Trading The SPI - NON-Gann Techniques

[Trembling Hand]

Mine has turned into a quick scalp- I'm out already. I'm not liking the action in the rest of Asia- nikkei has put in a double top, and HK has moved down to new lows after the opening gap.

Yeah watch out for the 2:00 to 2:30 margin call time. A lot of the specie and mid cap stuff have just turned into Junk.

I'm with you I'm Out but looking to get back in. Not a bad trade but just not the push I was looking for from the Bulls. Time to get some food and get ready for the mess at 2:00

 

[Edwood]

Yen has started to find resistance.

kiwi putting in some reversal signals against USD and GBP too now fwiw after some hefty drops - looks to be running out of steam

 

[Edwood]

off topic - but here's an update on the weekly bearish bat on kiwi-sterling that was highlighted some time ago - coming good now

 

[Trembling Hand]

kiwi putting in some reversal signals against USD and GBP too now fwiw after some hefty drops - looks to be running out of steam

There goes the YEN. new high 5 month high to the USD and others. Glad I got spooked out of that long. Who said a jelly spine will do you no good?

 

[CanOz]

There goes the YEN. new high 5 month high to the USD and others. Glad I got spooked out of that long. Who said a jelly spine will do you no good?

Its not going down without a fight (USD), just spiked 35 pips. scared me out of my ASX short.

 

[Edwood]

Glad I got spooked out of that long. Who said a jelly spine will do you no good?

good move - no point trying to be a hero in these markets!

 

[CanOz]

Is it just me or is the USD/JPY leading this session? Maybe it always leads, just seems that the ASX200 is following?

Looks like its sitting on my daily S1 for now.

Cheers,

 

[Trembling Hand]

Is it just me or is the USD/JPY leading this session? Maybe it always leads, just seems that the ASX200 is following?

Looks like its sitting on my daily S1 for now.

Cheers,

Nope thats just about all that matters here. The carry trade.

 

[professor_frink]

5770

getting ugly out there!

 

[Edwood]

spreadbet cos have Dow at 12,964 currently

 

[caribean]

Everything's droping...solid bearish trend, i'm finding it difficult to deal with, it should be what all traders are wishing for, a solid trend to follow...and yet we(at least i am) are conditioned to choppy trading, and caution, certainly with currencies i was doing a lot better predicting the next mini swing...i guess i've got a lot to learn

 

[professor_frink]

spreadbet cos have Dow at 12,964 currently

September Dow futs @13007. Normally you would expect a bit of a battle to try and breach a round number like that, but in this market, I'm not sure how much ammo the bulls have left.

Log chart of the cash index below for the bullmarket to date. Looks like we've hit a fairly significant point.

 

[Edwood]

bounce time then you think Prof?

the s/bet co's do a 'rolling cash' bet and also offer quarterly bets that synch in with the various futures contracts - not sure if the CFD providers do the same? Often the s/bet co's call the cash open pretty well - Cantor, IG, & CMC are often quoted pre-open on UK radio for FTSE.

CMC's Dow rolling cash has moved up from a low of 12,955, currently sitting on 13,002 while the Sept quarterly is at 13,046-54. cash bounced off the 200ma

 

[professor_frink]

bounce time then you think Prof?

the s/bet co's do a 'rolling cash' bet and also offer quarterly bets that synch in with the various futures contracts - not sure if the CFD providers do the same? Often the s/bet co's call the cash open pretty well - Cantor, IG, & CMC are often quoted pre-open on UK radio for FTSE.

CMC's Dow rolling cash has moved up from a low of 12,955, currently sitting on 13,002 while the Sept quarterly is at 13,046-54. cash bounced off the 200ma

maybe. Think I'll keep the long trades to a minimum but Won't be any o/n holds unless there is some pretty decent gains picked up during any intraday rally.

 

[Edwood]

yeah typical me Prof, always looking countertrend

 

[caribean]

Yesterday's DAX futures action, if you switched off couple of hours before the end of trading, you could have thought it finished the session up.....ahhh! the volatility....

 

[CanOz]

Its really hard not to imagine a bounce today off that Jan high, but after last nites late plunge on the DOW, and the further weakness in the USD/JPY i can't see it holding...any thoughts on these levels?

Cheers,

 

[chops_a_must]

Its really hard not to imagine a bounce today off that Jan high, but after last nites late plunge on the DOW, and the further weakness in the USD/JPY i can't see it holding...any thoughts on these levels?

Cheers,

Yesterday Guppy was talking about sideways trading once into that channel between 5450 and 5650. Looks logical to me...

Appears to be a lot of confluence for support around the 5600 mark on various types of analysis.

Cheers,
Chops.

 

[professor_frink]

yeah typical me Prof, always looking countertrend

all good Ed- to be expected trading in these kinds of timeframes

 

[professor_frink]

Its really hard not to imagine a bounce today off that Jan high, but after last nites late plunge on the DOW, and the further weakness in the USD/JPY i can't see it holding...any thoughts on these levels?

Cheers,

You'd expect some buyers to come in around this level- it's an area I'll be keeping an eye on today for a potential rally.