The transition to Futures trading

[kid hustlr]

London holiday today!??

 

[DeepState]

London holiday today!??

Japan and UK have bank holidays on 5 May

 

[pavilion103]

Yep night off

 

[>Apocalypto<]

one trade so far today/tonight.

buy on WTI made a trend break took profit once it hit next resistance... see if any others come along.

 

[Newt]

What's a "bank holiday" exactly? You live and learn. Never heard of that one!

 

[DeepState]

What's a "bank holiday" exactly? You live and learn. Never heard of that one!

Literally...banks are closed. No financial movements can happen which involves the banks. Everybody has a day off in the world of finance involving banks and trading...given that trading can't really happen without the banks. Happens in Aust as well. NSW/ACT Bank holiday 4 August, for example. But because banking can still happen elsewhere in Australia, it's just a quiet day as the trading/funds community tends to take the day off as well in NSW.

The UK and Japan Bank Holidays are national.

Bank holidays are also called spontaneously when there is a crisis. This allows the authorities some time to figure out what is going on, merge, recap or close banks (and, now, other financial institutions) without the pressure of doing so whilst crowds line up around the block with everyone going apesh*t and running around with their hair on fire. These act as circuit breakers and are typically coupled with extensive liquidity provision from the relevant central bank in some form.

 

[Newt]

Thanks DeepState. You'd think every other industry would have thought to demand a day off by now too!

 

[>Apocalypto<]

Had a V nice day yesterday... getting back to the consistency i was finding on the sim acc.

1st buy on WTI was a simple trend/range break... to higher point base/res.
2nd buy tried a entry i look at for a tail low rejection selling candle that bounces a bit off previous resistance or support... these work great in down tends but in uptrends can be dicey... i was lucky on this one. as it was a set up for a bigger trend break. once it failed a few times to go higher i closed.
3rd WTI sell, trade 2 was the set up to take this as it broke the trend. i was also lucky my TP was hit it was basically the low.

overall a bit of luck but based off sound idea's that show past winners.

atm looking at GLD lower high in now waiting for a sell set up.

 

[pavilion103]

Great night so far. Reading this market well tonight.

 

[pavilion103]

And a long at the 6750 support level, but only a very quick trade. 2 contracts. I think 16 points profit in total for them.

Couldn't be happier with that trading tonight.
Well, except for missing the 20 point move on the open.

I could have held this last one a bit longer but
1) It's time for best (most important point)
2) It might have another 5-10 points in it but beyond that it's risky with the daily trend being down thus far.


Difficult market conditions for me the last few weeks. It is definitely turning me into a better trader.
Very satisfying evening.

 

[>Apocalypto<]

softer day today... couple wins couple losses... no real mistakes... just how it panned out for me.

sell on GLD for fade confirmation of a lower high. but it put in to more higher hours before it came off.

small loss on WTI buy was managed in error as i was also long GLD cut that wti long short when i should have let it follow through. bad management there.

the Gold sell cut early due to it's bounce and fail to move lower though a previous high... still watching GLD atm for a short.. if it can break the minor base i will look to sell. having a some issue atm getting through 1305.

 

[>Apocalypto<]

softer day today... couple wins couple losses... no real mistakes... just how it panned out for me.

sell on GLD for fade confirmation of a lower high. but it put in to more higher hours before it came off.

small loss on WTI buy was managed in error as i was also long GLD cut that wti long short when i should have let it follow through. bad management there.

the Gold sell cut early due to it's bounce and fail to move lower though a previous high... still watching GLD atm for a short.. if it can break the minor base i will look to sell. having a some issue atm getting through 1305.

two more trades today/tonight...

sold gold but closed minor profit as it bailed up again off 1305.... it's a hot point atm.

bought wti closed for 17 points thing rocketed after i closed but o well that's life....

finished up 18 points today so better then the -1 i was going to close the day at....

on to tomorrow.

 

[VSntchr]

And a long at the 6750 support level, but only a very quick trade. 2 contracts. I think 16 points profit in total for them.

Couldn't be happier with that trading tonight.
Well, except for missing the 20 point move on the open.

I could have held this last one a bit longer but
1) It's time for best (most important point)
2) It might have another 5-10 points in it but beyond that it's risky with the daily trend being down thus far.


Difficult market conditions for me the last few weeks. It is definitely turning me into a better trader.
Very satisfying evening.

View attachment 57878

1) Indeed it was time for BED lol

 

[pavilion103]

1) Indeed it was time for BED lol

Haha. No more evidence needed that it was time for bed.

 

[pavilion103]

My thoughts and what I"m keeping an eye open for tonight.

 

[pavilion103]

Is anyone out there on the FTSE tonight?

Anyone share similar/different thoughts?

 

[pavilion103]

Some more notes from last night.
Trading intraday resistance.

 

[RazzaDazzla]

Is anyone out there on the FTSE tonight?

Anyone share similar/different thoughts?

Not directly FTSE related, but I've been short the SPI since 5494.

My reason for entering was bearish divergence on daily, weekly and monthly time frames. I got stopped out early a couple of times as the daily's just kept going up despite the divergence.

The move down has been choppy, though the down moves are more impulsive than the super choppy up moves.

There's no bullish divergence yet on this 2 hour chart, so I'll likely keep holding and hopefully see support at around 5340 revisited. If we get down there, I'll likely take half or full profits.

I might run a trailing SaR stop just in case this thing decides to make a significant up move.

 

[VSntchr]

Purely watching out of interest PAV, I have noticed that FTSE has found some old support (slightly above this level atm) from 1/5/14...doesn't look like reaching up to give you the short entry as yet..

 

[pavilion103]

I got short at 6748.

Triangle forming here. Interesting to see if it breaks lower or not.

No huge break down on open.