The transition to Futures trading

[CanOz]

lol @ the FTSE....short covering at the open anyone?

 

[pavilion103]

Interested to see how price reacts at this possible resistance.

Will be waiting to see if there is resistance followed by a test.

I want to be open minded though as to which way this will move.

 

[kid hustlr]

Interested to see how price reacts at this possible resistance.

Will be waiting to see if there is resistance followed by a test.

I want to be open minded though as to which way this will move.

View attachment 53265

Yep, I thought the 3 min was going to produce an almighty buy set up but its looks like its turned around for the time being.

 

[pavilion103]

Big upthrust on 5 min

 

[kid hustlr]

I was THIS close to getting short @ 6470 based on the small low volume inside bar @ 5.42. Just wasn't sure if there was enough confirming factors to take it on. Might have my second regret in 2 days!

 

[pavilion103]

I was THIS close to getting short @ 6470 based on the small low volume inside bar @ 5.42. Just wasn't sure if there was enough confirming factors to take it on. Might have my second regret in 2 days!

On the 3 min?

 

[kid hustlr]

On the 3 min?

Yep.

I think I would have been taken out at break even as I would have movedit B/E after that initial downthrust.

 

[pavilion103]

Btw your inbox is full

 

[pavilion103]

Not sure if this was a bad trade. Low volume rise in what looked like little demand. Was I too tasty.

I don't think I had an opportunity to move to BE? or reduce my loss from the initial stop

7.3 point loss.

 

[pavilion103]

Is this one you'd consider Tech? a tight inside bar on much lower volume than the tight high volume bar before? with some bearishness in the background? Or not one you'd go near? This is 3 min chart.

 

[tech/a]

Answer here!
Its going to test the low--already has.
Remember BOTH highs and lows will be tested its what happens towards and at those tests that will determine the future of the move.
You need to wait for entries and exits nearer these important tests.
Range and volume gives you clues.
Get to B/E as soon as possible and you can be wrong as often as you like!
Your R/R will be still in tact.

 

[pavilion103]

Dammit. Didn't take it.

 

[tech/a]

Not sure if this was a bad trade. Low volume rise in what looked like little demand. Was I too tasty.

I don't think I had an opportunity to move to BE? or reduce my loss from the initial stop

7.3 point loss.

View attachment 53270

The thing here is that you recognized that the move was weak.
BUT it needed exhaustion and the next test provided just that.

Range and volume was/is the indicator.
Low risk setup and quick move to B/E the rest is now playing out!

 

[pavilion103]

With the one that I lost 7 points on...

Is the key that I should have waited for it to retest the low first?

Would it be silly for me to have moved the stop one point above the high of the widespread downbar that shot back up? that would have reduced my risk to 2 points.
Or was that too hasty?

 

[Lone Wolf]

Is this one you'd consider Tech? a tight inside bar on much lower volume than the tight high volume bar before? with some bearishness in the background? Or not one you'd go near? This is 3 min chart.

View attachment 53271

I tried that one. Tried to get short on sim at 6472. Unfortunately I fumbled with my trade entry and it took off without me. Maybe had another chance at 6461 after a brief low volume pullback, but I'm worried about chasing it now that I missed it.

Maybe I should drop the "don't chase it attitude" and adopt a "If I were already short, would I consider adding another here?" attitude.

 

[skyQuake]

Oh boy its looking just like this morning's HSI chart

 

[pavilion103]

6436. This feels like a kick in the guts. Bitterly disappointed.

As Tech says if I'm getting stops to BE and then getting taken out it's no big deal. Plenty more opportunities come and I won't go broke.

But this one is frustrating!!!! Such a good RR and setup.

Won't let it throw me off though or be hasty.

- - - Updated - - -

These are the types of notes that I'm keeping

 

[tech/a]

Closed and reversed.



Hmm this consolidation and testing is looking like a wave 5 continuation to the low side.
So out at B/E

 

[kid hustlr]

Btw your inbox is full

Should be ok now.

I'm done trading for the night boys, something has come up and to be honest some time away from a computer screen is probably a good thing. will read the thread in the morning, good luck.

 

[pavilion103]

Yep my thoughts too. Looking for a short setup form this consolidation.

First trade would have been in 6471, out 6441 - 30 points.

Let's see what happens in this consolidation...

- - - Updated - - -

Now looks to be moving up a bit. No test of the consolidation highs. Will wait for another setup.