The transition to Futures trading

[barney]

I got short at 6748.

Triangle forming here. Interesting to see if it breaks lower or not.

No huge break down on open.

Got a bit burned chasing shorts on the Dax tonight ... everything looks short term Bullish on the Index's at the moment (very short term that is ) ..... Short tonight's highs if you can spot them would be a safe trade imo

Currently Short the GBP/USD, but its hovering around highs so there will be some volatility b4 it sorts out the next leg/direction.

 

[Market Sniper]

Got a bit burned chasing shorts on the Dax tonight ... everything looks short term Bullish on the Index's at the moment (very short term that is ) ..... Short tonight's highs if you can spot them would be a safe trade imo

Currently Short the GBP/USD, but its hovering around highs so there will be some volatility b4 it sorts out the next leg/direction.

Hey Barney

Do you usually trade the DAX? Ive been having a bit of a look at it lately and it is very jumpy with the volume.

Cheers

 

[pavilion103]

Trick night tonight!

 

[pavilion103]

Down 15 points (about 4 trades in total trying to get 2 contracts on)

Just took another 6748, stop 6752.5 (one contract)


Contextually I like the setup.

I still feel the shortside is where it is heading.

Fingers crossed for this one.

 

[VSntchr]

Support being tested now PAV..good luck on the short..

 

[barney]

Hey Barney

Do you usually trade the DAX? Ive been having a bit of a look at it lately and it is very jumpy with the volume.

Cheers

Howdy MS ..... I love the Dax .... but I shouldn't trade it ..... When I use it as a reference against other Index's it is great, but as soon as I try and take cash out of it I usually get burned. I initially set the FTSE short against the Dax long early tonight which was the correct analysis .... For some reason I sabotaged myself ... yet again! It's not really funny but hopefully it will teach me to respect price action first rather than some assumption that things are changing when they aren't.

 

[pavilion103]

Down 15 points (about 4 trades in total trying to get 2 contracts on) Just took another 6748, stop 6752.5 (one contract) Contextually I like the setup. I still feel the shortside is where it is heading. Fingers crossed for this one.

Out BE

 

[CanOz]

Howdy MS ..... I love the Dax .... but I shouldn't trade it ..... When I use it as a reference against other Index's it is great, but as soon as I try and take cash out of it I usually get burned. I initially set the FTSE short against the Dax long early tonight which was the correct analysis .... For some reason I sabotaged myself ... yet again! It's not really funny but hopefully it will teach me to respect price action first rather than some assumption that things are changing when they aren't.

Are you trading the dax or the German 30? If it's the cfd, are the spreads affecting you?

Personally I have more success being able to use the dom to get the best price, it's a hard market, fast and thin....can't imagine using a cfd...good luck though...

 

[barney]

Are you trading the dax or the German 30? If it's the cfd, are the spreads affecting you?

Personally I have more success being able to use the dom to get the best price, it's a hard market, fast and thin....can't imagine using a cfd...good luck though...

Howdy Can,

Trading the Dax30 on Axitrader MT4 platform and German30 CFD on City Index ..... Spreads are good at 1 tick ... No DOM of course, and only synthetic volume only on the MT4 ... no volume on the CFD's

Analysed the price action well early tonight then traded it like a boofhead Only started trading Index's recently to supplement my Forex losses lol ..... Plenty of room for improvement

 

[pavilion103]

FTSE analysis.


The last time price was around this level - 24th January 2014

 

[pavilion103]

FTSE analysis - current daily chart

Food for thought....

 

[Caveroute]

This is what I see on my plate ....

 

[pavilion103]

Very nice analysis.

Where have you been? Haven't seen you posting much!

 

[pavilion103]

In light of the above posts of the market analysis. I've decided that tonight was a time to be aggressive.

3 contracts with an average price @ 6788

The plan is to hold 2.

I just took one off at 6775 which was the next support level down from the last couple of trading days.

The 13 point profit then covers the risk on the initial 2 contracts because I want to hold at this time.

I'm prepared to give back the rest because I believe we could be at a critical point on the longer term chart.


Who knows if this will push back higher again but ideally if this keeps falling. I'd love to leave one as a position trade and maybe take one off a bit further down.

This is all best case scenario and I could well get taken out at my initial stop!

 

[Caveroute]

In light of the above posts of the market analysis. I've decided that tonight was a time to be aggressive.

3 contracts with an average price @ 6788

The plan is to hold 2.

I just took one off at 6775 which was the next support level down from the last couple of trading days.

The 13 point profit then covers the risk on the initial 2 contracts because I want to hold at this time.

I'm prepared to give back the rest because I believe we could be at a critical point on the longer term chart.


Who knows if this will push back higher again but ideally if this keeps falling. I'd love to leave one as a position trade and maybe take one off a bit further down.

This is all best case scenario and I could well get taken out at my initial stop!

Hi Pav, I actually posted the wrong file, the file proper had more detail but not to worry the premise remains the same.

Were still range bound, so lets see how things unfold. Patience is the key.

ah patience ............

I've been around btw, just spend more of my time on 'price action' sites, we all talk the same language there.

 

[pavilion103]

Net result of 4 points profits haha.

Not too exciting tonight!

 

[cynic]

Net result of 4 points profits haha.

Not too exciting tonight!

That's okay Pav. You can always find plenty of excitement on rides at your local theme park. Trading is better reserved for income generation.

I find that too much market excitement tends to murder my profitability.
My DAX grail was thoroughly challenged this past week.
Just about every time that Draghi opens his fat gob, my open P&L suddenly drops 4 figures!
I could certainly do with a lot less of that type of excitement!

 

[pavilion103]

That's okay Pav. You can always find plenty of excitement on rides at your local theme park. Trading is better reserved for income generation. I find that too much market excitement tends to murder my profitability. My DAX grail was thoroughly challenged this past week. Just about every time that Draghi opens his fat gob, my open P&L suddenly drops 4 figures! I could certainly do with a lot less of that type of excitement!

I dunno.... Making profit excites me

 

[pavilion103]

Friday's initial setup analysis.

 

[pavilion103]

Spent a number of hours today analysing opening setups and reading Al Brooks.

I've gotta say in terms of futures trading, Al Brooks Reversals book is hands down the best I've read. Specifically reading about trading the open (about 100 pages), amazing. Much of his work confirms exactly what I've discovered through studying price action, and much has opened my eyes to even more.

As has been stated before, it's quite a heavy read, but as my understanding grows it becomes much easier to understand. I have highlighted and underlined so much and made plenty of notes. I will be referring to this many many times. An absolute gem.




His two other books are Trends and Trading Ranges, but in terms of what I am doing with the FTSE, I think Reversals will be far and away the most beneficial. If I could choose one book it for futures trading education it would be this one.