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The transition to Futures trading

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Regarding the use of the opening range on the FTSE. Using a 1.5 hour opening range trading system, active only after the last daily bar was the narrowest range bar of the previous 5, you can see how effective the opening range is on the FTSE over the last year. First chart is 1:1 risk / reward and the second is holding until the opening range begins the next day.
 

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My little fear indicator has changed colors...these are just 240 minute trends of the 6J, 6A, DX, ZB, and ZN
 

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Much stuffing around from me tonight.
Didn't take the initial entry I saw at 42. Would have been a good place to leave stop at BE if I wanted it to run.
In and out of 2 contracts.
Stuffed around to be down 12 points.

Currently in one @ 6626, stop 6631.5

Price hovering around 6615 at present.
 
I reckon there wouldn't be too many times that the FTSE closes on its low in the hour leading up to the US open. There must be a good portion of traders wanting to take profits before the US starts trading.

Thats my thinking anyway...
 
I'm out.

Finished 10 points down for the night.

Damage limitation after missing a good trade early and closing out of another!

Interested to see where this finishes tomorrow morning.
 
+24 net tonight, should have been taking the shorts and less of the longs
 

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Meanwhile, in the amateur corner...



Wasn't home for the open. One failed attempt to go short. One successful short that I couldn't decide if I should let run or take a quick 10 points - Did neither and got 8.

Considered one short on some weakness that I didn't take because we were at the low of the day.

Tried to take the next short at the top of the channel for a quick ride to the bottom of the channel. Too slow getting the order in. I need to setup my hotkeys/presets.

The run back to the top of the channel looked strong and I wanted to go long - target 6626.5. But didn't because I didn't really see a good reversal besides the fact that the recent few bars looked strong.

I might have been looking too hard for reasons to get in tonight, after sitting on the side all last night watching two smooth trends unfold.
 
lol Lone I took the EXACT same short (like to the tick, same entry and stop) as your first short. Pav told me my stop was too tight and he was right.


just though it was funny
 

That's pretty awesome results for something so simple, especially the second one. Is the max drawdown figure correct? looks a little low
 
Lone Wolf said:
Meanwhile, in the amateur corner...


Tried to take the next short at the top of the channel for a quick ride to the bottom of the channel. Too slow getting the order in. I need to setup my hotkeys/presets.
Click to expand...

Why? You guys need to dump the commsec mentality of trading and use the DOM. Its one click and you are in with bracket stop and limit orders.

I mean really what is this too slow.
 
havaiana said:
That's pretty awesome results for something so simple, especially the second one. Is the max drawdown figure correct? looks a little low
Click to expand...

It's in points....
 
kid hustlr said:
lol Lone I took the EXACT same short (like to the tick, same entry and stop) as your first short. Pav told me my stop was too tight and he was right.


just though it was funny
Click to expand...

Nice to know that at least someone had the same idea.

I’m not actually bothered by it though. I saw what I thought was a potential entry short. But when it reversed I had no idea if short was still the theme for the day or if we were continuing higher.

I’d rather take a small loss and wait for clarity than to hold through a larger drawdown and hope that it comes back. I’ll probably change my tune when I gain more experience, but at the moment with my crap entries the only thing keeping my demo account out of the red is the fact that I don’t lose much when I lose.


Trembling Hand said:
Why? You guys need to dump the commsec mentality of trading and use the DOM. Its one click and you are in with bracket stop and limit orders.

I mean really what is this too slow.
Click to expand...

I wouldn’t lump me with the other guys, I’m sure they’re doing fine. But you’re right, I need to use the DOM.
 
After an impulsive move down off the open and a chop back up, I tried for a short at 6623 on a limit order when price had stalled. 3 points risk.

Initial target was 6606, but I lost my nerve when for a while it struggled to gain any momentum. Closed out for +10.5.

There was an opportunity to get back in for another 10 points. No real reason why I didn't, probably the same reason I exited - fear.

 
Got the short around 6620 last night.

Held when I went to bed.

Woke up and stupidly closed at 50 point profit.

The problem was that I had no rule.

New rule - if I hold I don't check it in the middle of the night.

All good though. 50 points isn't bad.
 
Over the weekend I'll post a chart of the trade from last night.

I was a whisker away from taking a second contract. But all good.

It just shows the potential. Could have easily been a few thousand with a little luck.

Being new to taking 2 contracts I'm a little hesitant at times. But this will change with experience.

Very excited at the moment
 
pavilion103 said:
Just need to reinforce the key parts of my plan that I need front of mind!
Click to expand...

Yeah I do that too. Have things that I am working on with a big conscious effort. More so than all the 100s of other things that I'm also trying to improve on.
 
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