Trading The SPI - NON-Gann Techniques

[professor_frink]

evening folks,

Anyone out there catch the move up after the inflation figures? There was some fast and furious money to be had- 50+ point move in under 10 minutes, almost good enough to compete with the Hang Seng!

 

[wayneL]

evening folks,

Anyone out there catch the move up after the inflation figures? There was some fast and furious money to be had- 50+ point move in under 10 minutes, almost good enough to compete with the Hang Seng!

A bit of action in the opposite direction on SYCOM too... maybe steady rates isn't so bullish after all.

 

[professor_frink]

A bit of action in the opposite direction on SYCOM too... maybe steady rates isn't so bullish after all.

It doesn't look like it now. If this were a small cap share, there would be people on this very forum referring to today as a pump and dump. Can we still call it that for an index

 

[CanOz]

hi Can - yeah its looking a bit tired hey

Yeah, and the mini Wall St.'s on the trendline. I picked a good nite to stay in I'll post the chart in the Int'l thread.

Cheers,

 

[wayneL]

It doesn't look like it now. If this were a small cap share, there would be people on this very forum referring to today as a pump and dump. Can we still call it that for an index

I believe the yankee index traders call it a "pop 'n drop"

 

[CanOz]

evening folks,

Anyone out there catch the move up after the inflation figures? There was some fast and furious money to be had- 50+ point move in under 10 minutes, almost good enough to compete with the Hang Seng!

Saw it happen, but it was well underway when i caught it. I thought..."someone will be making money" on that move, or the fade after.

What's the SYCOM?

Cheers,

 

[professor_frink]

I believe the yankee index traders call it a "pop 'n drop"

hmmm, one sounds slightly sexual, the other slightly childish. Wonder if this a reflection on traders in the 2 countries

Ok, back on topic

Hourly chart of the SPI for the last month- we seem to finding a bit of support in 6146-53 area.

Who's game to buy it?

 

[professor_frink]

Saw it happen, but it was well underway when i caught it. I thought..."someone will be making money" on that move, or the fade after.

What's the SYCOM?

Cheers,

It's the overnight market. Yeah, you'd need to be looking at a tick, or maybe 1 minute chart to be able to pick it up quick enough- the move was over in 8 minutes or so

 

[wayneL]

hmmm, one sounds slightly sexual, the other slightly childish. Wonder if this a reflection on traders in the 2 countries

Hmmm I think you have a point there. hehehe

CanOz, I think it's SYdney Computerized Overnight Market, or something like that.

 

[Edwood]

hi Prof - daily still looks like holding for the moment tho

 

[professor_frink]

hi Prof - daily still looks like holding for the moment tho

yeah it looks to be holding well, but I think I'll be on the sidelines for the moment, and stick with the daytrades on the nik + HSI. We've run up over 10% since the march lows, so I'm favouring a bit of churning as opposed to another rally at this stage. Could always be wrong too

 

[CanOz]

yeah it looks to be holding well, but I think I'll be on the sidelines for the moment, and stick with the daytrades on the nik + HSI. We've run up over 10% since the march lows, so I'm favouring a bit of churning as opposed to another rally at this stage. Could always be wrong too

The 4 charts i'm watching tonite, the Wall St. Mini, the mini Tech 100, the Mini EU, and the SPI are all at or very close to the trend line, except for the Tech 100 and its in the middle of the channel. Housing data and consumder conf. out tonite too. I might pull up the Russel too!

Should be interesting.

Cheers,

 

[CanOz]

I think these things are turning bullish atm.

 

[reece55]

I think these things are turning bullish atm.

Certainly looks that way.....

I guess the biggest thing here why would all the US indicies just reach the 2000 highs and then retreat rapidly? I say we will have a stellar run for a little while, bar any catastrophe. The reality is the market is awash with cash that needs a home - I think this market is going to be in bull mode for some time.

Cheers

 

[Edwood]

not that strong a start today really for ASX considering the US was breaking records overnight...

rates up in NZ today fwiw, now 7.75%, the second rise in 2 months

 

[Edwood]

hanging on by its toenails now (altho suspect my chart is a duff though due to the flat patch around Easter... )

 

[Sean K]

FWIW all the indicators on a 1 year daily look pretty ordinary. 6200 ish has turned into quite a speed hump.

 

[Edwood]

well US wants to keep going up Kennas despite poor GDP and higher inflation so I guess its safest to assume the trend will continue for us for the time being as well.

on the all sessions ASX200 data I have a symmetrical triangle since April 19 which targets mid-May at around 6,340 fwiw. otherwise I'll be watching your trend line for shorts on the breakdown.

imo until then there's no point trying to short other than intra-day on spikes, will just keep buying them dips!

 

[Edwood]

looking a bit like a wave 4 here, so potential for more upside, all dependent on the US tho... am flat for now, will wait for a move either way

 

[skyQuake]

Hi all, new to the forum but not to the index. I see theres a few fellow cfd traders around here too.
I've been thinking of trading the SPI for a while rather than the CFDs, and Im just wondering about brokerage/interest(?) costs.
I know CFDs charge you interest if you hold overnight, but does that apply to the SPI as well? What happens if I hold a month (ignoring margin call costs)
Thanks in advance!