UK Scalpers

Quote from FGBL07:

There was a trader called "Mike" (sorry, forgot his family name) who traded the FDAX from Texas, getting up in the middle of the night.

As far as I remember he used 5 - 6 stocks of the 30 making up the DAX which correlated best with the DAX as indicator: when these started moving he entered in the same direction. The problem with this method is you constantly have to check for this correlation and switch stocks.

Maybe that info is buried in the "Ultimate DAX scalping" thread, I'm not sure.

Neither do I know whether this method still works.
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Thanks for the tip FBGL07.

I am going to read through that whole thread, it looks very interesting.

veggen
 
Quote from veggen:

Thanks for the tip FBGL07.

I am going to read through that whole thread, it looks very interesting.

veggen
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I'm no longer sure about "Mike": it might have been "Mark" aka velocity_trader.

Redduke should remember this guy.
 
Quote from FGBL07:

I'm no longer sure about "Mike": it might have been "Mark" aka velocity_trader.

Redduke should remember this guy.
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Yep, Mark is one of those traders whose contributions to this forum were great. Unfortunately, he no longer posts.
 
Quote from veggen:

Very interesting RedDuke. Sounds like your are doing very good, and that is encouraging to hear.

I have been trading the NQ for about 6 months now, and slowly but steady starting to get the hang of it. I am still in "capital preservation" mode, but doing better and better. I only use price action to guide me, but more of intraday swing scalping with rarely more than 5-8 R/T a day. I currently only look for RR greater than 1:3.

I guess you can say that I am a bit spoiled when it comes to volatility after starting serious daytrading in 2007. Therefore during last months lack of volatility and trending days (much more range bound than I am used to), I have realised that I am a bit vulnerable when it comes to market conditions as my method works best in trending days. I have therefore lately started focusing on making my trading plan a bit more diversified and beeing able to profit from more market conditions. More of scalp type plays is what I have started focusing on, with smaller R:R and higher winning % (exiting trades if things don't feel right even though target has not been reached), and of course more R/T (something which I feel very comfortable with).

I live in Europe and have so decided to start trading the German Bunde during the morning and evening session before the US market opens. Have you had any experience with Bunde, and if so, how does it compare to the Dax?

Could you maybe explain a little bit more about your scalping method? (of course without giving away any secrets or edges you want to keep for yourselve). Do you enter exit trades within seconds? Do you enter with limit or market orders? How about R:R? Do you focus a lot on the tape?

Since I am not using, and not planning to use any indicators, I am looking to take scalps of S/R, some patterns and trend continutation plays, where I try to get in when the retracement is over and trend ready to continue. Really much the same way as I trade now, but with smaller targets and more trades (taking more plays in both directions). As far as stops go I have a hard time making them smaller than 1-2 points (NQ), how about you?

I trade of 10k vol. chart as anchor, 233 tick and 10s. chart with vol. for entry.

I realise now this post became a little longer than intended and had a few too many qestions maybe, but hope you find the time to answer at least some of them.

Best wishes, veggen
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I like volatility like any other day trader, but what was happening towards the end of last year was insane. Except for 1 week of January 08 during SocGen debacle I have never seen DAX before so thin and with a such high spread. I could not trade it at all and was considering making shift to FESX since its range became big enough for me to trade. So, my experience is a bit different, I started trading during non volatile times several years back, and slowly got exposed to volatility. I did trade Hang Seng for some time in 07, and that helped me to learn how to handle volatile instruments.

No experience with Bund except for watching it a bit during exploratory phase. Love the depth and size, but once again range is too tight. I actually also looked into Shatz and Boble as well with the same end results.

The only trades that last seconds for me are usually losers when I get taken out quickly after entering the trade. My trades usually last between 30 secs to few minutes. I would only keep large winners longer. Sometimes you get in one of those great trades, where the price move in your direction, then does a little retrace then goes into your direction again, and the cycle repeats many times. Trades like these can last for 30 min. I only get in with market orders, being in a trade when I get the signal is of most importance to me and therefore limit orders are out of the question. I do look on tape.

My stops are fixed for the day. I might increase or decrease it by few ticks if I see continuous volatility expansions or construction. They are between 8 and 12 ticks (4-6 points).

I also have a fixed number of ticks I am allowed to loose for a day. If I hit this number, I am done no matter what.

I did spend some time in past looking at NQ and really like this instrument. Depth is decent, very tight spread and it looks like trading up to 10 cars should not be a problem.

Regards.
redduke
 
Hi,
just started trading the ESTX, has more vol' than the DAX that's why I chose it. I trade through IB so just over a couple of bucks per RT. I had been trading the YM and will do when I'm able to, but have commitments for the next few months so will try to get up early to trade.

I scalp, use a stoch/div' for an entry and then just go with the flow. I draw trend lines early from hour, 30, 15, and 5 min charts, but like to trade off I guess the 2min, though always jumping back and forth watching the 3 and 5.

My edge "if" I have one,lol, is just being willing to switch and reverse when wrong, yes can get some whips, but try to give it room before I reverse.

If any of you also trade ESTX or something you think is a better instrument, would love to hear about it.
Thanks.
 
Where do you guys look for news or economic data being released for Europe times. I use Marketwatch now for reg' US markets.

So far the early 3.30am start has been working out, nothing special but keeps me trading while I'm busy during the day for the next few months.
 
Quote from plumber68:

Where do you guys look for news or economic data being released for Europe times. I use Marketwatch now for reg' US markets.
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You may try this one. It's in German, but just watch the lines printed in red.
 
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