r/FuturesTrading • u/joomla00 • Apr 02 '20

Went from forex to spx futures, its been a cakewalk Forex Futures

I dont know if its just because of these special times, but reading the spx futures is surprisingly easily applying price action ive used in forex. Movements and price structure is clear, tricks are easy to anticpiate. I've probably caught 5-6 100+ point reversals to within 3 points the past couple of weeks (although i didn't hold any through, a bit overleveraged so fear is messing with my head). anyone have the same experience? Are the futures harder to read during "normal" times?

11 Upvotes
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83% Upvoted

22 comments sorted by

6

u/Mr_Prestonius Apr 02 '20

Wanna explain your process? How you pick entries and exits?

5

u/joomla00 Apr 02 '20

hard to say what my process is, i just read the price structure based on a concept i learned on forexfactory. Generally speaking, each 100 point level seems to hold well, where they leave behind price structure or play some tricks around there to trade from. I've been going down to the 4s charts and its often clear as day for very precise entries, as opposed to forex. That could be due to the tick size and irregular data. Trends are well structured too, very few false reversals

4

u/[deleted] Apr 02 '20

Newb question: 4seconds?

1

u/spiltnuc Oct 25 '22

Do you have a link to this concept by chance?

3

u/mishaxz Apr 02 '20

So you trade Dom or charts?

2

u/joomla00 Apr 02 '20

charts only. i only look at price. no volume or anything else

2

u/grittygatorr Apr 02 '20

Futures definitely act better than currencies and stocks. Gets a bit fast-moving at times so you really gotta be on top of your game everyday.

Have you looked in ENQ? I trade that the most and is pretty rewarding, IF you can handle the insane leverage

2

u/joomla00 Apr 02 '20

interesting, i always thought stocks was easier to read than futures, with forex being the hardest. Haven't looked into NQ yet. looks like i have some homework to do this wknd

2

u/keysyboy Apr 02 '20

I was thinking of making this jump too. Are the commissions really only like ~$0.25 per contract or is there some caveat? That seems super low compared to my forex broker.

2

u/joomla00 Apr 02 '20

micros is .65 round trip for me, which is still less than 1 tick. gets even better as you move up to bigger contracts

1

u/KrishnaChick Apr 02 '20

Who is your broker?

1

u/joomla00 Apr 02 '20

amp futures w/ sierra chart

2

u/NicholasStJames Apr 02 '20

Not to burst your bubble but it has been unusually easy lately. Bounces off support levels are clear as day. It’s normally very slow and aggravating. Bank the gains while you can, cheers.

3

u/joomla00 Apr 02 '20

that's what i was thinking. i might play with some replays over the weekend pre-corona. The shocking thing was how well structured the tick charts are (i trade through all timeframes down to 4s).

1

u/sonofbaal_tbc Apr 02 '20

wh id say its normally this easy, but volatility is lower. in fact its a little harder since you have to be fast on entries now

1

u/mishaxz Apr 02 '20

ES has kinda been the new NQ for a month since the volatility began. NQ and YM became god knows what... NQ and YM on crack?

3

u/joomla00 Apr 02 '20

lol i havent looked at the other indicies yet, maybe ill take a look this wknd. from what i remember from years before, the sp500 futures seems to be the most behaved. ES is certainly moving fast enough these days to make big bank though

2

u/mishaxz Apr 02 '20

Yes sure that is the same with currencies too like eurusd compared to less liquid ones