The transition to Futures trading

[tech/a]

PAV

Knew what to look for just that he didn't trust it.

Volume
Oscillators far too slow .

I don't think it's a longer term short yet.
More to this wave 4 yet.

 

[mr. jeff]

PAV

Knew what to look for just that he didn't trust it.

Volume
Oscillators far too slow .

I don't think it's a longer term short yet.
More to this wave 4 yet.

I don't understand wave patterns but looking at the chart I would say that it is a dangerous prospect either way at the moment with the aggressive moves in the recent time.
I have an opportunistic short at 6280 which was for 20 pts but I am concerned with this action and even though it is in the money it was a risky trade to take.

I posed my question to Pav as a sarcastic remark then followed it up with trade - bad to trade for the sake of it.

 

[CanOz]

PAV

Knew what to look for just that he didn't trust it.

Volume
Oscillators far too slow .

I don't think it's a longer term short yet.
More to this wave 4 yet.

Who posted an Oscillator?

 

[tech/a]

Who posted an Oscillator?

Sorry
Trailing indicators
My error.

 

[pavilion103]

Guys, I'm no pro.

I identified a good setup. I eliminated risk quickly and I was up 40 points in a short time. My lack of certainty and polish stopped me from taking a 30 point profit.

On other nights I've taken 60 and 100 points. Haven't had a big loss.

Not too bad from someone who has been trading futures for maybe less than a month or so!

Take someone else with my level of experience and see how they go! This thread is simply a futures newbie on his journey, posting his progress. I wasn't expecting to be in decent profit as I am so early on.

Keep watching this thread for the next 6 months and we'll see how it goes!

Loving the opinions guys. Good to share thoughts on this. That's why I started it!

 

[tech/a]

Guys, I'm no pro.

I identified a good setup. I eliminated risk quickly and I was up 40 points in a short time. My lack of certainty and polish stopped me from taking a 30 point profit.

On other nights I've taken 60 and 100 points. Haven't had a big loss.

Not too bad from someone who has been trading futures for maybe less than a month or so!

Take someone else with my level of experience and see how they go! This thread is simply a futures newbie on his journey, posting his progress. I wasn't expecting to be in decent profit as I am so early on.

Keep watching this thread for the next 6 months and we'll see how it goes!

Loving the opinions guys. Good to share thoughts on this. That's why I started it!

No you were looking longer term.
Don't worry about the woulda coulda shoulda.

How's your R/R look?
Pretty good I'd suggest.

 

[beachlife]

The problem with this trade is that I was looking at the daily chart and thinking it might be a position trade if it continued to fall so I wanted to give it room. I thought a low risk setup on the daily chart might be an ok play.

But agree that there were some signs and a place to trail it. I was thinking larger time frame which didn't eventuate!

Oh I get it, you are just looking to 5 min to time a better entry for longer term play?

If so then it might be better to get direction, place stop and position size from daily chart, then just time the entry from 5 min chart.

So perhaps your stop was too tight and your move to BE too soon if you have a longer term view of down.

 

[tech/a]

Oh I get it, you are just looking to 5 min to time a better entry for longer term play?

If so then it might be better to get direction, place stop and position size from daily chart, then just time the entry from 5 min chart.

So perhaps your stop was too tight and your move to BE too soon if you have a longer term view of down.

You could be right on every single assumption.

But the point is he is still in the game
Lost a little brokerage.
Isn't lamenting a loss.
Can re view and re set.

 

[kid hustlr]

Nice set up Pav and good trade if you ask me. I like the confirmation of the 60m chart combined with the 5 min. Could you go into a little more detail as to why you took the trade? I assume the reversal bar on slightly higher volume @ 5.30pm (Sydney time) had something to do with it but I'd love a detailed response.

The main reason I ask is that most of your patterns tend to be continuation patterns where this is a reversal so I'm interested in your point of view.

Easy in hindsight for those to question why you didn't take the trade out earlier but if that consolidation breaks lower you look like a genius. It's a fine line!

 

[pavilion103]

I hope to get back to you in this and also your PM this evening. I've been at the screen for about 1 hour total in the last few trading evenings. Tonight in putting aside some time.

 

[CanOz]

Easy in hindsight for those to question why you didn't take the trade out earlier but if that consolidation breaks lower you look like a genius. It's a fine line!

Ummmm No, most of us were just trying to give Pav some ideas for stops or asking what the plan was?

I think its best if i just leave this thread to the OP and his mentor.

Ciao!

CanOz

 

[kid hustlr]

Ummmm No, most of us were just trying to give Pav some ideas for stops or asking what the plan was?

I think its best if i just leave this thread to the OP and his mentor.

Ciao!

CanOz

I wasn't having a go. I meant no offence. Was more just a fleeting comment.

---

Tech/Pav. I saw this on the open of the NK this morning. It reminded me of the example we were talking about on the SPI last week.

I don't trade the NK I just happened to see this unfolding. My thoughts on the chart. Is this a set up you would take?

 

[Trembling Hand]

kid hustlr that bar you have marked in your chart is absolutely not big volume.

 

[kid hustlr]

kid hustlr that bar you have marked in your chart is absolutely not big volume.

v good point. I just glanced at it relative to todays volume. Looking back I can see its pretty standard.

 

[pavilion103]

Ummmm No, most of us were just trying to give Pav some ideas for stops or asking what the plan was?

I think its best if i just leave this thread to the OP and his mentor.

Ciao!

CanOz

Can, don't be silly. You're input is great. I enjoy reading your posts as well as the thoughts of others in here.

I hope you didn't think I was having a go at you or trying to shut you down!

I was simply stating before that I'm new to this and that there will be things that I overlook at times, and that people shouldn't hold me to a high standard in the early days.

I would consider myself one of the most open and teachable people on this forum and enjoy hearing the various opinions on here, from which I can then draw my own conclusions.

Feel free to share, knowing that its appreciated!

 

[CanOz]

Well here is today TPO chart for the FTSE....UK PMI out at 830 AM GMT as well...this could move the market out of the bracket area.

 

[pavilion103]

First setup of the night.

Bought 6232. Stop 6224.
Stopped moved to break-even within 2 bars on 5 min chart.
Below is 10 min chart.

Looking for potential target near 6260



- - - Updated - - -

Obviously a reversal. White line marked in goes back a little bit. Low risk area imo.

 

[CanOz]

waiting for another crack at the low....

 

[pavilion103]

Taken out at BE

 

[pavilion103]

2nd entry for the evening. Breakdown of range to the short side.
Stop 1.5 points from BE.
Good momentum in my favour.




Just moved to BE.

- - - Updated - - -

Close to resistance/support area. Interesting to see how this reacts now.

Down to 6218. My stop to 6230.

- - - Updated - - -

Sold out on heavy volume and possible reversal.

16 point profit.

Can always set another entry.



- - - Updated - - -

Good result. Happy to take that.

Was really just looking for that move down to resistance and then see how it behaved there.