Trading the SPI

[professor_frink]

bad luck ageo. there's always tomorrow

Realist, here's a link to some information from the futures exchange website-
http://www.sfe.com.au/education_sfe/index.html

If you want to know who did well today just have a quick look at the freefall on the futures chart this morning. Anyone that caught a part of that did quite well

 

[Realist]

Cewl, I'll try it out thanks Prof.

I'm betting tomorrow the ASX will rise by maybe 60 points, dipping back a little from about 1:30pm when the big traders get back from lunch... What's your thoughts?

 

[Bronte]

The ASX is now 4941.9 I'll sell.
Realist makes 17 points!!
Anyone beat that today?

You are a natural Realist...Well done.
Of course people will not believe you.
It was a "Hindsight trade"... they will shout

 

[professor_frink]

Cewl, I'll try it out thanks Prof.

I'm betting tomorrow the ASX will rise by maybe 60 points, dipping back a little from about 1:30pm when the big traders get back from lunch... What's your thoughts?

My thoughts for tomorrow? I'll watch the price action develop from the open-if there is a move near one of my levels that gives me a reasonable risk/reward proposition, then I'll have a stab. Long, short, it doesn't really matter much.

 

[Bronte]

The SPI will Open at 07.50AM Perth Time
Make a High and then a Low
(maybe not in that order) &
Close at 02.30PM

 

[Realist]

You are a natural Realist...Well done.
Of course people will not believe you.
It was a "Hindsight trade"... they will shout

The posts have time stamps on them. I did not cheat!!

I traded on the understanding the ASX took a beating this morning, and was always gonna recover a little this afternoon.

Tomorrow, assuming the DOW is up a little overnight I'd be punting on the ASX doing the opposite, take a nice leap upwards in the morning on the back of BHP and RIO, and dip a little in the afternoon..

We'll see...

 

[Bronte]

They still will NOT believe you.....Sorry

 

[Realist]

Long, short, it doesn't really matter much.

To me going long is always safer.

 

[Bronte]

They still will NOT believe you.....Sorry

One year plus.....fifty / sixty trades plus.....no Sorry

 

[professor_frink]

To me going long is always safer.

When you are talking about a trade that lasts for a maximum of a couple of hours, then it really doesn't matter.

Have another look at the chart from the link I gave you- prices fell alot quicker than they rose. Makes for quicker profits when you are right

 

[Realist]

They still will NOT believe you.....Sorry

The f'ing post was time stamped at 3pm, and I called my sell about half an hour before I actually sold it, and again it was time stamped.

How could anyone doubt it?

 

[Bronte]

Exactly my thoughts Realist

 

[Bronte]

"Smoke and Mirrors" They will say

 

[professor_frink]

One year plus.....numerous trades.....no Sorry

Alright, I'll bite bronte

When you have a timestamped post, or you state before the fact you are looking for action of a certain level, then I don't have a problem with you at all.

If you are posting a trade in hindsight to help educate people(which means a thoroughly explained reason for why you did what you did), then that's fine too.

Coming on and saying you bought gann support(and not making an attempt to explain how this level was calculated)after the market has rallied 50 points from your level isn't going to make you any friends.

 

[Bronte]

SPI Now 4950
That is 35 points above our Gann Support

 

[Bronte]

"Buy Low and Sell High"
This simply means that you identify an area of Support
ie Gann, Fibonacci, previous proven areas - double bottoms 50% etc
Buy low when the market is moving away from this area.
Place a stoploss a few points away (under the area of Support)
If you are wrong happily take a small loss or reverse.
When right use a trailing stoploss to take a large profit
when the market turns.

Post #2 from Page one

 

[Bronte]

SPI Now 4950
That is 35 points above our Gann Support

Gann Support identified and posted well before the SPI traded there

 

[professor_frink]

SPI Now 4950
That is 35 points above our Gann Support

you notice how nobody called foul on today's action? Funnily enough the level was called beforehand.

If you had of shown up now for the first time and said you were up 35, you would have got a completely different reaction.

Pretty simple really.

 

[Bronte]

How about a little game.
"Trading the SPI" thread....
You find hindsight trades and I will find foresight ones.

 

[professor_frink]

4992 is our Gann Support

We have seen 4996 Low
SPI now 5008 Doh!

Probably right Sensei
We took profit @ 5030

huh? profit? did I miss something? where was the entry?

it's this kind of crap that's the problem