The transition to Futures trading

[CanOz]

Lost 9 points. Only trade for the night.

No opportunity to move the stop further.

That's disappointing was looking forward to a nice juicy move!

Too close to the econo news to trade really...

 

[pavilion103]

It's not looking like pushing up here.

 

[mr. jeff]

Lost 9 points. Only trade for the night.

No opportunity to move the stop further.

That's disappointing was looking forward to a nice juicy move!

Hope I didn't sway your thinking I am sitting on a loss with a stop at 6226 just holding to let it play out.
Juicy moves are certainly great when they come along.

 

[pavilion103]

Hope I didn't sway your thinking I am sitting on a loss with a stop at 6226 just holding to let it play out.
Juicy moves are certainly great when they come along.

Nah all good.

I saw it there standing out at me too.

Definitely wanted to take it!

 

[kid hustlr]

Thinking about opening a sell @ 6162 on the FTSE if it gets there if anyone is still awake.

EDIT:

maybe not, dont think there R:R is there and whilst the pattern formation is ok theres not really much volume confirmation.

bed time i think.

 

[pavilion103]

Triangle with bearish characteristics near the resistance level.



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An upthrust on big volume, no demand and most closing near lows.

 

[kid hustlr]

hahaha Pav we really do think a like. I'll let you take this one!

 

[CanOz]

More news out at 1000 EST as well....

I'm thinking we're going to re-test the bottom of the bracket area that we broke from...

Lets see...

CanOz

 

[pavilion103]

More news out at 1000 EST as well....

I'm thinking we're going to re-test the bottom of the bracket area that we broke from...

Lets see...

CanOz

Where do you get the upcoming news announcements from?

Might be handy for me to know!!

 

[pavilion103]

hahaha Pav we really do think a like. I'll let you take this one!

You picked the same setup? Looks toppy!!

 

[kid hustlr]

You picked the same setup? Looks toppy!!

Yeah see my post 3-4 posts above. I didn't like it based on the big consolidation area just below, didnt like the R:R. Looks like you're in though so GET DOWN!

 

[CanOz]

Where do you get the upcoming news announcements from?

Might be handy for me to know!!

I get mine from TradeTheNews.com but there are free sources around, pick a forex site, they all have them, and run Bloomberg radio on in the background...

This is setting up like a retest of the pattern breakout, on all the markets, ES, DAX, FTSE... so watch for a test...

CanOz

 

[pavilion103]

Yeah see my post 3-4 posts above. I didn't like it based on the big consolidation area just below, didnt like the R:R. Looks like you're in though so GET DOWN!

Good points. R:R not great!

Maybe a bit of a marginal trade!

 

[payday]

Hi guys,
My first post here so go easy on me. I am a full time futures trader. Have been for 3 months now. So that gives me a lot of experience - ie take everything I say with a grain of salt. I have traded futures solely for the past 6 years or so. I started out trading Australian shares, then progressed up to CFD's, then discovered that I had a knack of big leverage and handling the many "kick you in the gonads" moments that the market gives you. It's funny but I can't really recall my first futures trade, but I knew that the things that I had learned from trading equities and watching chart patterns would be more highly magnified here in the futures market. The losses would be more, the volatility would be more, reversals would happen faster etc. But after 6 years of which 5 have been highly profitable and 1 year slightly unprofitable (2 FY's ago), I think I made the right move. For me, leverage has been kind to me. It certainly has magnified my losses but more so my profits. I am not a day trader. I tried my hand at watching the tick charts and trading gold and crude oil but found the concentration tough as missing just 1 or 2 trades a day would make all the difference in making that a profitable or nonprofitable day. I trade patterns and my main charts are the daily to look out for flags, pennants, inside days, wedges, triangles etc and divergences on the MACD. I also use MA's to look out for areas of support and resistance. I then "zoom in " on the 30 minute charts to look for entry levels and stop levels. I always set stops limit orders when I place my trade and I am often not even there when the trades are executed. Sounds reckless doesn't it? That's what works for me though. Takes the emotions out of it and allows me to focus on other objective trades. I am also greedy. I always want more. I do set a target limit order of where I think the trade will eventually end up, but I am not stupid enough to believe my own analysis so I always trail my stop down to lock in profits. I often give up a lot of profit in the pursuit of my fantastical, statistically minimal, optimistic target. That probably is the only remaining part of my trading that I haven't got down pat yet - what profit target am I content with? That is my next challenge.
I love this game. That's why I quit my normal day job to do this. It pays more for a start, but I also enjoy it a lot more. And the only person I have to answer to is myself (and my wife if it all falls apart!)
I have learnt these lessons over the years
1) the market doesn't know who you are - or care for that matter
2) don't take it personally when you lose
3) the market is always there - if you miss a trade or get stopped out don't worry. Take the next one. Or the next one. You get the drift.
Patience has been my virtue. Practice has been the hallmark to my success. And I still practice. I still replay market data and look at trades that I missed and how to spot them earlier etc. I just love the boring, analytical, chart watching. Friends often ask me about how I trade, and I tell them in all honesty that I make money by watching squiggly lines on my computer screen. That's it. You just got to know what they are trying to tell you.

 

[kid hustlr]

Good points. R:R not great!

Maybe a bit of a marginal trade!

How did this one go for you? Looks like it might have gone ok?

As an aside, HUGE reversal bar just after midnight Sydney time, would have provided a great entry spot.

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good to see you are going well payday. feel free to post some set ups so we can analyse together.

 

[pavilion103]

How did this one go for you? Looks like it might have gone ok?

As an aside, HUGE reversal bar just after midnight Sydney time, would have provided a great entry spot.

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good to see you are going well payday. feel free to post some set ups so we can analyse together.

Did ok. Closed it before the break down because I wanted to go to bed and didn't want to just hold. Big reversal followed.

I like what the poster above said about the market and opportunities always being there, rather than worrying about missing out etc.

Might be back on tonight. Usually I am on Thursdays.

 

[kid hustlr]

I wont be on tonight unfortunately.

Tech, I don't trade the SPI yet I observed this set up this morning. Do you have a general rule for how many bars are required to warrant a 'consolidation pattern'?

See example in the chart below:

 

[pavilion103]

My question is how does reading volume on the open differ to reading volume during the day? as the first bar is always huge and then seems to decline. Is this distorted in terms of analyzing declining volume? Or is it still valid?

 

[CanOz]

Could be an inside day today boys, US holiday.

Global events could change that too...

Here's my take on the possibilities for your market of choice...

CanOz

 

[kid hustlr]

yeah very good point Can, I need to be more aware of things like that.