Trading the SPI

[Ageo]

Stopped out 10 point loss ($200)

Re-entered 5016 short 20 contracts, stop 20 points above

 

[Ageo]

Stopped out 10 point loss ($200)

Re-entered 5016 short 20 contracts, stop 20 points above

the reason why i placed the stop 20 points above this time is because my stop is sitting on 5036 and the 1st major Support level is 5020 (to avoid stop hunts). And also my target to finish up today is around 5020 but we should see a short sell off before it moves back up (but who knows).

 

[Ageo]

Ok stop moved to 5006 (so breakeven after the 10 point loss on the previous trade).

Now i will leave it upto the market, if it moves further down then i take a profit if it rally's backup i breakeven for the day.

Crap i know but better than losing money.

If i close the trade now and take a 5 point profit i risk losing a "potential move down" that could happen.

anywayz enough chatter for now

 

[Bronte]

Todays SPI Open:

 

[Bronte]

Market Analyser Pro Daily:

 

[Ageo]

Stopped out again for breakeven.

Market a tad to wild for my liking, ill be finished for the day most likely.

 

[nat]

morning all ,just a question to who ever ,i c that the futures is struggling to get past 5000 mark but the cash has past it ,is there some thing there to take from that ,does it mean peoplle arent convinced getting and passin 5000 today isnt feasible .
On my chart its up against weekly pivot point res so wont want to go past that to much a guess Nathan

 

[professor_frink]

Our Pivot points are not looking good today.
We have found them to be unreliable......
as a stand alone indicator.

Chalk another one up for the mighty pivots

 

[professor_frink]

morning all ,just a question to who ever ,i c that the futures is struggling to get past 5000 mark but the cash has past it ,is there some thing there to take from that ,does it mean peoplle arent convinced getting and passin 5000 today isnt feasible .
On my chart its up against weekly pivot point res so wont want to go past that to much a guess Nathan

Nat,
If you have a look at the chart I just posted, the white line on the chart is the top end of the trend channel we've been trading in recently(I've posted hourly charts previously that will show you it). That might explain why the futures market was struggling to get through it this morning.

 

[nat]

ok thanx ,i suppose futures in some ways is its own idendity ,where is the cash is made up of weighting of top 200,althou top 20 prob influence xjo the most .Nathan

 

[Bronte]

Chalk another one up for the mighty pivots

Yes professor R1 4976 worked very well today
It would have been a very brave / profitable Buy.

 

[professor_frink]

Yes professor R1 4976 worked very well today
It would have been a very brave / profitable Buy.

why is that bronte?

 

[Bronte]

We closed yesterday at 4938
A 4978 Open was already a 40 point move.
The Dow was only up 96.9 points.

We have been bullish since Monday close,
expecting an explosive move.

I assume you didn't buy the Pivot point either prof?

 

[professor_frink]

We closed yesterday at 4938
A 4978 Open was already a 40 point move.
The Dow was only up 96.9 points.

We have been bullish since Monday close,
expecting an explosive move.

I assume you didn't buy the Pivot point either prof?

I'm not making any representations about what I did/didn't trade today! Didn't call it live so I won't try and claim anything

If you've been bullish since monday, why would you consider buying this morning a brave buy?

 

[Bronte]

We closed yesterday at 4938
A 4978 Open was already a 40 point move.
The Dow was only up 96.9 points.

We have been bullish since Monday close,
expecting an explosive move.

I assume you didn't buy the Pivot point either prof?

A 40 point move is well above the average 'True Range' for the SPI

They want to Close the 'Gap'....

 

[Bronte]

We think that the SPI is due for an explosive move Freddo?
You can not help... being excited by the prospect

5038 will close the Gap

 

[nat]

im a little confused ,how does 5038 close the gap we havent been at that for weeks Nathan

 

[GreatPig]

If you look on Bronte's chart a few messages up you'll see a bar in early July dipping a fraction below 5040, presumably to 5038. A week odd later it gapped down into the recent trading range. That's the gap under consideration.

Cheers,
GP

 

[spitrader1]

I'm not making any representations about what I did/didn't trade today! Didn't call it live so I won't try and claim anything

If you've been bullish since monday, why would you consider buying this morning a brave buy?

because professor you see, bronte is the best hind sight trader there is. if you read the persons posts, and i have been, they are always bullish on up days and bearish on down days. but never do he/she give a real time opinion trade. they post there ideas after the market has moved, and yeah sure, some of there posts are correct in buying of support levels etc, but the graphs are only ever posted after the fact, and no trading positions are given when taken. questions like urs will be answered somewhere along the lines of " i only ever buy when my system gann cash resistance level futures open dow curve fit elliot wave supercalofrajiclistic system tells me to". Some people buy into this caper as intelligence, but alas, I am not one of them. I have been in the market for 15 years 10 as a professional and i still do not understand some of the persons posts. And ive only just realised why, because they DO NOT make sense...

 

[Bronte]

Absolutely...Thanks GP