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5th January 2018

NFP today, 190k forecast

First resistance level for today just hit at 7722

This is crazy when you think the S&P is up 2.5% already. A good year on the back of last year would be 8% price return so that's pretty much a third of that in the first week alone!  Surely we won't go much longer without some sort of correction. FTSE has broken above 7700 but it's drifting rather than a high conviction move. I'm just scalping off the 5 min chart as I've got no conviction in either direction medium term. 7725 looking worth a sell for 10-15 points. 7700-10 probably a buy

I have taken  a FTSE short at 7725

Hey all just a couple of small scalps this morning short but I've just gone long small now...

Quote from anstel on 5th January 2018, 1:54 pm

Hey all just a couple of small scalps this morning short but I've just gone long small now...

The hard trade is usually the right trade !

Nice thing about being small is no real stress ....

Very true. Money management is the key and don't over leverage

It is crazy high though but it looks to me like a further bullish trend is developing...it's hard to go long when a few weeks ago it was stalling around 7400 but ours is not to reason why!....I think we have learnt that shorting because it's rational doesn't always seem to get the desired results...

Quote from Nick on 5th January 2018, 1:57 pm

Very true. Money management is the key and don't over leverage

Yes when it's like this £6 and £10 profitable trades add up..:0)

Quote from anstel on 5th January 2018, 2:08 pm
Quote from Nick on 5th January 2018, 1:57 pm

Very true. Money management is the key and don't over leverage

Yes when it's like this £6 and £10 profitable trades add up..:0)

It's interesting how the mind works.....sometimes when market conditions indicate the probobility of tight 20 point ranges.....I think if you have the account size trading larger sizes is do-able.....however I noticed when I traded big size that even though I had recognised the market was changing and it was getting much more dangerous my mind said trading a much smaller size was like standing still......it's rubbish of course....£50-£100 is a day's wage...but it tricks you into getting size on...using the leverage...and then getting into trouble because the volatility increased...safest way is to keep size manageable......and if you do trade size you have to be totally flexible in your mindset about getting small at the first hint of a change in market dynamics.....what I have learnt is that even though you can make substantial amounts with size it's actually not the right way of doing it,because you can loose it just as quick.....Slow and Steady is the way and as your trading account grows you can increase the size slowly........also it's very important not to loose the value of a £30 winning trade.....it can put a lot of food in your shopping basket after all.....:0)

I am even scared to think how the things are with Icarus. I hope he is fully hedged.

As for me, lack of energy is not a good sign. I am starting next week, sad to see such an easy rise on Dax, but I can’t trade. 🙁

Out of my Ftse longs after the close at a nice modest profit....good weekend all....

Hi all.  New year's resolution - get better at trading consolidations.  I did very little during the US and German consolidations in December, except carry the cost of carrying positions forward.  Basically played a waiting game with the consolidations.

Mind you, when they broke out, it was worth it.  Took 350 points on the DAX, 51 on S and P, 310 Dow, 135 points on Nas 100, and 11 point loss today on FTSE 100.  Fair leverage too as I kept adding on dips. It's been worth the wait.

Closed everything out at NFP as I'm unsure where I'm going from here and need to regroup.  You need the bright days to balance the darker ones.  :0)