Trading The SPI - NON-Gann Techniques

[Bronte]

Wow ! Dow up 336 points overnight
Very nice Opening gap expected
Pivot point 6209
R1 6253
R2 6303
R3 6397
R4 6491
Weekly Pivot point 6257
R1 6359
R2 6436

 

[chops_a_must]

Wow ! Dow up 336 points overnight
Very nice Opening gap expected
Pivot point 6209
R1 6253
R2 6303
R3 6397
R4 6491
Weekly Pivot point 6257
R1 6359
R2 6436

Are they pivots from last nights action, or yesterdays? Because they look pretty wide to me.

 

[Bronte]

Good morning chops_a_must.
Yesterdays and last weeks OHLC
September 2007 Day contract

 

[Bronte]

Wow ! Dow up 336 points overnight
Very nice Opening gap expected
Pivot point 6209
R1 6253
R2 6303
R3 6397
R4 6491
Weekly Pivot point 6257
R1 6359
R2 6436

Weekly R1 was the open and held pretty strong

 

[Bronte]

Weekly R1 was the open and held pretty strong

Until almost the close
R3 was 6397
6398 High
Selling
3 min chart:

 

[Bronte]

One month away from the 20 year October 1987 anniversary.
Certainly very interesting times
Dow up again overnight +76.2
Another gap open expected.
Todays pivot point is a low 6369
S1 6339
R1 6417
R2 6446
R3 6525

 

[Bronte]

6423 Open
Gap has just closed.

 

[Frank D]

Bronte,

Why would you even look at September SPI contracts today?

Damn thing is finished and locked up by 10.20am

Frank

 

[Bronte]

Bronte,

Why would you even look at September SPI contracts today?

Damn thing is finished and locked up by 10.20am

Frank

Hi Frank,
Short term traders.
Selling into 'Gaps'.

 

[Bronte]

September SPI Chart
Showing gap close:

 

[Broadway]

She's stuck at 6436, with 2600 contracts at bid and 2000 contracts at ask..

One day I hope for 1000 contracts to rollover with!

 

[Bronte]

Bronte,

Why would you even look at September SPI contracts today?

Damn thing is finished and locked up by 10.20am

Frank

Hi Frank,
Short term traders.
Selling into 'Gaps'.

 

[SevenFX]

Damn thing is finished and locked up by 10.20am

Frank

Could you explain please, not in a trade atm, but assumed their was a prob with provider (IG)when it was taken offline few mins ago..

Is rollover end of calander month, and what happens to sept contract until then...???? no volume...????

Thanks

 

[Broadway]

The spi rolls over on the third thursday of march, june, sept and dec.

The december contract is now being traded, and rolling south as people take profits today.

 

[SevenFX]

The spi rolls over on the third thursday of march, june, sept and dec.

The december contract is now being traded, and rolling south as people take profits today.

Thanks Broadway.

Is profit taking expected at end of each qtr, and does a open sept contract automatically rollover into dec if not closed out...

New to this, hence maybe silly questions...

 

[Frank D]

SevenFX,

you should be switching into December futures the day before expiry.

god knows why anyone would be trading September futures when there is 20 minutes left in trading on the last day, regardless of how short term you are, and what gaps are in the market.

There is a perfectly good December contract (which is the SPOT contract) to do the exact same thing.

I'm not sure how CFD's work if left holding the September contract. Probably cut the trade at end of todays trading so you would be neutral position.

Frank

 

[Broadway]

Thanks Broadway.

Is profit taking expected at end of each qtr, and does a open sept contract automatically rollover into dec if not closed out...

New to this, hence maybe silly questions...

No, I dont think they automatically rollover. Not for the general public anyway.

They are more likely taking some profits in equities due to the recent rally from the fed rate decrease. Hence dragging the spi down. Im not sure if the trend will go all day, or whether there will be an afternoon rally. I imagine people in europe and the US might take profits tonight as well.

As frank said, if you are holding the sept contract when it finishes trading, it is more likely your broker will force you to exit on close of market, than make you cough up cash as it expires.

I think this is how it works, but im learning as well.

 

[SevenFX]

Thanks Frank.

Clears things up... appreciated.

p.s those larger timeframes (10-15m+)& longer exists (20pts+) not to mention tighter stops are helping heaps....but one eye still watches the tic chart...

No need for so much medication anymore... and I even go for lunch and maybe take another bite aft 2...

SevenFX

 

[macca]

As I am another SPI apprentice all this is an education to me.

Thanks to all the old hands for taking the time to answer our iggorunt kwestions

I have noticed that the Dec SPI contract is now below the closing price for the SEP contract.

So, in theory if I had been long Sep and Short Dec, I would have had an arb opportunity, Is that right ??

Does anyone have the old daily charts for the change over in June, could I have gone long and short when June contract changed into Sep and closed when they met ?

I have read that as we age it is good to learn new things to keep the grey matter working, thereby slowing the aging process, getting my head around some of this stuff should make me 21 again

 

[Bronte]

Hi macca,
Welcome to the 'Trading the SPI' thread,
I wish it did work out that way