Trading The SPI - NON-Gann Techniques

[Bronte]

Where to from here Bronte?
I'm thinking 10% correction back to 5450 ish support.

Yes a very strong close to the SPI, kennas
ASX 200 finished on its High 6017.1 +65.3
We are certainly expecting a breather soon.
1 min SPI chart attached:
Nice to see 6000

 

[Bronte]

6000

:band :guitar:

Haven't posted one of these charts for a while.
You can see how far we have come....SPI Daily:
Look at the Big numbers. 5300 5500 now 6000

 

[CanOz]

Where to from here Bronte?

I'm thinking 10% correction back to 5450 ish support.

Holly smokes Kennas! What on earth makes you think that a correction will be that deep? Surely 5700 would offer some support?



Kennas you bear!

 

[Bronte]

Yes a very strong close to the SPI, kennas
ASX 200 finished on its High 6017.1 +65.3
We are certainly expecting a breather soon.
Nice to see 6000

Well our Big number 6000 has been well & truly tested this AM:

 

[Sean K]

Holly smokes Kennas! What on earth makes you think that a correction will be that deep? Surely 5700 would offer some support?



Kennas you bear!

LOL. I should change the avatar back to a bear perhaps. Yep, it'll probably bounce at 5700, but it seems to be moving just too far away from the long term average. On the other foot, with the amount of liquidity out there, baby boomers cashing in their houses for shares, and the future fund splashing 14 bil in there, perhaps it'll just keep going....

 

[Bronte]

Somewhere in the original 'Trading the SPI' thread.
We discussed trading Big number in detail.

 

[dodgers]

Any chance of a quick summary Bronte?

am thinking of getting my shorts on pretty soon...

 

[Bronte]

Hehe!
So are we dodgers.
I will open a new thread:
'Trading Big Numbers'
https://www.aussiestockforums.com/forums/showthread.php?p=125677#post125677

 

[dodgers]

Cool, I'm with you kennas...will be looking to short back to the 5486 Jan pullback low

 

[Edwood]

(all-sessions data) into a tight corner, maybe another rise in it yet but getting close all the same...

 

[professor_frink]

Hi Ed,
Check this madness out- high to low move of 374 points in 2 hours

Today has sealed the deal- I'm officially retiring from trading the spi!

 

[Edwood]

good boy! I saw it was down earlier. trust Ali-Greenspan to get the markets moving

so are you gonna create an Asian fred?

 

[CanOz]

Can any of you guys tell me what the Shanghai Comp is doing?

 

[professor_frink]

good boy! I saw it was down earlier. trust Ali-Greenspan to get the markets moving

so are you gonna create an Asian fred?

hadn't thought about that(maybe in the near future when I get a bit more experience trading this beast I'll start a new thread)- currently pretty happy polluting this one with my off topic ramblings!

 

[professor_frink]

Can any of you guys tell me what the Shanghai Comp is doing?

Don't have access to Shanghai, but the Hong Kong H shares are getting flogged- down 1.95% in the morning session. Futs on the H-shares off 2.45%. Can't imagine Shanghai is doing too well

<edit> Singapore has a Chinese index as well- FTSE/XINHUA CHINA A50. It's down about 4.6%

 

[CanOz]

Don't have access to Shanghai, but the Hong Kong H shares are getting flogged- down 1.95% in the morning session. Futs on the H-shares off 2.45%. Can't imagine Shanghai is doing too well

Prof,

That was quite a sell off on the XAO and XJO this arvo, whats your call on the SPI open tomorrow?

Cheers,

 

[professor_frink]

Prof,

That was quite a sell off on the XAO and XJO this arvo, whats your call on the SPI open tomorrow?

Cheers,

On the dailies we look way overextended at the moment. I think there is a bit of data coming out of the U.S tonight(not quite sure-haven't checked yet). The Dow has been slowly losing steam for a little while now, so a set of bad numbers that causes any kind of selloff could mean we are in for a bumpy ride over the next few weeks. And it's not like the rest of Asia is providing much of a good lead for us to follow right now either.

For the Intraday moves - most of my big trades are coming from the short side. Dunno if there is something in that or not

There's my bearish

Now all everyone has to do is sit back and wait for the rally to start

 

[CanOz]

On the dailies we look way overextended at the moment. I think there is a bit of data coming out of the U.S tonight(not quite sure-haven't checked yet). The Dow has been slowly losing steam for a little while now, so a set of bad numbers that causes any kind of selloff could mean we are in for a bumpy ride over the next few weeks. And it's not like the rest of Asia is providing much of a good lead for us to follow right now either.

For the Intraday moves - most of my big trades are coming from the short side. Dunno if there is something in that or not

There's my bearish

Now all everyone has to do is sit back and wait for the rally to start

Thanks for that Prof...i was watching the whole thing unfold and i liquidated everything before the close...i hope i didn' jump the gun.

I think its quite exciting, all cashed up and ready to go.

Cheers,

 

[professor_frink]

Thanks for that Prof...i was watching the whole thing unfold and i liquidated everything before the close...i hope i didn' jump the gun.

I think its quite exciting, all cashed up and ready to go.

Cheers,

Be warned- I was getting pretty bearish early April last year, a good 4 weeks ahead of schedule!

Sorry, I didn't really make much of a call for tomorrow's open, did I? On that front, I couldn't say exactly. As per usual, we'll be held hostage to the o/n action. Couldn't be any more vague if I tried!

Good luck CanOz, I hope you've timed it well

 

[Edwood]

ideally I'd like to see a rally from here to a lower high setting up for more short entries. when the trend line goes am expecting it to move quickly downward with swift countertrend rallies along the way

might soon be time to 'short the rallies' instead of 'buying the dips'