- Joined
- 4 January 2005
- Posts
- 1,231
- Reactions
- 0
Trading The SPI - NON-Gann Techniques
- Thread starter wayneL
- Start date
- Joined
- 4 January 2005
- Posts
- 1,231
- Reactions
- 0
- Joined
- 4 January 2005
- Posts
- 1,231
- Reactions
- 0
- Joined
- 4 January 2005
- Posts
- 1,231
- Reactions
- 0
- Joined
- 16 February 2008
- Posts
- 2,906
- Reactions
- 2
Yeh but some good levels to fade in the first part of that chop, 16s and 24s from memory.
- Joined
- 4 January 2005
- Posts
- 1,231
- Reactions
- 0
- Joined
- 16 February 2008
- Posts
- 2,906
- Reactions
- 2
Here is what I mean. 3 tick stops and even uptick after buying 16s and downtick if buying 24s, once in a position to get the momentum going your way. Entry with limits already placed on the price levels. Exits discretionary for me, usually to the midpoint so 20s.
Would have had 6 profitable trades if you took entries once it came back into the range after initially breaking. Fading the already established levels from before the break up.
Time element, good time to do it considering SPI usually starts chopping around this time as you can see at the bottom, 11:30am. Meaning you wont get many sweeps against you so can control your risk well. About the only way you can make money in that junk, considering you have clear points to fade and clear (tight) stops.
Attachments
- Joined
- 16 February 2008
- Posts
- 2,906
- Reactions
- 2
Sorry, that is meant to be downtick if selling 24s.
- Joined
- 4 January 2005
- Posts
- 1,231
- Reactions
- 0
good stuff, you trade within the junk..lots of money to be made within the middle bar..
where as i hope to be out by 11.00am..and look for a trade after 2.00pm..
it all makes a traders market
ac
- Joined
- 20 January 2008
- Posts
- 530
- Reactions
- 1
2 questions from me MRC.
At what stage do you decide those levels are 'safe' enough to use them as reference points?
When you say 3 tick stop and even uptick after buying does that mean you move your stop to break even as soon as price moves above that level? i.e. you place a limit buy at 16 price drops to 14 then moves through to 17 as soon as it hits 17 you get ur stop to 16??
- Joined
- 16 February 2008
- Posts
- 2,906
- Reactions
- 2
Jersey, I will decide the level is safe only if the volume appears to be drying up and it feels as though we are moving into 'lunch' price action. Which is the vast majority of the time, choppy and slow and you can see this in the order book or on the chart, whether that be slowly chopping in a certain direction, or just chopping sideways, as it was today. A level also has to be hit at least 2-3 times before I will try fade it.
By uptick after buying or downtick after selling, I mean if you buy 16s, to hit 17s at market with a contract or two to try get other traders feeling confident fading that level also. Personally, I would almost rather it break the level by a tick or two (as it did at the top of the range), and then when it comes back to 24s, I will try hit (sell at market) 23s with another couple contracts.
By uptick after buying or downtick after selling, I mean if you buy 16s, to hit 17s at market with a contract or two to try get other traders feeling confident fading that level also. Personally, I would almost rather it break the level by a tick or two (as it did at the top of the range), and then when it comes back to 24s, I will try hit (sell at market) 23s with another couple contracts.
- Joined
- 20 January 2008
- Posts
- 530
- Reactions
- 1
ah gotya. great posts MRC, cheers.
- Joined
- 16 February 2008
- Posts
- 2,906
- Reactions
- 2
No problemos Jersey.
Just one thing to think about, no science here, just complete discretion and trying things out which you won't normally read about in a book.
MRC , I'm not sure about the above , want to explain ?
The bit about influencing other traders especially , how many contracts are you talking about
- Joined
- 4 January 2005
- Posts
- 1,231
- Reactions
- 0
- Joined
- 16 February 2008
- Posts
- 2,906
- Reactions
- 2
MRC , I'm not sure about the above , want to explain ?
The bit about influencing other traders especially , how many contracts are you talking about
Not many.
Just upticking or downticking 1 lots can give an impression, I will only uptick or downtick with a few contracts, 4-5 max.
Hi all,
Market is in an intersting conundrum for a position trader like myself. I am defiitely not a buyer here, perhaps I should change my strategy to trend trading? Unsure atm, but she does look extremely overbought, perhaps 1-4 day pullback will provide a buying opportunity?
Apart from that according to my analysis we have had exactly 60 calendar days from the Jan 09 hi to the 06/03 low... 06/04/09 will be 90 calendar days from the Jan 09 hi. I will be looking for the market to trade into a negative divergence, which will give by my benchmarks a bonafide shorting signal. That RSI @ 78 is simply unsustainable. But more than happy to change strategy to a more trend trading methodology. The blue rectangle signifies the time element on when a shorting opportunity shall arise. So many outcomes here, I am glad I am sitting on the fence for now.
Any thoughts?
P.S I am not a daytrader.
Regards, Phillip.
Market is in an intersting conundrum for a position trader like myself. I am defiitely not a buyer here, perhaps I should change my strategy to trend trading? Unsure atm, but she does look extremely overbought, perhaps 1-4 day pullback will provide a buying opportunity?
Apart from that according to my analysis we have had exactly 60 calendar days from the Jan 09 hi to the 06/03 low... 06/04/09 will be 90 calendar days from the Jan 09 hi. I will be looking for the market to trade into a negative divergence, which will give by my benchmarks a bonafide shorting signal. That RSI @ 78 is simply unsustainable. But more than happy to change strategy to a more trend trading methodology. The blue rectangle signifies the time element on when a shorting opportunity shall arise. So many outcomes here, I am glad I am sitting on the fence for now.
Any thoughts?
P.S I am not a daytrader.
Regards, Phillip.
