The transition to Futures trading

[pavilion103]

OK I just saw there is a september contract with big volume.

Not sure why there is a JUL one with 6 contracts traded in total?

 

[kid hustlr]

theres a contract for each month but all the volume trades quarterly. guessing the monthly stuff is there for random option settlement prices or something of the like. regardless just only every trade march/june/sep/dec

 

[pavilion103]

Boring week on FTSE.

Started trading the SPI now. Good first week.

I put it up on my phone when I'm at my desk and look to take one trade in the first hour (if it's there) checking maybe every 15 mins or so. Once I take profit I'm done for the day.

20 points suits me fine unless it's a good trading day.
Once I get to about 20 points I look to trail aggressively or take profits if price looks shaky.

Very selective about these trades early on.
Makes me more excited to get to work though

 

[ThingyMajiggy]

Boring week on FTSE.

Started trading the SPI now. Good first week.

I put it up on my phone when I'm at my desk and look to take one trade in the first hour (if it's there) checking maybe every 15 mins or so. Once I take profit I'm done for the day.

20 points suits me fine unless it's a good trading day.
Once I get to about 20 points I look to trail aggressively or take profits if price looks shaky.

Very selective about these trades early on.
Makes me more excited to get to work though

The FTSE was boring enough for you to swap to the SPI? Wow, SPI is lucky to get 20 points as an entire range sometimes when I've looked at it, what criteria do you look for in the early trades?

 

[pavilion103]

Haven't swapped. I'm on both. Prefer FTSE. I was just stating that FTSE was boring and now I've started on the SPI too. Unrelated.

I have a handful of setups in my playbook for the open. Similar to what I've posted previously in the transition to futures thread.

 

[pavilion103]

Just noticed that the SPI hasn't opened at 9:50am Sydney time as usual.

Why is this?

 

[pavilion103]

All my other data opening as per normal.

 

[pavilion103]

Now it's open 20 mins later.

Is that a Monday thing? Or any other reason?

 

[kid hustlr]

opened @ 9.50 on my charts

 

[pavilion103]

opened @ 9.50 on my charts

Thanks mate.

 

[pavilion103]

Tough start to the week.
Absolutely panic traded last night after the big fall.
I came back on and tried to "Make up" for missing out.
Went down 35 points!
Managed to take a good trade for 20 points after that.
Net 15 loss for the night.

Down 12 points on the SPI last 2 days combined.


The magnitude of the losses isn't too bad but feeling negative and like I "have to" trade.

I think I need to step back the next couple of days and not do anything silly until I clear my mind.


Despite the great wins, I'm still finding it psychologically difficult at times to cut back my trading.
It's so simple. A couple of good trades per week = good profit. Yet I try to do too much.



This is something I need to overcome if I am going to maximise profits.
Did this well for a few weeks. Now fallen back into old habits.

 

[kid hustlr]

Anyone want to give there 2c where they think this is going?

aussie 10 year daily

 

[payday]

Despite the great wins, I'm still finding it psychologically difficult at times to cut back my trading.
It's so simple. A couple of good trades per week = good profit. Yet I try to do too much.



This is something I need to overcome if I am going to maximise profits.
Did this well for a few weeks. Now fallen back into old habits.

Don't worry pav. You're not alone there. I am prone to doing this as well. I always try to remind myself that the market will be there tomorrow, and the next etc. No need to rush. Just wait for the setups to come and trade them.

 

[pavilion103]

Anyone want to give there 2c where they think this is going?

aussie 10 year daily

View attachment 58456

Gotta be honest and say I'm not too sure.

As you know, I like to trade areas where RR is good (strength at support, weakness as resistance).

This isn't providing weakness where I would say it looks short.
But it isn't in a position (any form of support) where I would say this is in a good spot for a long.
If actually trading this I would just be sitting back.


That little "spring" setup in the background was gold though (yes, I know hindsight is easy). You can see the value of those setups at support. The RR is massive.

 

[kid hustlr]

glad you are as confused as me!

you mean the spring as in the 5th last bar? if so then agreed

 

[pavilion103]

glad you are as confused as me!

you mean the spring as in the 5th last bar? if so then agreed

No, I was talking about all the way back at the point this uptrend took off. At the support level. Just brilliant.
Fits my criteria; a little dip below with the next bar consolidating and closing near the high. Enter above the high the following bar and stop below the low.

I think one of the biggest errors in trading is analysing a chart to death.
As we've seen, generally if it isn't obvious then there is nothing to see.

A bit like the FTSE daily right now I reckon (in terms of nothing obvious sticking out to me).

 

[pavilion103]

Do people think that the rates decision tomorrow is unlikely to be anything surprising? Thus not hvaing a huge impact on the SPI?

What are the latest thoughts?

 

[VSntchr]

Do people think that the rates decision tomorrow is unlikely to be anything surprising? Thus not hvaing a huge impact on the SPI?

What are the latest thoughts?

Very likely to be no change, however if they did lift rates - this would create a massive signalling effect/momentum change IMO...

 

[CanOz]

With a slowdown in China taking hold, there can be no way the RBA will raise rates now...

Rate announcements in the current environment should be a non-event Pav, but pay attention to the data before the rate announcements, the other econo indicators, then you'll be better equipped to anticipate any reaction.

 

[pavilion103]

With a slowdown in China taking hold, there can be no way the RBA will raise rates now...

Rate announcements in the current environment should be a non-event Pav, but pay attention to the data before the rate announcements, the other econo indicators, then you'll be better equipped to anticipate any reaction.

Thanks mate.