| Yesterday was a nightmare for spread betting the | | | | futures charts. I'll do a chart to explain. |
| FTSE as it kept trending sideways, so I tried a mini | | | | |
| turtle experiment on the euro; scaling down to the | | | | I think what we are seeing presently is an |
| last 20 bars on a 3 minute chart (i.e. hourly) and | | | | adjustment to a sustainable bull trend. The recent rise |
| taking a trade on the break of the high or the low of | | | | was far too rapid to be sustainable. Pulling back into |
| the previous 20 bars. This worked fine and I was | | | | the blue trend channels gives a similar trend angle |
| quick to move my stops which gave me some | | | | (growth rate) as we had in nineties and mid 2000's |
| scalping fun whilst the FTSE stood still. | | | | bull trends. So I'm comfortable with any pullback |
| A Simple FTSE Day Trading System | | | | above 5100 but don't think it will get anywhere near |
| I believe candles may be the answer. If previous day | | | | that level again. |
| was an up day then trade the break of the high with | | | | Turtle Trading Timing System |
| previous day's low as your stop. Let it run each up | | | | I'm also been reading about the turtle trading system |
| day, pulling your stop up to the previous day's low. | | | | lately. I know the turtles strike rate wasn't fantastic |
| Eventually you get stopped by a candle with a lower | | | | but it was all about running the trend for as long as |
| low. You then trade the break of the low with your | | | | possible, looking at recent possibilities taking the euro |
| stop at the previous day's high...etc. Inside days are | | | | as an example, they would have probably made a |
| ignored. You must wait for end-of-day but need to | | | | good 1000pts or more each way, making up for the |
| set stop/limit orders. | | | | failed trades along the way, mind you a 360pt stop |
| Given that there are usually half a dozen or more | | | | on end-of-day euro would hurt and also if you got |
| days in the same direction it's very hard to lose. | | | | into a 250pt drawdown situation it would take some |
| Signals can be taken from end of day charts or | | | | nuts not to kill it! |