FTSE 350 Spreadbet Journal

[think-it-thru]

Thank you for your kind words Dan.
I use Sharescope too. I dont spend an hour or two though, but I should, I need to make the time.
What moving averages do you use and do you use any filters on Sharescope?

 

[dan1986ccfc]

I tend to only hold stocks for a few days . I only spend an hour looking through the ftse 350 and managing my open trades. The other hour I try to learn something new about trading

(Its been different recently as I have been off work and dabbling in intra-day trading :whistling)

I use 20sma 50sma and 100sma. I wait for crossovers. Its been mixed success really and its still very much in the early stages. I'm trying to get my head round rsi and adx and try and incorporate one or both of these.

As for filters, do you mean like the data mining section? I've tried to use it but am finding it difficult. Sharescope is such a complex program its gonna take some time to get used to it!

Keep up the thread- I'll be reading. One day I will begin my own

Regards, Dan

 

[think-it-thru]

I have had a rethink about my strategy
I hadnt had a written plan, which now I have and I realise it helps me keep focus.
My plan is to look at the sectors in the FTSE 350 and buy stock positions in the rising sectors and sell short stock positions in the falling sectors.

I have pending orders on the following stocks.

Longs

VOD
DRX

Shorts

MNDI
TALV
POG
REX
BPTY
FGP
MAB
MARS
NEX
TCG
TT.
LLOY
RBS
RSL

Current P/L £-125.01

 

[tomorton]

I hope you have pending stops too, at least mental stops. Pending limits would also help - you don't want the money to go back into the market.

Setting a multiple range of orders is one thing - beware the morning when they all trigger at once.

 

[think-it-thru]

I hope you have pending stops too, at least mental stops. Pending limits would also help - you don't want the money to go back into the market.

Setting a multiple range of orders is one thing - beware the morning when they all trigger at once.

Hello there Tom, thank you for your reply.
I have set stops too , but no limits, it would be a few days at least before my limits would be reached and when that happens ill set a trailing stop to lock in some profit but allow the trade to stay open if there was more room. Thats the theory anyway. Im more diciplined this time as in im checking these twice a day.

 

[think-it-thru]

My Orders that have been filled

LONG

VOD 177.86
DRX 565.83

SHORT

LLOY 26.23
MARS 91.73
FGP 313.38
TT. 158.75
POG 700.39
TALV 229.17
GLEN 412.37
IAG 154.52
BPTY 136.17
MAB 225.40
REX 346.99

 

[think-it-thru]

More Shorts that have been filled

RBS 20.77
MNDI 443.16
TCG 14.44
BRSN 408.44
NEX 211.81
RSL 249.78

 

[think-it-thru]

Shorts that were stopped out at a loss
BPTY
FGP
BRSN

I need a bigger bank to leave wider stops. Also I shorted these for a reason and that reason still holds good , so ill look for a re entry into the trade, but I have to double check its not a revenge trade.

How much of your total capital do you guys leave exposed at any one time?

Im not risking more that 2% on any one position but im wondering how much equity is "safe" to have exposed?

 

[think-it-thru]

Shorts that were stopped out at a loss
BPTY
FGP
BRSN

I need a bigger bank to leave wider stops. Also I shorted these for a reason and that reason still holds good , so ill look for a re entry into the trade, but I have to double check its not a revenge trade.

How much of your total capital do you guys leave exposed at any one time?

Im not risking more that 2% on any one position but im wondering how much equity is "safe" to have exposed?

 

[neil]

I have had a rethink about my strategy
I hadnt had a written plan, which now I have and I realise it helps me keep focus.
My plan is to look at the sectors in the FTSE 350 and buy stock positions in the rising sectors and sell short stock positions in the falling sectors.

I have pending orders on the following stocks.

Longs

VOD
DRX

Shorts

MNDI
TALV
POG
REX
BPTY
FGP
MAB
MARS
NEX
TCG
TT.
LLOY
RBS
RSL

Current P/L £-125.01

Have a look at these approaches to the market. These are approaches not "systems" so use your discretion. Remember the toughest nut to crack is yourself. Apologies for the amount of material to be read but you may feel it worth it after summing up the courage to plough through it. Good luck.

(I know it refers to forex but price action also applies to other traded instruments)

No need to spend money - just read the free content (that, alone, will take up a few winter evenings ).
http://www.trade2win.com/boards/forex-strategies-systems/135906-forex-trading-approaches.html
Good luck and take it slowly - always know what you are risking before trading (use stops).

 

[think-it-thru]

Have a look at these approaches to the market. These are approaches not "systems" so use your discretion. Remember the toughest nut to crack is yourself. Apologies for the amount of material to be read but you may feel it worth it after summing up the courage to plough through it. Good luck.

(I know it refers to forex but price action also applies to other traded instruments)

No need to spend money - just read the free content (that, alone, will take up a few winter evenings ).
http://www.trade2win.com/boards/forex-strategies-systems/135906-forex-trading-approaches.html
Good luck and take it slowly - always know what you are risking before trading (use stops).

Thank you Neil for your reply , I will check that information out.
Its nice to get feedback, thank you again.

 

[think-it-thru]

I had 2 more shorts stopped out at loss.
REX
TALV

 

[think-it-thru]

I had another short stopped out at a loss
MNDI
With hindsight, I had 19 shorts and 2 longs and I "thought" the market was going down.
However I should have hedged with more longs perhaps.

 

[isatrader]

Hi think-it-thru I've got a stock thread on here which might help you. Here's the link: http://www.trade2win.com/boards/tec...an-weinsteins-stage-analysis.html#post1675630

 

[think-it-thru]

Hi think-it-thru I've got a stock thread on here which might help you. Here's the link: http://www.trade2win.com/boards/tec...an-weinsteins-stage-analysis.html#post1675630

Hello there isatrader
Thank you for the link, I will take a look at it.

 

[think-it-thru]

My DRX long was stopped out at a loss.

The Vix is high, markets rallying with less volume, are we due for a correction?

 

[isatrader]

My DRX long was stopped out at a loss.

The Vix is high, markets rallying with less volume, are we due for a correction?

Do you mind if I ask your reasons for going long DRX and and at what price?

A correction is possible in the short term as multiple markets are testing key levels and have got a little extended. However, that doesn't guarantee that it will happen at all or that it will be anything more than a pullback to value if it does. You just need to watch how prices react at these key levels and react accordingly.

I'm a big fan of market breadth and look at a number of charts every week to help gauge market participation. Currently 83% of stocks are above their 50 day moving average, 70% are above their 150 day moving average and 58% are above their 200 day moving average in the entire New York Stock Exchange. All of these figures have been gradually rising since December. So in the short term the market is very near the top of it's range, however, it doesn't mean it can't stay in this range for a while as you can see from the charts below, and continue to move higher as the medium term moving averages show that that they have plenty of room still. But what it does show is that risk is higher in the short term so you need to be cautious imo and have a plan for how you will deal with a correction if it does happen.

 

[think-it-thru]

Do you mind if I ask your reasons for going long DRX and and at what price?

A correction is possible in the short term as multiple markets are testing key levels and have got a little extended. However, that doesn't guarantee that it will happen at all or that it will be anything more than a pullback to value if it does. You just need to watch how prices react at these key levels and react accordingly.

I'm a big fan of market breadth and look at a number of charts every week to help gauge market participation. Currently 83% of stocks are above their 50 day moving average, 70% are above their 150 day moving average and 58% are above their 200 day moving average in the entire New York Stock Exchange. All of these figures have been gradually rising since December. So in the short term the market is very near the top of it's range, however, it doesn't mean it can't stay in this range for a while as you can see from the charts below, and continue to move higher as the medium term moving averages show that that they have plenty of room still. But what it does show is that risk is higher in the short term so you need to be cautious imo and have a plan for how you will deal with a correction if it does happen.

Hello there isatrader
Thank you for your reply
No of course i dont mind you asking, I will be glad of any feedback.

My reasons for going long DRX
I think it is in a good sector
Energy prices were rising until the govmt. put a cap on prices.
It has less debt than profit or turnover.
It has rising div and profit in the last year.
The price moves above the 200dma in Dec 2010.
I had a look thru the news stories and company reports ans they seemed positive.

On the 4th 12 2011 i places a buy stop at 565.83 which was close to the recent high on the 29th Nov which closed at 567.95 and put a stop loss at 511.57 which was fairly well below the previous s/r levels of 530ish.

Im not sure wether to put another buy stop in at the 525 level, now that the price has just bounced up from near the 200dma level.
The prices I quote are from cityindex

 

[isatrader]

My reasons for going long DRX
I think it is in a good sector
Energy prices were rising until the govmt. put a cap on prices.
It has less debt than profit or turnover.
It has rising div and profit in the last year.
The price moves above the 200dma in Dec 2010.
I had a look thru the news stories and company reports ans they seemed positive.

On the 4th 12 2011 i places a buy stop at 565.83 which was close to the recent high on the 29th Nov which closed at 567.95 and put a stop loss at 511.57 which was fairly well below the previous s/r levels of 530ish.

Im not sure wether to put another buy stop in at the 525 level, now that the price has just bounced up from near the 200dma level.
The prices I quote are from cityindex

Am a little confused by when you say it moved through the 200dma in December as, as you can see on the chart attached it was a long way above it still? Did you mean the 20dma moving average? Anyway, I agree with you that at the time the sector choice was good and it was retesting it's breakout level from October. And your stop position was fine, as was below a decent amount of support, so even though you lost, it seems like a good trade to me as you followed your plan and were stopped out at your planned exit point.

 

[think-it-thru]

Am a little confused by when you say it moved through the 200dma in December as, as you can see on the chart attached it was a long way above it still? Did you mean the 20dma moving average? Anyway, I agree with you that at the time the sector choice was good and it was retesting it's breakout level from October. And your stop position was fine, as was below a decent amount of support, so even though you lost, it seems like a good trade to me as you followed your plan and were stopped out at your planned exit point.

Thank you for your reply isatrader.
As I am learning by myself here, as in im reading books, pdfs, looking at videos etc.
I have not been to any training seminars or anything like that. So its nice to hear that it wasnt a bad trade, even though the market told me I was wrong.

When I was on about the 200dma I meant Dec 2010 as in the price crossed it then so I could see that it was in a fairly long term uptrend from then.

Im still not sure about getting in again on DRX