DSchenk
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Posts posted by DSchenk
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Also just checked what Ross traded today: YUMA
IG restricted, so not possible to trade.
However, even if it was possible, this is the move where Ross made 500 bucks (1min chart btw - he only traded for 4 minutes today)
The total range here is from 606 to 649, that's a 7% move.
However, the spread currently is at 2.6%, probably way higher during the market open, I assume around 4-5%.
Meaning there's little chance you would've made any profits on that move, even with perfect entry and exits. Lucky if you would've just made the spread back
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Yep, the "Too early stay clear" caught me out
Just saying, with a spread of 2% and moves of 5%-10%, the math doesn't add up for me.
The move is only 2.5-5 times the spread.On the FTSE100 index you have a spread of 0.02% with moves between 0.5% and 1%.
That's moves of 25-50 times the spread which is 10 times better than on the stocks.Appreciate, there are still 1 out of 100 stocks which then move 50-100% on the day, which makes the math even to the index. But you still have the issue of a) finding that stock quick enough to get a good entry and b) IG not blocking you from trading that stock. Difficult outset if you ask me
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Lol, nit2wynit. That happens when you make too much profit, the spread bet provider can't afford you anymore
So, just to conclude my recap of the day as well .
I traded 2 tickers: AXAS and DNR
Both gap-and-go set-ups.
AXAS popped up, then consolidated around $6.6. I went in on a flag pattern, which turned out to be a false breakout. Stopped out.
DNR. Popped up then shot down again. Was first stopped out. Then re-entry at bottom and still holding that position now. Let's see if it's gonna be a late burner. See potential to go until $1.80 if it breaks $1.60 (which doesn't seem likely at the moment)
All in all, I have to say, the US open is not that much of a difference to the UK open.
Spreads are still far too high to realistically make a profit. Most of the tickers which are really moving are restricted by IG to trade, some only on the short side, but still a significant amount.
Besides, my Level 2 didn't show any data, although I purchased the streams. All I could see was Level 1 data. Not sure why that is, will check tomorrow again. Maybe there's a delay in the permission system or so.
For scanning pre-market I used Trade Ideas (same as Ross Cameron from Warrior Trading is using). Demo account is sufficient. https://www.trade-ideas.com/
Might go back to focus on trading the FTSE100 index as seems to have a higher chance of success there. (Although also not made any profits there yet, lol - what can I say, trading is hard)
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Agree, it's far from ideal.
I went a bit creative and built myself a tool which is hooked in via the API provided by IG for that purpose.
That calculates margin requirements, deal sizes, shows overall balance, PnL, etc.
Would start with the calculator - then go from there
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PRT doesn't show you your balance. But PL shows via Trading -> open positions
Looks something like the below (if you're down £30 on the day
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You are possibly right.
I usually don't believe anything I haven't seen with my own eyes.
There are a lot of ugly things going on in big corporations, which they don't want normal guys like us to know...1 minute ago, nit2wynit said:Yes, but where does the money go or come from?
If I made 10k today, does it come from IG?If it is as Casey and dmedin assume, then IG would have to wait for someone else (an individual) to sell the shares you buy and vice versa. IG only makes the spread. You make 10k, someone else loses 10k.
Not sure that this is how spread betting works after all. -
14 minutes ago, DSchenk said:
5) Haven't found any suitable report which shows me earnings releases in the US for the day/week ahead. Best one I found so far is this one, although not the biggest fan so far. Will keep searching for better ones: https://www.thestreet.com/event-calendar/index.html
Update. Finviz has earnings in their database.
This looks suitable for my purposes.
https://finviz.com/screener.ashx?v=111&s=n_earningsbefore&ft=4&o=marketcap
Shows 5 tickers having earnings today, none of them land on my watchlist though.
2 are too expensive. Can't find one in IG. And the remaining two don't seem to have any volume.
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Not 100% sure on this, but if I was a spread-bet provider and knowing that 90% of traders lose, I wouldn't just make money on the spread, but actually play the casino bank against the traders.
Meaning if the trader loses, I win. If the trader wins (1 out of 10 times), I need to pay him. But the good thing is, I only need to pay him 'on paper', in his account. So I only really lose, if the trader pulls money out of his account to his personal bank account.
All in all, there seems to be a very low risk of losing liquidity as a spread bet provider.
But as said, not sure how it all works behind the scenes. Just my guessing.
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Ok, I configured my platform for US open. Real test obviously will be once it opens, but here my findings so far.
1) US has a lot more stocks than UK. (Ok that was obvious
). Means I needed to tighten all my screeners, otherwise they pull way too many tickers.
My Momentum screener only looks at ROC of more than 10% on the day
Volatility screener more than 2% in last 10 minutes
Top Gainers at more than 25% in last 3 days
Top Dippers at less than -10% in last 3 days
GAP scanner at more than 5% gap2) IG seems to restrict a lot of stocks from trading. Some are only restricted on the short side, but a lot are restricted short and long. This is a bit painful when building the watchlist, because you need to check first if there are any restrictions on the ticker.
I assume this is because US stocks are more volatile and IG needs to protect themselves from traders making huge profits.3) No pre-market data available, except for a handful of selected major stocks (typically not the ones you want to trade). List here: https://www.ig.com/uk/shares/out-of-hours-shares
This means no pre-market scanning possible with IG tools.4) In order to get Level 2 data, you need to buy 3 data streams individually. One is called AMEX (US), one NASDAQ (US) and one NYSE (US). All 3 together are cheaper than the LSE stream, so that's positive.
5) Haven't found any suitable report which shows me earnings releases in the US for the day/week ahead. Best one I found so far is this one, although not the biggest fan so far. Will keep searching for better ones: https://www.thestreet.com/event-calendar/index.html
On my watchlist for today so far:
NTEC (short side restricted)
MNK
CVIA (short side restricted)
AKRX
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Nice one thanks Casey.
Bit more than 25 stocks available then, but not by a landmile
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I'm just configuring my PRT platform for the US.
Even with L2 streams subscribed, you don't seem to get pre-market date, except for very limited stocks. Seems to be only a few big ones, like Microsoft, Apple, Google, etc.
It seems like if it says "(All Sessions)" in the name, they have pre-market data, if not then they don't. According to this rule, there are only 25 stocks with pre-market data available. Doesn't help a lot. Probably need to use external screeners or screen on market open
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2 minutes ago, nit2wynit said:
.I also don't know the significance of DFB?
https://www.ig.com/uk/glossary-trading-terms/dfb-definition
Daily Funded Bet - that's the regular ticker to trade for day-trading purposes, cause smaller spread, but overnight interest adjustments.
Unless I'm wrong, then someone correct me please -
Just now, nit2wynit said:
oh, hold on. may have found it. Search bar at top left?
That's the one
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Are you looking at these 3 markets?
US (minor)
US (TECH)
US (Wall St)
I get about 23,000 results combined across all 3.
Divided by 4, cause only one of them is the DFB, the other 3 are futures with an expiry date. Still over 5000 stocks.
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8 minutes ago, nit2wynit said:
Though it seems there may be a few issues developing with PRT?
Glad you like it
What issues do you have with developing on PRT?
I'm configuring mine today to work with the US market. Will see if I have time today to look at US market open
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Thanks.
With ProRealTime i'm having the options below.
Trick was to set custom times in the last setting. As the Sunday candle is in the evening hours it is not taken into account when cutting of at 16.30 normal market closure.
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Morning everyone.
Trading session today:
Fell straight into the trap with the skewed pivots on Monday
Thought I had configured my platform correctly with not showing weekend data. Although then found out as it was already too late, that this doesn't have any effect on the pivot points, they still calculate referencing to the Sunday data. LOL. Found the right settings eventually, so for next week should be fine.
(note, the chart attached is showing the correct pivot points - not the one I traded on)4 Trades, 4 Losses
1st Trade: Long, Loss
Top breakout at market open. I thought we were already above the pivot point, so I went in long.
In reality we were still below the pivot and consequently saw a rejection at that level. I got stopped out as the hourly candle made new lows. Down 12 Points2nd Trade: Short, Loss
Now we were breaking below the pivot, or so I thought. When we were approaching it from the bottom, I was going short with stop loss above the pivot.
In reality, pivot was obviously somewhere else entirely and I got stopped out quickly. Down 20 Points.3rd Trade: Short, Loss
Decided to take another trade, even if already at max-loss for the day. (Rules and so, right)
Short as it broke again below the pivot. Stop above the high of the previous spike up.
Got stopped out quickly again. Down 30 points.
That's when I looked up the pivot points online and found out where they really are4th trade: Short, Loss
Now that I had the right pivot points on the chart, i wanted to take at least one trade under correct assumptions.
Saw a rejection at pivot and entered short. Reversed quickly and broke above pivot, where I stopped out.
Calling it a day.Lesson learnt I would say. Don't trust the automated generated indicators without double-checking them first
Have a better start in the week than me, all.
Take it easy
Dan
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43 minutes ago, nit2wynit said:
Even without Pre market data, it's still possible to create a Watchlist (I assume) as soon as the Market opens, but only you can tell me different.
Sure, as soon as market opens, the screeners will work.
I usually added stocks to my watchlist beforehand which I know have news released on the day, like earnings and stuff. Usually a big likelihood for gaps and big moves afterwards.
For UK market I always used HL for that: https://www.hl.co.uk/news/articles/next-week-on-the-stock-market
Gives you a quick overview what's on the table for next week.
Do you know where to get anything similar for US?
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Just looking at the stocks in your watchlist. All nice gap-and-go opportunities indeed. How do you find them? Just clicking through the entire NYSE from A-Z and seeing if there's a gapper anywhere?
Even when using a screener, one potential issue is still, that IG is not providing pre-market data, like Ross has in his platform, right? Or can you activate that somewhere?
Last candle I see in PRT is 20.59pm day before and then 14.30 open next day.
So you won't be able to run any screeners pre-market, like Ross does every morning as he showcases in his videos.
To work around that, I was using additionally the L2 platform and purchased the L2 datastream for LSE (which is like £7 per month). There at least you already see prices in the 10 minutes before the market opens of the auction phase.
Not sure how this works for US equities, would need to have a look at it.
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21 minutes ago, nit2wynit said:
....but No Idea at All??
Is it less than £100 or less than 10k?
i can't see how no-one can give me an answer on this. Even a round about figure.Probably IG themselves don't have a fixed rule for that and use it as-and-when they see fit and want to charge someone for the platform. Sounds like a typical clause you want to put in a contract to secure yourself from not needing to drag non-profitable customers for years along the way.
As i said. I never paid a penny for it in a timeframe of a year approx.
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I've never paid a penny for PRT. You have to transact at least 4 times per month. I usually do that in a day. Otherwise £30. I can recommend the platform certainly.
According to IG:
You can get access to ProRealTime charts at no extra cost if you transact at least four times in a given month. However, if you don't meet this requirement, or your trading activity is of extremely low value, then a £30 per month fee will apply on the last day of every calendar month.
Agree, 20 trades per day are way too much and stressful. Sweet-spot, 2-5 ideally.
Happy to buddy up on trade ideas or help out with setting-up the PRT platform, if you have any questions.
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10 minutes ago, Caseynotes said:
I looked at the H1 ftse with pivots and the 7am European open candle sliced down through the pivot point (orange) like a hot knife through butter, the bears were in control ever since.
Agree and very interesting. I've put pivot points on my chart now. Since then we saw 3 more approaches to the pivot point from below and 3 times rejected (although slightly overshot twice). Very interesting indeed. Thanks for the tip, Casey
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28 minutes ago, dmedin said:
What time were you awake? The 'clear sign' of a downward move were between 07:00 - 07:30. Oh hindsight, how I adore thee!
I do my analysis usually between 7.30 and 8.00am. So from that perspective the downtrend was already noticeable.
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Haha, thanks, but not half as impressive as it sounds. I know a few other programming languages, so this was peanuts to learn.
Impressive is to actually become a profitable trader afterwards utilising those screeners - something I have yet to achieve 😊
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). Means I needed to tighten all my screeners, otherwise they pull way too many tickers.
FTSE100 - Daily Trades
in Indices and Macro Events
Posted
Hi guys, today's recap below.
8 trades, 4 winners, 1 Break-even, 3 losers
Not hit my target or max-loss today, but called it a day due to time passing the 90 mins mark. Might trade again at US open in the afternoon.
Trade 1: Long, Profit, Up 1 Point
Breakout to bottom on market open. Seeing signs of bouncing off S1 and also 7300 lvl. Entry long. Taking some quick profits to start the day.
Trade 2: Short, Profit, Up 2 Points
Looks like bouncing off VWAP. Entry short. Taking quick profit at signs of reversing at 7310 lvl
Trade 3: Long, Loss, Down 2 Points
Entry long at signs of bounce off 7310 lvl. However, stopped out. Unfortunate, as straight afterwards 40 points rally begins. Stop loss set too tight
Trade 4: Short, Loss, Down 6 Points
Signs of bounce off 200EMA. Short entry. Exit on breaking through EMA
Trade 5: Long, Profit, Back to 0
Flag pattern above 200EMA. Entry long. Exit at signs of reversal at 7340 lvl
Trade 6: Long, Breakeven, Still 0
Flag pattern at 7340 lvl. Entry long. Failed to take profits in hindsight at 7350 lvl and mR1, which are two resistances essentially at same lvl. Stupid me. Exiting trade at breakeven.
Trade 7: Short, Profit, Up 6 Points
Going short after break of Pivot. Exit at 200EMA.
Trade 8: Short, Loss, Up 4 Points
Looks as it would break 200EMA and VWAP. Entry short. Reverses and breaks above. Exit. Calling it a day
@Caseynotes Still a bit confused with those pivot levels.
My levels today are:
Pivot: 7336
S1: 7305
R1: 7364
I looked up pivot levels on 3 websites and 2 match, the other says something different, while all 3 are slightly different to my numbers.
http://www.livecharts.co.uk/Members/display_stock_pivots.php
Pivot 7340
S1: 7302
R1: 7359
https://uk.investing.com/technical/indices-pivot-points
Pivot: 7340
S1: 7302
R1: 7359
https://www.dailyfx.com/ftse-100
Pivot: 7339
S1: 7310
R1: 7361
What is correct? What isn't? Or are these small differences normal and down to the various calculating methods? Confusing.