Trading The SPI - NON-Gann Techniques

[Edwood]

fwiw this is the line I'm watching

 

[professor_frink]

Interesting chart Ed.

This is a daily for the futs.

Love looking for moves off monthly pivots when looking at daily charts- for this month, there is the monthly pivot at 5573, which also conincides(sp??) with a recent trendline- for the up trend to continue, I'd be looking for a bounce off the area where I've stuck the yellow circle(and we are getting close to that area today )

 

[Edwood]

ahh I see - and if that goes then I guess you're looking for S1?

 

[professor_frink]

ahh I see - and if that goes then I guess you're looking for S1?

Generally, that's where I'd be looking for the market to move to. Because I'm daytrading, it doesn't really matter that much, until one of them comes into play during the day- they can be very good for looking for entries or profit targets intraday.

 

[professor_frink]

I'm done for the morning- would have been a lot better if the opening move had of bounced of the weekly pivot, but it'll do.

Will be back for round 2 bout 2pm. Gunna fire the tv up for some cricket. Enjoy your morning Ed

 

[Edwood]

ok - so I guess you use dailys around the monthlys but you'd give more weight to the monthlys? (you don't need to reply if thats right) obviously I've not used pivots hence the q's

would you be willing to stick the significant pivots up every now & then so's I can see for myself how the market reacts to them? no worries if you carn't be arsed

 

[Edwood]

cheers - catch you later

 

[professor_frink]

ok - so I guess you use dailys around the monthlys but you'd give more weight to the monthlys? (you don't need to reply if thats right) obviously I've not used pivots hence the q's

It all depends. Generally, I'd say yes. Daily pivots still play a big part, especially on gap openings. Generally, a gap up/down to R2/S2 is a good reliable gap fade(that's what we had yesterday on the open), R1/S1 not quite as reliable. However, I'd be more inclined to fade a gap open to ANY weekly/monthly pivot(but you don't see that happen very often).

Clusters of different levels together can also help a bit for deciding which levels are going to come into play during the day as well. The chart I posted yesterday had a couple of cluster areas- the previous H,L,C lined up with the daily R1,PP and S1, which in my slighly warped mind, means that it's more likely that more people are looking at these general areas. For today, there was 2 clusters of levels- yesterday's close and the weekly PP were right next to each other(which haven't come into play at all), and there was a weekly and monthly pivot close to each other as well, which is where we finished up today.

would you be willing to stick the significant pivots up every now & then so's I can see for myself how the market reacts to them? no worries if you carn't be arsed

Not a problem. Here's today's chart- I've circled the 2 areas on today's chart that I was talking about-the blue+yellow lines are yesterday's close and the weekly pivot. In the 2nd circle, the green line is weekly S2, and the line just below it is the monthly pivot I mentioned earlier this morning when I posted the daily chart.

 

[professor_frink]

And here we have the daily chart, updated with today's data.

We've come to an important area. Will be interesting to see if we rally from here or not.

 

[Edwood]

cheers for the charts Prof, looks like I'll have to get onto pivots given the way that monthly has been hit catch you tomorrow

 

[Edwood]

just for interest - a bit of divergence showing again so keeping an eye open for long opportunities

also we bounced at a 50% retrace of the Dec 8th low to 2nd Jan high

(my daughter wants me to stick this smilie in )

 

[Edwood]

longer term we've come back to touch the trend line so longs could be short lived

 

[professor_frink]

morning Ed,

Interesting analysis. From my POV, we had a gap down this morning below yesterday's low, and a big gap from the O/N session at S1. It held after a test, and ran up to a weekly pivot before it stalled.

There was a big cluster of levels in the 68-75 area, that did absolutely nothing to stop that freight train of a rally.... it paused for about a minute before carrying on it's merry way up.

On the daily, we've had a failed attempt at breaking the trendline, with price back above the monthly pivot, and back inside the short term trendline

Hope you enjoy your weekend, I have to go shopping with Mrs Frink today.

I don't really care for shopping much

 

[Edwood]

ah yes, you know I wondered about that when I posted that 4 hr Bronte but didn't check it - well spotted!

we might just run up the bottom of the trend line for a bit now - I have 5630 on the above chart as my line in the sand, above that & we're off to the races again!

 

[Edwood]

I don't really care for shopping much

Hi Prof! yor not alone, I reckon its a bloke thing browsing I don't like, you have to have a purpose eh

edited: seems happy to linger around the congestion point you flagged Prof. if you're off now have a good w/end too

 

[Bronte]

ah yes, you know I wondered about that when I posted that 4 hr Bronte but didn't check it - well spotted!

Double Bottom with:
19th December 2006 (5546 March'07 Contract)

38% Fibonacci Retracement (Big Picture)

Also on one of our 'Timeframe days'

Thank you

 

[Edwood]

Also on one of our 'Timeframe days'

haven't ever done the time thing Bronte - I know others who use it as a guide but don't know anyone wot trades using it

stupid question but how do I do that 'Originally posted by' bit?

 

[professor_frink]

Hi Prof! yor not alone, I reckon its a bloke thing browsing I don't like, you have to have a purpose eh

edited: seems happy to linger around the congestion point you flagged Prof. if you're off now have a good w/end too

You've nailed it there Ed. Browsing is just wrong. I'd rather be watching the cricket.

stupid question but how do I do that 'Originally posted by' bit?

Hit the 'quote' button on the bottom right hand corner of a post and it will send you to the reply screen, but include their post as well.

Enjoy your weekend folks

 

[Edwood]

You've nailed it there Ed. Browsing is just wrong. I'd rather be watching the cricket.



Hit the 'quote' button on the bottom right hand corner of a post and it will send you to the reply screen, but include their post as well.

Enjoy your weekend folks

ta da! cheers mate, have a good one (hope England win btw, they don't deserve to be up there with the worst imo)

 

[Bronte]

Double Bottom with:
19th December 2006 (5546 March'07 Contract)

38% Fibonacci Retracement (Big Picture)

Also on one of our 'Timeframe days'

Thank you

You too prof.
Go England.
SPI chart showing one day swing Double Bottom: