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Trading The SPI - NON-Gann Techniques
- Thread starter wayneL
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SPI moved quicker than expected to 3533…
3533 is a target in this 5-day pattern, and can become random
resistance during the day, which can result in a reversal of 20-44 points.
(if lucky)
But a break above and price could end up moving towards Tuesday’s highs
@ 3565, especially after 3pm.
I've taken a short here and I've already partial exit and placed dollar stops
for breakeven trade, as i'm not expecting too much downside.
If lucky can make a little of any consolidation around these tops.
My set-up for the day has already played out, so going for the smaller movements of 10-20points
3533 is a target in this 5-day pattern, and can become random
resistance during the day, which can result in a reversal of 20-44 points.
(if lucky)
But a break above and price could end up moving towards Tuesday’s highs
@ 3565, especially after 3pm.
I've taken a short here and I've already partial exit and placed dollar stops
for breakeven trade, as i'm not expecting too much downside.
If lucky can make a little of any consolidation around these tops.
My set-up for the day has already played out, so going for the smaller movements of 10-20points
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Bronte
Trading The SPI for 20+ years
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Bronte
Trading The SPI for 20+ years
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SPI has reversed down 44 points, which often can see more buying
appearing off its lows and back towards the highs.
So far the previous levels @ 3552 (current highs) and current swing lows
@ 3503 are playing their part over lunch.
But i've gott a feeling that a lot of this price action today is happening
too quickly, and we've got the same price action as last week,
a double range R44 spiral top, fake breakout which often leads to a
87 point reversal.
I'd be extremely interested in seeing how the market reacts after the
rate news comes out, because if this follows the down move into 3464, it
will begin trading below the 5-day 50% level...
appearing off its lows and back towards the highs.
So far the previous levels @ 3552 (current highs) and current swing lows
@ 3503 are playing their part over lunch.
But i've gott a feeling that a lot of this price action today is happening
too quickly, and we've got the same price action as last week,
a double range R44 spiral top, fake breakout which often leads to a
87 point reversal.
I'd be extremely interested in seeing how the market reacts after the
rate news comes out, because if this follows the down move into 3464, it
will begin trading below the 5-day 50% level...
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Thanks MRC. I figured it might be something like that. Guess I'll just pick up a feel on these things after time. I'll start following the minor Aussie indexes and main stocks first I think.
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Hi ac and others,
with your levels, do you ever take into account the velocity with which price is heading towards them in accounting for whether they might whip through them a distance before coming back?
I haven't been trading long enough to make any educated assessments on this, but seeing your chart above ac jogged my memory of similar occasions where price has gone all the way up in the morning and then all the way down in the afternoon, but accelerated south quickly near the end and whipped through my mp level by 5+ points before retracing back to it. Always a tad scary going long in the face of such rapid decline.
If price comes down gradually, is it more likely to bounce very close to a level than if it comes down rapidly?
Is this something any of you notice and might adjust entries based on it?
with your levels, do you ever take into account the velocity with which price is heading towards them in accounting for whether they might whip through them a distance before coming back?
I haven't been trading long enough to make any educated assessments on this, but seeing your chart above ac jogged my memory of similar occasions where price has gone all the way up in the morning and then all the way down in the afternoon, but accelerated south quickly near the end and whipped through my mp level by 5+ points before retracing back to it. Always a tad scary going long in the face of such rapid decline.
If price comes down gradually, is it more likely to bounce very close to a level than if it comes down rapidly?
Is this something any of you notice and might adjust entries based on it?
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Jersey, yes, definately possible to trade news.
But you need quick news feed and execution (so maybe not possible doing it through retail means, unsure if TH trades news and by which method).
As for how you will trade it, that's upto you. If it's better than expected, but price has already rallied hard that day (before the announcement), is it already priced in and will you get long as soon as the announcement is made?. Things like this you have to weigh up, and trade accordingly. But always better to approach it with a plan, and complete discretion of how you will manage that plan once you actually see the price action unfold in the moments after the announcement.
Who watched DOM in the afternoon session yesterday? EXACTLY what TH and I were talking about in the thread previously. 3445 (think it was), was defended by a HUGE iceberg (refilling once it was hit over and over again). Other big lots started jumping infront and upticking price, trend reversal? I think so. Came back numerous times in the subsequent half an hour or so to test it, but just could not come close to breaking the level. Price then rallied away for quite some time.
After cash close, 4:10-4:30pm, huge lots appeared a few ticks away from the current price action, and BAM, were demolished in a second, in the same manner as TH showed in his video.
But you need quick news feed and execution (so maybe not possible doing it through retail means, unsure if TH trades news and by which method).
As for how you will trade it, that's upto you. If it's better than expected, but price has already rallied hard that day (before the announcement), is it already priced in and will you get long as soon as the announcement is made?. Things like this you have to weigh up, and trade accordingly. But always better to approach it with a plan, and complete discretion of how you will manage that plan once you actually see the price action unfold in the moments after the announcement.
Who watched DOM in the afternoon session yesterday? EXACTLY what TH and I were talking about in the thread previously. 3445 (think it was), was defended by a HUGE iceberg (refilling once it was hit over and over again). Other big lots started jumping infront and upticking price, trend reversal? I think so. Came back numerous times in the subsequent half an hour or so to test it, but just could not come close to breaking the level. Price then rallied away for quite some time.
After cash close, 4:10-4:30pm, huge lots appeared a few ticks away from the current price action, and BAM, were demolished in a second, in the same manner as TH showed in his video.
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i
I was watching this chart myself joolean,
and as it was up around the 3545 mark. i thought to myself..this is a one sided chimney
and you cant have a one sided chimney..
so it was inevitable that it was heading down..to balance price..
which it did..and always does..
now price is below LIS longs are not in the picture..
i just trade on what i see, but,as you can see by the chart it tested the support levels on the way down..till the 3480..then the boys where out to play..
have a great evening..
ac
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After cash close, 4:10-4:30pm, huge lots appeared a few ticks away from the current price action, and BAM, were demolished in a second, in the same manner as TH showed in his video.
Is this what you call a spoof?
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No, in the video, the size actually gets clipped (filled).
A spoof is size that is shown, but then disappears without being filled. Sometimes, it will get hit with 1 or 2 contracts and then disappear, while most times, it won't even get hit at all.
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morning mikeg,
i am not at home atm..but i can tell you they are ema's..
and i always have a 34 on my charts..and that is the green/red depends on trend sandwich in between...from memory..the yellow is probably a 20, and the blue a 50
hope the trading is going wel for you today,
ac
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Who watched DOM in the afternoon session yesterday? EXACTLY what TH and I were talking about in the thread previously. 3445 (think it was), was defended by a HUGE iceberg (refilling once it was hit over and over again). Other big lots started jumping infront and upticking price, trend reversal? I think so. Came back numerous times in the subsequent half an hour or so to test it, but just could not come close to breaking the level. Price then rallied away for quite some time.
After cash close, 4:10-4:30pm, huge lots appeared a few ticks away from the current price action, and BAM, were demolished in a second, in the same manner as TH showed in his video.
i think same thing has just happenend in the last half hour. Big lots at about 3388??
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Yeh, but that was just one big lot. Not really that formidable in the close.
BUT, that exact same lot, was in the same position earlier in the afternooon, and acted as support. You can see on the charts price bounced off it and didn't come to retest it until the end of the day.
