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Trading The SPI - NON-Gann Techniques
- Thread starter wayneL
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Trembling Hand
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Thoughts please ~ on why the SPI & XJO seem to move in sink most times ' yet diverge away from each other out of the blue ?
Not close to the roll over.
What time frame are you talking about?
Intra-day to minutes , ( XJO is always monitored ) .
Question for you
, do you just use discretionary stops when scalping .
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Trembling Hand
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Question for you
Not sure what you mean.
My stops will depend on the trade & type of entry. If that what you mean. I have no set stop amount. Just what makes sense for the set up.
Not sure what you mean.
My stops will depend on the trade & type of entry. If that what you mean. I have no set stop amount. Just what makes sense for the set up.
Sorry for not being clear , when your scalping the SPI do you just have a mental stop in your head for each trade or do you actually place them on the platform ?
With the amount of trades you do per day sometimes , every second must be of value
Trembling Hand
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I use bracket orders. so its all auto. Just have to shuffle things around as the trades move.
Go it ! thankyou .
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what's with the 370 @ 3175??
Trembling Hand
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Hit it and find out
pivot point
pivot point based on what? when the high for the day is 3171
Trembling Hand
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thanks.
I have never heard about this formula being used to determine pivot points for the following day. Does it have a name or is it something you have sussed out over time??
Trembling Hand
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Nah its just the classic way .... i thought :
R2 = P + (H - L) = P + (R1 - S1)
R1 = (P x 2) - L
P = (H + L + C) / 3
S1 = (P x 2) - H
S2 = P - (H - L) = P - (R1 - S1)
:R2 = P + (H - L) = P + (R1 - S1)
R1 = (P x 2) - L
P = (H + L + C) / 3
S1 = (P x 2) - H
S2 = P - (H - L) = P - (R1 - S1)
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that level was obvious again during the last ten minutes
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Trembling Hand
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Yep. It was always gonna be an inside day. lots can be gained from knowing what type of day we are likely to have,
Runner up,
Breaker down or
today's day, pegged in yesterdays range.
3 types of days - you could probably make a career out of knowing that.
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Yeh, numerous ways to trade levels like that. Today I placed orders a tick infront of it and closed half the tick below (trying to take flicks), and let the other half run a few more ticks and then closed it out. Thought there would be an actual legit test of the level, so didn't run the second half of my position.
Obviously nobody had enough size to get done. TH, do you find pivots useful? I use the auto CQG pivots and find them useless (price always chops around them, but doesn't give an idea of a false break or respect them well, so don't try using them anymore), I will check tomorrow if it was at the same level as you had (unsure what forumula they use).
Very odd price action today, lots of random sweeps, not to mention GDP figures were terrible, but we choppped down with huge squeezes and tails (quite common these days), before rallying back to the high. Unfortunately, didn't hold my short position, due to yesterdays rate announcements price action!
