Trading The SPI - NON-Gann Techniques

[nat]

hi euler,how are you veiwing matket profile set ups ?

Ive been following a blog of lady that uses market profile exclusivly for a bit ,the accuracy of turning points is not bad i must say she uses e signal for her market profile ,is certainly worth in ivestigating ,her signals today were 5444 ,5413,poc 5430 ,she seems to have two types, longer term and shorter term more for day trading which were ones today ,is interesting. Nathan

 

[Euler]

hi euler,how are you veiwing matket profile set ups ?

Ive been following a blog of lady that uses market profile exclusivly for a bit ,the accuracy of turning points is not bad i must say she uses e signal for her market profile ,is certainly worth in ivestigating ,her signals today were 5444 ,5413,poc 5430 ,she seems to have two types, longer term and shorter term more for day trading which were ones today ,is interesting. Nathan

Before I embark on a data provider like esignal I want to have an understanding and good grasp of the theory and its application. So far am working out the POC and range myself. Applying these setups is my current phase. The time frames chosen is a personal thing and presently am only using the day traded data. But am looking to test the effect of using the SYCOM data as well. It's akin (?) to using continuous data to draw swing charts ... no gapping ... but have to test the validity. Also I update the POC and range as the trading day progresses to try and keep within the current range ... so as not to swim against the tide. It's all new so far, so am working to gain practical experience.

 

[professor_frink]

How did your MP levels go today Euler? Did you get a good trade off 1?

How's this for a funny story(but a bit scary as well)

Was long this morning on a move off the daily pivot, had stop set and trade was going ok for a little while, it turned against me so I exited manually. After I finished the trade, I got up and left the room for a few minutes(which I do after every trade), when I came back in, price had moved below the pivot and was heading south. Thinking about a short, I put up my broker's workstation to have a look at the depth, and realised I was already short! I forgot to remove my sell stop when I closed the long, and it had executed while I was out and I didn't even know.
Shaking my head in disbelif at how stupid and careless I'd been, I closed out my short for a 6 point gain.

Gunna have put this one in the "you idiot" file for future reference.

 

[Euler]

.... her signals today were 5444 ,5413,poc 5430 ....

By that I would guess that is using the SYCOM data as well, for it would have pushed the values higher compared to my 5415, 29/05 just using SFE data. Both had setups on the short side this morning ... I couldn't take the trade as I had other committments between 11.30 and 3pm ... but both would have done well ... shorts covered somewhere in the range 09-15 area (made low 09 .. didn't get to my 05 low ... so the range low of 13 was very good). Interesting setup ... then a break of 13-15 would have given a possible long. Volume picked up well from 14:00 on .... I prob would have covered on retracement back to the 30 region .... maybe the other range would have allowed to stay in to ride it to ~40 (depends if you can stomach a 10 point pullback). If it was me my trailing stop would have had me out.
Ok enough theorising ... market at near close. More study to acquire a better understanding of it all.

 

[Euler]

How did your MP levels go today Euler? Did you get a good trade off 1? .... I forgot to remove my sell stop .... I closed out my short for a 6 point gain.

Prof ... had a chuckle ... it was funny in hindsight ... but lucky it was the right way around ... and you didn't walk too far away and to come back to a monster!! Congrats on the 6 tho'.

Unfortunately Friday's are not good days for me to trade as I have to be away for a good part of the day (11.30-3 today). So I didn't get in.

 

[professor_frink]

Prof ... had a chuckle ... it was funny in hindsight ... but lucky it was the right way around ... and you didn't walk too far away and to come back to a monster!! Congrats on the 6 tho'.

Definately funny in hindsight, bloody freaked when I first realised, luckily there wasn't too much chop around the pivots today. I probably should have held the trade- I was thinking of a short anyway, I just panicked when I realised what happened!
I think people in Queensland would have heard the swearing if I had of gone out for the day, and come back for the close to see myself down 15 points on a trade I didn't even know I had taken!

Unfortunately Friday's are not good days for me to trade as I have to be away for a good part of the day (11.30-3 today). So I didn't get in.

Oh well maybe Monday then!

Have a good weekend

 

[wayneL]

How did your MP levels go today Euler? Did you get a good trade off 1?

How's this for a funny story(but a bit scary as well)

Was long this morning on a move off the daily pivot, had stop set and trade was going ok for a little while, it turned against me so I exited manually. After I finished the trade, I got up and left the room for a few minutes(which I do after every trade), when I came back in, price had moved below the pivot and was heading south. Thinking about a short, I put up my broker's workstation to have a look at the depth, and realised I was already short! I forgot to remove my sell stop when I closed the long, and it had executed while I was out and I didn't even know.
Shaking my head in disbelif at how stupid and careless I'd been, I closed out my short for a 6 point gain.

Gunna have put this one in the "you idiot" file for future reference.

Oh Lord have I done that more times than I care to admit to. Funnily enough, they *usually work out OK.

Maybe there's something instructive in that... hmmmm gonna have to think about that one.

Cheers

 

[professor_frink]

Oh Lord have I done that more times than I care to admit to. Funnily enough, they *usually work out OK.

Maybe there's something instructive in that... hmmmm gonna have to think about that one.

Cheers

Thank god I'm not the only one then

It has been said that there is a case for always being in the market. Maybe it has some merit. I think it would be my downfall if I tried it though

 

[Euler]

Watching reaction to the low bracket @ 21

 

[Euler]

Watching reaction to the low bracket @ 21

Moves looks good with follow through the POC @ 26 .... looking for a possible test of upper bracket @ 40. On downside ... concern at reducing volume .... so may not get there.

 

[spitrader1]

Oh Lord have I done that more times than I care to admit to. Funnily enough, they *usually work out OK.

Maybe there's something instructive in that... hmmmm gonna have to think about that one.

Cheers

i have done that twice, both time for a small profit, but as you know, its quite a scary experience.

 

[professor_frink]

well, this morning has been pretty good- nice smooth moves with basically no pullbacks at all.

It sucks for me though- I waited for a rally to short into this morning- didn't happen.
Been waiting for a pullback in the uptrend that is now going- that hasn't happened either

I did however make $5 playing poker while I was waiting for a trade, so it's not all bad. Looks like it's lentils for dinner tonight

 

[spitrader1]

well, this morning has been pretty good- nice smooth moves with basically no pullbacks at all.

It sucks for me though- I waited for a rally to short into this morning- didn't happen.
Been waiting for a pullback in the uptrend that is now going- that hasn't happened either

I did however make $5 playing poker while I was waiting for a trade, so it's not all bad. Looks like it's lentils for dinner tonight

prof....got any theories why the market has just lost an arm and a leg??

 

[professor_frink]

prof....got any theories why the market has just lost an arm and a leg??

none whatsoever

Fairly decent run though

 

[Kauri]

Looks like someone has dumped the asx 20 ???

 

[professor_frink]

My day is getting worse and worse

I sat around all morning waiting for a good entry and just ended up watching all morning - finally got a good entry, only to watch the market lose another 12 points after I exited.

Bugger this,I'm going to the pub for a beer or 10.

 

[professor_frink]

anyone get a piece of that run down this morning?
Been some monster moves the last couple of days

How'a the MP going this week Euler? Be interested to hear what your thoughts have been for the last couple of days.

 

[professor_frink]

Oh Lord have I done that more times than I care to admit to. Funnily enough, they *usually work out OK.

Maybe there's something instructive in that... hmmmm gonna have to think about that one.

Cheers

Hello MrL
This comment got me thinking a bit, I've gone over some of my trades(not all of them yet-will leave that for the weekend), and I think there could be some merit to your comment above. So far, changing the stop order to an order that would stop and reverse positions looks like it would be a net winner.
Although the days when it doesn't work are pretty brutual(mainly because of where I'd have to place stops)- days that chop around would be absolutely devastating)

Will provide more detail when I'm finished

 

[spitrader1]

anyone get a piece of that run down this morning?
Been some monster moves the last couple of days

How'a the MP going this week Euler? Be interested to hear what your thoughts have been for the last couple of days.

yeah i sold 1 @96, bought back at 85

 

[professor_frink]

Did I miss some major news or something today

That was one mighty impressive selloff. Can't say that I've seen this beast selloff from the weekly pivot down to R2 in one day before