Trading the SPI

iSPI · 26 September 2006

Lets see how tonight goes, depending on how it opens I'll be looking to buy 5 at 5019.

I have 4 indicators and 3 of them are giving a buy signal
however if the market Gaps above this I'll have to wait to see if it closes
the gap at least a bit and then buy it if it then rebounds.

Hopefully the open tomorrow will be similar to todays close.

5019 simply comes from a home grown calc, if there is any similarity to levels from other analysis it's coincidental.

Bearman52 · 27 September 2006

iSPI said:
Lets see how tonight goes, depending on how it opens I'll be looking to buy 5 at 5019.

I have 4 indicators and 3 of them are giving a buy signal
however if the market Gaps above this I'll have to wait to see if it closes
the gap at least a bit and then buy it if it then rebounds.

Hopefully the open tomorrow will be similar to todays close.

5019 simply comes from a home grown calc, if there is any similarity to levels from other analysis it's coincidental.

Your home grown calc looks like it works to me. I hope you stayed up late and got set.
BM

Bobby · 28 September 2006

Anyone going short at the moment ?

Bob.

Paulie · 28 September 2006

Bobby said:
Anyone going short at the moment ?

Bob.

Yep, me.

My indicators are over bought and have turned down.

Bobby · 28 September 2006

Paulie said:
Yep, me.

My indicators are over bought and have turned down.

Yep, looks over bought for sure, but if it still go's a bit higher hope you didn't set your stop to close on the short

Bob.

Paulie · 29 September 2006

Bobby said:
Yep, looks over bought for sure, but if it still go's a bit higher hope you didn't set your stop to close on the short

Bob.

I leave a bit of room for it to move, so I'm still short.

It's up a bit overnight - let's see what the open brings.

Euler · 29 September 2006

This mornings action gives the clearest signs of an adjustment of most elliott wave counts and change in trend. But given the date (end of quarter) one may be forgiven to keep the powder dry.

May be an adjustment of the books? there are many bonuses on the line ..... and who wants to pass them by?

I know ... I'm skeptical ... but we'll have to wait till next week to know the answer for certain.

Paulie · 29 September 2006

Paulie said:
I leave a bit of room for it to move, so I'm still short.

It's up a bit overnight - let's see what the open brings.

Bobby,

Stopped out earlier today... waiting for next signal.

iSPI · 1 October 2006

iSPI said:
Lets see how tonight goes, depending on how it opens I'll be looking to buy 5 at 5019.

I have 4 indicators and 3 of them are giving a buy signal
however if the market Gaps above this I'll have to wait to see if it closes
the gap at least a bit and then buy it if it then rebounds.

Hopefully the open tomorrow will be similar to todays close.

5019 simply comes from a home grown calc, if there is any similarity to levels from other analysis it's coincidental.

Bearman52 said:
Your home grown calc looks like it works to me. I hope you stayed up late and got set.
BM

Sure did BM....

Bobby · 1 October 2006

Paulie said:
Bobby,

Stopped out earlier today... waiting for next signal.

Sorry to hear you got stopped out Paulie, on Tuesdays opening I think your short will prove itself.

If one had the guts to not have Stops, looking at recent ranges it would be so easy not to lose, just waiting for the exit.

Think about it.

Bob.

Euler · 2 October 2006

Re: trading charting/platforms for the SPI I posted in the general forum but got no replies ......... see below

https://www.aussiestockforums.com/forums/showpost.php?p=76028&postcount=10

.... so have produced link here in case the readers here want to share their experiences.

Elliott Wave Australia · 2 October 2006

Bobby said:
Sorry to hear you got stopped out Paulie, on Tuesdays opening I think your short will prove itself.

If one had the guts to not have Stops, looking at recent ranges it would be so easy not to lose, just waiting for the exit.

Think about it.

Bob.

Being stopped out is all part of the game.

If one had the 'guts' to not have stops - one would probably be broke!

It's better to be stopped out and prepare for the next trade.

Sean K · 2 October 2006

XAO hitting resistance at 5110ish. Trending up since mid June respecting the 200d ma. Just a little good news from the US tonight and I reckon it could break through and onwards up to next minor resistance at 5150.

iSPI · 2 October 2006

iSPI said:
Lets see how tonight goes, depending on how it opens I'll be looking to buy 5 at 5019.

I have 4 indicators and 3 of them are giving a buy signal
however if the market Gaps above this I'll have to wait to see if it closes
the gap at least a bit and then buy it if it then rebounds.

Hopefully the open tomorrow will be similar to todays close.

5019 simply comes from a home grown calc, if there is any similarity to levels from other analysis it's coincidental.

How happy do you reckon I am right now

Bobby · 2 October 2006

iSPI said:
How happy do you reckon I am right now

Congratulations iSPI, 5 contracts !
Got to ask, how will you exit ?

Cheers
Bob.

neo · 2 October 2006

iSpy did you enter your trade during sycom trading on 26/9 as I noticed that 5019 was reached at 12:00pm on 26/9?
Open on 27/9 was at 5060 and did not trade back down again. You said you planned to buy at 5019 if the market traded above your level then rebounded. From your post it could be assumed that you trade the day market only...
At what level did you enter your trade?
I see that you are coy about entry signal.... thats cool!
Are you still in this trade?
By the way awesome trade!

iSPI · 2 October 2006

Bobby said:
Congratulations iSPI, 5 contracts !
Got to ask, how will you exit ?

Cheers
Bob.

Thanks Bob.

I have a few trailing stop methods,
1: General purpose - for long positions use put my stop 1 point under the lowest low of the last 2 days, reverse for shorts.

2: Short term trades - I use a formula a bit like a moving average

3: Long term trades - Similar formula but also allows the market to cross but not close above/below the trailing stop. It's designed to keep my in for longer term trades.

4: Of course if I get a signal to reverse position I will exit.

Sometimes the General purpose one is 2 far away so I might use the 50% point of a large range bar.

When I get a good profit showing often I tighten right up an go intra day/night and use swing bottoms/tops

I have my stop at 5159 at the moment and leave it there until morning.

Regards
iSPI

iSPI · 2 October 2006

neo said:
iSpy did you enter your trade during sycom trading on 26/9 as I noticed that 5019 was reached at 12:00pm on 26/9?
Open on 27/9 was at 5060 and did not trade back down again. You said you planned to buy at 5019 if the market traded above your level then rebounded. From your post it could be assumed that you trade the day market only...
At what level did you enter your trade?
I see that you are coy about entry signal.... thats cool!
Are you still in this trade?
By the way awesome trade!

Neo,
You are correct, very sorry about the confusion
I had planned to wait until the morning, I don't like
entering long positions overnight and I had never done so with more then 2 contracts before but I have grown my capital and added extra funds.

I was extremely nervous, Shorts are easier because overnight good news causing the market to gap up doesn't travel any where near as far as say a plane into a building.

Entering overnight long with 5 contracts was a MASSIVE step.
Don't get me wrong I still had good money management in place!

I only trade 5 contracts when I get 3 of the 4 signals, I can never
get all four on the same day because 1 lags at least a day.

When I get the 3 signals it's safest trade I can take so I put my phobia of long entries on Sycom aside and placed the order.

My entry signals are very simple, the "complex" part is there is 3 versions of 1 indicator.
1 indicator is a measurement of Overbought or oversold.
The other with 3 versions is like a moving average I guess and I work it off
2 time frames and weighted with the current trend.

I am constantly measuring cycles in the market because I believe they expand and contract. I use a full cycle and also a half cycle.

It's a very very simple indicator.
It also works extremely well, heres a post of last time all 3 versions of my indicator showing
as you can see 5 contracts but it was short, and a much easier step to take.

https://www.aussiestockforums.com/forums/showthread.php?t=1664&page=64&pp=20

Regards
iSPI

Bobby · 2 October 2006

iSPI said:
Thanks Bob.

I have a few trailing stop methods,
1: General purpose - for long positions use put my stop 1 point under the lowest low of the last 2 days, reverse for shorts.

2: Short term trades - I use a formula a bit like a moving average

3: Long term trades - Similar formula but also allows the market to cross but not close above/below the trailing stop. It's designed to keep my in for longer term trades.

4: Of course if I get a signal to reverse position I will exit.

Sometimes the General purpose one is 2 far away so I might use the 50% point of a large range bar.

When I get a good profit showing often I tighten right up an go intra day/night and use swing bottoms/tops

I have my stop at 5159 at the moment and leave it there until morning.

Regards
iSPI

Hello iSPI,

Thank you for the above information, I guess your worry is a gap down opening tomorrow.
Hope this trade works well for you

Regards
Bob.

iSPI · 2 October 2006

Whilst I can't ... well won't detail my trading system
what was helpful to me was I read a book by an Australian
trader who said he uses 24 hour charts.

My system works very well on a combined day and night session chart
it works ok but no where near as good on just a day chart.

I hope this helps with your trading.

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