The transition to Futures trading

[pavilion103]

Last night's final trade.

I made a mistake this morning. I wasn't kept in by a tick. I looked at the chart wrong. It took off from the start.

I took 2 contracts. No idea why I lifted one not long after for about 10 points. I think I was stupidly trying to get myself to BE for the day. Idiot. Cost myself 80 points!

 

[pavilion103]

My position trade FTSE

 

[pavilion103]

My position trade SPI

 

[pavilion103]

6400 crucial level.

Let's see if it tests 6450.

Hoping it doesn't go above that!

 

[pavilion103]

Down 15.
Probably a few more points than I should have been.

In one now at 6483.

Will only risk another 5.
No easy night!

 

[tech/a]

PAV

I have some questions on your SPI trade.

What does your analysis tell you?
In which time frame?

Click to Expand

 

[pavilion103]

I'll take a look Tech this morning.

Some big errors last night. Market watching cost me.

I exited both position trades!! Broke my rules.

Had the sense to get back in the FTSE one pretty much where I exited it.

SPI one, not so fortunate
I see it has smashed down.
Got in and out a couple of times. Very poor.

Screen watching is a killer. Leads to irrational decisions.

 

[pavilion103]

Tech, did you mean the volume was bullish? That it was holding at those levels and had to push up a bit like it did last night?

I wasnt quite sure if that's what you meant?

 

[tech/a]

Tech, did you mean the volume was bullish? That it was holding at those levels and had to push up a bit like it did last night?

I wasnt quite sure if that's what you meant?

Sorry PAV just saw this post.

Yes I did.
I haven't got any subsequent chart so cant see where it turned or how far it went.
But the up move wasn't finished when this chart was first posted.
Can you send me the rest?
In the same time frame?

 

[pavilion103]

Sorry PAV just saw this post.

Yes I did.
I haven't got any subsequent chart so cant see where it turned or how far it went.
But the up move wasn't finished when this chart was first posted.
Can you send me the rest?
In the same time frame?

Might not have time tonight as I'll be out but I will do it.

Interesting night ahead too.

 

[pavilion103]

Night off.

No setups anyway in first couple of hours.
Ranges wide.

 

[tech/a]

Still got that position trade PAV.

 

[pavilion103]

Still got that position trade PAV.

Yes short 6544.

SPI I shot myself closing the one at 5400.
Got on one yesterday at around 5350.
That level may still be under threat.


General thoughts from here?

 

[pavilion103]

And does anyone know why the DAX is (relatively) so strong?

 

[avion]

And does anyone know why the DAX is (relatively) so strong?

Didn't have something to do with European courts ruling in favor of QE...

Or was that yesterday news, not sure...

 

[pavilion103]

Didn't have something to do with European courts ruling in favor of QE...

Or was that yesterday news, not sure...

Yeh that is what I was thinking.

I saw the article and thought that must have been it last night.

 

[pavilion103]

Lifted the SPI for 65 points.

Although I think there is a strong chance my stop could hold, it is not in a good technical place. If I had it at the top I would continue to hold.

I still have 1 FTSE which I am not touching under any circumstances.

Guaranteed and consistent profit is the key for me.
I don't need to make $300,000. I need to make consistent profit of $1,000-$2,000 per week.

 

[tech/a]

Lifted the SPI for 65 points.

Although I think there is a strong chance my stop could hold, it is not in a good technical place. If I had it at the top I would continue to hold.

I still have 1 FTSE which I am not touching under any circumstances.

Guaranteed and consistent profit is the key for me.
I don't need to make $300,000. I need to make consistent profit of $1,000-$2,000 per week.

Fair enough.

 

[ThingyMajiggy]

Lifted the SPI for 65 points.

Although I think there is a strong chance my stop could hold, it is not in a good technical place. If I had it at the top I would continue to hold.

I still have 1 FTSE which I am not touching under any circumstances.

Guaranteed and consistent profit is the key for me.
I don't need to make $300,000. I need to make consistent profit of $1,000-$2,000 per week.

65 points on the SPI, great stuff, sounds like you're killing it. What's your win %? What would you say is your "method" of trading, seems to be like trading around the right areas and using a bit of volume/VSA?

Keep it up

 

[pavilion103]

65 points on the SPI, great stuff, sounds like you're killing it. What's your win %? What would you say is your "method" of trading, seems to be like trading around the right areas and using a bit of volume/VSA?

Keep it up

I find the SPI quite challenging to be honest. I think it's a lot more unforgiving than the FTSE. I find myself getting chopped much more. Best to wait for very good setups, whereas with the FTSE I can take more risks that pay off.

I have actually decided to pull back from the SPI because of my time availability. Trading as often as I am is a little too demanding right now. I think possibly taking position trades in very good spots could still be an option but too much effort day to day right now, even if it is profitable.

I don't record my winning % per trade. I simply record my profit/loss at the end of each day.
A usual distribution for the SPI for me would be probabably between two and three 5-8 point losses per every 30 point win. So not quite as rapid profits at the FTSE. Having said that I don't trade the SPI every single day. It has taught me one thing: How to take limit orders, which is necessary because breakouts are too wide on the SPI and often get chopped.

VSA yes. Price action with some volume analysis also. Mainly basic trading off support and resistance and seeing how price and volume react around these areas. Entering in good RR spots, limiting losses and trading with positive expectancy.