lurkerlurker
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Well I'm -7 over two trades. Annoyed at the second trade - breaking my rules. No premarket trades except on news. I was wrong anyway, and I got out for -8 including a 5 spread.
However, I don't think I'll trade again until perhaps the FOMC announcement. Anyway, stop moaning - there is a nice 30 point trading range that you should be able to take some pips out of until it trends. I'm thinking long (short) on a confirmed break of 540 (495). Either that, or FOMC trend.
I hope there is a nice big fat interest rate rise announced or something...
Good trading all.
Oh, I have my E*Trade account now - 1 point spread on the FTSE (which may make me consider trading it again).
lurkerlurker
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Fomc
Our calendar has it at:
07:15 PM FOMC Meeting Announcement: Federal Funds Rate - Target Level
I would appreciate if someone could confirm that, and that is London time.
Our calendar has it at:
07:15 PM FOMC Meeting Announcement: Federal Funds Rate - Target Level
I would appreciate if someone could confirm that, and that is London time.
Pat494
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Hi LL,
Glad to see you fixed up at last
What is the spread of E*Trade on S&P and Dow please ??
1 point on FTSE is v.g.
lurkerlurker
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Oh, and I'd stay out of the market at the moment. There are some huge blocks changing hands at the bid, yet the market isn't moving. Very high volume. Tick is in a constrained range as well - nothing is happening.
lurkerlurker
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E*Trade spreads
The other spreads are rubbish. 4 on the daily cash Dow (who the heck trades anything other than the futures anyway), a disgusting 8 points on the YMU7 future. S&P: also 4 on the daily cash, 8 on the futures.
The only reason I am still using my TradIndex account (despite the really bad HTML platform) is the "daily future" contracts, where they let you trade the futures prices for the same spread as the cash, but they close you out at MOC. I wish other SB companies would offer them - I use real futures prices on my primary charting app, and I rely on volume too much to use the SB cash prices and charts. It is really disappointing. (I pay 5 spread for the TradIndex YM daily future, against 4 for CMC or E*Trade cash Dow)
I think more of us should petition the SB firms to offer TradIndex style "daily futures". In fact, why they even try and offer a cash contract is beyond me, since the cash isn't traded and they can only hedge in the futures.
How about a Daily Future with the spread they use for a Daily Cash, and the future for the front month with a wider spread + cost of carry?
The other spreads are rubbish. 4 on the daily cash Dow (who the heck trades anything other than the futures anyway), a disgusting 8 points on the YMU7 future. S&P: also 4 on the daily cash, 8 on the futures.
The only reason I am still using my TradIndex account (despite the really bad HTML platform) is the "daily future" contracts, where they let you trade the futures prices for the same spread as the cash, but they close you out at MOC. I wish other SB companies would offer them - I use real futures prices on my primary charting app, and I rely on volume too much to use the SB cash prices and charts. It is really disappointing. (I pay 5 spread for the TradIndex YM daily future, against 4 for CMC or E*Trade cash Dow)
I think more of us should petition the SB firms to offer TradIndex style "daily futures". In fact, why they even try and offer a cash contract is beyond me, since the cash isn't traded and they can only hedge in the futures.
How about a Daily Future with the spread they use for a Daily Cash, and the future for the front month with a wider spread + cost of carry?
lurkerlurker
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Well, I hope your trade works out (and that more importantly you trade your plan).
I see support on 3 15 min bars (maybe even 4), and resistance just being touched a few times. They can't seem to break 24, and every time they get close my BLOCK T&S (>10 contracts) starts filling up like mad with orders transacted at the Bid.
Okay, this is the first time I've seen significant large lots changing at the Ask also. Tick is still making lower highs (and higher lows...) at the moment, so I think we are still range bound.
lurkerlurker
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Wow. Is anyone keeping an eye on Time and Sales? 117, 10, 10, and plenty of smaller orders on the Ask there - yet the price won't move. I'm considering going short. (though I'll need a tick div or firm rejection of resistance first).
lurkerlurker
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Not level two, just time and sales (and current bid/ask volumes). Technically my feed has level II, but my charting software doesn't show level 2 on otFeed.
watson
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Thanks for the input Lurker. May have strayed from my plan here as I feel this could break either way.
lurkerlurker
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Triangles are mostly everywhere. I'm quite bored too - considering trading but I don't have a signal and I'm already down 7 instead of up 1 (my silly rule breaking short - at least I stuck to the plan and rules while in the trade, even though I shouldn't have entered).
I am just going to wait for the FOMC I think. That is later, and I am quite bored meanwhile.
Interesting really - I almost bought 515 there, but no fill. This 5m bar seems quite false to me, and I think there is strength in the market. We have a preliminary higher low here, and we just made a higher high.
I'm being quoted 525 on the ask now (spread covered had I traded, and +5). Wish I had been faster there. Nevermind. Another opportunity later - there is a definite bullish tick div here - maybe that will lead the YM higher.
Kevin21
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i second that lurker, i'm just gonna wait to see what the feds have to say. The range is too tight at the moment, the risk ratio isn't right especially when it comes to actually getting filled at the right prices, plus with cmc theres a 4point spread.
lurkerlurker
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Yeah - I'm paying 5 to TradIndex, but I won't trade a "cash" market. TradIndex have a "daily future" which actually allows you to trade the YMU7 rather than the INDU. I have an account with CMC, and appreciate the more complex orders and tighter stops, but the futures spread is too wide. (8 I think)
I'm waiting until the fed. I'm going to go and wash some dishes, and make some dinner instead of watching the proverbial paint drying here.
Back later.
