SET UP Split.

we wake up with a stong opinion, we just can"t shake it off:mad: :rolleyes:

We aim to profit from our seat of the pants feeling but are aware of the risks involved trading our opinion and forcing our opinion on the market. We dont want to marry it, we want to have a couple of beers and a good one night stand.

RULE 1. We enter on 1st reaction in 5 min bars in line with our opinion
RULE 2. We enter our Stop at a good reference point (max 30 points)
RULE 3. We enter a Limit order at 100 points to take 1/2 profits (good move for ftse)
RULE 4. We GO AWAY until next morning.

We enjoyed all that free time, we took a 100 pts (1/2 position) we check other 1/2 and find we are still in the money which is nice, very nice ! RUN PROFITS

If our opinion is wrong well we did 30 pts, and we will just have to wait for another strong opinion to come over us before we activate the NO BRAINER SET UP :LOL: :LOL: CUT LOSSES (30 points = 2.5 % of bank)

back to the hard slog and all that S & R :confused: :confused:

Is that ok Split ? is it safe, feedback and modifications welcome,
 
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As a comparison to Footsie, on Friday morning, NRK gapped down around 90 points. To short NRK, then, was takng a risk, don't you think? Lots of people did and came out well, but the better bet was with Footsie IMO. I wonder what the SB firms did with NRK's spread? I've been in these scares with certain shares, before. DMGT was one--over a year ago. I was trading them and did not come out well when they made a sudden policy decision overnight not to sell their free press section, after all. One of the reasons to day trade Footsie;)

errrrr" I dont know , Im just a Rookie all those abbreviations have got me stumpted :eek:

sorry I just noticed Junior Member :cheesy:

Off to watch me lad play footy catch you next week sometime, Stay Lucky, and let me know if you get one of those seat of the pants feelings could do with a big hit going on Jollies in a bit
 
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you guys try out your no brainer trading this morning?
I thought I did .. wanted to get long ASAP .. but I now see my indicator was good this morning.

Yesterday I traded against the trend, my indicator looked like it was going to give me a long at one point .. I anticipated, I was wrong .. and I ignored my stop loss again!! .. anyway I got out of jail and only lost 7 points net yesterday after a trade on the DOW later ..
today was too nice . 48 points in two trades, both longs, both look good on the indicator .. now I am obligated to spend the rest of the week giving it back :LOL:

I did not wait for the stochs to cross below the 24 line, which usually gives me more confidence for getting long, it crossed somewhere in the mddlle , but I just 'knew' there would be a second run up this morning ..

now I may wait till the US interest rate decision

good luck all
 
you guys try out your no brainer trading this morning?
I thought I did .. wanted to get long ASAP .. but I now see my indicator was good this morning.

Yesterday I traded against the trend, my indicator looked like it was going to give me a long at one point .. I anticipated, I was wrong .. and I ignored my stop loss again!! .. anyway I got out of jail and only lost 7 points net yesterday after a trade on the DOW later ..
today was too nice . 48 points in two trades, both longs, both look good on the indicator .. now I am obligated to spend the rest of the week giving it back :LOL:

I did not wait for the stochs to cross below the 24 line, which usually gives me more confidence for getting long, it crossed somewhere in the mddlle , but I just 'knew' there would be a second run up this morning ..

now I may wait till the US interest rate decision

good luck all

:LOL: Looks like it's your day! I've got a brain, today, I'm trying to lose it!

Split
 
you guys try out your no brainer trading this morning?
I thought I did .. wanted to get long ASAP .. but I now see my indicator was good this morning.

Yesterday I traded against the trend, my indicator looked like it was going to give me a long at one point .. I anticipated, I was wrong .. and I ignored my stop loss again!! .. anyway I got out of jail and only lost 7 points net yesterday after a trade on the DOW later ..
today was too nice . 48 points in two trades, both longs, both look good on the indicator .. now I am obligated to spend the rest of the week giving it back :LOL:

I did not wait for the stochs to cross below the 24 line, which usually gives me more confidence for getting long, it crossed somewhere in the mddlle , but I just 'knew' there would be a second run up this morning ..

now I may wait till the US interest rate decision

good luck all

Great stuff ! Where did you go long ?
 
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