Trading The SPI - NON-Gann Techniques

[spitrader1]

ha ha - have had a few of those in my time Spi

edwood unfortunately/or fortunately depnds on how you look at it, my position size wont allow me to cross my fingers. Neither will my trading rules.

 

[Edwood]

mine neither any more Spi - i.e., the rules not the position size - but I'm sure we've all been there at some time along the way, running losers

 

[Edwood]

I don't trade using Elliott but have spent a couple of years with those who do and who do pretty well with it so I'd like to get my head around it properly. wont clutter the thread tho if its not followed over here. fwiw my aim is to catch & stay on wave 3's & C's so have built my main strategy around that anyway

 

[Bronte]

Did anyone Sell the retest 5688/91?
Obvious Resistance

 

[Edwood]

if you draw a line under the lows on your chart tho Bronte it looks a bit like an ascending triangle no? i.e., a bullish continuation pattern. also imo its dangerous to short when all indicators point up

 

[Bronte]

Yes, Edwood
We very much agree.
They will also be expecting Americans to
Buy their market on a return from holiday.

 

[Freddy I]

Hi Bronte,

I was of the same train of thought as you - ie resistance at 88/90 so went short.

Imagine my suprise when it popped up to 06 ! What a pain !

Sold some more up in the 04/06 and looking for a gradual decline until close.

DOW was pretty darn high on Fri so Im looking for some retracing...

 

[Bronte]

Hi Freddy I,
A very big welcome to 'Trading the SPI' & ASF
SPI now 5687
Seen 5698 High
(Todays R2 is 5696)

 

[Freddy I]

Thanks for the welcome Bronte.

Im a bit of a newbie round here, can you please tell me what 'R' means ?

You've posted quite a few threads - you trade the SPI for a living ?

Ive only just gotten into it, previously I was strictly equities (via CFDs), Im not sure if It'll put hairs on my chest or make the ones on my head go grey !

 

[Bronte]

Hehe!
It could easily do both Freddy.

If you do a Google on "Pivot Points"
Or a search here at ASF you can read about S/R's

 

[Bronte]

Over bought..so got in early.
Stoploss well above R2
Long term trade.....

Sold R1 earlier & took a small loss.

Nice to see 5680 again

 

[Bronte]

out of interest Bronte, why "a long term trade"?

Sorry Edwood, just noticed your question.
We usually take +4 +8 +12 +16 +20 +24 etc
Depending on number of contracts traded,
Strength of Support / Resistance & Price action.
We also have some time cycles to consider today

 

[Sean K]

Please calm down prof.
This thread is littered with similar calls.

Yes Bronte, but Joe wants it stopped. Cheers.

 

[Bronte]

Just a reminder of the rules from post #1

This thread is for SPI trading discussion using any sort of techniques that is NOT Gann.

Some ground rules.

No hindsite trades.

No solicitation of education services.

The posting of dollar sums of profit or loss is discouraged.

Do not post information or discussion on technique if you are not prepared to answer questions. Preservation of intellectual property is fine, but please, no teasers. This will be viewed as backdoor solicitation.

DO ask questions and partake in discussions for mutual benefit

DO respect peoples time and opinion.

Live calls of trades would be much better in the chatroom due to the inevitable time lag with the forum, and we would encourage people to post live trades there.

 

[Edwood]

Sorry Edwood, just noticed your question.
We usually take +4 +8 +12 +16 +20 +24 etc
Depending on number of contracts traded,
Strength of Support / Resistance & Price action.
We also have some time cycles to consider today

thanks for coming back Bronte - looks very complicated to me I much prefer pretty patterns. If you don't mind I think I'll take my cue from the more regular posters here and say "ta-ra" for now. things usually start to go downhill when people start waving rules around....

have a pleasant evening

Ed

 

[Bronte]

"ta-ra" Edwood shame to see you go.

SPI now 5653

 

[Bronte]

SPI chart since lunch:

 

[Bronte]

As the initial call "Short 5688" was late.
We will not mention this trade again
(Nice to see Sycom trading below today's day Low)

 

[Bronte]

Nice to see Sycom trading below today's day Low

Just noticed SPI Sycom has traded as low as 5630
Down 26 points from the Close.

 

[Freddy I]

Hi All,

As I mentioned previously I am a bit of newbie when it comes to the SPI and I have a question for you all regarding a (fairly basic) strategy I'm trying.

If close is at 5550

I'd put a buy order in at 5560 and a conditional sell order in at 5570
I would also put a sell order in at 5540 and a conditional buy order in at 5530.
I would leave these overnight.

The theory being that a movement in either direction is likley to be >10 points.

This has worked well for me several times in the past however I do understand that there is significant risk in that if the market moves past my buy price (ie 5560) but not past my sell price (ie 5570) then I am left exposed.

I also realise that my gain is generally limited to 10 points (20 if there is a large amount of volatility) , whereas my loss is unlimited.

Does anyone have any comments or suggestions ?
And as I said im fairly new to trading indexes so pls be kind !