Trading The SPI - NON-Gann Techniques

[professor_frink]

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

Yeah have been. Today actually hasn't been as good for me as yesterday

Trading was a little difficult in the opening half hour after that massive gap down(bout 300 points). Of course being in the kitchen making a coffee whilst the best move of the morning session was getting underway didn't help either

 

[reece55]

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

Thanks Edwood, I thought there would be a little more volatility on the down side today, but considering the 1% gap down, stocks across the board held on very tight. Agree with your broadening top analysis and I favour the later of your two scenarios - just can't see this market rolling over and topping itself. Mind you, if it does I will be ready to short.

My hat goes off to you for getting the 1% fall. I had a short in yesterday and closed with nice gains at early in the session, but I was just too busy at work in the day to open another and I never trade in the after hours market.... So I missed what could have been a gem of a take..... There is always next time!!

 

[Edwood]

cheers Reece - I've been waiting for this move tho so gotta make the most of it

I reckon Aus on its own would probably be OK, with commodities & your super funds & stuff, but China is about to pop & it will make a bit of a mess. look at the Asian crisis in 1997 - it'll just pull the rug out. loads of complex debt derivatives around these days too. if China drops 40+% there will be a pretty serious panic

may not happen of course, just think the chances are getting higher the more vertical that market goes

 

[>Apocalypto<]

Frink,

As I last pmed you here is the two min chart of most of todays action on the IGxjo I know its off topic please excuse me.

I have marked the entry's, please note guys it was really range trading from open and it was nothing special today until the first long then..... well you can see the short!

Frink as you can see very nice and clear.
Must correct a mistake L1 cont is technically a L2 cont sorry for that.


Peace out.

 

[Edwood]

nice chart Trade It

here's a line to watch

 

[professor_frink]

Frink,

As I last pmed you here is the two min chart of most of todays action on the IGxjo I know its off topic please excuse me.

I have marked the entry's, please note guys it was really range trading from open and it was nothing special today until the first long then..... well you can see the short!

Frink as you can see very nice and clear.
Must correct a mistake L1 cont is technically a L2 cont sorry for that.


Peace out.

Nice work TI

 

[CanOz]

One of those megaphone tops here, but i don't think it will take out the trend line today...anybody?

If it takes out the trend line, or the daily S2 then i'll short, but until then i'm not convinced.

Cheers,

 

[Edwood]

looks like its testing support now Canaus...

 

[CanOz]

Took out the trendline without hesitation, but will 6255 hold it? After that the daily S2 wouldn't mean much i don't think.

Cheers,

 

[>Apocalypto<]

Minor support busted!

Now I wonder if any buyers will come in to help this hold. Afternoon could be very interesting. More flat I think.

Next target is the trend line. Wonder if it can break away on point 9 that would stitch up all the may dooms dayers!

But I am unsure of that happening.


second chart shows some more day trade action from last night to now.

 

[Edwood]

second chart shows some more day trade action from last night to now.

nice one TI - just out of interest do you add to your position on each new signal? or are they just confirming that you should stay with the original decision?

 

[>Apocalypto<]

nice one TI - just out of interest do you add to your position on each new signal? or are they just confirming that you should stay with the original decision?

I am not trading it at the moment just watching it getting my eye in.

but I would be adding to my winners on every new confirmed entry.

i am yet to work out a profit protection rule yet still just getting my head around qualifying entries.

If you want the link PM me.

I still look to trade off my daily charts. less maintaince, more time to think bigger returns. but I am sure convinced day trading can work if done in the right way.

 

[Edwood]

ok - looks like a good strategy tho. have seen one similar where the rule is to quit after 2 winners - i.e, the profit protection is to quit before you get greedy on each run

 

[Edwood]

Wayne posted something the other day re: profits from day trading - might have been on the international indices thread? not sure - to the effect that day trading has the highest sharpe ratio of all forms of investing. your chart shows around 30pts potential profit & you'd have a stop at evens pretty quickly

 

[Edwood]

ASX getting into a tight range again - guess it must be time to go long

 

[Rogue Trading]

What does the SPI channel trading at record highs mean?
Most times markets channel in the middle and break out one way or the other. When the SPI is at record highs does this mean it will break out to the down side?
Look forward to your answers.

Regards
Rogue Trading

 

[Edwood]

no idea if its a 'top' or not RT, but definitely churning away up here. the action out of consolidations lately has been higher so it could just be another continuation pattern. based on the new highs in the US on Friday it looks as tho thats the way it might go again this time. but until we get a break either way I guess its best to sell resistance & buy support within the channel

 

[Edwood]

Congestions
Generally refers to any type of chart pattern in which prices are temporarily trapped in a trading range. The range can be converging, expanding or defined by parallel lines on the horizontal. Congestions of shorter duration are usually found to be a variation of a Flag, or some variation of a converging or expanding triangle. Periods of longer congestion are usually defined by a variation of a converging or expanding triangle, or may be an elongated parallel channel on the horizontal. Such patterns are frequently referred to being Continuation patterns if price break out in the direction of the trend leading to the formation of the congestion pattern.

Continuation Patterns
Periods of longer congestion are usually defined by a variation of a converging or expanding triangle, or may be an elongated parallel channel on the horizontal. Such patterns are frequently referred to being continuation patterns if price break out in the direction of the trend leading to the formation of the congestion pattern.

 

[Edwood]

sheesh ASX now up over 1,000pts in the last 6 months!!

 

[>Apocalypto<]

sheesh ASX now up over 1,000pts in the last 6 months!!

truly amazing!

what you make of the Floor trader system Elwood? there were two ripper entry's with two continuation entries today!