30/11/06

14:57

Prices dropped back to 5460 and now have climbed to 5474.

13:51

Went as low as 5459 on my live chart and started to rally up to 5468-69, so I decided to get out @5468 with a profit of 14 points (less with spread).

30/11/06

11:05

Another signal today (they're coming thick & fast).

Sold @5478. Stop @5502, target 5454.

16:41

As it turned out the market carried on up. The thing about limits (with spread betting anyway) is that they take you out with a profit if hit - which is better than seeing a profit erode away. You have to weigh this up with seeing the market continue in your direction after a limit has been reached (like today).

If you let emotions get in the way, profits can soon disappear. Limits (and stops for that matter) prevent this from happening.

29/11/06

12:15

Well, I wasn't expecting another trade so soon but I got a signal this morning (at 11:04) and my profit limit was hit within an hour or so.

Bought @5392

Sold @5420

Profit of 28 points, less spread.

28/11/06

11:10

Prices fell further through my stop level - so it looks like it was correct to be taken out to limit losses.

It may be a day or so before another signal - a Daily chart update can be seen here.

20:51

Prices came back at the close and hit my stop (to the exact point!) before bouncing a bit higher again.

Whether they move higher remains to be seen - when this happens you've got to remind yourself the value of stops, even if they take you out too early sometimes!

11:08

Buy @5459

Hourly chart...

27/11/06

10:28

Although prices fell below 5430 in Friday/Saturday night trading, they came back by the end of the session (spread betting prices anyway).

15-20 mins in to today's session and prices have broken up and I'm just waiting for confirmation before a BUY.

18:42

Without much closing volatility - and so far in the SYCOM session - prices haven't broken to give me a signal.

Wall Street's opening overnight can often make the SPI jump around, but seeing as I don't stay up all night 'incase of a trade', I'll see what happened tomorrow morning.

If things pan out there may be a trade Monday... we will see.

24/11/06

13:58

A tradable pattern is forming and a break of ~5430 would probably confirm it.

Time is running out in the day session - may occur in the SYCOM session (if it occurs at all).

23/11/06

21:52

Looking like 5 waves up on a hourly chart with SYCOM trading nudging higher/sideways.

Still not near a signal.... looking like it'll be early next week (so much for 2-3 trades a week!) - this week has been quiet for me.

22/11/06

-

A pattern yesterday looked like a set up - but I've seen a lot better - so decided to stay on the sidelines.

A retracement before another move up may provide an opportunity, but definitely not near a new signal as yet.

20/11/06

-

Well, there have been quite a few trades while I've been away but everyone needs a break now and again.

My signals seem to give about 2-3 trades per week and rather than spoon feed the exact methods I use, they should become apparent by following my posts.

I don't use any oscillators or calculations - purely price action - which makes things simple. You'll note a few reference to Elliott Wave or time cycles, but this is to time my entry if anything and not for the actual signals.

Watch this space for regular posts.

I'm away on holiday for a week or so - pity since I just started this blog!

I've noticed that whether the daily trend is up or down - it doesn't really matter - there is money to be made taking small trades a few times week during the day - and with the leverage of futures or spread betting a decent profit can be made.

I will be continuing these posts (the good, bad and ugly) when I get back, so come back if this style of commentary and type of trading appeal to you.

15:47

Closed out @5425 - didn't want the profit wiped out in closing volatility.

5425-5416 = 9 points today less spread.

14:58

Today looks like 5 waves up have developed on the 5 min chart, with extended 3rd.

Now in wave 3 of 5th wave. If limit @5436 not hit, I'll take profits with 5th of 5th is breaking to new highs on 2 min chart.

14:53

Nearly touched 5430. Now ~5426.

Order to take profits at 5436 (unless I bail earlier - don't like getting caught up in the closing volatility).

13:40

Prices up to ~5422 now.

Trend is up. Higher top's & bottom's (on 5 min chart).

11:37

It can be frustrating 'buying to open' a position only to see the market sink.

BUT, trying to pick high's and low's IMO is a fools game.

Prices coming back now.

11:02 ish

That's a buy for me @5416

Since sorting out the chart below, prices have dipped to 5402 - but not stopped out.

Hourly chart with entry, Stop & Exit.

10:53

Nice clear break through ~5428, falling back to retest ATM.

See where it finds support.

10:43

Starting to break to the upside ~5415 - need to make sure it's not a false break.

10:33

10:16

Today's high and low so far fit as points on 2 trendlines forming a triangle pattern over the last 2 days.

Prices are dropping ATM. Have to wait for a breakout either way.

03/11/2006

07:35

Wall St slightly down overnight.

Sycom session currently around -3 vs the Day contract ~5400.

Triangle pattern on the hourly SPI chart - which can be hard to trade.

Wall St looks like it has more upside so have to bear this in mind.

20:56

SPI up around 5411 - been to ~5418

17:55

The SPI has rallied strongly and that 3 wave has developed into what looks like an impulsive wave up.

Have to see if prices soften in the overnight session.

16:07

Peaked ~5411. Prices weakening & the usual volatility at this time.

14:21

Peaked at 5395 so far.

11:44

If prices have bottomed ~5365 and this is a 'normal' 3 wave corrective rally, prices should go above 5391 (5386 real price rather than spread betting quote).

We will see.....

10:42

More substantial rally happening on the 5 min chart.

5 waves down with extended 5th probably over.

10:09

It may take a few hours to form a tradable pattern (for me).

I'll be keeping an eye on prices today - not expecting a tradable signal.

10:03

Bounce was short lived - prices falling. Could be finishing off 5 waves down?

Standing aside for now.

09:53

SPI opens ~ 5388, bouncing now.

The decline form a high ~5438 looks like 5 waves down on the 5 min chart.

See if we get 3 corrective waves up and a short signal later.

02/11/2006

-

Wall Street was down overnight.

The SPI did rally and then fell overnight ~ 5394

Could have made my target yesterday by holding overnight, but a profit was a profit.

16:25

SPI now around 5398 - broken trendline support - was right to get out :)

Gone to 5419 - don't want closing volatility to kill the profit like yesterday.

Chickened out and closed @ 5418.

+16 less spread.

12:15

Back above entry - good.

11:40

Next impulsive leg up started.

Formed into an expanded flat and went down to ~5388 - not stopped out.

11:10

Looks like a 3 wave corrective decline on the 5 min chart.

A buy for me @5402, target 5422.

Hourly chart with entry, Stop & Exit.

01/11/2006

10:00

The SPI opens up strongly (over the night close) and broke through my 'resistance' trendline.

Looking like 5 waves up if you follow Elliott Wave Theory.