Trading The SPI - NON-Gann Techniques
- Thread starter wayneL
- Start date
- Joined
- 4 January 2005
- Posts
- 1,231
- Reactions
- 0
- Joined
- 4 January 2005
- Posts
- 1,231
- Reactions
- 0
- Joined
- 4 January 2005
- Posts
- 1,231
- Reactions
- 0
professor_frink
Moderator
- Joined
- 16 February 2006
- Posts
- 3,252
- Reactions
- 5
Good Morning,
today's road map, i am going to HK this evening for 5 days,
so this will be the last road map till i come home.
have a great week, and good trades
ac
afternoon acouch,
hope you have a great trip
Been an interesting week for me trading wise.
Made pretty well every mistake known to the trading world this week. Rules were broken, mistakes were made nearly every day, good trades missed a plenty due to other commitments, and still managed to scratch out a profit for the week. Gotta love the volatility in this market
professor_frink
Moderator
- Joined
- 16 February 2006
- Posts
- 3,252
- Reactions
- 5
just a friendly reminder that we have the CPI number coming out at 11:30 this morning. Could make for some interesting trading
just a friendly reminder that we have the CPI number coming out at 11:30 this morning. Could make for some interesting trading
Morning Professor, or Anyone Else
Could you please explain how the SPI/XAO reacts to these figures
Everyone for more information on CPI Figures, check out link below
http://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/6401.0Main+Features1Jun 2007?OpenDocument
Thanks
SevenFX
professor_frink
Moderator
- Joined
- 16 February 2006
- Posts
- 3,252
- Reactions
- 5
It's about the only news announcement that I've seen that can really move this market SevenFX. If it's higher than expected and catches people by surprise, there will possibly be a bit of a selloff. But you can never really tell with news. The only thing that would surprise me is if we didn't have some kind of volatile move after the announcement.
My gameplan for it is this- if I get set early in the day and have a bit of open profit to play with on a trade, I'll hold through the announcement, and close my position out in full if it starts moving against me, if it moves in the direction of my trade, I'll take partials on any initial spike and trail the remainder.
If we have a choppy opening and I haven't caught a decent trade leading up to the announcement, then I'll just step aside and come back after lunch.
rub92me
Don't look back
- Joined
- 24 April 2006
- Posts
- 1,071
- Reactions
- 6
Is the SNFE down at the moment?? I'm not seeing anything trading on IB.
Hmmm... at this stage of the morning certainly seems choppy, with no clear direction on 10m chart from what I can see.
Are we expecting good figures on CPI... or flatish no change...????
SevenFX
professor_frink
Moderator
- Joined
- 16 February 2006
- Posts
- 3,252
- Reactions
- 5
I'm not really sure what is expected. It wouldn't help me trade it- I'd need to get the data before everyone else, and know what they were all looking for in the numbers to be able to front run them. That isn't going to happen, so I'll stick to trading the price action
Have had broker and data issues this morning, so won't be trading it. I'll come back for the afternoon session and see if there is anything going on then.
- Joined
- 28 March 2006
- Posts
- 3,554
- Reactions
- 1,283
And here is an example of not keeping your nerve and bailing out too soon
And here is an example of not keeping your nerve and bailing out too soon
Hi Boggo,
I'm guessing you got out at 6710 which would have been a nice profit, but the chart doesn't show further shorting from 3.30pm-4.30pm.
Also MTpredicator seems to flag those buy triggers well from the charts you've posted.... do you get many that fail
Keep them charts coming, preferably the day b4.... LOL
:EDIT: P.s You don have to upload you pics on photobucket, as asf allows uploads in your post.
Thanks
SevenFX
- Joined
- 28 March 2006
- Posts
- 3,554
- Reactions
- 1,283
Out at 6707, happy with that but it could have been more (we have all said that after the event).
MTPred did'nt actually flag this, I just watched the action and expected a possible turn down with the CPI announcement, ie. it was either going to increase the upward rate or turn down and the hesitation was a heads up.
Because I had just gone it "alone" just on the action I was probably a bit jumpy on any sign of an upturn.
I havent taken this trade on the FTSE but I will post the chart anyway as an exercise in posting directly, much too wide between entry and stop levels.
Cheers
Mike
MTPred did'nt actually flag this, I just watched the action and expected a possible turn down with the CPI announcement, ie. it was either going to increase the upward rate or turn down and the hesitation was a heads up.
Because I had just gone it "alone" just on the action I was probably a bit jumpy on any sign of an upturn.
I havent taken this trade on the FTSE but I will post the chart anyway as an exercise in posting directly, much too wide between entry and stop levels.
Cheers
Mike
Attachments
- Joined
- 28 March 2006
- Posts
- 3,554
- Reactions
- 1,283
That uploaded OK.
Sorry SevenFX, I did'nt answer all your questions in my previous post.
MTPred gives you alot of heads ups and a lot of them do fail but if you stick to the rules and get out you cut the losses and save yourself for a $600 an hour day like today.
I have had many trades where I have jumped ship prior to the stop being hit only to see it turn and run without me.
The chart above of the FTSE however is one where I would apply my own stop at 6521 or there abouts.
Lets see how this FTSE pans out.
Mike
Sorry SevenFX, I did'nt answer all your questions in my previous post.
MTPred gives you alot of heads ups and a lot of them do fail but if you stick to the rules and get out you cut the losses and save yourself for a $600 an hour day like today.
I have had many trades where I have jumped ship prior to the stop being hit only to see it turn and run without me.
The chart above of the FTSE however is one where I would apply my own stop at 6521 or there abouts.
Lets see how this FTSE pans out.
Mike
Thanks Mike.
Yes.. There's no sure thing about trading, but hofully keeping losses small and letting profits run with good init r2r ratios will swing the pendilium in our favour.
I've nearly always let stops get hit, as you hit hit on head, not leaving enough room for the candle to breath, ends up having to find new entry and potential loss of runner, but as tempted as have been stop moving my stops either (big no no
)Cheers
SevenFX
- Joined
- 28 March 2006
- Posts
- 3,554
- Reactions
- 1,283
Nice paper trade Mike. good confirmation on this.
I agree the 18:15-1900 mark would have tested anyone's nerve...
Perhaps shift the stop up to entry or entry+ some while giving the price action room to move n groove, so you break even or as good as lock away small profit whichever way she goes.
EDIT: So just confirming those stop/entry & r2r triggers on your charts are inserted manually and not automatically inserted...Is that correct.???
Also do you know what MTP looks for to flag this as a potential trade with good r2r potential.
SevenFX
- Joined
- 28 March 2006
- Posts
- 3,554
- Reactions
- 1,283
SevenFX
The bottom bar with DP on it is generated automatically. The DP is actually the green box and that is calculated from the previous swing low (pivot).
Basically, pattern down(pivot), correction up and then continuation down (ABC correction).
MTPred alerts you to the action at the DP, click on analysis, click on the blue (potential) reversal bar and the opposite direction DP (based on a previous pivot point) is plotted as are the entry and stop. You pre-program these based on your account size, R/R, what each tick is and how much each tick is worth.
The trend filter bars in the window on bottom of the chart showed that the down trend was losing momentum.
If you go back to my post of the SPI you will see that the trend filter also indicated waning momentum near the top of the run up.
That (confusing) explanation is a major over simplification. The interesting thing is that you start to see potential trades develope prior to the software highlighting it.
Go to the emini thread on this forum to see some excellent realtime posts.
http://www.mtptrader.com/
Mike
The bottom bar with DP on it is generated automatically. The DP is actually the green box and that is calculated from the previous swing low (pivot).
Basically, pattern down(pivot), correction up and then continuation down (ABC correction).
MTPred alerts you to the action at the DP, click on analysis, click on the blue (potential) reversal bar and the opposite direction DP (based on a previous pivot point) is plotted as are the entry and stop. You pre-program these based on your account size, R/R, what each tick is and how much each tick is worth.
The trend filter bars in the window on bottom of the chart showed that the down trend was losing momentum.
If you go back to my post of the SPI you will see that the trend filter also indicated waning momentum near the top of the run up.
That (confusing) explanation is a major over simplification. The interesting thing is that you start to see potential trades develope prior to the software highlighting it.
Go to the emini thread on this forum to see some excellent realtime posts.
http://www.mtptrader.com/
Mike
