The transition to Futures trading

[Lone Wolf]

Ah I see I'm same as L/W
Nice trade by the way.
Support at the low.

Yes, I was just about to post a pic of my 1min, it matches yours.

Nice trade Lone Wolf. I suggest you document the setup and add it to your playbook.

Thanks, every dog has his day. Some trades I look at and um and ah about it. This one was obvious. I was worried that it might be too obvious if you know what I mean.

 

[tech/a]

Closed 1 at 00
think this will go lower
on US open
Wont be up.
So will set stops( B/E 26) and Go to bed. Soon.
Such is the building Industry.

See you later.

 

[peter2]

Lone Wolf: Bearish sentiment, Double top at resistance that was late night US support.
Mark it up with heaps of detail so that it gets into your trading subconscious and after a lot of repetition you will automatically take them when you see them.
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It seems that there are enough people looking at the markets in the UK session to start a "Trading the UK session" thread.
It could start when the Dax opens and include charts setups and trades from any of the main futures markets. If someone wants to trade the Greek, Spanish, Italian indicies, go for it I say.

eg. I've been looking at CL this evening and watching the RSI divergence build. I finally got a HL and took the break-out trade. Unfortunately it hasn't moved much and I'm about to be stopped out for a small loss (no, it's turned around again) but another pair of eyes on another market would spice the thread up a little.

 

[kid hustlr]

Lone wolf your post made me laugh. Nice trade. Looking back this was a nice tight set up.

I got the short @ 6410, initial stop was 6417.5 Thats about as big of a slam dunk as I'll get as far as I'm concerned.

I panicked after the high volume reversal so out @ 6392.

Tech when did you get short @ 26?

Admire you guys who can watch it come back 20 points against you. Don't think I've got the metal for it yet!

 

[tech/a]

Lone wolf your post made me laugh. Nice trade. Looking back this was a nice tight set up.

I got the short @ 6410, initial stop was 6417.5 Thats about as big of a slam dunk as I'll get as far as I'm concerned.

I panicked after the high volume reversal so out @ 6392.

Tech when did you get short @ 26?

Admire you guys who can watch it come back 20 points against you. Don't think I've got the metal for it yet!

Post#920

I'm always prepared for every pivot to be tested.
It's when they aren't I'm suprised

 

[CanOz]

I've been looking at CL this evening and watching the RSI divergence build. I finally got a HL and took the break-out trade. Unfortunately it hasn't moved much and I'm about to be stopped out for a small loss (no, it's turned around again) but another pair of eyes on another market would spice the thread up a little.

Did you stay up and hit that perfect little three drives to a high Peter?

 

[peter2]

Canoz: My target (+2R) for CL was 105.10. Happy with that as it's near the 200 EMA (5m chart). As you know CL can really run every now and then. Like to be in when it does.

The 3 drives pattern is not in my playbook (and I didn't even see it) but you spotted a good example. Both you and TH have mentioned it a few times and it seems like a great pattern to use as an exit or to tighten exit stops.

 

[CanOz]

How about the RTH gap fill? This chart (800 tick) is RTH only, it sort of ignores what happened overnight to an extent...I use a 5 minute for ETH...

RTH = Regular Trading Hours
ETH = Extra Trading Hours

 

[Lone Wolf]

Lone Wolf: Bearish sentiment, Double top at resistance that was late night US support.
Mark it up with heaps of detail so that it gets into your trading subconscious and after a lot of repetition you will automatically take them when you see them.
----------------

It seems that there are enough people looking at the markets in the UK session to start a "Trading the UK session" thread.
It could start when the Dax opens and include charts setups and trades from any of the main futures markets. If someone wants to trade the Greek, Spanish, Italian indicies, go for it I say.

eg. I've been looking at CL this evening and watching the RSI divergence build. I finally got a HL and took the break-out trade. Unfortunately it hasn't moved much and I'm about to be stopped out for a small loss (no, it's turned around again) but another pair of eyes on another market would spice the thread up a little.

Yes. More screen time is what I need. Screen time spent identifying repeating patterns.
_____________________

I for one would welcome anything that draws more input from experienced traders. Not sure if starting a new thread is required though. As the thread starter, Pav should say what direction he wants this thread to take.

On one hand, a new thread would save derailing Pav's thread where his main focus is on the FTSE. But you also don't want too many different threads on intraday futures trading. You'll just end up with a bunch of low content threads that die out from lack of participation.

For example there is "That gold'n crude trading thread", started in July but hasn't seen a post since July. If a thread goes quiet for too long people forget it even exists. Not everyone is able or willing to post every day. But if you can keep a thread active, then people are more likely to make a contribution.

I've looked at CL before and would like to again. It seemed to have some nice runs from what I can remember. At this stage I need to focus on learning one instrument before I get distracted by others the behave differently. But there are times when the FTSE just isn't going anywhere and it'd be nice to have a second prospect.

 

[peter2]

TH posted some great suggestions in this thread almost 5 months ago. Definitely worth a re-read (post #22).

 

[tech/a]

Stopped out to the exact tick!!

On the plus side picked up 2 ticks from my last position.
I've gotta stop revealing my stop!

 

[kid hustlr]

Wow brutal tech. Someone knew you were there haha.

-----

Could this be one for the ages in the US treasuries market?

 

[pavilion103]

Stopped out to the exact tick!!

On the plus side picked up 2 ticks from my last position.
I've gotta stop revealing my stop!

WOW!

Before I went to bed last night I thought, first thing I'm going to check in the morning is the futures and see how that 26 stop went!

If ever I'm in at the same place as you, I'm putting my stop 1 tick higher!!!!!!

 

[Trembling Hand]

Stopped out to the exact tick!!

On the plus side picked up 2 ticks from my last position.
I've gotta stop revealing my stop!

You can see why newbies in FX land think that their brokers stop hunt. It not the brokers its just a frustrating market.

 

[tech/a]

You can see why newbies in FX land think that their brokers stop hunt. It not the brokers its just a frustrating market.

Yeh

Hero to Zero!

Fortunately I have a day job and its not trading!

 

[tech/a]

If learning is what you really want to do. Here would be my steps to learning futs if I was to do it again.

Spend some time learning basic NT (5 -10 hours)

Spend some money getting data from IB for SPI, Kospi, STW, Nikkei, ES, YM, CL, GC, DAX, FTSE and a few FX crosses. ($150 per month)

Set up NT each day to record depth and every tick for playback. (daily connect setup 5 min per day)

When you have some spare time each week spend it on the sim PLAYING on everyone of the above markets. Doing anything, putting on size, scalping, hanging on for a few hours, being in the market ALL the time etc etc(5 hours per week)

Then after a few months when you have had a good look at all markets and see how they are when they get wild and when they are boring as bat Sh!+ pick a few where you have some interest.

Then pick a few patterns that you think repeat in those markets and print them out and put them in a folder in sections, breakouts, wild starts, ranging, fake breaks, low range days, large range trending days etc...... What you want to do now is every day add to the folder whenever you see the same pattern in your markets.

With those two or three Markets and your growing collection of repeating patterns on the weekend and 1 or 2 day through the week put aside a few 2 hour blocks. Now here is the bit that will save you years and worthless side trips down the discipline road. Turn on NTs playback function. Set it to 10x speed and hit with all you have. Trade it seriously with 2 lots and don't kid yourself. Keep stats (which NT is good at) and really work on them. Win rate, R:R hold time etc. You will do 20 hours of intense trading and training in two hours. After a few months you will literately have years of examples played out in your head.

Thanks Pete for bringing this to light.

I'm actually working with Kris my son on a number of trading things.
He's the quant and I trade.
From watching what I do he has an interest in Futures.
Advice I will certainly pass on.

T/H

The NT software can be loaded with IB data I gather.---never used it.
Is it worth buying the software or just the free version?---over the long run?
Kris wants to be able to add C# and C++ code to programmes and wonder if this is possible with NT.
Wealth Lab (This is what Vanstone uses) is another we are looking at along with AMI.---which we both have and I don't use.

 

[Trembling Hand]

The NT software can be loaded with IB data I gather.---never used it.

Yes.

Is it worth buying the software or just the free version?---over the long run?

Nah just use the free version. Exactly the same as the paid. Only diff is once you want to use it to auto trade then buy it. You may find you have moved on to something else. But I think its a good start as far as being simple at first and depending on your ability to program and the complexity you get into it will/should be able to handle that.

Kris wants to be able to add C# and C++ code to programmes and wonder if this is possible with NT.

C# is what you use to program it. With some added NT quirks.

Wealth Lab (This is what Vanstone uses) is another we are looking at along with AMI.---which we both have and I don't use.

No idea another you should look at is Multicharts I think from what I have hear from futs system traders is its better than NT.

If its disc trading NT is absolutely the way to go and its free!!

 

[pavilion103]

Just noticed this morning at the same time as Aus open, the FTSE Sep contract gapped down 6346 now. Not sure if it means much at this time of the day.

I have freed up cash again and will be back on tonight

 

[waza1960]

If its disc trading NT is absolutely the way to go and its free!!

Agreed

No idea another you should look at is Multicharts I think from what I have hear from futs system traders is its better than NT.

Multicharts Net version is definitely the go IMO .In my experience live trading Auto Strategies in NT is fatally flawed.
NT is alright if you want to test and code ideas but that's it

 

[tech/a]

Agreed



Multicharts Net version is definitely the go IMO .In my experience live trading Auto Strategies in NT is fatally flawed.
NT is alright if you want to test and code ideas but that's it

Thanks
Guys

What does Multicharts use as a language?

That's fee as well isn't it?