Trading the SPI

[Ageo]

Yeah she's a bit choppy at the moment. It's sunny outside, it's friday, I'm going to go outside for a change!

Gotta go work on my tan a bit- I'm off to Fiji at the end of next week and I'm currently so white that I glow in the dark

Have a good weekend all

lol if thats the case then enjoy mate!

and yes outside is beautiful,

 

[Ageo]

Update on trade, stop moved to breakeven. (5045)

Market has held up more than expected, not sure if its gonna let go but we can only go with the flow

 

[Ageo]

Sorta hovering around the 5020-30 atm, should be interesting to see how the afternoon pans out.

Hopefully further down

Anywayz just moved my stop to lock in a 10 point profit @ 5035.

 

[Ageo]

Anyone else trading today?

well anywayz i might get stopped out soon but this market has been ranging from 5020-30 from about 11am today. Boring!

$200 is locked in so im happy with that if thats all that eventuates.

As my experience grows i will increase my contract sizes.

 

[porkpie324]

yes, i took 5 pos at 1417 5026. 5 @1418 5029. 5@1420 5029, thats all 2day, porkpie

 

[neo]

Hi people,
Today was a good day to trade the open.
Good long trade possible from just after the bell.
DJIA and S&P were up (slightly) yet sycom was oversold.
The SPI was already at a reasonable discount to the cash.
Any opinions on this?
( I traded this today for +13 pts.... out by 10:10 )

 

[Ageo]

any thoughts on this mornings open?

A200 currently @ 5065, my target is 5100.

R1 level is 5061

 

[Realist]

any thoughts on this mornings open?

A200 currently @ 5065, my target is 5100.

Quick question.

Why have a target?

And how did you determine this target exactly?

 

[Ageo]

Well not a target as such but on the price break of 5050 there should be little resistance all the way upto 5100 as its forming the next leg up.

Considering its the 1st time after a while the price has broken the rangebound of 4900-5000 odd. Fundies will definately be throwing money at this market to keep it flowing.

But then again who knows!

 

[porkpie324]

forget the SPI today, the nickel miners is where the action is, porkpie

 

[Realist]

Wednesday all depends on BHP's announcement.

Can it be higher than expected....please.

 

[Realist]

What is the SPI now, I'm thinking it's gonna be a week of mainly ups.

 

[Bobby]

Like to know what are your brokers monthly fee's to trade the SPI, also how much they require $$ to trade one contract intraday & overnight ?

Thanks Bob.

 

[porkpie324]

if you trade the SPI as i do using CFD's then i pay no brokerage, i only pay fee's if i hold a long pos overnight, porkpie

 

[camronsystems]

Here's a new one. Came across this blog of a professional SPI200 trader who trades in 1000+ lots. It's a daily diary of his view of the "state of the track" each day. While he is a position trader, it might be useful for short term traders also. You can see it at manipulators[dot]spaces[dot]live.com

 

[Bobby]

Here's a new one. Came across this blog of a professional SPI200 trader who trades in 1000+ lots. It's a daily diary of his view of the "state of the track" each day. While he is a position trader, it might be useful for short term traders also. You can see it at manipulators[dot]spaces[dot]live.com

Why not just a simple address ? ---
Can't get there with your hint.

Bob.

 

[bingk6]

if you trade the SPI as i do using CFD's then i pay no brokerage, i only pay fee's if i hold a long pos overnight, porkpie

Can you please reveal who your broker is ??

 

[WaySolid]

Can you please reveal who your broker is ??

Not surprising they aren't charging brokerage!

Last time I checked there were 3 point spreads on IG for their SPI equivalent instrument.

When you are robbing someone blind you don't need to ask for a tip.


** edit ** in reply to porkpie's post.

 

[Bobby]

if you trade the SPI as i do using CFD's then i pay no brokerage, i only pay fee's if i hold a long pos overnight, porkpie

Hello Porkpie,

Can you tell us,who you use & how you trade the SPI using CFd's with not going overnight -RE costs.
Don't want your secrets just your trading procedure with who, how , & fees ?

Regards Bob.

 

[WaySolid]

I will explain my last post further as perhaps it might be of value to someone.

A CFD provider does not need to take brokerage fees from your account for SPI or related trading instruments as they make money from the spread, and that is a generous one, 3 points for IG and 5 points in the O/N market when last I looked.

This means if you get filled at the level you wish then you will pay $75 AUD (3 points) per contract in RT fees, this is why they can be so generous to you and not charge comms. Factor in slippage and you are giving yourself massive frictional costs to overcome.

I'm not aware who would trade this way other than the small speculator that simply doesn't know any better.