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Trading The SPI - NON-Gann Techniques
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Hope you SPI boys rode that with your ears pinned back! :bowser:
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above the lis it was a long..came back and tested it once..
lis is worth its weight in gold
ac ;-)
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Here is a tip from TH which I did not take heed.
On days where the SPI is very thin, with a lot of bids/asks being pulled, wide spreads, low volume - then trade off the charts.
Today, descending triangle, broke, retested the trendline and then bounced. Formed a bearish wedge, broke down to the target. Around lunch, there was a symmetrical triangle, which again broke to the target. Sorry, don't have the chart infront of me so this may not be exact, but remember watching it respecting trendlines, hitting pattern targets etc etc. VERY unusual for the SPI, but on days like today, may be extremelly useful for you SPI traders.
Hope this helps someone.
Cheers
On days where the SPI is very thin, with a lot of bids/asks being pulled, wide spreads, low volume - then trade off the charts.
Today, descending triangle, broke, retested the trendline and then bounced. Formed a bearish wedge, broke down to the target. Around lunch, there was a symmetrical triangle, which again broke to the target. Sorry, don't have the chart infront of me so this may not be exact, but remember watching it respecting trendlines, hitting pattern targets etc etc. VERY unusual for the SPI, but on days like today, may be extremelly useful for you SPI traders.
Hope this helps someone.
Cheers
Rockon2
It's all about the Money!
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Today even dodgier than the last two.
Look at the downwards trend channel it is respecting on the one minute. Beautiful.
Look at the downwards trend channel it is respecting on the one minute. Beautiful.
Rockon2
It's all about the Money!
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Yes, well the one I am talking about is only in the morning. It is respected on both sides numerous times.
But that upbreak of the trendline before the break down, got me long!
That was vintage SPI.
Hope you caught the downleg rockon, unfortunately, I am not a position trader, and though it looked very weak, I didn't have the conviction to hold!
A decent day nonetheless.
But that upbreak of the trendline before the break down, got me long!
That was vintage SPI.
Hope you caught the downleg rockon, unfortunately, I am not a position trader, and though it looked very weak, I didn't have the conviction to hold!
A decent day nonetheless.
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Personally, I don't.
I've heard TH mention it sometimes though, so he may, but unsure.
Rockon2
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I cant get that info on IG mkts,,,,, wish i could ...
Did ok today ,, went long from the 3670 level and exited when it hit he 3690 level,, 15 points net. ty..
Interestingly though, i picked up on the pattern first from the actual xjo (webiress ) and not IG ...
Trembling Hand
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Don't think u can get Open interest except for daily levels.
IG Cash and WebIress cash is different cause IG is pretty much just SPI - a few ticks, whereas webiress XJO cash is cash
IG Cash and WebIress cash is different cause IG is pretty much just SPI - a few ticks, whereas webiress XJO cash is cash
Thanks all,
that was quick. You must just all be waiting for me to ask a question so you can pounce on it. No? Oh well.
I'm using historical tick data in simulation replays and was thinking of buying historical eod for the open interest information as it didn't come with my tick data. It's not expensive but was just wondering if it was worth it.
I think I'll get it and just monitor it anyway.
Well I didn't meet IB's minimum liquidity requirements (even though I've got the account opening capital and told them I'm only after a paper trading account) and eSignal don't provide market depth for the spi. Bollox!
No drama really, I'll just lie next time I apply.
For you dom privileged traders, is there much pulling of orders from the market or can you rely on the dom as a true indicator of the support/resistance at various bid/ask levels?
I.e. Will the big boys place a safety blanket of heavy bids to give the illusion of support only to pull the rug out and does this happen often enough to shake trust in the dom?
Hope you keep up your blog TH. I like your honesty.
Cheers,
Jules.
that was quick. You must just all be waiting for me to ask a question so you can pounce on it. No? Oh well.
I'm using historical tick data in simulation replays and was thinking of buying historical eod for the open interest information as it didn't come with my tick data. It's not expensive but was just wondering if it was worth it.
I think I'll get it and just monitor it anyway.
Well I didn't meet IB's minimum liquidity requirements (even though I've got the account opening capital and told them I'm only after a paper trading account) and eSignal don't provide market depth for the spi. Bollox!
No drama really, I'll just lie next time I apply.
For you dom privileged traders, is there much pulling of orders from the market or can you rely on the dom as a true indicator of the support/resistance at various bid/ask levels?
I.e. Will the big boys place a safety blanket of heavy bids to give the illusion of support only to pull the rug out and does this happen often enough to shake trust in the dom?
Hope you keep up your blog TH. I like your honesty.
Cheers,
Jules.
