The transition to Futures trading

[Trembling Hand]

So it then essentially became a gamble on the news?

If it was bad I would have got my outcome.
If it was good it was going to take me out

No thats not what I was talking about. You were looking for a 60 tick move in a revision to the mean market. Wrong time and wrong trade.

 

[CanOz]

Think about the participants, the market. There was simply no way in the world that the market was going to go on with that trade as everyone was standing aside waiting. That leads to reversion to the mean...... just about every time. You either scrap for ticks or you don't trade it.

Nice little tidbit there TH....

 

[CanOz]

Might be a quiet start to the week, not allot of news out. Perhaps we gap down though, as Asia did on the default news...We've had quite a few directional days lately, being Monday maybe we gap down and rotate around until the US opens...

 

[beachlife]

Please give me feedback on this.
Friday's trade.

Target was 6700ish.
Got in 6666.

It was up 38 points at a maximum.
Ended up as a breakeven trade.

Notes on chart. My thinking during the trade and why I didn't take profit.

View attachment 57153

To me it looks like you wanted a 60 point return for a 5 point risk, so longer term target, short term stop, and then became so set on the target, that you ignored what the chart was saying. It was the exit strategy that let you down, not the entry.

 

[pavilion103]

Does anyone know how the pre-market trading works?

Is there anything to know?

It closes 10 mins before the actual open?

Anything else?

 

[CanOz]

Does anyone know how the pre-market trading works?

Is there anything to know?

It closes 10 mins before the actual open?

Anything else?

I can't speak for the FTSE but i thought it was the same as the DAX. The DAX futures open at 3:00 PM My time and trade for one hour prior to the cash equity market open. During this time the contract is not really that liquid so i don't trade until after the cash equity market open.

Check out the exchange website for the FTSE details[/URL].

 

[pavilion103]

I can't speak for the FTSE but i thought it was the same as the DAX. The DAX futures open at 3:00 PM My time and trade for one hour prior to the cash equity market open. During this time the contract is not really that liquid so i don't trade until after the cash equity market open.

Check out the exchange website for the FTSE details[/URL].

Thanks

 

[CanOz]

I hear this book being advertised on Bloomberg allot....might be a good reference.

 

[pavilion103]

Tonight's action.

 

[CanOz]

Did better than me mate...I tried to fade the gap close and got slammed with slippage when they ran the stops...me included...then nearly had the ame thing done again as i sold the prior VWAP, but luckily i managed the to take the heat and it dropped...

Net 13 points for the night. Only had 1 trade on the DAX, a Hockey Stick +6.5 points net

 

[pavilion103]

This is insane. I'm up at 12:30am.

My usual bedtime is 10-10:30pm!

I'll post all charts on Wednesday probably because I won't be trading tomorrow night.

I've taken a fair bit of profit.
I'll explain what I intended to do and what I did.
I'd love feedback. It would be hugely appreciated.

I'm currently 55 points in profit ($1,020).
I've got 1 contract left and my stop is 10 points away.
6995.5

So a guaranteed 45 points for the night.


Worth staying up for but I am going to pay for it tomorrow! :1zhelp:

 

[pavilion103]

Closed out.

Final trade exited 6670.
Couldn't leave 50 points open.

Total profit for the night = 70 points ($1,300)

First night of two contracts near the high = success

 

[CanOz]

Closed out.

Final trade exited 6670.
Couldn't leave 50 points open.

Total profit for the night = 70 points ($1,300)

First night of two contracts near the high = success

Well done Pav, thats a tidy night's work!

 

[pavilion103]

Well done Pav, thats a tidy night's work!

Original plan was the hold the two 6720 trades.

Exit one at 6660 (60 points profit)
Hold the other overnight (not sure where stop would be though maybe 6695.5)

Couldn't do it.
Just too darn tired.
Have to go to bed.

 

[pavilion103]

Glad to see that the market didn't smash down further overnight. US not doing anything crazy.

The only regret last night was taking the profit on Trade 1 @ 83.
The clear target was 60 and there was no signs of the trade slowing down.
But I give myself some mercy because trading 2 contracts and being in that much profit.

It was actually 80 points profit. I miscalculated.

Very happy overall.
Only about 20 points off the best possible outcome if I'd taken profit at 60 and let the other one overnight.
Can't complain with that.


The only one thing is I think this is a medium term short now.
I'd love to be holding on.
Given I won't be on Tuesday and Wednesday night too.
But I think the risk is too great, given that my trades have been intraday trades.
So I'll leave it alone.

 

[kid hustlr]

wowza nice!

 

[pavilion103]

Falling asleep at my desk.

Poor strategic move. Given that I have Wednesdays off work I have no idea why I didn't take leave today!


Does anyone in here use profit take orders (for profit targets)?

Would have worked well last night.
I'll need to get onto that.

 

[CanOz]

Falling asleep at my desk.

Drink some coffee dude. You still had 6 hours sleep

Does anyone in here use profit take orders (for profit targets)?

I always use 4 contracts, the first three are taken off at profit targets and i trial the last one 70% of the time. Occasionally i'll move it to an obvious support/resistance level if i think the move should be nearing exhaustion. You can plainly see this on my trades i post. The entries and exits are indicated by on the chart by Ninjatrader.

 

[pavilion103]

Not used to being up till that late.
Less than 5 hours sleep not enough for me.

Yeh I've seen your various contracts exited at different times.

Wish you were local, would have loved to have had a chat racking your brains like I do with Tech!

 

[CanOz]

Wish you were local, would have loved to have had a chat racking your brains like I do with Tech!

Yeah I've often thought about a Skype group, but then I've been there and done that and its better for me to stay in a quiet space by myself, i've got an ADHD issue as it is

You really need to trade your own ideas, although if your style is similar to Tech's then i can see that making sense.