wayneL
VIVA LA LIBERTAD, CARAJO!
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Wave C
Doh!
Doh!
Trading The SPI - NON-Gann Techniques
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Kauri
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Gee guys I'm struggling to trade this strength. Looks to far gone to get in on the long side. Been burnt trying to short it. All i can seem to do today is scalp the bid/ask. Not much fun
hi TH - something I've noticed with SPI gap opens - often if it hasn't made a decent attempt at a retrace within the first 30-45 mins or so you'll get a trending day. can be a frustrating grind if you get stuck trying to fade it.
Trembling Hand
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Yep. I have a trade setup that is based on the opening range in relation to the overnight action. Which was triggered on today's open, only trouble is when it gaps up 3% its a bit hard to think its going to 5%
chops_a_must
Printing My Own Money
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I've noticed the same thing while paper trading. Fade plays being one of my main strategies.
I know people fade back to S3, R3 or Cramer, but I'm going to look at the probability limits of filling gaps on opens. Has anyone previously done a similar thing?
I'll let you know when I eventually get around to it.
Cheers,
Chops.
hi Chops - would be interested to hear what you find out. I haven't done any detailed study on it yet either but % retrace to gap fib levels is one thing I'll be looking at at - as well as to fib extensions on the gap.
fibs, % gap open, where the gap fits in the overall action etc - all important but not as important as the price action in the first few minutes in my opinion
Kauri
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your large 5 could be a 3 - whats the fib extension off 1 out of interest?
Kauri
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what technique are you guys using here..new to thread.
Kauri
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interesting the difference between the cash chart & your all sessions chart Kauri - cash it looks as though we were still in 4 later in the day yesterday, & now moving up into 5
Hi Edwood..
very interesting... I'm trading off the IG Markets platform.. don't know if it ties up with your cash chart???
Just pyramided into my original long on todays chart.. second trade not looking too flash at the moment...
Cheers
..........Kauri
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Any thing but GANN Daz. Going on my trend line theme its interesting to note that although the ASX 200 broke through this bull trend line the DJI did not,also the long trend line which started 1982 is still holding with the DJI. porkpie
hi Dazt49, welcome to the thread
there's a mix of stuff pops up on the thread really, price action, pivots, support & resistance, trend following, patterns, fibs (quite a few fibs from time to time!), & some use time as well
Kauri is using something called an Elliott Wave method to count the waves of price action, which basically splits moves down into impulsive and corrective action - EW aims to identify the next "likely" course of action
there's a mix of stuff pops up on the thread really, price action, pivots, support & resistance, trend following, patterns, fibs (quite a few fibs from time to time!
), & some use time as wellKauri is using something called an Elliott Wave method to count the waves of price action, which basically splits moves down into impulsive and corrective action - EW aims to identify the next "likely" course of action
Kauri
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Hi Edwood,
Ok, sorry about posting in the wrong thread..
I'll fade away and maybe find a thread thats more relevant.. Good trading to allCheers
..........Kauri
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Thanks guys.
I always take XJO and the DOW into account with trading my decisions.
I havent traded the xjo as yet.
Will watch with interest.
I always take XJO and the DOW into account with trading my decisions.
I havent traded the xjo as yet.
Will watch with interest.
Trembling Hand
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Hi Edwood,
Ok, sorry about posting in the wrong thread..
Cheers
..........Kauri
I would think what you are trading is linked to the SPI. would certainly have to be for the out of hours prices.
Hi Edwood,
Ok, sorry about posting in the wrong thread..
Cheers
..........Kauri
no no Kauri, I think we've got some wires crossed - MINE should be on XAO
I just stuck a cash chart up here to flag that counts on a cash chart can be completely different to counts on all-sessions SPI. Some people only count cash charts to avoid the out-of-hours mess. I'm not saying one is better than the other its just that some people have a preference either way
yeah thats right - it'll be loosely linked to SPI or XJO. loosely so the CFD market makers can move it around to suit them
