The transition to Futures trading

[>Apocalypto<]

gold looking shortish but still waiting.

was close to a trade on GLD but i passed...

too much support this area and it's in a solid range on a few levels..

 

[LinRegSlope]

Around that time I had a take profit target of 5389 on one of my June short positions - missed it by that much!

3 points, ouch. Hey Cynic, just part of the joy of trading, know the feeling all too well!

 

[>Apocalypto<]

golds off.... now going to wait for a rally to sell.

 

[LinRegSlope]

was close to a trade on GLD but i passed...

too much support this area and it's in a solid range on a few levels..

16 point spread? width of a rather large cruise ship?

 

[pavilion103]

2 more contracts short.

6821, 6830.5

Below and above upthrust on 5 min chart.

1 intra day trade
1 addition to the position trade from Thursday

 

[>Apocalypto<]

16 point spread? width of a rather large cruise ship?

16 cents man... with a .7 com inand out. norm is a 50-30 cent spread...

 

[beachlife]

The S&P swing chart has swung up (so has DOW - not shown) so will be interesting to see if it continues up and the others follow, or if it swings down tonight and takes the rest of the world with it.

 

[pavilion103]

Took the intra day trade off for 20 points at 6799.5

 

[pavilion103]

Would have loved the stop and entry near the high of the day but you'd think now that if this is going to push lower it won't touch 6821 anyway. It might. But a push back that high is showing some strength.

Plan is to hold these two now.

Some action the last few nights

 

[barney]

I'm ashamed to say that FX trading is entirely beyond the scope afforded by even my heightened level of insanity!!

it took me 6 years but i do agree with that. very very hard.

+1 agree, FX is very difficult....too many variables to even consider it for me.

After much searching to find a definitive edge, I am inclined to agree with all you gentlemen. I haven't given up on it yet, but I find it increasingly frustrating

This advert is a close approximation to my earlier trading experiences:

www.youtube.com/watch?v=cPEf_q-_DGg

As for my more recent trading, I am happy to say that years of experience has enabled me to refine my trading style to the point where I am now able to blow up even more spectacularly than ever before!

That is very funny Cynic ..... Not the video .... what you said!! lol ..... (The video was funny too though)

 

[pavilion103]

Trailing his second contract like a normal runner. If it moves significantly down then I'll consider what I'll do beyond today. I've got a plan.

Trailing 6805.5 for now with 35 points locked in for the day plus my first one which has moved 44 today.

Interesting point now.
Big consolidation.
A break up would be similar to the last few days.
A break down could see a decent move.

 

[Caveroute]

2 more contracts short.

6821, 6830.5

Below and above upthrust on 5 min chart.

1 intra day trade
1 addition to the position trade from Thursday

Curious, 6821 I can understand, but 6830 on the 5 minute ?

What was the logic there ?

Great entries though.

 

[pavilion103]

Nah 6830 was the stop.
Both entries at 6821.

 

[LinRegSlope]

Will be interesting to see how long this 5400 support level on the SPI holds?

Almost 24 hrs later, let's see if it holds this time?

 

[MichaelD]

Almost 24 hrs later, let's see if it holds this time?

Indeed this will be interesting.

IG Clients have finally given up buying the downtrends and started selling into them.

The contrarian in me suggests the market should now rise to cause them maximum pain.

Addit: Actually, on further reflection - I now think these "early Sell adopters" will do OK, but when the Sell % reaches an extreme...that'll be the point of maximum pain for all the buyers who will have toxic long positions and who will then swap them for toxic short positions.

 

[CanOz]

From your posts on the sentiment indicator it seems obviously that the change is as important/more important than the current reading. So is there a way that you can track the change in the context of the markets short term trend? Or is this sort of a wet finger in the air kinda thingy?

Fascinating either way, enjoy the sentiment indicator posts.

 

[pavilion103]

Closed out 55 profit last night.

The position trade up around 90 points.

Kicking myself hat I closed be second one Thursday night :O

 

[LinRegSlope]

Indeed this will be interesting.

IG Clients have finally given up buying the downtrends and started selling into them.

The contrarian in me suggests the market should now rise to cause them maximum pain.

Addit: Actually, on further reflection - I now think these "early Sell adopters" will do OK, but when the Sell % reaches an extreme...that'll be the point of maximum pain for all the buyers who will have toxic long positions and who will then swap them for toxic short positions.

The sentiment does appear to be switching to the downside? Next support level is at 5335, so no surprise to see a slow grind down.

 

[MichaelD]

So is there a way that you can track the change in the context of the markets short term trend? Or is this sort of a wet finger in the air kinda thingy?

Very much a wet finger in the air thingy at the moment. There isn't a chart of the historical values.

Has no bearing on the way I trade (yet). Just occasionally makes me feel a little bit better when I'm contrarian.

 

[CanOz]

My interest in it Michael comes from an FX trader in the UK that uses it to identify the context with which to look for areas where traders will exit positions, stop runs. Basically this guy waits until the reading gets to uncharacteristically high or low levels, then looks for the levels in the market where they could have stops. Typically he says, he's looking for areas that larger traders, can push the market to in order to unload or load up.

Anyway, that may or may not be of interest to you, but that's where i got my interest in the indicator from.

I think it would be interesting to plot the indicator against the index every hour or so in order to visualize the changes as they happen in context with the index.

Thanks for posting it anyway.