Australian (ASX) Stock Market Forum

Trading The SPI - NON-Gann Techniques

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MRC & Co said:
TH, do you find pivots useful?
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As targets for longer trades rather than entries. but sometimes like today they are helpful. I guess it depends on the day. If we have momentum a number pulled out of yesterdays action isn't going stop Mr Big Ballz from smashing through it, as you know.
 
MRC & Co said:
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.
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So the strong level was at 3175, you placed a limit sell order at 3174 got filled as it ticks up to this level then put a limit buy for half of them back at 3173? and let the other half go to where you feel it would start reversing back up? Have i understood this right?
Being so sure that 3175 wouldn't break why don't you run the whole lot more than 1 tick?
 
jersey10 said:
So the strong level was at 3175, you placed a limit sell order at 3174 got filled as it ticks up to this level then put a limit buy for half of them back at 3173? and let the other half go to where you feel it would start reversing back up? Have i understood this right?
Being so sure that 3175 wouldn't break why don't you run the whole lot more than 1 tick?
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Yeh, exactly.

The reason I took half, was because I thought we may test the level, bounce back, test, bounce back etc, so you can keep getting fills infront of it and covering a tick or two down. It's called 'taking flicks'.

I wasn't sure it wouldn't break, otherwise I would have done tripple the size and ran it longer. As I tried doing with the contract low on the SPI on Monday with my full lot! :banghead: Got OWNED!
 
Trembling Hand said:
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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Can I ask what indicates a range day coming? Was it info in the price and dom after open, or did you see something before open?

cheers TH.
 
Broadway said:
Can I ask what indicates a range day coming? Was it info in the price and dom after open, or did you see something before open?

cheers TH.
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Yeh, I would be interested to know this too.......

I would say TH may just look at a daily chart, but unsure?
 
Maybe I should of said was "likely" to be a range day like I said in the XAO thread we are likely to run higher after the opening sweep yesterday.

Before the open what we knew was this,

Yesterday was a large range day,
Making new lows then pushing higher,
We had Syco low at 3126,
50% level of cash hours at 3175,
Classic PP also @ 3175.
V.important news to come out at 11:30.
This current down trend is 2 weeks old.

then on the open a run towards yesterdays 50%, PP.

They make for a likely inside day (of sorts). I was thinking that if the GDP was good we could take out 3175 and have a target up to yesterdays highs. but I didn't think we would be able to take the syco lows or not for long. Just part of the back filling. every day in my diary I jot down the levels etc and always try to put in an idea of what will play out based on patterns from some loose back testing stats. That's what I had today. not bad for a punch drunk boxer on ICE. ;)
 
today's road map
have a great day and good trades
ac;)
 

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RobinHood said:
What you mean by this?

I take it you don't look at these "classic" pivots when trading HSI due to the gaps yeah?
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Tuesday range was 78 points during cash hours.

Low 3136, High 3214 = (78 /2) + low = 3275

As for HSI yeah I still look for points & patterns to figure likely moves.
 
good morning all
today's road map, as you can see i have
high lighted the 2956..as this is also my target on my eod chart posted the other week..and has been for some time..
not that i think it will be the all time low..getting there though :)
but i also have some time coming in today as well. but have to allow
+/-..and it seems a big ask for it to get there today, but on sycom is
another story..but it has to be printed on my eod chart..so perhaps monday..
we will see of course what the trading gods are prepared to give :)
have a great day, and good trades
ac;)
 

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Joolean said:
Out of curiosity th and mrc, could you guys scalp without the dom? I.e. just off say a 1 min chart?
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Na, I couldn't. You would be paying spreads too often cause you don't know what it is.

Ross, thing is with Kospi, Nikkei etc, is that you at least can do more size. So you can scalp 2 ticks on a 10-20 lot no problem, do that in the SPI and you could be left well and truly beached if they thin the book on you.

Time to find me a more volatile market!
 
Cheers guys.

It's funny you mentioning the volatility because I'm sim trading the 12/1/07 and by coincidence, its range till 2pm is 26 points! :) Grinding painfully.
 
Hi,

Is anybody using the SPI as a long term vehicle to gain exposure to the ASX200, I was looking at going long on the index so I’ve been exploring the practicalities of buying front month and rolling each month or just going out to December, any pros and cons. It seems most traders here are scalping.
 

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