Trading The SPI - NON-Gann Techniques

[CanOz]

Hi SkyQ - I'm using CMC's UK spreadbet service - I think there are a few companies who use the IT-Finance.com charts within their product

...altho I think there must be a problem with my software today, its showing the ASX200 as going down anyone else having this problem?

Yep. going down alright, not yet to the daily pivot though (S1)...getting close.

Cheers,

 

[CanOz]

I had 6291 as the daily pivot S1, which the market is testing now for the second time today....Edwood or anyone agree with this?

Cheers,

 

[chops_a_must]

I had 6291 as the daily pivot S1, which the market is testing now for the second time today....Edwood or anyone agree with this?

Cheers,

Don't know the pivot levels for the SPI can, but the XAO looks to have gone through S1. Not looking good for a close today.

Cheers,
Chops.

 

[CanOz]

Don't know the pivot levels for the SPI can, but the XAO looks to have gone through S1. Not looking good for a close today.

Cheers,
Chops.

Well they are similar, so they must be hanging around the same levels...the mini 200 is just above my S1...heres the chart.....

 

[chops_a_must]

Well, the XAO ended up finishing right on its S1 by my reckoning. So it wasn't as bad as what it could have been. It'll be interesting to see where they all head from here.

 

[Edwood]

tying in with your S1 level, we're parked on the bottom of the broadening pattern which is showing a partial rise - ie potential reversal. was short earlier, took profit & now short again

 

[CanOz]

Did you fade off the open this morning? Really uncanny how often that a spike fades off....i don't think i've seen one fail since i've been watching for them.

Cheers,

 

[Edwood]

Did you fade off the open this morning? Really uncanny how often that a spike fades off....i don't think i've seen one fail since i've been watching for them.

Cheers,

no I carried my short overnight so was underwater a little during the spike but worked out fine. yeah ASX spikes are good - I haven't been following them as long as some here but with the o/night session on SPI you seem to get good follow through from the US action.

it does like to fill its gaps, and just an observation but if it doesn't fill it it'll often breakaway in the direction of the gap and trend for the day.

 

[Edwood]

this ones just for interest really - that 'triangle' I stuck up the other day pointed towards 6,340 around mid-May - we got to 6,339 today fwiw.

 

[Edwood]

played out OK - stops in bed calls...

 

[Edwood]

would like to see the opening gap filled so we have nothing to come back for...

 

[Edwood]

nope not to be this time....

onwards and upwards!

 

[Edwood]

wicked rise! that'll teach me to get bearish too early.

maybe worth noting that the move stalled at upper resistance on the megaphone....

 

[Edwood]

 

[hacheln_mice]

This broadening right angled wedge reminds me of price action that occurred late February and sometime last May...never mind. History rhymes but never repeats.

 

[Edwood]

yep history may not repeat exactly H-M but if the pattern works 60% of the time thats good enough for short term trading - you've gotta go with it!

fwiw that broadening pattern has given me two trades - break of support for 23pts & a drop off upper resistance. closed 2/3s of my short position at 6,314 and keeping the rest running. we've got a good selling spike out of this action so I reckon theres a fair chance this is the top for this move. only a "chance" mind - am not betting the farm on it! will be watching to see if it goes through support again

 

[Edwood]

anyone trading this today? was short ASX o/night which was nice but closed ASX positions & flat now. might get back in out of hours depending on the action in Europe & the US

 

[reece55]

anyone trading this today? was short ASX o/night which was nice but closed ASX positions & flat now. might get back in out of hours depending on the action in Europe & the US

Yep, shorted twice today, cashed in small gains, nothing spectacular.....

The index has regained late in the session strongly - so much for the weak lead from the US!!!

Cheers

 

[professor_frink]

anyone trading this today? was short ASX o/night which was nice but closed ASX positions & flat now. might get back in out of hours depending on the action in Europe & the US

Afternoon Ed,

Been working on a couple of new ideas recently(papertrading only at this stage), and today's action is giving out some pretty conflicting signals- EOD chart dished out a potential short signal yesterday morning, but Hourly side of things was suggesting this morning's open was oversold and to go long.

As you can probably tell, it's countertrend nonsense(as per usual for me) and needs a lot of work! Long or short? Depends on the timeframe:dunno:

 

[Edwood]

well done Reece! looked a bit choppy & had a long on too but got stopped out at evens. thought you might've been into the HSI Prof

seems we're still playing within the broadening-type formation & have a trend line to watch now for shorts. reckon we'll either drop out the bottom of the megaphone - "hold on to your hat" or we'll fail to rise to the top of the pattern & drop out

not really keen to take longs off support in case we gap down over stops so will be aiming to short the failures