Australian (ASX) Stock Market Forum

XJO - Does anyone trade it?

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RichKid said:
Like the XAO for this one, a nice big bullish candle, tearing away at the end of the day- an impulse bar like with the XAO? Let's see if those metal prices and gold, oil etc carry on with it because if they do then our resource stocks will prop up this market for awhile. Not sure if this deserves to be called a broad based rally. I'm still looking for shorts unless it establishes support at the previous high. Any views?
Click to expand...

I agree! Nice to see a return to a more positive outlook in the market but can it continue and will it be led by the resources stocks? I don't know but I know I'll be watching with interest. Could there be traders in this mex tidying up for the end of the financial year as well?
 
Hi WayneL ... not SPI ... I trade ETO's and currently running a parallel Aussie200 pozzy with CMC for comparision purposes.

Charts are my own in Metastock and I mostly write my own indicators.

Time to take profits as trailing stop (red indicator) triggered.

xjo220605.jpg


Cheers ...
 
rembrandt said:
Time to take profits as trailing stop (red indicator) triggered.
Cheers ...
Click to expand...
Any chance you could explain exactly what the trailing stop that you are using is? It's a moving average (?) of how many days? Likewise the other lines (yellow, green etc.) on your chart. I assume that they are all just moving averages (?) but over what time period?

Thanks. :)
 
Looks like this has got the bull run fever again. I wonder if it'll retest the previous highs? Some slowing down in the last two days. Rembrandt, still out there?
 
Hi RichKid ... still here ... just not every day.

Support confirmed and smooth LONG entry at 4240.

Broke thru the trendline at 4305 and letting it run ...

Looking toppy and trailing stop at 4360.

xjo280705.jpg


Cheers ...
 
Looking to go long myself tomorrow but will wait and see how first 30 minutes go.
 
Battman64 said:
Nice call DTM :)
Hope you made some money.
Click to expand...

Hi Battman,

yes nice move today and hopped on BHP. Plan to stay on for the next two days and get out Tuesday. Very toppy looking IMO.

Battman, regarding the SPI, what drives it? Is it the actual movement of the XJO or is it where ever the herd goes. ie What ever the supply demand that drives the futures. I notice that a few times the futures traders get it wrong so my question is basically do watch what the crowd does or is it the underlying or a bit of both.

Thanks in advance.
 
Hi DTM,
Sorry for the delay....I had a big night.
I feel pure EMOTION drives the SPI.
(Just like any market I suppose)
Providers / Speculators / Day Traders etc
I try NOT to watch the "Jo".
 
The Market is defying gravity and pulled the old flip-flop on us ... a symbol of uncertanty which inevitably is good for traders.

I held off signalling the flip-flop LONG as I think 4500 is an important psychological resistance level and the SHORT signal today is confirmation of this.

The next test will be 4450 or resistance R1 as major support at 4400.

xjo240805.jpg


Cheers ...
 
rembrandt said:
The Market is defying gravity and pulled the old flip-flop on us ... a symbol of uncertanty which inevitably is good for traders.
I held off signalling the flip-flop LONG as I think 4500 is an important psychological resistance level and the SHORT signal today is confirmation of this.
The next test will be 4450 or resistance R1 as major support at 4400.
Click to expand...

Great work as usual Rembrandt, always love your charts!! Dividend season may hold this up a bit as people hang on for the divs in September. 4400 does look like an obvious level for support short term, nice round number too. I was going to construct a strangle for that tight period just below R1 but hadn't done enough research on how these option strategies work so did nothing instead. Might get another chance if it falls into a tight range around 4400- it may become a strong support/resistance level if it follows the script.
 
rembrandt said:
pulled the old flip-flop on us ... a symbol of uncertanty which inevitably is good for traders.
Click to expand...

Doesn't that flipflop look earily similar to mid march, just before the big slide. :goodnight
 
The old Flip Flop eh?

I fell for that one just last month!

(Sorry, couldn't resist. You can't half tell the old Get Smart fans.)

:)
 
Gday All, Nice chart rembrandt..

Yep looks like we're in for a correction, short atm, but hopefully a bounce tomorrow to load up some more perhaps..
I notice the Dow and FTSE has broken trend as well.
 
Hey Guys,

I know I'm only a newb and should probably be sticking to the beginners area but I was reading through this thread and was interested to see references to Fibonacci numbers. I see most of you guys use this in some way in your charting. I've done a bit of searching and most roads lead to Elliot Waves. Is this the system your showing in your charts Rembrandt? I was hoping you boys in the know could give me some recommendations on information sources regarding this use of phi in charting. Any good books or useful tutorials out there?

Also DTM its good to see a guy having a go. You can see from the start of the thread that your not as sure as a couple of the others but you have a crack and put your predictions up unlike some of the moaners earlier in the thread. Hope I can pick this game up like you appear to have in in the short amount of time this thread has spanned. (Though even at the start you were well ahead of what I am now).

PS Sorry for the "slight" thread hijack :freak3:
Cheers,

John
 
Rembrandt

As a Metastock User I'm interested in you RED trailing stop.

Is it an ATR?
 
Obviously what we are seeing today is panic over the US hurricane. It has been upgraded to category 5, and is close to the gulf oil prodcing areas. Oil futures have spiked, and SP500 could fall a bit tonight.

Insurers are down, but only QBE should have exposure through loyds. They will soon release an announcement saying this risk is part of normal operation etc.
 

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