Trading The SPI - NON-Gann Techniques

[Bronte]

'GAP' Open
Approx.40 point 'Discount'
We always take these trades....
See original closed 'Trading the SPI' thread:
https://www.aussiestockforums.com/forums/showthread.php?t=1664
Double Bottom & 38% Fibonacci.
50% Retrace (Thanks Edwood)
Plus professor's Support lines

 

[Edwood]

nice one Bronte! thanks for flagging that. out of interest, did you enter on the failed retest of the opening spike, or just get in straight away aiming for the gap fill?

edit: you've reminded me that I need to have a 5 min candle chart running alongside my line chart - so ta v. much! fwiw this is what I was looking at line-chart wise

 

[Bronte]

nice one Bronte! thanks for flagging that. out of interest, did you enter on the failed retest of the opening spike, or just get in straight away aiming for the gap fill?

Bought the Open today Edwood
Pre Open order: Buy 5556 LMT
5552 05/01/2007 06:40:03 AM
Plenty of Support here today.

 

[Edwood]

well done B! yeah lots of support here on lots of timeframes

 

[professor_frink]

Looks like I missed out on some fun to the short side after going out yesterday. Oh well.
Here's the updated daily chart- it's looking very weak, and with the o/s action last night pushing the market lower, we could be in for a run down and test of the next monthly pivot over the next few trading sessions, which currently sits at 5458. Even if it doesn't make it that far, I don't care. The current volatility is freakin great for trading at the moment

 

[Euler]

Good morning and good trading in 2007 fellow spi'ers.
Does anyone have reliable SYCOM data for Friday night (O,H,L,C) ... mine are suspect!!

 

[neo]

Hi Euler,
O 5559
H 5560
L 5476
C 5509
If I miss any previous day/overnight data I check the Brokerone website under overnight price summary. Seems to be updated before 9am ish. Hope that helps.
Regards..

 

[Euler]

Hi Euler,
O 5559
H 5560
L 5476
C 5509
If I miss any previous day/overnight data I check the Brokerone website under overnight price summary. Seems to be updated before 9am ish. Hope that helps.
Regards..

Cheers neo, i had conflicting data and wasn't sure which was correct.

 

[Edwood]

afternoon chaps. impulsive this morning and corrective this afternoon so perhaps more upside to come...

am guessing mondays are a bit quiet in Aus due to the weekend effect i.e., no US / European influences - is that a fair comment?

 

[Edwood]

oops! went out to the shops & missed the move - not to worry...

 

[professor_frink]

Howdy Euler, good to see you back, hope you had a good break

On the sidelines this morning- couldn't get a low risk entry for a long. A bit disappointed with that, as it's moved a fair bit
R2 @ 65, and the monthly pivot @ 73, so will be looking for a bit of action of one of those levels if touched.

edit: I know you like looking at fib retracements Ed, the 38.2% retracement level from the recent run down lines up with the monthly pivot point. Could be a good level to watch out for today

 

[Euler]

Howdy Euler, good to see you back, hope you had a good break

On the sidelines this morning- couldn't get a low risk entry for a long. A bit disappointed with that, as it's moved a fair bit
R2 @ 65, and the monthly pivot @ 73, so will be looking for a bit of action of one of those levels if touched.

edit: I know you like looking at fib retracements Ed, the 38.2% retracement level from the recent run down lines up with the monthly pivot point. Could be a good level to watch out for today

Hi and thanks prof ...was a good break but good to be back.
Yesterday on the sidelines, blowing the cobwebs away, and today slow to react. With the text book open and up breakout for POC 5515 and range 5525-00, it was there. Let's how it pans out now.

 

[Edwood]

hey guys - this is what I have up Prof - looks like my spreadbet quote is 9pts adrift of SPI atm

are you doing market profile there Euler?

 

[Euler]

hey guys - this is what I have up Prof - looks like my spreadbet quote is 9pts adrift of SPI atm

are you doing market profile there Euler?

Ed that's correct. On open, if I read it correctly and can get on early enough it is based on MP. I watch for setups based on MP through the course of the day (morning and after-lunch session). If it becomes range bound, then I go into short term scalp mode if and as the setups present.

 

[professor_frink]

God I hate mornings like this-
Couldn't find a good play on the opening gap, so the morning mini trend following system got fired up and has been chopped around, so after the market had a good run, I'm down for the day
Gunna have to fire up the arvo system today to see if I can restore some order in professor land

 

[Edwood]

Ed that's correct. On open, if I read it correctly and can get on early enough it is based on MP. I watch for setups based on MP through the course of the day (morning and after-lunch session). If it becomes range bound, then I go into short term scalp mode if and as the setups present.

ah ok - interesting. do you have to use custom software for MP? and do you find it helps more for short term (i.e. intra-day) or swings? (sorry about all the questions... )

 

[Edwood]

bummer Prof - we might be looking at a bull flag atm tho

 

[professor_frink]

bummer Prof - we might be looking at a bull flag atm tho

Yeah it sucks
At least I kept myself out of some of the chop, so it could have been worse

 

[Edwood]

just of out of interest here's a couple of different fib views of the current state showing retracement & extension

 

[Euler]

ah ok - interesting. do you have to use custom software for MP? and do you find it helps more for short term (i.e. intra-day) or swings? (sorry about all the questions... )

Ed, I am finding that it works best on breakouts like we experienced this morning, and is suitable for intra-day and longer term time-frames. It can give ranges to work with very close to pivot points, which I keep an eye on as well, but I find that it gives one the opportunity to trade the value ranges or breakouts from these ranges on moves to the next level.
I followed up a number of leads on suitable software to use, but found many that I had no confidence in. I currently work out my own POC and range. There is a lot of information available to study the subject on the net. From what I have seen so far, the rolls-royce of proprietary software appears to be esignal. I don't use them and am not making any recommendations, so do your own research. I have been tempted to subscribe but in my current phase I am doing ok with what i have, so i think I'll apply KISS principle.