Trading The SPI (Open)

[Bronte]

Directional Days are when the train leaves the station and keeps on moving........

If this is the case and the SPI has moved away from strong 'Support or Resistance'
then we move our stoplosses to 'Breakeven' sometimes taking some profit and reducing our contracts.

How many contracts do we Buy or Sell ?? This depends on the trade and level of: Risk:Reward
Time is very important in our analysis. We also consider Gaps, Double Top/Bottoms etc etc etc

We have a timeframe this weekend, so we feel Monday will be even more difficult.
Interesting that China has cut its interest rates and world markets shoot upwards.

We will have a good think about your Q and post either tomorrow or early Monday morning.
If that is alright with you Wysiwyg ? What are your thoughts on the SPI closing the presumed 'Gap'?

Posted here at ASF this thread: Saturday afternoon: 22nd November 4.41pm

 

[dlineinvestor]

SPI
Fridays low has held thus respected for the short term
Daily chart making double bottom, all gaps filled now.

Market hinging on Spot Iron Ore and AUD stability / recovery ?
No threatening macro events at this time
imo odds favour a grinding move up. US markets seem overbought though
Stop just below today's low if swing trade initiated.
My thoughts and of course

 

[Bronte]

Nice post: dlineinvestor,
Obvious Daily chart Support Here.
Due to the Double Bottom 5298 / 5301
Down 88 points
Oversold.

 

[Bronte]

If trading the SPI is all you do.
Far from it tech/a

I " work " because I love it.
Not because I have to.

And good luck to you Bronte.

No, we travel a lot. (cruises mostly, these days)
Although we own a sports car and a sports/cruiser motorcycle.

We "trade" because we love it.
Not because we have to.

'We' ?? The Royal "We" My husband and I

 

[tech/a]

Hate cruises.
Been on 3 too many.

Although I also own 3 Mules and a Goat.

 

[Bronte]

Hate cruises.
Been on 3 too many.

Although I also own 3 Mules and a Goat.

Lol, have you tried your own yacht ? although you may need an ARK.

 

[tech/a]

Lol, have you tried your own yacht ? although you may need an ARK.

What's wrong with my ARK?

 

[Bronte]

Its just difficult to get it to sail in the right direction.

 

[prophetable]

Hi Bronte and all,
For a beginning trader im a little confused at the trading range youve just mention in the quote below?
Im looking at the open at 09:50 of 5347, then the down move to the low of 5301 at 11:24 and then the rise to the end of RTH at 15:30 it got back to 5347.
In my (limited experience) isnt that a range of 46 points?
Where does the -88 come from? Another previous RTH trading periods high?
Sorry for the questions - i just dont understand what you are doing here and what relevance it has to todays action.

Also - what data feed do you use for your trading - just IB's internal one?

Cheers

5389 High
5301 Now Down -88 Points

 

[Bronte]

Hi Bronte and all,
For a beginning trader im a little confused at the trading range youve just mention in the quote below?
Im looking at the open at 09:50 of 5347, then the down move to the low of 5301 at 11:24 and then the rise to the end of RTH at 15:30 it got back to 5347.
In my (limited experience) isnt that a range of 46 points?
Where does the -88 come from? Another previous RTH trading periods high?
Sorry for the questions - i just dont understand what you are doing here and what relevance it has to todays action.

Also - what data feed do you use for your trading - just IB's internal one?
We have tried a few. IB's internal one is ok.

Cheers

Yesterdays High was 5389 So the 'Downwards' move was 88 points

Good luck with your trading & 'Welcome' to ASF posting

 

[prophetable]

Thanks Bronte.
I will need all the luck to succeed in this caper.
Im a long time lurker as i just havent been trading live for 2 years.
In that time ive done a lot of research and demoing. If i am successful in this, i will be posting on the forum somewhere.
Even though i have mainly traded the ES, 6E and the 6J - i have been also test trading the SPI. I like it as im in WA - so the hours are better. Also - im sick of late night ES trading for fatigue reasons.

Also - from my first post - Im still wondering what data feed you use for the SPI?

Cheers

 

[Bronte]

Presently we only use IB's internal, as you say it is ok.

We do a lot of 'drawing charts by hand'......

Please do not ask, it's a very long story.

 

[tech/a]

I us and used E signal for the SPI when I traded it.

 

[prophetable]

Thanks Tech.
I subscribed to Esignal EOD / live data for a year this year so i could do calendar spreads on commodity futures.
That has just ended so i want to shop around depending on quality. It is becoming more important the shorter the timeframe i am looking at trading.
Am thinking of NT with Amp and CQG. Already have an IB acct. But depending on order management and semi automation available in TWS.
Still testing and putting it all together as im not an expert in TWS.

Cheers

 

[ThingyMajiggy]

Nice strong open, nabbed 21 ticks from 54 to 75, now I'll see if I can slowly give it back by the close

I expect we will go higher, test the weeks high from Monday at least, but we shall see

 

[tech/a]

Bronte

How's the Directional day going?
Was yesterday directional?
Is today?
Do you need 2 or three or more in a row?

 

[Bronte]

Directional Days are when the train leaves the station and keeps on moving........

If this is the case and the SPI has moved away from strong 'Support or Resistance'
then we move our stoplosses to 'Breakeven' sometimes taking some profit and reducing our contracts.

How many contracts do we Buy or Sell ?? This depends on the trade and level of: Risk:Reward
Time is very important in our analysis. We also consider Gaps, Double Top/Bottoms etc etc etc

Today the SPI Opened at 5356 went lower...
We saw 5349 Low, then broke the Open to 5367
tech/a we do not consider this a 'Directional Day'

Yesterday the SPI Opened at 5345 went lower...
We saw 5301 Low +44 points
tech/a we DO consider this as a 'Directional Day'

+ / - 1 or 2 points from the Open is not a problem
+ / - 7 or 8 points from the Open is a 'Shake out'

 

[Bronte]

Bronte

How's the Directional day going? Not a Directional Day today tech/a
Was yesterday directional? Yes
Is today? No
Do you need 2 or three or more in a row?

Depends on the 'Big Picture' Price action, Time, and if we are 'Day trading' or holding on.
ie Trailing Stoploss and letting our profits grow.

 

[dlineinvestor]

Depends on the 'Big Picture' Price action, Time, and if we are 'Day trading' or holding on.
ie Trailing Stoploss and letting our profits grow.

Hi, at this point do you have any swing positions from yesterday or today ?
Cheers

 

[Bronte]

Yes, the train leaves the station every day.....

I am just concentrating on 'Trading the SPI' Open here on this thread.

Twenty years of Trading the SPI

Of course we see opportunities during the trading day, and take them.

We decided that placing orders 'Before' the SPI Opens to eliminate 'hindsight orders'.