Trading The SPI - NON-Gann Techniques

[Edwood]

Hang Seng definitely looks interesting Prof - potentially lots of points when it decides to pull back

 

[professor_frink]

Hang Send definitely looks interesting Prof - potentially lots of points when it decides to pull back

potentially lots of points most days....if your on the right side of it, get on the wrong side and you can get punished pretty severly-countertrend trades are to be avoided!

 

[Edwood]

potentially lots of points most days....if your on the right side of it, get on the wrong side and you can get punished pretty severly-countertrend trades are to be avoided!

all sounds a bit hairy to me! will stick to ASX, DOW & FTSE for the moment. good luck tho, would be interested to hear how you get on

I see we're back at the top bolly now and RSI>73 so maybe time for another swing down

 

[professor_frink]

all sounds a bit hairy to me! will stick to ASX, DOW & FTSE for the moment. good luck tho, would be interested to hear how you get on

I see we're back at the top bolly now and RSI>73 so maybe time for another swing down

Will fill you in when I've been doing it for a couple of months. Or when I can bring myself to blink when I'm in a trade, whichever comes first!

SPI is currently testing the weekly pivot @43. Doesn't look like we'll get down to the 20's today

 

[Euler]

XJO an observation ... For mine, the sell on the daily is not in (yet). !!

A sell formation still a work-in-progress on the JO ...... I want to see further confirmation. The bears had the opportunity to take firm control this morning but capitulated. A tug-of-war currently in progress, with the last 1/2hr of trading possibly yielding more clues to the unfolding puzzle.

This does not mean shorter term intraday opportunities don't exist both sides.

..... just my personal observations!

--------------------------
Do your research and listen to your inner voice.

 

[Edwood]

A sell formation still a work-in-progress on the JO ...... I want to see further confirmation. The bears had the opportunity to take firm control this morning but capitulated.

fwiw looks to me like a bear flag forming on the hourly chart Euler, target 5,670-ish

 

[Euler]

POC for the daily and 3 sit in close correlation:
POC (POC3) 5740 (5740) Range 5750-5729 (5754-5721)
The Friday SYCOM values did skew the big picture down approx 15-20 points.

 

[Euler]

POC for the daily and 3 sit in close correlation:
POC (POC3) 5740 (5740) Range 5750-5729 (5754-5721)
The Friday SYCOM values did skew the big picture down approx 15-20 points.

nice breakout of the low of the range

 

[Euler]

Evidently a big player was in the market with big sell orders yesterday ... selling all day according to one that knows. Will be interesting to see if the selling continues or if short covering in progress.
On the bigger picture the immediate momentum building towards sell formation has receded. We will have to see further price action to validate that it's still in its development phase.



..... just a personal view!

--------------------------
Do your research and listen to your inner voice.

 

[Edwood]

nice breakout of the low of the range

v. impulsive move, looks like a short squeeze. some are calling tops in for the US - will get interesting if ASX can't print a new high from here

 

[Edwood]

oops - posts crossed Euler

out of interest, what do you need to see to get acceptance here?

 

[Edwood]

a bit of divergence now

 

[Euler]

oops - posts crossed Euler
out of interest, what do you need to see to get acceptance here?

right now looking to see reaction to previews levels.
on longer term basis am looking for a swing in momentum and value.

 

[Euler]

right now looking to see reaction to previews levels.
on longer term basis am looking for a swing in momentum and value.

Very strong all day and even stronger finish. New high but vol pulled back. An indication of short covering and fewer new longs? Will just have to remain a point of discussion until the picture becomes clearer!

 

[Euler]

Prof ... I'm talking to myself ... a bad sign!!

 

[Edwood]

borrowed this from another site, generated via ESignal using a harmonics add-in - showing a bearish XA=BC pattern (otherwise known as AB=CD) on XJO targetting anywhere between 5,820 & 5,900 for a top, with a preferred retrace of 61.8% to 5,530 area

just for interest really but the guys who have been using auto-generated as well as manually calculated harmonics on currencies, FTSE Dax & Dow have been havnig some good results. if nothing else will be interesting to see how this plays out

 

[Euler]

POC 5795 range 5824-5772 ... all the pundits are predicting blue sky ... i say trade the price action

 

[Euler]

... i say trade the price action

some early profit taking/mixed trading in the banks has dampened enthusiasm thus far ... resources as expected held well

 

[nat]

morning all ,just some thoughts of mine ,could be wrong but markets at all time high last day of month hence ,thinking the fund managers maybe to get there bonus maybe have to sell stock to lock in profits for month and that why for now market went down ,thats the way i traded it anyway and ind on 1 hour chart were starting to turn down ,and was above all pivots on my chart .Nathan

 

[Edwood]

morning all ,just some thoughts of mine ,could be wrong but markets at all time high last day of month hence ,thinking the fund managers maybe to get there bonus maybe have to sell stock to lock in profits for month and that why for now market went down ,thats the way i traded it anyway and ind on 1 hour chart were starting to turn down ,and was above all pivots on my chart .Nathan

nice work N, always good when it plays out the way you planned - maybe smoething to watch every month / quarter end then?