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But it was mostly spoofers today.
Trading The SPI - NON-Gann Techniques
- Thread starter wayneL
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lol, always is!
But that level at 3388 (think it was there), and the tick it bounced off at the pivot low before that, both were HUGE support levels. Easy frontrunning (unfortunately, I missed the first).
In the close today, practically all size was real and got SMASHED!!!!!
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SPI 5-day patterns and filters
My trend guide today was 3413 with a view that below price was
pushing down into support around 3360.
Along with the expectation that price 'could' swing UP towards 3442
today or tomorrow.
But the previous lows @ 3386 are now capping the market from rising, and
at this stage i'm struggling to see how price is going to kick upwards.
It should have already cleared 3385 and moving higher by now on the back of resource stocks.
If it clears 3394 then I can sit back as I think more buying will come
in.
If it breaks 3360 then it's part of my overall view of going lower this
week and next week.
My trend guide today was 3413 with a view that below price was
pushing down into support around 3360.
Along with the expectation that price 'could' swing UP towards 3442
today or tomorrow.
But the previous lows @ 3386 are now capping the market from rising, and
at this stage i'm struggling to see how price is going to kick upwards.
It should have already cleared 3385 and moving higher by now on the back of resource stocks.
If it clears 3394 then I can sit back as I think more buying will come
in.
If it breaks 3360 then it's part of my overall view of going lower this
week and next week.
Attachments
So far so good.
As per Premium Report this morning, looking for a continuation upwards to at
least 3431 in afteroon trading. (3447 by tomorrow)
However, as per previous report 3394 is going to let me know whether
it's going to go higher.
Personally I don't want to see 3394 stall and begin to reverse back
down.
As per Premium Report this morning, looking for a continuation upwards to at
least 3431 in afteroon trading. (3447 by tomorrow)
However, as per previous report 3394 is going to let me know whether
it's going to go higher.
Personally I don't want to see 3394 stall and begin to reverse back
down.
Attachments
Mike,
Very rarely do I hold positions overnight on the SPI.
I prefer to move into trading the S&P, as I find the patterns much
more robust and less to worry about (spread and depth), and my levels
often provide good entry points.
I also prefer to hold forex positions longer than normal.
I think you could probably limit holding positions on the SPI to about
2-3 times per month for the big moves. But they need to be coming
down from monthly 50% levels:- thrust patterns or from Lower
monthly support levels:- rotating back towards midpoints.
This SPI trade today is a perfect example, my view is for the market
to continue down towards the February's lows over the next 2 weeks, but
I also knew there was a window of opportunity to go long today up into
3394. Once it started to fail @ 3394 I took profits at 3391 and moved
to the sidelines.
Even though my view is for lower prices this month and 3394 was a
random resistance zone, I didn't short trade 3394 because I need price to be
coming down from an 44 point high, so my view was to continue to trade up.
Tomorrow is another day but the trend still remains down, and could
reach the Weekly lows @ 3299, which is the market path for price to
follow this week.
Very rarely do I hold positions overnight on the SPI.
I prefer to move into trading the S&P, as I find the patterns much
more robust and less to worry about (spread and depth), and my levels
often provide good entry points.
I also prefer to hold forex positions longer than normal.
I think you could probably limit holding positions on the SPI to about
2-3 times per month for the big moves. But they need to be coming
down from monthly 50% levels:- thrust patterns or from Lower
monthly support levels:- rotating back towards midpoints.
This SPI trade today is a perfect example, my view is for the market
to continue down towards the February's lows over the next 2 weeks, but
I also knew there was a window of opportunity to go long today up into
3394. Once it started to fail @ 3394 I took profits at 3391 and moved
to the sidelines.
Even though my view is for lower prices this month and 3394 was a
random resistance zone, I didn't short trade 3394 because I need price to be
coming down from an 44 point high, so my view was to continue to trade up.
Tomorrow is another day but the trend still remains down, and could
reach the Weekly lows @ 3299, which is the market path for price to
follow this week.
Attachments
Thanks Frank,
I can see that I still have a lot of learning to do. In the past I have tried to stay in overnight to catch some of the bigger moves, but without success. I tried using wider stops, but all that did was put a bigger hole in my bank account.
Enjoy reading your posts, they give a lot of food for thought. Please keep them coming.
I can see that I still have a lot of learning to do. In the past I have tried to stay in overnight to catch some of the bigger moves, but without success. I tried using wider stops, but all that did was put a bigger hole in my bank account.
Enjoy reading your posts, they give a lot of food for thought. Please keep them coming.
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good morning all,
there is no point posting a road map for today,
as it is the same as yesterday's..probably 1 point difference..
so for those that follow..checkout yesterdays.
have a good day, and good trades
ac
there is no point posting a road map for today,
as it is the same as yesterday's..probably 1 point difference..
so for those that follow..checkout yesterdays.
have a good day, and good trades
ac
Mike g,
If you were going to hold positions overnight then today is the day I would hold, and i'm holding.
There is no guarantee that the market is going to reverse down, but I
put this in the Premium report 4 days ago…..2nd Feb
What we also notice is that, during the down trend and which is often the
case, price needs to be trading below the
5-day 50% level... But also a spiral top.
Therefore price needs to break the 5-day 50% level but then have an
87 point upswing over a couple of days (or higher open), so that the
trend continues down.
I have the view of lower prices this month, but we still need to
see confirming patterns to play out before the trend moves lower.
Therefore you would be short trading down from 3451 today (running
stops above the 5-day 50% level 3455)
We broke the 5-day 50% level two days ago, and yesterday and today's higher open completed the R87 swing.
We now have an R87 spiral top along with the rejection of the 5-day 50% level.
With the expectation price is heading down….
But that’s going to depend on US markets and obviously what happens
today.
Today's price action completed the move from yesterday, and today's
short and set-up aligns with my overall view of Price heading down
into February's lows, confirmed with a higher probability pattern....
now let's see how we go ( hold 1 lot overnight), hopefully it will be down around the Weekly lows by sycom.
or maybe Not, but nothing to lose.
If you were going to hold positions overnight then today is the day I would hold, and i'm holding.
There is no guarantee that the market is going to reverse down, but I
put this in the Premium report 4 days ago…..2nd Feb
What we also notice is that, during the down trend and which is often the
case, price needs to be trading below the
5-day 50% level... But also a spiral top.
Therefore price needs to break the 5-day 50% level but then have an
87 point upswing over a couple of days (or higher open), so that the
trend continues down.
I have the view of lower prices this month, but we still need to
see confirming patterns to play out before the trend moves lower.
Therefore you would be short trading down from 3451 today (running
stops above the 5-day 50% level 3455)
We broke the 5-day 50% level two days ago, and yesterday and today's higher open completed the R87 swing.
We now have an R87 spiral top along with the rejection of the 5-day 50% level.
With the expectation price is heading down….
But that’s going to depend on US markets and obviously what happens
today.
Today's price action completed the move from yesterday, and today's
short and set-up aligns with my overall view of Price heading down
into February's lows, confirmed with a higher probability pattern....
now let's see how we go ( hold 1 lot overnight), hopefully it will be down around the Weekly lows by sycom.
or maybe Not, but nothing to lose.
Attachments
Hi Frank,
Just got home, so missed all the moves so far today.
One of my main problems is knowing when to get into trades. Take for example where you said that you would be short from 3451. Looking at your charts and taking the 87 point spiral into consideration i would have be looking to go short at 3433, which was 87 points from the recent low and also a double top on the open, then would have been stopped out as it kept rising.
Now the market is rising back up to the morning high, which seems to be a show of strengh, or just a double top before the fall.
Just got home, so missed all the moves so far today.
One of my main problems is knowing when to get into trades. Take for example where you said that you would be short from 3451. Looking at your charts and taking the 87 point spiral into consideration i would have be looking to go short at 3433, which was 87 points from the recent low and also a double top on the open, then would have been stopped out as it kept rising.
Now the market is rising back up to the morning high, which seems to be a show of strengh, or just a double top before the fall.
Mike,
87 points was the day session (3451) not the 24 hour session…
This is my report for this morning….
US markets rise upwards and this put the SPI moving up
off yesterday's
lows and looking to complete the move up into an R87 high @ 3451.
I'm still bearish on the market and as pointed out this week, we need to
see a 87 point rise upwards and then trade the move down from the
87 spiral point high using the 5-day 50% level as the trend guide.
But we still don't know when that R87 high is going to
complete.
Therefore I still have to trade the levels in the 5-day pattern
Based on the higher open and today's upper channel, i'm favouring
short trading down from 3431 to complete the gap @ 3408 and exit.
There are two possibilities occuring here....
1. SPI can continue down 44 points, but then rise upwards late in the day
to complete the R87 top. This is because price is still rising up
from yesterday's R87 low.
I've done 3 trades today....
Shorted the open and closed the gap from 3430 and exit 3410.
If the SPI moved down 44 points I would have switched to longs and
traded up towards 3451, as per morning report.
that didn't happen so didn't trade longs.
2nd short was the top partial exit on the r44 lows, but i'm still holding from 3450
3rd short and last short is a retest of 3431 :- with the expectation price is going to continue down.
short 3433 partial exit 3423 + 10 (stops now 3438)
If stopped out @ 3438 I won't trade this level again.
My open position still remains 3450 (breakeven stops), because if it
breaks 3431 after 3pm it's going back to the highs.
My exit on this trade from @ 3433 will be another 44 points down.
and still holding from 3450.
87 points was the day session (3451) not the 24 hour session…
This is my report for this morning….
US markets rise upwards and this put the SPI moving up
off yesterday's
lows and looking to complete the move up into an R87 high @ 3451.
I'm still bearish on the market and as pointed out this week, we need to
see a 87 point rise upwards and then trade the move down from the
87 spiral point high using the 5-day 50% level as the trend guide.
But we still don't know when that R87 high is going to
complete.
Therefore I still have to trade the levels in the 5-day pattern
Based on the higher open and today's upper channel, i'm favouring
short trading down from 3431 to complete the gap @ 3408 and exit.
There are two possibilities occuring here....
1. SPI can continue down 44 points, but then rise upwards late in the day
to complete the R87 top. This is because price is still rising up
from yesterday's R87 low.
I've done 3 trades today....
Shorted the open and closed the gap from 3430 and exit 3410.
If the SPI moved down 44 points I would have switched to longs and
traded up towards 3451, as per morning report.
that didn't happen so didn't trade longs.
2nd short was the top partial exit on the r44 lows, but i'm still holding from 3450
3rd short and last short is a retest of 3431 :- with the expectation price is going to continue down.
short 3433 partial exit 3423 + 10 (stops now 3438)
If stopped out @ 3438 I won't trade this level again.
My open position still remains 3450 (breakeven stops), because if it
breaks 3431 after 3pm it's going back to the highs.
My exit on this trade from @ 3433 will be another 44 points down.
and still holding from 3450.
Attachments
SPI hits 3441 and begins to come down again from the R22 high.
I wasn't going to trade again today, but if it lines up with my view i hit it.
short 3436 partial exit 3429 + 7 (trailing stops now 3442 -6)
looking for 44 point reversal down.
and still holding from 3450.
Either the trade keeps going or it doesn't but i'm not interested in
trading longs today, simply because of the levels in the 5-day pattern
and the direction of the spiral points.
I only normally trade if it aligns with my morning report, and manage the trade accordingly.
I wasn't going to trade again today, but if it lines up with my view i hit it.
short 3436 partial exit 3429 + 7 (trailing stops now 3442 -6)
looking for 44 point reversal down.
and still holding from 3450.
Either the trade keeps going or it doesn't but i'm not interested in
trading longs today, simply because of the levels in the 5-day pattern
and the direction of the spiral points.
I only normally trade if it aligns with my morning report, and manage the trade accordingly.
Attachments
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Bronte
Trading The SPI for 20+ years
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A BIG move upwards on Friday night:
Looking forward to tomorrow......
Dow up +218 points
Sycom 3500 close
3511 High
Bronte
Looking forward to tomorrow......
Dow up +218 points
Sycom 3500 close
3511 High
Bronte
