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The transition to Futures trading

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So true Newt !
 
Before I get my head bitten off let me clarify......

I don't mean I got it right in terms of I made the correct decision based on my strategy.

I mean that point was the low of the day which meant that I captured most of the move's profit on offer.

Even if it had moved another 100 points, I'm happy with how I executed my exit.


(Just in case anyone wanted to pounce on that comment lol)
 
Some great discussion last night from you futures traders lot

Well done on the nights pay Pav..
 

And this is why I think you will make a decent fist of this trading caper Pav. Keep this in mind at all times. Remain humble. Pretty soon you will begin to be trading much bigger size but the lessons still remain the same.
 
The last two nights the context was perfect for decent 60+ point moves . I was aggressive because of this.

Tonight i believe is a night to be more cautious. I won't be looking for a home run. There is also less certainty in terms of having good S/R to trade off.
 

Yeah, two wide ranging days...due for a bracket to start to form here somewhere, then either big short covering rally or a break even lower maybe...

some trade balance data out in Europe and then mortgage apps in the US...
 
Charts and analysis from the last 2 nights.
Some are my trades, not exact.
Background chart plus 3 min chart.

Monday 7th April 2014



 
CanOz said:
either big short covering rally or a break even lower maybe...
Click to expand...

I was just moaning about how I don't like trading the current whipsawing price action, when the Australian futures decided it was time for a rally, presumably short covering. I like trading these.

It was 0.5 of a tick away from hitting the stop midway up the run, but didn't and kept going - Pav, there are plenty of times when these DO hit my stop and I end up with 2 trades with a much less favourable outcome but you just move on to the next time. Sooner or later one of these beauties comes along - usually I get 2-3 of these per month.

+295 points taken with my aggressive pyramiding on the way up.
 

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Can you imagine if that was the SPI contract....wowza

Actually this week i've been practicing using a scale in and scale approach to my plays to see if i can get more aggressive when things are going my way, but less so if not sure or its against me. I'm using the DOM only for execution, which is a first for me. In the past i used the chart trader for limit orders or occasionally my hot keys...I've had great results on sim but obviously i need to take this new method live to prove anything...Its the same plays, just more aggressive size added when i need it....

The key for me here, is getting a good price, a steal...
 
MichaelD said:
Err - same tick $ value, and basically tracks the SPI tick-for-tick, just offset by a few points.
Click to expand...

struth, well done Michael...Take the rest of the week off!
 
Looks like the squeeze is on...
 
What's everyone thinking for the FTSE tonight?
Are we going back up through 6594, or is there room for a pull back to opening levels.

That 6585 major R area you mentioned Pav is acting like a mega-magnet right now?
 
Newt said:
What's everyone thinking for the FTSE tonight?
Are we going back up through 6594, or is there room for a pull back to opening levels.

That 6585 major R area you mentioned Pav is acting like a mega-magnet right now?
Click to expand...

Well my take on it, the longer we stay here less likely we are to crack higher...Could be that we just saw the short covering rally. But take out todays high and that scenario is in the toilet...
 
Ive donated 5 points trying to sell it. Chart without context looks quite bullish as I sit here right now but that resistance circa 6585 is a strong one.

According to my stats I am now -11.5 ticks on the FTSE since I began trading it ( first trade late last year I think?? maybe 40-50 trades overall?!?!?)

Baby steps!

Rubbish sample size mind you I take more trades than that in 1 week during the day ha
 
Newt said:
What's everyone thinking for the FTSE tonight?
Are we going back up through 6594, or is there room for a pull back to opening levels.

That 6585 major R area you mentioned Pav is acting like a mega-magnet right now?
Click to expand...

I'm thinking it'll take a bit of effort to get through this level and we're heading into the wrong time of day to get effort.
 
Yes Wolf, range continuing, getting tighter, still around 6585. No sign of anything decisive as yet, and getting into a quieter period as you say.

Kid, I've put myself back into sim trading for another month. I had two days of live trading before the daylight savings time changes, and was down a a few points for my trouble.

Forcing myself to write much more on context, trends and trade entry/exits now. Pav's notes shamed me into cleaning my act up. Need to treat it like a 2nd business, not just a hobby.
 
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