The transition to Futures trading

[kid hustlr]

mannn the 6540 entry is soooo good/obvious!!!!

cant believe i was at dinner!

 

[CanOz]

The FTSE is taking it pretty hard, the DAX is still lagging a bit...

 

[tech/a]

Yes I think the DJIA will roll over some more tonight.

Hard night playing the wrong side!!!
Still came out OK for playing with knives!

Night all.

 

[kid hustlr]

Yep agreed tech.

bond markets getting clobbered as well.

Yet another missed opportunity this evening!

 

[pavilion103]

No more for me. I didn't take another trade. I also had a buy at 6510 which got scratched!

Good night and good luck fellas.

 

[fiftyeight]

Due to lack of time I am still getting through the basics of trading as suggested before I start looking for setups so struggle with some of the threads like this one and the pav and tech exercise.

But ill have a crack anyway haha

Is the idea of the trade you posted up tonight that there was support (your bottom white line) and lower highs (your top white line). Therefore if it broke through the support it could fall quite far?

So did you have a sell set just below support and if it triggered it triggered or were you watching and put in a sell in as it fell?

Please excuse my poor terminology

Cheers

 

[CanOz]

So did you have a sell set just below support and if it triggered it triggered or were you watching and put in a sell in as it fell?

Good question 58, i was wondering the same thing too...

 

[pavilion103]

Due to lack of time I am still getting through the basics of trading as suggested before I start looking for setups so struggle with some of the threads like this one and the pav and tech exercise.

But ill have a crack anyway haha

Is the idea of the trade you posted up tonight that there was support (your bottom white line) and lower highs (your top white line). Therefore if it broke through the support it could fall quite far?

So did you have a sell set just below support and if it triggered it triggered or were you watching and put in a sell in as it fell?

Please excuse my poor terminology

Cheers

The beauty of this one is I started to see it as week because I was planning a long It began to look weaker and weaker as it moved down. As you said, lower highs and then after the pattern was a well formed triangle I was confident enough to put a sell-stop order at 6538 and let it be triggered. Was able to move the stop quickly too.

Always great when they move in your favour right away!

 

[fiftyeight]

Cheers for that. Maybe they are starting to make sense.

 

[Caveroute]

Due to lack of time I am still getting through the basics of trading as suggested before I start looking for setups so struggle with some of the threads like this one and the pav and tech exercise.

But ill have a crack anyway haha

Is the idea of the trade you posted up tonight that there was support (your bottom white line) and lower highs (your top white line). Therefore if it broke through the support it could fall quite far?

So did you have a sell set just below support and if it triggered it triggered or were you watching and put in a sell in as it fell?

Please excuse my poor terminology

Cheers

You will get different logic from different people, its comforting to know that most of the time the conclusions are similar.

I use a tick chart and "price action" logic, for me volume is immaterial - this marks me as the black sheep on this thread.

Nobody knew how far it would go, it was just "probably" going to down.
For me - in no particular order the logic would be:

The trend is down.
Selling pressure has been building
We have consecutive lower lows and lower highs
A wedge bottom has failed
The breakout [from the flag] bar is strong, and the pullback is weak.
There is a low 2 at the 20 bar ema around 18:30
There are several bull traps leading upto the b/o - these are reason to enter by themselves.
There are bull traps after the breakout, even if you missed it.

So, I'm no expert but in the words of Al Brooks, the case for the bears is strong and the case for the bulls, well I can't see one - but this can change quickly.

The 6500 area was also a measured move and at obvious resistance, makes it a clear target.

This probably makes no sense, but that's what I was thinking - some of it is with the benefit of hindsight of course.

 

[Boggo]

Two nice sell setups and approaching final target area (maybe) ?

(click to expand)

 

[pavilion103]

A couple more breaks of triangles to the downside. Big profit potential. Still happy with my 30 points. I am 100% happy with my exit too. Probably 2 more re-entries I may have done once my long setups failed.

I was looking at the FTSE this morning thinking it looked weak. Near resistance, nudging up on low volume and what looked like a no demand yesterday. I wonder if this momentum will push it down now.

I can certainly see what a great chance it is to cash in on days like this. When the setups are more obvious and the move in your favour immediately.

As a minimum a couple of good/obvious 30 point setups on the table there.

 

[pavilion103]

Two nice sell setups and approaching final target area (maybe) ?

(click to expand)

Interesting. Thanks.

 

[fiftyeight]

The trend is down.
Selling pressure has been building
We have consecutive lower lows and lower highs
A wedge bottom has failed
The breakout [from the flag] bar is strong, and the pullback is weak.
There is a low 2 at the 20 bar ema around 18:30
There are several bull traps leading upto the b/o - these are reason to enter by themselves.
There are bull traps after the breakout, even if you missed it.
.

Thanks for that. I think most of it made sense but yeah the past is always 20/20

Few questions if can

So you identify pressure just through falling price ie pavs white lines?
Where is the wedge bottom?
"There is a low 2 at the 20 bar ema around 18:30" Is your clock set different? and you have the 20 bar ema on your charts? sorry the only charts I see at the moment are the ones posted and googlefinance

Cheers

 

[Caveroute]

Thanks for that. I think most of it made sense but yeah the past is always 20/20

Few questions if can

So you identify pressure just through falling price ie pavs white lines?
Where is the wedge bottom?
"There is a low 2 at the 20 bar ema around 18:30" Is your clock set different? and you have the 20 bar ema on your charts? sorry the only charts I see at the moment are the ones posted and googlefinance

Cheers

Well it depends, maybe you would like to scan this site for advice aimed at people who are starting out.

 

[pavilion103]

What do we expect tonight guys. As posted earlier the FTSE chart is looking a bit weak to me.

Are people anticipating follow through from yesterday or a testing of some of this area?

I don't get much chance to go on on Fridays but I will make an effort to check this in the first hour or two just incase there is strong momentum down.

At some point I want to trade 2 contracts. 1 to hold for days (if the trend is there) and the other to trade as I have been doing. Maybe last night would have been good for it. I'll look for another opportunity.

 

[tech/a]

A two day move down (With wider than normal range) will generally see a slowing.
Even a pause/retracement.
I think in the longer run this could be a prolonged move down.
We all missed the position trade of the month.
Thinking short term and neglecting the big picture. For me often costly!
Made many "P" plater trading errors last night.

Watch for a strong drop then a grinding back of price as in a pause.
But of course play the action as it pans out.
Trade with the trend and look to see what response price action is getting from effort or lack of.

- - - Updated - - -

Well it depends, maybe you would like to scan this site for advice aimed at people who are starting out.

Helpful?
He's only asking a civil question.

 

[kid hustlr]

We really did miss the position trade of the month. Big reversal on the daily near resistance and a nice little upward sloping channel to boot!

Wouldn't surprise me at all if kicked lower initially. Big thrust down yesterday. a bit of a 'clean out' today and then some 'value buying' perhaps?

Don't think we'll see 6600 for a while though!

 

[CanOz]

and then some 'value buying' perhaps?

Don't forget short covering...

 

[kid hustlr]

Don't forget short covering...

Yep, the smart guys who took the trade of the month!