Message For Ftse Traders......

Hi mEmmerrr, why not place buy/sell orders either side of the S/R levels and let the price execute thouse orders ?
That way as a trader you will be prepared for any eventuallity.
Just passing on some thoughts M8
 
kitejedi said:
Yes - but got in late @ 4177....
Click to expand...

Just moved stopped up to break even. Looking for the price to reach the big number....

Have placed a buy order at 4205 as well in case the market tries to fade the gap (unlikely I know) but worth having that base covered....

Would welcome comments from those more experienced?
 
kitejedi said:
Just moved stopped up to break even. Looking for the price to reach the big number....

Have placed a buy order at 4205 as well in case the market tries to fade the gap (unlikely I know) but worth having that base covered....

Would welcome comments from those more experienced?
Click to expand...

Closed for 23 points @ 4200.

Now waiting to see if price reaches my next order at 4205 to start an attack at today's opening gap.....
 
kitejedi said:
Closed for 23 points @ 4200.

Now waiting to see if price reaches my next order at 4205 to start an attack at today's opening gap.....
Click to expand...

Also have a sell order at 4173 in advance of the market trying to review this morning's appetite for lower prices. Stop at 4193 and target 4153
 
uksnowman said:
KJ, what do you have as S+R levels today?
Click to expand...

What I am doing is trading around the Initial Balance as derived (on the whole) from the trading range within the 1st hour of the day. Today on the FTSE I have the range as 4201-4154. In effect these are my S&R levels. My strategy is to trade long above resistance, short below support and also trade inside these levels as price bounces off them. The other key figure is the mean price (Point of Control) which I calculate as approx 4177. IMO prices passing through this figure add conviction to the way price is moving. In other words as price passed through POC I went short - as I'm risk averse having been smashed yesterday I waited till price was well through POC and went short at 4173.

KJ

P.S. I also cross reference with IB on the Dax
 
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The one question mark today, as I see it, is whether support really is at 4154 or is it really at 4177. Calculating Initial Balance can be subjective and I have no idea what a Market Profile expert would say about the spikes early on in the day.....
 
kitejedi said:
The one question mark today, as I see it, is whether support really is at 4154 or is it really at 4177. Calculating Initial Balance can be subjective and I have no idea what a Market Profile expert would say about the spikes early on in the day.....
Click to expand...

Thanks for the explanations, time for me to get reading!
 
4170 pivot not going to hold.................we keep smashing door and its eventually going to break!!

4123 pivot is my next target.......

I have been shorting all morning and have done well........

sorry for not posting guys but i am well behind on my work for the week so i have to catch up....

been trying to sort out home insurance for my house....real nuisance!!
 
banking and construction stocks are keeping the FTSe afloat...........waiting for a sell off there and then we really are going to tank!!
 
uksnowman said:
KJ, what do you have as S+R levels today?
Click to expand...

Hi Snowman,
As promised this is what my screen looks like. No indicators!!

Trading Screen.jpg

All the best
KJ
 
This morning has been a whipsaw for me. I've just been stopped, but have only had one short trade which I wanted to hold for the day. The trade ended at break even and I shall do no more until tomorrow.
 
13 minutes and counting.....

I have a short order at 4163 - target 4133 - stop 4193
 
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