FTSE Futures Trading - Analysis and Discussion

[pavilion103]

I have been working on my opening setups and broader strategy.

Some brilliant open setups this week. However, I haven't traded much.

I identified (in emails) the 6710 area as a great place for a long position trade. Price has moved up to 6820 and is now at a critical level. If this breaks through it will be interesting.


There hasn't been much discussion in the futures threads.

 

[pavilion103]

Here is the chart

 

[pavilion103]

My thinking has turned back to the short side now.

Read the market well last night.
Got a brilliant low risk setup.

I had a brain fade and broke one of my rules.

My rules are
1) Stop to BE ASAP (practically possible)
2) Leave it there until the next significant S/R has developed OR I take profit.


I moved my stop a silly 4 points and got taken out by 1 lousy tick!
I deserved it.

What a great place it would have been to have held a position to the short side.

 

[kid hustlr]

hmm yeah bit of an error there.

agreed that in the short term (this week?) short side is probably on but little conviction from me.

 

[pavilion103]

hmm yeah bit of an error there.

agreed that in the short term (this week?) short side is probably on but little conviction from me.

I had no problem taking a clear long bias last week from that support level.

Now we are at such a significant resistance level and have encountered a bit of resistance in the last couple of days so my bias is a short one. I'll be taking only shorts.


Because it is such significant longer term resistance price would now need to break through and retest it and it becomes support before I take a long position from here upwards (that's why my thinking was to exit any long position in the past week at these highs).



So for now short, beyond that, I'll see what the chart tells me by how price reacts at significant levels.

 

[pavilion103]

Eventful night.

At one stage down 30 points with open positions.
Then up 100 on 2 contracts.
Lifted one for 40.
Left the other and it took me out.

Ended up about 15

Different story if I had lifted both at 40 points but don't regret the way I traded. Was short biased last night. Didn't expect it to come all the way back. I thought worst case I probably take it off for 20 points in the morning.