Trading the SPI

[Sean K]

I have a question for you ageo if you go to chat now.

 

[neo]

Exited long position again at 4926.
Overall down 6 pts.....could be worse !

 

[Bronte]

You have the right idea neo.
You are just a little bit trigger happy

 

[Bronte]

What can you see in the above SPI chart neo? ......anybody?

 

[Ageo]

its found support @ 4905 and a double bottom as formed?

 

[Bronte]

Excellent Ageo
Double Bottom
Previous proven Support
Oversold.

A great place to go Long.(don't you think?)
Stoploss just on the downside of our Support
Risk 6 points
Reward ???? a lot more

Anything else anybody?????
What do you see??

 

[Ageo]

well it would look like a nice to time to jump in although i trade the A200 not the SPI so its a tad different.


P.S do i get a cookie for answering correctly?

hehe

 

[sails]

Excellent Ageo
Double Bottom
Previous proven Support
Oversold.

A great place to go Long.(don't you think?)
Stoploss just on the downside of our Support
Risk 6 points
Reward ???? a lot more

Anything else anybody?????
What do you see??

Two equal ranges of about 70 pts each

 

[professor_frink]

I think you deserve a cookie ageo

Anything else anybody?????
What do you see??

resistance @ 4940.

Please send my cookie to-

professor frink,
Aussie Stock Forums,
The Internet.

 

[Bronte]

Fantastic Margaret
Anything else ???

 

[Bronte]

well it would look like a nice to time to jump in although i trade the A200 not the SPI so its a tad different.

Ageo / prof
It doesn't matter what you are trading guys
All of our markets have charts

 

[Ageo]

lol Bronte looks like you will need alot of cookies

 

[Ageo]

Ageo / prof
It doesn't matter what you are trading guys
All of our markets have charts

true but i only watch the A200 chart so my entry/exits are based on that.

But i dont mind a bit of trivia every now and then

 

[Bronte]

What else can you see ???

 

[Hopeful]

If it goes beloew that support then a cross of the 200 EMA is a relatively high possibility. If that happens chances are that we will have some nice volitility for the rest of the week and next week too - great for SPI day traders. I'm watching, might even trade the SPI today.

 

[professor_frink]

What else can you see ???

I'm gunna have to give up on that one

 

[Bronte]

resistance @ 4940

Missed this professor...sorry.
Of course you are correct and deserve a cookie.
Yesterday Support becomes todays Resistance.
Battman showed a lot of Gann Resistance here on todays daygraph.
We are still showing a small GAP here
Gaps are always a sign of strength.

 

[professor_frink]

Battman showed a lot of Gann Resistance here on todays daygraph.

Interesting. I had that level as a weekly pivot point-I'm only just beginning to play around with these, so they may not may not make the finky grade permanently(although they've been bang on the money so far this week(5005 &4940)

We are still showing a small GAP here
Gaps are always a sign of strength.

I wouldn't have thought that counted as a gap that needed to be covered. monday's low was below today's high
Just my thoughts though What do you think?

 

[Bronte]

True.
Still considered a sign of strength though.
Didn't reach yesterdays Low of 4940
Todays High 4939

 

[Hopeful]

For what it's worth, based on the 6 hour chart the SPI has issued a strong sell signal, me thinks a cross of the 200 EMA is very likely now. I shorted it just before but jumped out due to my human weaknesses



BTW Bronte, why don't you use candlestick charts - they are so much clearer. That chart just looks like a stack of scattered twigs.

How many stacks of twigs could a twig stacker stack if a twig stacker could stack twigs? :homer: