Trading the SPI

[Bronte]

Oh! dead man Resistance at 4924/28/30

Not bad is he?

 

[Ageo]

30 points up,

stop moves to lock in 20 points profit.

so far so good, lets see how far this baby can run.

Im expecting it to hold here but who knows

well it ended up holding and then retraced. My trailing stop was hit and i made 20points.

$400 net

not bad for a mornings work

Nat i had no problems with my charts this morning

 

[nat]

First res was at 33points from low of day which is always a res level and it also was on the 150 ema on 2 min chart which is always hard to get through .
The next one was a standard daily pivot point which it touched and then free fell from,just my thougths,Nathan

 

[Realist]

Not bad is he?

No better than me who wildly guessed hours ago without even looking at a chart though..



My next tip is.

You'll keep making tiny profits until a big loss comes...

 

[nat]

Ok thanx ageo ill run their bug fix and c how it goes tomorrow.Nat

 

[Bronte]

Oh! dead man Resistance at 4924/28/30

Stoploss's are always used Realist......Do a search
Now 4898

 

[Bronte]

Chart above shows todays "Hindsight dead mans Support / Resistance trade"

 

[Realist]

Stoploss's are always used Realist......Do a search
Now 4898

Yes but stop losses don't work if no-one is buying. There may be a time you can't sell.


Your bloody graph just shows lines before the fall, anyone can do that.....

 

[Bronte]

Oh! dead man Resistance at 4924/28/30

Quote date stamped 11.22AM

 

[Realist]

So just for fun I will buy at the opening price, sell at 11:25am, then short until about 3:40pm...

Date stamped 9:31am...

 

[Bronte]

Posted BEFORE the drop....see chart again:

 

[neo]

Why did the market drop at 11:30?

ABS unemployment figures released at 11:30.
Unemployment at 4.8% (expected 4.9%)

 

[Ageo]

Why did the market drop at 11:30?

ABS unemployment figures released at 11:30.
Unemployment at 4.8% (expected 4.9%)

Neo could be the bears seeing a opportunity to snatch some shorts.

But i do see the A200 moving up to around 4954.

Im tempted to go long again but i think i have made my money for today.

 

[Realist]

Why did the market drop at 11:30?

ABS unemployment figures released at 11:30.
Unemployment at 4.8% (expected 4.9%)

Low unemployment means a tight labour market, means higher wages, means inflationary pressures, means rate rises.

Higher rates = lower shares. Safer to move money into the bank.

So the SPI is down.

Hence why this morning I said sell at 11:25am.

Deadman Gann said the same thing apparently...

 

[Bronte]

Yes and the great man died over 51 years ago...amazing

 

[Realist]

What is he saying now Bronte??

What is the SPI now - I have no live data!!


Incidently I bought. "Trading the SPI" by Brent Penfold today. Seems like a good book, I will read it tonite. Anyone read it?

I've read about 5 pages and like what I've seen so far.

 

[Bronte]

We will make a trader out of you Realist
SPI now 4916

 

[Realist]

Bronte,

Quick question..

Can you buy the SPI at exactly the opening price though??

Is there not slippage?

I know if I wanna buy BHP in the morning after it closed at say $25, it could be $26 before my bloody order is processed.

Surely you can't just buy the SPI at the opening price?

 

[Bronte]

Well Done Bronte, I have no argiments with your posting today.
If you say Buy and Sell and it is time stamped, then no problemo

Hehe! ALL CALLS LIVE
Just recapping we said "Buy Low Open"
We had a very Low start to the day 4884
"Sell 4924" For a 40 point gain.....just before a drop

 

[Realist]

We will make a trader out of you Realist
SPI now 4916

And probably going down...

The rate rises and petrol prices are certainly bad news at the moment.