Australian (ASX) Stock Market Forum

Trading the SPI

They worked extremely well yesterday.
I have been plotting them for the last three years.
If they line up with Battmans/Ganns Support / Resistance Areas....
I take the trades anyway....just that my tail may wag a little more :)
 
It is nice to know what other traders could be using as Support / Resistance
That should mean a stronger trade.
Also 'Trend lines' are interesting.
 
If you use an online platform to trade the Spi, you really really have to constantly check what you do :eek:

Did the silliest thing on the Spi Thursday, trade through IB, placed my order before the open which was buying @ 4900 limit, at 9-49.30 opening match out is 4884 but I was never filled :confused: ?, anyway market opens and im filled @ 4900, im what the hell is going on the market has not even traded 4900 ??, then the penny drops, I placed my order for the December contract :eek: , rather than see what would happen and it being an illiquid contract I jumped out at market which luckily was 4906, so I made a few points, albeit less than if I was in the Sept Contract.

Cheers

Pager
 
Hi Pager and a big welcome :)
I have never got the contracts mixed up.....yet!
Bought when I wanted to Sell.....many times
Sold when I wanted to Buy.........many times
It is soooo easy to do on a trading platform.
 
Thanks Bronte, Prof Frink,
Found the formula:
R2=P+(H-L)
R1=(Px2)-L
P=(H+L+C)/3
S1=(Px2)-H
S2=P-(H-L)

Any thoughts for Mondays' trading? :confused:
Once again I will be looking to go long at/near a low open, barring any unforseen event between now and then. :2twocents
 
Bronte said:
Hi Pager and a big welcome :)
I have never got the contracts mixed up.....yet!
Bought when I wanted to Sell.....many times
Sold when I wanted to Buy.........many times
It is soooo easy to do on a trading platform.

Hehe :eek: So true. My favourite &^%$ up was entering a stop order.... but forgeting to tell the platform it was a stop. Result. immediate exit :banghead:

I triple check now, haven't done it for absolute ages.

**touching wood**
 
I got so cautious about a trade moving against me i wanted to close it before it hit the stop.

Well i did close it but my stop was also hit :eek:

So basically i had another position on without even realising for about 20min.

i then checked my positions and closed it out.

Bad day but great learning experience.
 
I think it is fair to say that when you start using a trading platform
you are going to make silly mistakes.......
It would be wise to go back to trading one contract for a while
until you feel comfortable with executing your orders. :)
To think the brokers were reluctant to let us have them!!!!
We still make mistakes and it is now far easier to "overtrade"
 
Thanks for the welcome Bronte :) and hello to anyone else; have been lurking for a while.

My silliest mistake :eek: with a trading platform was in the Topix Contract in Japan, it trades in 0.5 ticks, placed my stop 1 day at 13655, should have been 1356.5, then shut my PC and went out for a few hours, market moved against me and I thought I was stopped out, luckily the market bounced that day and although I lost 2 points more than my stop it could have been very ugly.

Have also placed stops and then not transmitted them, placed overnight stops as day stops instead of GTC :banghead: .

Thursday’s mistake was the first for along time, and again I tell myself check then double check
 
lol ....

Trading platforms :)
I remember test driving IB's I can;t believe how many mistakes I made.

These days I largely use the broker platform for at market buying and selling.
for any order needing ON STOP orders etc I use phone orders.
Costs me approx $22 for a round trip on the SPI using a phone order
I think thats good value. Eats too much profit for scalping though
 
neo said:
Thanks Bronte, Prof Frink,
Found the formula:
R2=P+(H-L)
R1=(Px2)-L
P=(H+L+C)/3
S1=(Px2)-H
S2=P-(H-L)

Any thoughts for Mondays' trading? :confused:
Once again I will be looking to go long at/near a low open, barring any unforseen event between now and then. :2twocents
Sounds like a very good plan :)
 
Expecting a low open, Bronte? Will be interesting... A decent low open will break the channel it's been trading in.
 
I will be looking for a buy tomorrow and think we may open a bit higher, so maybe a good opportunity to grab a few points with a quick trade if we open more than a few points below the night markets close.

My levels to watch are 4908/9 and 4877/8 which we touched briefly overnight friday.

If we break 4877 the bear hat goes back on
 
swingstar said:
Expecting a low open, Bronte? Will be interesting... A decent low open will break the channel it's been trading in.
Hi swingstar, & a big welcome to you :)
We can not see an open that low:
 

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Pager said:
I will be looking for a buy tomorrow and think we may open a bit higher, so maybe a good opportunity to grab a few points with a quick trade if we open more than a few points below the night markets close.

My levels to watch are 4908/9 and 4877/8 which we touched briefly overnight friday.

If we break 4877 the bear hat goes back on
Interesting post Pager, thanks for your input / levels.
More from us tomorrow.......
 
95,000 hits
At approx.1000 hits per day
Will we make 100,0000
By the weekend? :)
 
We find Mondays are the most unpredictable.
The more time you have / work you do ...
over the weekend, the more confused you can become.
We are still buyers off the Low Open. :)
We have some strong levels this morning.
 
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