Trading The SPI - NON-Gann Techniques

[Edwood]

dangerous trying to pick bottoms when its impulsing like that TH. But if I'm not in it I find I'm always very nervous trying to join in in case it finds support & turns quickly. Must be some sort of wave C or 3.

I see Hong Kong is up strongly today - new all time highs

 

[>Apocalypto<]

Red is my favorite color! what a drop hey guys.

 

[professor_frink]

Looks like that 6180 support area I mentioned is in for a testing sooner than I thought. We are off another 25+ points from the day session close to 6215.

over a 120 pt move since we opened this morning. Very impressive!

 

[Edwood]

yeah got some traction finally. someone pointed this out on livecharts - similar pattern on quite a few indices at the moment. not really relevant for intra-day-ers tho

 

[CFD]

the Bears press a little bit more take out lows we have to sell into a falling market making new lows that trigger more stops that take out new lows etc etc.

So have we finished or are we going to do some more tomorrow?

 

[professor_frink]

So have we finished or are we going to do some more tomorrow?

Looks like there will be more to come tomorrow. SPI down below 6200 amd the Dow futures are off 100+ already. Still 2 hours before the U.S opens, so that can all change later on tonight

 

[professor_frink]

and this evening's commentary continues

With the DOW off 180, we have broken down through the 6150 level. My support that I said earlier today wouldn't be hit, has been blown through quite convincingly. Another great call by me

 

[Trembling Hand]

My support that I said earlier today wouldn't be hit, has been blown through quite convincingly. Another great call by me

What a mess hey.

 

[professor_frink]

What a mess hey.

yeah it's a bit brutal. Surely the permabull dip buyers will be showing up shortly in the U.S

 

[Trembling Hand]

One for the must remember file. The UK was in a mess two days ago before the US opened and then Aussie market was the first to crack today, No doubt we will be reading how we followed the US into a hole.

Gee the UK fell right into the close and is still going down another .4% in 3 minutes.

 

[wayneL]

yeah it's a bit brutal. Surely the permabull dip buyers will be showing up shortly in the U.S

I reckon they used up their ammo last night. It was going to be a 30 pointer before they showed up.

 

[professor_frink]

I reckon they used up their ammo last night. It was going to be a 30 pointer before they showed up.

that doesn't bode well then. Tell you what, this volatility in the ES of late isn't good for my sleeping habits! I've been trading crude of late in the evenings, and am finding myself staying up later and later taking trades on the ES too.

Slowly creeping into the world of the vampire. Might have to get myself a coffin soon so I can get some sleep whilst the sun is up:batman:

 

[Trembling Hand]

You wouldn't think there are many more stops left on the SPI now, not ones that will trigger out of hours, we are well under the last 3 month range.

 

[wayneL]

that doesn't bode well then. Tell you what, this volatility in the ES of late isn't good for my sleeping habits! I've been trading crude of late in the evenings, and am finding myself staying up later and later taking trades on the ES too.

Slowly creeping into the world of the vampire. Might have to get myself a coffin soon so I can get some sleep whilst the sun is up:batman:

Hehehe.

Come to the UK and trade till 9pm... then use the nocturnal tendencies to run amok.

Bring a boat.

 

[professor_frink]

You wouldn't think there are many more stops left on the SPI now, not ones that will trigger out of hours, we are well under the last 3 month range.

you wouldn't think so hey. ES looks like it has found some short term support, so the selling may have stopped on the SPI for the time being.

 

[professor_frink]

You wouldn't think there are many more stops left on the SPI now, not ones that will trigger out of hours, we are well under the last 3 month range.

How wrong were we on that one TH!!! Still went another hundred south after that

 

[Trembling Hand]

How wrong were we on that one TH!!! Still went another hundred south after that

Yep, very wrong. Though I don't mind being wrong when I haven't traded it. Best time to be wrong.

 

[Edwood]

600 pt gap down on HSI Prof

nuts!

 

[professor_frink]

600 pt gap down on HSI Prof

nuts!

yeah it was a big one. After last night's marathon, it has been hard waking up, so I wasn't really prepared for the open

I've seen a few of these now- the rally straight off the open is pretty well expected, but it's still hard to trade for me. Trying to find somewhere appropriate to place my stop that isn't going to have me trying to exit into panic selling if I'm wrong is beyond me right now, so I generally leave these alone and wait for the dust to settle.

 

[Edwood]

I saw you were up late, crude had a great range o/night, I was in Dax & FTSE mostly

yeah HSI gaps are not for the fainthearted I got spanked badly by one of those when I got distracted & missed the close of morning session & got taken out after lunch. good luck if you do find a strategy!

sent you something I found on gap fades which looks quite handy