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XAO Banter Thread

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1 sold. Other two sells just hovering there at the top of the queue.

An upside break of either line needed for trend reversal. Now counting 6 days of red, which is not very usual.
 

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For today, anything above 4109 represents a very weak attempt at turning up.
Above 4127 a return to upswing.
If my stocks get eaten where they're sitting, that's fine.
 
Gringotts Bank said:
4132. Removing my sell orders now. Assuming it's game on. See how the close goes.
Click to expand...


Doesn't seem to be much interest either way right now, volume has dropped off...We're in the middle of past high volume areas where traders mostly agreed on price...in balance for now.

CanOz
 
Volumes are low, yeh.

Today's XAO would do well to stay within or above the triangle.
 

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Hard to believe that a little over a year ago we were testing 5100 on the XAO. Here we are now struggling to hold 4220.



The recent spate of concerns aver the US economy, the Eurozone Sovereign debt issues and the Chinese economy growth rate slowing, has seen the xao fall back again to the lower area of what appears to be a tight channel, currently between 4220 and 4080. This week the doom and gloom made it look like we might test the support area of 4080. However yesterday the news out of China stimulated our market (and the rest of the world). Growth for the last quarter was still 7.6% (down from 8.1% for the previous quarter) so China is now seen to be having a soft landing rather than a crash.

It will be interesting to see the impact of the reporting season coming up. Time to sell or time to buy?
 
Monday will close at 4134 (low arrow) or 4154 (high arrow).
 

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sinner said:
Doesn't Market Profile require mapping volume against traded prices? How would that work on GBs XAO chart?
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It would not of course. You need bid ask data that only comes from the futures. My point is that perhaps GB would be interested in exploring a method that would give him more insight into the support and resistance that exists from the auction market process instead of just the resulting index.

CanOz
 
Gringotts Bank said:
Thanks Can, Could be handy. I like the idea of 'day types' and might add that in once I've understood it better.
Click to expand...

After months of using the tape and the DOM to try and time entry I felt that I needed something to help identify these levels in the markets that seem to draw a response from market participants other than the locals. Once I started to look at market profile it was clear this is the tool to provide this insight. Obviously I still have not figured out how to apply this profitably in intraday trading, but none the less it is the point of study that I feel offers the most potential for understanding what many have learned to intuitively observe in the auction process.

Cheers,

CanOz
 
4154, as advertised. I like that it got there quickly, market only just finished opening. Bigger resistance looming 4171 today becomes 4164 tomorrow. That will be interesting.
 
Banks looking great. NAB, BEN, BOQ etc.

SLX is a high tight flag, so I'm buying that.

I think we might have another big green candle tomorrow on the Ords, led by the financials.
 
Gringotts Bank said:
Banks looking great. NAB, BEN, BOQ etc.

SLX is a high tight flag, so I'm buying that.

I think we might have another big green candle tomorrow on the Ords, led by the financials.
Click to expand...
Do you have a preference for the smaller banks over the big four? If so, can you say why?
 
Gringotts Bank said:
Banks looking great. NAB, BEN, BOQ etc.
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You may be right GB but I am not seeing anything convincing yet on any of those, all of them need a few strong days to show any signs of a reversal imo.
So far today BEN got to within 2 cents of its recent high but then got hit (Fri chart below).

(click to expand)
 

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Julia said:
Do you have a preference for the smaller banks over the big four? If so, can you say why?
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Not really Julia. Just that many of the banks' charts are showing nicely spaced higher lows (ANZ and BEN the best examples). While they were on the brink of breaking out this morning, as Boggo says, many have pulled back this afternoon. They still look ok but I'll just stick with SLX and see how that goes.
 
Gringotts Bank said:
They still look ok but I'll just stick with SLX and see how that goes.
Click to expand...

Big news expected from SLX re US approving some uranium "laser".


Smells like a good candidate to sell the news imho.
 
Last edited by a moderator:
Number Two: Why not use your knowledge of the future to play the stock markets? We could make trillions.
Dr. Evil: Why make a trillion when we could make... billions?
Scott: A trillion's more than a billion, numbnuts.
 
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