Trading the Aussie200

[happyjack]

And so we say Farewell as Dialectic Blue fades slowly into the sunset, (best of luck mate and thanks for your effort, I certainly got a lot out of your work"
utthedoor:


Now do we let this thread drop dead or do we do something constructive with it, like post ANYTHING that we may pick up concerning the "Aussie 200"? or any opinions we may have as to the direction it may be going?

Just to kick it off I am going long (no surprise there hey) but the signals I am using are weekly so I should be long for a fair while it is a VERY small trade just to see if some signals I have been given work, I will let you know how it goes.

And before the usual bunch of feaces throwers start off, You are :horse: as none of you impress me enough to give a cr#p


Happyjack
all care no responsibility
DYOR

 

[happyjack]

America had a large drop on Friday so today it will be interesting to find out if the resistance around 5400 will hold or whether it is heading for the cellar. there was a 40point drop at the open, not a good sign, I am probably wrong but it always seems to me that whatever it does in the first half hour it does the opposite for most of the rest of the day,

bingo it has passed down through the bollinger and ........

it is now going back up to the centre of the bollinger

I need a bear, sorry freudian slip I meant Beer


Happyjack

 

[happyjack]

The Bollinger is narrowing even further the Aussie 200 opened down at 5346 and then went to almost 5300 before starting a horizontal run with smaller and smaller waves it is now at the point where the candles are barely 3to 5 points each. and it is starting a very gradual upward incline (I know ALL inclines are upward) any one got any Ideas, is that all there is, has resistance won?

Now at 5336

happyjack

 

[happyjack]

It is now trading at the top of the band area it has passed through the 5,10, and 20 moving averages but the candles for some reason are red, even though the trend is going up

Just when I am convinced it is going long it turns back down again and is now in the centre between the bands and below the 5 & 10 MA

Happyjack

 

[Trembling Hand]

Just to kick it off I am going long (no surprise there hey) but the signals I am using are weekly so I should be long for a fair while it is a VERY small trade just to see if some signals I have been given work, I will let you know how it goes.

You still long from the 5th of April post?

 

[happyjack]

Nobody is following this so I am fairly safe in saying this, The chart pattern at the beginning of today's CMC markets Aussie 200 is one I call the bears bum, because sometimes after it the chart goes up, so the bear has got up and wandered off, mind you equally, sometimes it doesn't ....... lol

I am going to the post office if I go away perhaps it will start doing something.

Happyjack

all care no resposibility DYOR

 

[happyjack]

Still long on the long term scheme of things but I picked up 20 points on shorts this morning but I think the day will end up.

Of course having said that the market will now crash and burn,

Don't follow me I am lost!!

happyjack

 

[happyjack]

Well we are over the 21 day average and heading for the 150 but today is critical in as much as we have hit the 5650 barrier so this is where it has to make a decision The Macd and most other indicators say --- up

Happyjack

for the pedants .... I know this is an xjo chart .... the cmc charts are too difficult to manipulate on a daily basis,

Well maybe you have a chart and maybe you didn't, difficult to tell with this new system

 

[MoneyNeverSleeps]

Re: Trading the XJO 200

No there is a spread, 2 points, but they are the prices that the trades where executed at. CFDs suck for short term trades as you have to always get over that spread then sell at market. Just to get a scratch trade you need it to go 2 points in your favour. On the Futures if you can work the spread that would of been a 2 or 3 point winner.

Hi TH, i'm still out here reading books, going to CMC seminars, getting familiar with Market Maker and more importantly learning.........I'm just wondering if "working the spread" simply means to enter/exit only trades with a favourable spread i.e. a 2 point spread etc?

 

[professor_frink]

Re: Trading the XJO 200

Hi TH, i'm still out here reading books, going to CMC seminars, getting familiar with Market Maker and more importantly learning.........I'm just wondering if "working the spread" simply means to enter/exit only trades with a favourable spread i.e. a 2 point spread etc?

No. He's referring to buying at the bid and selling at the ask in this instance, something you can't do with a market maker.

 

[>Apocalypto<]

Re: Trading the XJO 200

No. He's referring to buying at the bid and selling at the ask in this instance, something you can't do with a market maker.

Frink why could u not buy at the at bid and sell at the ask? the IG bid is always more then the ask. eg SELL (ASK) 6000 BUY (Bid) 6002 or am missing some thing here?

 

[professor_frink]

Re: Trading the XJO 200

Frink why could u not buy at the at bid and sell at the ask? the IG bid is always more then the ask. eg SELL (ASK) 6000 BUY (Bid) 6002 or am missing some thing here?

by bid, I'm referring to the highest price someone is prepared to buy at - in your example above, the bid is 6000 and the ask is 6002.

 

[>Apocalypto<]

Re: Trading the XJO 200

by bid, I'm referring to the highest price someone is prepared to buy at - in your example above, the bid is 6000 and the ask is 6002.

ok I get u no that's not possible on a MM.

Cheers

 

[MoneyNeverSleeps]

Re: Trading the XJO 200

by bid, I'm referring to the highest price someone is prepared to buy at - in your example above, the bid is 6000 and the ask is 6002.

So I assume that the bid is not always less than the ask with non market makers; otherwise you could never lose on a trade. TH was then referring to trades where this was the case i.e. this allowed him to "Work the spread"?

 

[Trembling Hand]

Re: Trading the XJO 200

So I assume that the bid is not always less than the ask with non market makers; otherwise you could never lose on a trade. TH was then referring to trades where this was the case i.e. this allowed him to "Work the spread"?

No. The bid can never be more than the ask. This is the problem when people trade with crappy MM. they never get a sense of how the markets function. And how disadvantaged you are playing with MM CFDs & FX.

Working the spread is putting an order to buy @ the highest Bid and joining the cue then selling at the ask once filled. something you carn't do with MM.

For example I put in a order to buy @ 6000 with the other bidders. someone sells @ market and my order gets filled I then joint the ASK sellers at 6002 to sell and get taken out as well. 2 points profit while the MM price hasn't moved.

That one is an extreme example but the most obvious one is targets. I can place a limit sell order in the SPI at 6000 and be taken out by other people buying @ market. Where with a MM you need the price to effectively trade to 6002 before you can get 6000 exit from them. They are robbing you of at least 2 points per trade.

I use to think they were a good thing to learn with but now totally against them as you are never seeing how orders work and the importance of correct order execution.

 

[MoneyNeverSleeps]

Re: Trading the XJO 200

No. The bid can never be more than the ask. This is the problem when people trade with crappy MM. they never get a sense of how the markets function. And how disadvantaged you are playing with MM CFDs & FX.

Working the spread is putting an order to buy @ the highest Bid and joining the cue then selling at the ask once filled. something you carn't do with MM.

For example I put in a order to buy @ 6000 with the other bidders. someone sells @ market and my order gets filled I then joint the ASK sellers at 6002 to sell and get taken out as well. 2 points profit while the MM price hasn't moved.

That one is an extreme example but the most obvious one is targets. I can place a limit sell order in the SPI at 6000 and be taken out by other people buying @ market. Where with a MM you need the price to effectively trade to 6002 before you can get 6000 exit from them. They are robbing you of at least 2 points per trade.

I use to think they were a good thing to learn with but now totally against them as you are never seeing how orders work and the importance of correct order execution.

I see what you mean and I have been well aware of the cost of the MM 2 point spread from day 1, however I am finding that that MM's (CMC Aussie 200) are a good place to start; if nothing else, having to overcome the MM 2 point spread really helps increase focus and discipline by making a hard job even harder!

 

[Wysiwyg]

Two mini CFD Index long opened at 4713 points. Playing for basement around 4700 so see how it goes.