Trading the SPI

[Bronte]

Nearly 100 point drop
4896 Low

 

[Bronte]

6.30AM Cold, dark Wednesday morning.
Here we go again
Dow +52.7 pts
ASX 4992
SPI 4988

Wish I had stayed in bed today

 

[Ageo]

Wish I had stayed in bed today

haha your telling me, although it panning out atm and it looks like a Breakout upwards might occur.

This time i will trade it and not hesitate! as not only did it cost me $1000 but potentially i could have made $4500

I dont know how sometimes you guys do it but faarrkk it can be frustrating hehe.

anywayz i will report later on

 

[Ageo]

Well jumped on that small breakout of the MA crossover and i retreived $350 but into my pocket.

Better than nothing i spose.


Looks like im out for today, will report next with any new trades.

 

[Sensei]

Wasn't good news

Bronte ... that was the expectation. Did you actually go long under the looming announcement? No Gann or Elliot or anyone else will help if one stands in the way of that herd. I waited for the announcement then followed the lead of the big end of town ... no good swimming against them.

 

[Bronte]

We were "Bearish"
Traded off "Gann Resistance" 4995
We had Support at 4977
It all went wrong after the announcement.
I :22_yikes: :axt: tried to catch a falling knife....Ouch!

 

[wayneL]

Ahhhh Economic news.

Something us SP500 traders face 2 or 3 days out of every week during trading hours.

Always anxiety inducing, always volatile, the crowd always picks the wrong direction first, alway fun.

If I'm feeling crazy enough (or if I have enough profit in hand from a swinger) and hold through news, I've seen my open equity jump around, up and down to the tune of thousands.

Digitalis anyone.

LOL

 

[neo]

Was there any indication in the market or elsewhere prior to 11:30 that SPI would drop so heavily at 11:30?
CPI was expected at 1.1% so an anouncement of 1.6% was sure to surprise.
I would assume that if CPI was 1.1% the market would have done zip and if it was much less than 1.1% it probably have gone up!!!

 

[volatile_guy]

OK its 11:50 AEST 26/07/06. SPI is last @ 4912 (4907/4914) down 2.

Thoughts?

 

[Bobby]

Well whats going to happen on todays opening ?

Gap down.

Bob.

 

[neo]

Hi people,

DJIA/S&P basically flat.
Sycom closed at 4910. (down 3 pts from yesterdays close).
I would think the SPI should initially be flat to positive today...
Can't see a reason why it would gap down ..
IMHO I think its hard to make any call on the SPI prior to seeing what eventuates OS...ie. US markets,commodities, sycom etc,etc

 

[Bronte]

Well whats going to happen on todays opening ?
Gap down.
Bob.

Why do you think the SPI is going to "Gap down" Bob?

 

[Ageo]

Seems it will be a dead day today.


Well lets hope that changes

 

[neo]

I'm long at 4906.
See what happens.....

 

[neo]

Dumb trade......
Stopped out already!!!! (5pts...Doh,oh well until tomorrow)

 

[Sensei]

Nice price action so far ... if breaks 17 with volume next stop 33 followed by mid 50's. Lets see it pan out.

 

[Sensei]

We were "Bearish"
Traded off "Gann Resistance" 4995
We had Support at 4977

Bronte what's yr Support & Resistance levels today?

 

[Ageo]

Didnt jump on the MA crossover breakout.


again failing to pull the trigger cost me (potentially) $1500.


waiting for that tumble down.

 

[Sensei]

Didnt jump on the MA crossover breakout.
again failing to pull the trigger cost me (potentially) $1500.
waiting for that tumble down.

Ageo .... Having confidence in your system and having good tight stops is the key. All systems will give you false entries on more occassions than you may like, but at least have the safetynet below you.
The other thing is don't focus on the money, focus on the system ... entry, stop loss, target/trailing stop. If the system works then the money is, by definition, in the bank.

 

[Ageo]

Ageo .... Having confidence in your system and having good tight stops is the key. All systems give you a false entries, but at least have the safetynet below you.
The other thing is don't focus on the money, focus on the system ... entry, stop loss, target/trailing stop. If the system works then the money is, by definition, in the bank.

So true and thanks for your support. But iam learning my lesson,

thanks again